Exhibit 4.1


 


MUFG UNION BANK, N.A.,


as Indenture Trustee,


 


and


 


WORLD OMNI AUTOMOBILE LEASE SECURITIZATION
TRUST 2018-A,


as Issuing Entity


 


INDENTURE


 


Dated as of March 14, 2018


 




    	 	 	 



     


    

 


TRUST INDENTURE ACT CROSS-REFERENCE CHART


(THIS CHART IS NOT A PART OF THIS INDENTURE)


 


	TIA SECTION	 	INDENTURE REFERENCE
	310(a)(1)	 	6.8, 6.11
	310(a)(2)	 	6.8, 6.11
	310(a)(3)	 	6.10(b)
	310(a)(4)	 	Not applicable
	310(a)(5)	 	6.11
	310(b)	 	6.11
	310(c)	 	Not applicable
	311(a)	 	6.12
	311(b)	 	6.12
	311(c)	 	Not applicable
	312(a)	 	7.1, 7.2(a)
	312(b)	 	7.2(b)
	312(c)	 	7.2(c)
	313(a)	 	7.4
	313(b)	 	7.4
	313(c)	 	7.4
	313(d)	 	7.4
	314(a)	 	3.9, 7.3
	314(b)	 	3.6
	314(c)(1)	 	11.1(a)
	314(c)(2)	 	11.1(a)
	314(c)(3)	 	11.1(a)
	314(d)	 	11.1(b)
	314(e)	 	11.1(a)
	315(a)	 	6.1(b)
	315(b)	 	6.5
	315(c)	 	6.1(a)
	315(d)	 	6.1(c)
	315(d)(1)	 	6.1(b), 6.1(c)(i)
	315(d)(2)	 	6.1(c)(ii)
	315(d)(3)	 	6.1(c)(iii)
	315(e)	 	5.13
	316(a)(1)(A)	 	5.11
	316(a)(1)(B)	 	5.12
	316(a)(2)	 	Not Applicable
	316(b)	 	5.7
	316(c)	 	5.6(b)
	317(a)(1)	 	5.3(a), 5.3(b)
	317(a)(2)	 	5.3(d)
	317(b)	 	3.3
	318(a)	 	11.17


 




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TABLE OF CONTENTS


 


	 	 	Page
	 	 	 
	ARTICLE I DEFINITIONS	2
	Section 1.1	Definitions	2
	Section 1.2	Interpretive Provisions	2
	 	 	 
	ARTICLE II THE NOTES	2
	Section 2.1	Form	2
	Section 2.2	Execution, Authentication and Delivery	2
	Section 2.3	Temporary Notes	3
	Section 2.4	Registration; Registration of Transfer and Exchange	4
	Section 2.5	Mutilated, Destroyed, Lost or Stolen Notes	6
	Section 2.6	Persons Deemed Owners	7
	Section 2.7	Cancellation	7
	Section 2.8	Release of Collateral	7
	Section 2.9	Book-Entry Notes	7
	Section 2.10	Notices to Clearing Agency	8
	Section 2.11	Definitive Notes	8
	Section 2.12	Authenticating Agents	9
	Section 2.13	Tax Treatment	9
	 	 	 
	ARTICLE III REPRESENTATIONS, WARRANTIES AND COVENANTS	10
	Section 3.1	Payment of Principal and Interest	10
	Section 3.2	Maintenance of Office or Agency	11
	Section 3.3	Money for Payments to be Held in Trust	11
	Section 3.4	Existence	12
	Section 3.5	Protection of Collateral	13
	Section 3.6	Opinions as to Collateral	13
	Section 3.7	Performance of Obligations; Administration of the Exchange note	14
	Section 3.8	Negative Covenants	15
	Section 3.9	Issuing Entity Certificates and Reports	16
	Section 3.10	Notice of Defaults	17
	Section 3.11	Further Instruments and Acts	17
	Section 3.12	Delivery of Exchange Note	17
	Section 3.13	Compliance with Laws	17
	Section 3.14	Perfection Representations	17
	Section 3.15	'34 Act Filings	17
	 	 	 
	ARTICLE IV SATISFACTION AND DISCHARGE	18
	Section 4.1	Satisfaction and Discharge of Indenture	18
	Section 4.2	Application of Trust Money	18
	Section 4.3	Repayment of Monies Held by Paying Agent	19


 




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	ARTICLE V EVENT OF DEFAULT	19
	Section 5.1	Events of Default	19
	Section 5.2	Acceleration of Maturity; Waiver of Event of Default	20
	Section 5.3	Collection of Indebtedness and Suits for Enforcement by Indenture Trustee	21
	Section 5.4	Remedies; Priorities	23
	Section 5.5	Optional Preservation of the Exchange Note Assets	25
	Section 5.6	Limitation of Suits	25
	Section 5.7	Unconditional Rights of Noteholders to Receive Principal and Interest	26
	Section 5.8	Restoration of Rights and Remedies	26
	Section 5.9	Rights and Remedies Cumulative	26
	Section 5.10	Delay or Omission Not a Waiver	27
	Section 5.11	Control By Noteholders	27
	Section 5.12	Waiver of Past Defaults	27
	Section 5.13	Undertaking For Costs	28
	Section 5.14	Waiver of Stay or Extension Laws	28
	Section 5.15	Action on Notes	28
	Section 5.16	Performance and Enforcement of Certain Obligations	28
	Section 5.17	Sale of Collateral	29
	 	 	 
	ARTICLE VI THE INDENTURE TRUSTEE	29
	Section 6.1	Duties of Indenture Trustee	29
	Section 6.2	Rights of Indenture Trustee	31
	Section 6.3	Individual Rights of Indenture Trustee	32
	Section 6.4	Indenture Trustee's Disclaimer	33
	Section 6.5	Notice of Defaults	33
	Section 6.6	Reports by Indenture Trustee to Noteholders	33
	Section 6.7	Compensation and Indemnity	33
	Section 6.8	Removal, Resignation and Replacement of Indenture Trustee	34
	Section 6.9	Successor Indenture Trustee by Merger	35
	Section 6.10	Appointment of Co-Trustee or Separate Trustee	35
	Section 6.11	Eligibility; Disqualification	36
	Section 6.12	Preferential Collection of Claims Against the Issuing Entity	37
	Section 6.13	Representations and Warranties of Indenture Trustee	37
	Section 6.14	Trustee as Holder of the Exchange Note	37
	Section 6.15	Communications Regarding Demands to Repurchase TRANSACTION UNITS	38
	 	 	 
	ARTICLE VII NOTEHOLDERS' LISTS AND REPORTS	39
	Section 7.1	Issuing Entity to Furnish Indenture Trustee Noteholder Names and Addresses	39
	Section 7.2	Preservation of Information; Communications to Noteholders; Noteholder Communications with Indenture Trustee; Communications Between Noteholders	39
	Section 7.3	Reports by Issuing Entity	40
	Section 7.4	Reports by Indenture Trustee	41


 




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	Section 7.5	Noteholder Demand For Asset Representations Review	41
	 	 	 
	ARTICLE VIII ACCOUNTS, DISBURSEMENTS AND RELEASES	42
	Section 8.1	Collection of Money	42
	Section 8.2	Accounts	42
	Section 8.3	Servicer Certificate	43
	Section 8.4	Disbursement of Funds	45
	Section 8.5	General Provisions Regarding Accounts	48
	Section 8.6	Release of Collateral	49
	 	 	 
	ARTICLE IX SUPPLEMENTAL INDENTURES	49
	Section 9.1	Supplemental Indentures without Consent of Noteholders	49
	Section 9.2	Supplemental Indentures with Consent of Noteholders	51
	Section 9.3	Execution of Supplemental Indentures	51
	Section 9.4	Effect of Supplemental Indenture	52
	Section 9.5	Reference in Notes to Supplemental Indentures	52
	 	 	 
	ARTICLE X REDEMPTION OF NOTES	52
	Section 10.1	Redemption	52
	Section 10.2	Form of Redemption Notice	53
	Section 10.3	Notes Payable on Redemption Date	53
	 	 	 
	ARTICLE XI MISCELLANEOUS	53
	Section 11.1	Compliance Certificates and Opinions	53
	Section 11.2	Form of Documents Delivered to the Indenture Trustee	55
	Section 11.3	Acts of Noteholders	56
	Section 11.4	Notices	56
	Section 11.5	Notices to Noteholders; Waiver	58
	Section 11.6	Effect of Headings and Table of Contents	58
	Section 11.7	Successors and Assigns	59
	Section 11.8	Severability	59
	Section 11.9	Benefits of Indenture	59
	Section 11.10	Legal Holidays	59
	Section 11.11	Governing Law	59
	Section 11.12	Counterparts	59
	Section 11.13	Recording of Indenture	59
	Section 11.14	Trust Obligation; No Recourse	59
	Section 11.15	No Petition	60
	Section 11.16	Limitation of Liability of Owner Trustee	61
	Section 11.17	TIA Incorporation and Conflicts	61
	Section 11.18	Intent	61
	Section 11.19	Each Exchange Note Separate; Assignees of the Exchange Note	61
	Section 11.20	Submission to Jurisdiction; Waiver of Jury Trial	62
	Section 11.21	Subordination of Claims	63
	Section 11.22	Information Requests	63


 




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	Section 11.23	Regulation AB Information To Be Provided By The Indenture Trustee	63


 


	SCHEDULE I	PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS
	 	 
	EXHIBIT A1	FORM OF CLASS A NOTES
	EXHIBIT A2	FORM OF CLASS B NOTE
	EXHIBIT B	FORM OF DEPOSITORY AGREEMENT
	EXHIBIT C	SERVICING CRITERIA TO BE ADDRESSED IN INDENTURE TRUSTEE'S ASSESSMENT OF COMPLIANCE
	EXHIBIT D	FORM OF INDENTURE TRUSTEE'S ANNUAL CERTIFICATION
	 	 
	APPENDIX A	DEFINITIONS


 






    	 	v	 



     


    

 


THIS INDENTURE, dated as
of March 14, 2018 (this "Indenture") is between WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST 2018-A, a Delaware
statutory trust (the "Issuing Entity"), and MUFG Union Bank, N.A.,
a national banking association, as trustee (the "Indenture Trustee").


 


Each party agrees as follows
for the benefit of the other party and for the equal and ratable benefit of the Holders of the Issuing Entity's Class A-1 1.95000%
Asset Backed Notes, Series 2018-A (the "Class A-1 Notes"), Class A-2 2.59% Asset Backed Notes, Series 2018-A (the
"Class A-2 Notes"), Class A-3 2.83% Asset Backed Notes, Series 2018-A (the "Class A-3 Notes"),
Class A-4 2.94% Asset Backed Notes, Series 2018-A (the "Class A-4 Notes" and together with the Class A-1 Notes,
the Class A-2 Notes and the Class A-3 Notes, the "Class A Notes"), and the Class B 3.06% Asset Backed Notes, Series
2018-A (the "Class B Notes" and together with the Class A Notes, the "Notes"):


 


GRANTING CLAUSE 


 


The Issuing Entity, to
secure the payment of principal of and interest on, and any other amounts owing in respect of, the Notes equally and ratably without
prejudice, priority or distinction except as set forth herein, and to secure compliance with the provisions of this Indenture,
hereby Grants in trust to the Indenture Trustee on the Closing Date, as trustee for the benefit of the Noteholders, all of such
Person's right, title and interest, whether now owned or hereafter acquired, in and to (i) the Trust Estate and (ii) all present
and future claims, demands, causes and choses in action in respect of any or all of the foregoing and all payments on or under
and all proceeds of every kind and nature whatsoever in respect of any or all of the foregoing, including all proceeds of the conversion,
voluntary or involuntary, into cash or other liquid property, all cash proceeds, accounts, accounts receivable, notes, drafts,
acceptances, chattel paper, checks, deposit accounts, insurance proceeds, condemnation awards, rights to payment of any and every
kind and other forms of obligations and receivables, instruments, securities, financial assets and other property that at any time
constitute all or part of or are included in the proceeds of any of the foregoing (collectively, the "Collateral"),
in each case as such terms are defined herein.


 


The foregoing Grant is
made in trust to secure the payment of principal of and interest on, and any other amounts owing in respect of, the Notes, equally
and ratably without prejudice, priority or distinction, and to secure compliance with the provisions of this Indenture, all as
provided in this Indenture.


 


The Indenture Trustee,
as trustee on behalf of the Noteholders, acknowledges the foregoing Grant, accepts the trusts under this Indenture and agrees to
perform its duties required in this Indenture in accordance with the provisions of this Indenture.


 






    	 	 	 



     


    

 


ARTICLE I


 


DEFINITIONS 


 


Section
1.1     Definitions. Capitalized terms used herein that
are not otherwise defined herein shall have the meanings ascribed thereto in Appendix A hereto.


 


Section
1.2      Interpretive Provisions.


 


(a)          For
all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires, (i) terms used
in this Indenture include, as appropriate, all genders and the plural as well as the singular, (ii) references to words such as
"herein", "hereof" and the like shall refer to this Indenture as a whole and not to any particular part, Article
or Section within this Indenture, (iii) the term "include" and all variations thereof shall mean include without limitation
and (iv) the term "proceeds" shall have the meaning set forth in the applicable UCC.


 


(b)          As
used in this Indenture and in any certificate or other document made or delivered pursuant hereto or thereto, accounting terms
not defined in this Indenture or in any such certificate or other document, and accounting terms partly defined in this Indenture
or in any such certificate or other document to the extent not defined, shall have the respective meanings given to them under
generally accepted accounting principles. To the extent that the definitions of accounting terms in this Indenture or in any such
certificate or other document are inconsistent with the meanings of such terms under generally accepted accounting principles,
the definitions contained in this Indenture or in any such certificate or other document shall control.


 


ARTICLE II


 


THE NOTES 


 


Section
2.1     Form. The Notes, together with the Indenture
Trustee's certificate of authentication, shall be in substantially the form set forth as Exhibit A hereto, with such appropriate
insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may have such letters,
numbers or other marks of identification and such legends or endorsements placed thereon as may, consistently herewith, be determined
by the officers executing such Notes, as evidenced by their execution of such Notes. Any portion of the text of any Note may be
set forth on the reverse thereof, with an appropriate reference thereto on the face of such Note.


 


The terms of the Notes
set forth in Exhibit A hereto are part of the terms of this Indenture.


 


Section
2.2     Execution, Authentication and Delivery. The Notes
shall be executed by the Owner Trustee on behalf of the Issuing Entity by any of the Issuing Entity’s Authorized Officers.
The signature of any Authorized Officer of the Issuing Entity on the Notes may be manual or by facsimile. Notes bearing the manual
or facsimile signature of individuals who were at any time Authorized Officers of the Issuing Entity shall bind the Issuing Entity,


 




    	 	2	 



     


    

 


notwithstanding that any such individuals have
ceased to hold such offices prior to the authentication and delivery of such Notes or did not hold such offices at the date of
such Notes.


 


The Indenture Trustee shall,
upon receipt of an Issuing Entity Order, authenticate and deliver for original issue the following aggregate principal amounts
of the Notes: (i) $97,000,000 of Class A-1 Notes, (ii) $292,000,000 of Class A-2 Notes, (iii) $291,000,000 of Class A-3 Notes,
(iv) $80,774,000 of Class A-4 Notes and (v) $39,794,000 of Class B Notes. The aggregate principal amount of Class A-1 Notes, Class
A-2 Notes, Class A-3 Notes, Class A-4 Notes and Class B Notes outstanding at any time may not exceed such respective amounts, except
as provided in Section 2.5.


 


Each Note shall be dated
the date of its authentication. The Notes shall be issuable as registered notes in book-entry form in minimum denominations of
$1,000 and in integral multiples of $1,000 in excess thereof; provided, however, that on the Closing Date, one Class
A-1 Note, one Class A-2 Note, one Class A-3 Note, one Class A-4 Note and one Class B Note may be issued in a denomination that
includes any remaining portion of the Initial Class A-1 Note Balance, the Initial Class A-2 Note Balance, the Initial A-3 Note
Balance, the Initial Class A-4 Note Balance and the Initial Class B Note Balance, respectively.


 


No Note shall be entitled
to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Note a certificate of
authentication substantially in the form provided for herein executed by the Indenture Trustee by the manual signature of one of
its Authorized Officers, and such certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note
has been duly authenticated and delivered hereunder.


 


Section
2.3     Temporary Notes. Pending the preparation of Definitive
Notes, the Issuing Entity may execute and upon receipt of an Issuing Entity Order, the Indenture Trustee shall authenticate and
deliver, temporary Notes that are printed, lithographed, typewritten, mimeographed or otherwise produced, substantially of the
tenor of the Definitive Notes in lieu of which they are issued and with such variations not inconsistent with the terms of this
Indenture as the officers executing such Notes may determine, as evidenced by their execution of such Notes.


 


If temporary Notes are
issued, the Issuing Entity shall cause Definitive Notes to be prepared without unreasonable delay. After the preparation of Definitive
Notes, the temporary Notes shall be exchangeable for Definitive Notes upon surrender of such temporary Notes at the office or agency
of the Issuing Entity to be maintained as provided in Section 3.2, without charge to the related Noteholder. Upon surrender
for cancellation of any one or more temporary Notes, the Issuing Entity shall execute and the Indenture Trustee shall authenticate
and deliver in exchange therefor, a like principal amount of Definitive Notes of authorized denominations. Until so exchanged,
such temporary Notes shall in all respects be entitled to the same benefits under this Indenture as Definitive Notes.


 




    	 	3	 



     


    

 


Section
2.4     Registration; Registration of Transfer and Exchange. The Issuing Entity shall cause
a note registrar (the "Note Registrar") to keep a register (the "Note Register") in which, subject
to such reasonable regulations as it may prescribe, the Issuing Entity shall provide for the registration of Notes and the registration
of transfers of Notes. The Indenture Trustee is hereby appointed the Note Registrar for the purpose of registering Notes and transfers
of Notes as herein provided. Upon any resignation of any Note Registrar, the Issuing Entity shall promptly appoint a successor
or, if it elects not to make such an appointment, assume the duties of Note Registrar.


 


If a Person other than
the Indenture Trustee is the Note Registrar, the Issuing Entity shall give the Indenture Trustee prompt written notice of such
appointment and the location, and any change in such location, of the Note Register, and the Indenture Trustee shall have the right
to inspect the Note Register at all reasonable times and to obtain copies thereof, and the Indenture Trustee shall have the right
to rely upon a certificate executed on behalf of the Note Registrar by an Authorized Officer of the Note Registrar as to the names
and addresses of the Noteholders and the principal amounts and number of such Notes.


 


Upon surrender for registration
of transfer of any Note at the office or agency of the Issuing Entity to be maintained as provided in Section 3.2, if the
requirements of Section 8-401 of the UCC are met, the Issuing Entity shall execute and the Indenture Trustee shall authenticate
and the related Noteholder shall obtain, in the name of the designated transferee, one or more new Notes in any authorized denominations,
of the same Class and a like aggregate principal amount.


 


At the option of the related
Noteholder, Notes may be exchanged for other Notes in any authorized denominations, of the same Class and a like aggregate principal
amount, upon surrender of such Notes at such office or agency. Whenever any Notes are so surrendered for exchange, if the requirements
of Section 8-401 of the UCC are met, the Issuing Entity shall execute, the Indenture Trustee shall authenticate and the Noteholder
shall obtain the Notes that the Noteholder making such exchange is entitled to receive.


 


Every Note presented or
surrendered for registration of transfer or exchange shall (if so required by the Issuing Entity or the Indenture Trustee) be duly
endorsed, or be accompanied by a written instrument of transfer in form and substance satisfactory to the Issuing Entity and the
Indenture Trustee, duly executed by the Noteholder thereof or its attorney-in-fact duly authorized in writing.


 


All Notes issued upon any
registration of transfer or exchange of Notes shall be the valid obligations of the Issuing Entity, evidencing the same debt and
entitled to the same benefits under this Indenture as the Notes surrendered upon such registration of transfer or exchange.


 


No service charge shall
be made to a Noteholder for any registration of transfer or exchange of Notes, but the Issuing Entity, the Indenture Trustee or
the Note Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in
connection therewith, other than exchanges pursuant to Sections 2.3 or 9.5 not involving any transfer.


 




    	 	4	 



     


    

 


By acquiring a Note, each
purchaser and transferee of a beneficial interest will be deemed to represent that either (1) it is not acquiring such Notes with
the assets of a Plan or (2) the acquisition and holding of such Notes will not give rise to a non-exempt prohibited transaction
under Section 406 of ERISA or Section 4975 of the Code or a violation of Similar Law. Each Note will bear a legend reflecting such
deemed representation.


 


By acquiring a Note, each
purchaser and transferee of a beneficial interest in such Note that is a Plan subject to Title I of ERISA or Section 4975 of the
Code and any fiduciary purchasing a beneficial interest in such Note on behalf of such Plan (each, a “Plan Fiduciary”)
will be deemed to represent that the decision to acquire such Note (or interest therein) has been made by the Plan Fiduciary, and
that the Plan Fiduciary is an “independent fiduciary with financial expertise” as described in 29 C.F.R. Sec. 2510.3-21(c)(1).
Specifically, this means that the Plan and the Plan Fiduciary represent and warrant that (1) the decision to acquire the Note has
been made on arms’ length basis by the Plan Fiduciary; (2) the Plan Fiduciary is independent of the Issuing Entity, the Servicer,
the underwriters, the Owner Trustee, the Indenture Trustee, the Depositor or any of their respective affiliates or employees, and
the Plan Fiduciary either (A) is a bank as defined in Section 202 of the Investment Advisers Act of 1940 (the “Advisers
Act”), or similar institution that is regulated and supervised and subject to periodic examination by a U.S. state or
U.S. federal agency; (B) is an insurance carrier which is qualified under the laws of more than one U.S. state to perform the services
of managing, acquiring or disposing of assets of an employee benefit plan described in Section 3(3) of ERISA or any plan described
in Section 4975(e)(1)(A) of the Code; (C) is an investment adviser registered under the Advisers Act, or, if not registered as
an investment adviser under the Advisers Act by reason of paragraph (1) of Section 203A of the Advisers Act, is registered as an
investment adviser under the laws of the U.S. state in which it maintains its principal office and place of business; (D) is a
broker-dealer registered under the Exchange Act; or (E) holds, or has under its management or control, total assets of at least
$50 million (provided that this clause (E) shall not be satisfied if the Plan Fiduciary is either (i) an individual directing his
or her own individual retirement account or relative of such individual or (ii) a participant or beneficiary of such Plan purchasing
the Notes or a relative of such participant or beneficiary); (3) the Plan Fiduciary is capable of evaluating investment risks independently,
both in general and with respect to particular transactions and investment strategies, including the acquisition by the Plan of
the Notes; (4) the Plan Fiduciary is a “fiduciary” with respect to the Plan within the meaning of Section 3(21) of
ERISA, Section 4975 of the Code, or both, and is responsible for exercising independent judgment in evaluating the Plan’s
acquisition of the Notes; (5) none of the Transaction Parties has exercised any authority to cause the Plan to invest in the Notes
or to negotiate the terms of the Plan’s investment in the Notes; and (6) the Plan Fiduciary has been informed by the Transaction
Parties: (A) that none of the Transaction Parties are undertaking to provide impartial investment advice or to give advice in a
fiduciary capacity in connection with the Plan’s acquisition of the Notes; and (B) of the existence and nature of the Transaction
Parties’ financial interests in the Plan’s acquisition of the Notes, as described in the prospectus relating to the
offering of the Notes. The preceding provisions of this Section notwithstanding, the Issuing Entity shall not be required to make,
and the Note Registrar need not register, transfers or exchanges of any Note (i) selected for redemption or (ii) for a period of
15 days preceding the due date for any payment with respect to such Note.


 




    	 	5	 



     


    

 


The Indenture Trustee shall
have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this
Indenture or under applicable law with respect to any transfer of any interest in any Note other than to require delivery of such
certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the
terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements
hereof.


 


Neither the Indenture Trustee
nor any agent of the Indenture Trustee shall have any responsibility for any actions taken or not taken by DTC.


 


Section
2.5     Mutilated, Destroyed, Lost or Stolen Notes. If
(i) any mutilated Note is surrendered to the Note Registrar, or the Note Registrar receives evidence to its satisfaction of the
destruction, loss or theft of any Note and (ii) there is delivered to the Note Registrar such security or indemnity as may be required
by it to hold the Issuing Entity, the Indenture Trustee or itself harmless, then, in the absence of notice to the Issuing Entity,
the Note Registrar or the Indenture Trustee that such Note has been acquired by a "protected purchaser" (as contemplated
by Article 8 of the UCC), and provided that the requirements of Section 8-405 of the UCC are met, the Issuing Entity shall execute
and upon Issuing Entity Request the Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated,
destroyed, lost or stolen Note, a replacement Note; provided, however, that if any such destroyed, lost or stolen
Note (but not a mutilated Note) shall have become or within seven days shall become due and payable, or shall have been called
for redemption, instead of issuing a replacement Note, the Issuing Entity may upon delivery of the security or indemnity herein
required pay such destroyed, lost or stolen Note when so due or payable or upon the Redemption Date without the surrender thereof.
If, after the delivery of such replacement Note or payment of a destroyed, lost or stolen Note pursuant to the proviso to the preceding
sentence, a "protected purchaser" (as contemplated by Article 8 of the UCC) of the original Note in lieu of which such
replacement Note was issued presents for payment such original Note, the Issuing Entity and the Indenture Trustee shall be entitled
to recover such replacement Note (or such payment) from the Person to whom it was delivered or any Person taking such replacement
Note from such Person to whom such replacement Note was delivered or any assignee of such Person, except a "protected purchaser"
(as contemplated by Article 8 of the UCC), and shall be entitled to recover upon the security or indemnity provided therefor to
the extent of any loss, damage, cost or expense incurred by the Issuing Entity, the Note Registrar or the Indenture Trustee in
connection therewith.


 


Upon the issuance of any
replacement Note under this Section, the Issuing Entity or the Indenture Trustee may require the payment by the related Noteholder
of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other reasonable
expenses (including the fees and expenses of the Indenture Trustee or the Note Registrar) connected therewith.


 


Every replacement Note
issued pursuant to this Section in replacement of any mutilated, destroyed, lost or stolen Note shall constitute an original additional
contractual obligation of the Issuing Entity, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time
enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all
other Notes duly issued hereunder.


 




    	 	6	 



     


    

 


The provisions of this
Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Notes.


 


Section
2.6     Persons Deemed Owners. Prior to due presentment for registration of transfer of
any Note, the Issuing Entity, the Indenture Trustee and their respective agents may treat the Person in whose name any Note is
registered in the Note Register (as of the date of determination) as the owner of such Note for the purpose of receiving payments
of principal of and interest, if any, on such Note and for all other purposes whatsoever, whether or not such Note be overdue,
and neither the Issuing Entity, the Indenture Trustee nor any of their respective agents shall be affected by notice to the contrary.


 


Section
2.7    Cancellation. All Notes surrendered for payment, registration of transfer, exchange or
redemption shall, if surrendered to any Person other than the Indenture Trustee, be delivered to the Indenture Trustee and shall
be promptly cancelled by the Indenture Trustee. The Issuing Entity may at any time deliver to the Indenture Trustee for cancellation
any Notes previously authenticated and delivered hereunder that the Issuing Entity may have acquired in any manner whatsoever,
and all Notes so delivered shall be promptly cancelled by the Indenture Trustee. No Notes shall be authenticated in lieu of or
in exchange for any Notes cancelled as provided in this Section, except as expressly permitted by this Indenture. All cancelled
Notes may be held or disposed of by the Indenture Trustee in accordance with its standard retention or disposal policy as in effect
at the time unless the Issuing Entity shall direct by an Issuing Entity Order that they be returned to it; provided, that
such Issuing Entity Order is timely and that such Notes have not been previously disposed of by the Indenture Trustee.


 


Section
2.8    Release of Collateral. Subject to Section
11.1 and the terms of those Transaction Documents to which the Indenture Trustee is a party, the Indenture Trustee shall release
property from the lien of this Indenture only upon receipt of an Issuing Entity Request accompanied by an Officer’s Certificate
of the Issuing Entity, an Opinion of Counsel and Independent Certificates in accordance with TIA §§ 314(c) and 314(d)(1)
or an Opinion of Counsel in lieu of such Independent Certificates to the effect that the TIA does not require any such Independent
Certificates.


 


Section
2.9     Book-Entry Notes. Unless otherwise specified
herein, the Notes, upon original issuance, will be issued in the form of one or more typewritten, printed, lithographed or engraved
or produced by any combination of such methods (with or without steel engraved borders) Notes representing the Book-Entry Notes,
to be delivered to the Indenture Trustee, as agent for DTC, the initial Clearing Agency, by, or on behalf of, the Issuing Entity.
Such Notes shall initially be registered on the Note Register in the name of Cede & Co., the nominee of the initial Clearing
Agency, and no Note Owner shall receive a Definitive Note representing such Note Owner's interest in such Note except as provided
in Section 2.11. Unless and until Definitive Notes have been issued to Note Owners pursuant to Section 2.11:


 


(a)          the
provisions of this Section shall be in full force and effect;


 


(b)          the
Note Registrar and the Indenture Trustee shall be entitled to deal with the Clearing Agency for all purposes of this Indenture
(including the payment of principal of and


 




    	 	7	 



     


    

 


interest on the Notes and the giving of instructions
or directions hereunder) as the sole Noteholder, and shall have no obligation to Note Owners, except as stated in Section 7.5;


 


(c)          to
the extent that the provisions of this Section conflict with any other provisions of this Indenture, the provisions of this Section
shall control;


 


(d)          the
rights of Note Owners shall be exercised only through the Clearing Agency and shall be limited to those established by law and
agreements between or among such Note Owners and the Clearing Agency or Clearing Agency Participants; pursuant to the Depository
Agreement, unless and until Definitive Notes are issued pursuant to Section 2.11, the initial Clearing Agency will make
book-entry transfers among the Clearing Agency Participants and receive and transmit payments of principal of and interest on the
Notes to such Clearing Agency Participants; and


 


(e)          whenever
this Indenture requires or permits actions to be taken based upon instructions or directions of Noteholders evidencing a specified
percentage of the Outstanding Note Amount, the Clearing Agency shall be deemed to represent such percentage only to the extent
that it has received instructions to such effect from Note Owners or Clearing Agency Participants owning or representing, respectively,
such required percentage of the beneficial interest in the Notes and has delivered such instructions to the Indenture Trustee.


 


Section
2.10   Notices to Clearing Agency. Whenever a notice or other communication
to Noteholders is required under this Indenture, unless and until Definitive Notes shall have been issued to Note Owners pursuant
to Section 2.11, the Indenture Trustee shall give all such notices and communications specified herein to be given to Noteholders
to the Clearing Agency, and shall have no obligation to the Note Owners.


 


Section
2.11   Definitive Notes. If (i) (A) the Administrator advises the
Indenture Trustee in writing that the Clearing Agency is no longer willing or able to properly discharge its responsibilities as
described in the Depository Agreement and (B) the Administrator is unable to locate a qualified successor, (ii) the Administrator
at its option advises the Indenture Trustee in writing that it elects to terminate the book-entry system through the Clearing Agency
or (iii) after an Event of Default, Note Owners representing in the aggregate not less than a majority of the Outstanding Note
Amount, voting together as a single class, advise the Indenture Trustee through the Clearing Agency and its Clearing Agency Participants
in writing that the continuation of a book-entry system through the Clearing Agency or its successor is no longer in the best interest
of Note Owners, the Indenture Trustee shall be required to notify all Note Owners, through the Clearing Agency, of the occurrence
of such event and the availability through the Clearing Agency of Definitive Notes to Note Owners requesting the same. Upon surrender
to the Indenture Trustee by the Clearing Agency of the Note or Notes representing the Book-Entry Notes and the receipt of instructions
for re-registration, the Indenture Trustee shall issue Definitive Notes to Note Owners, who thereupon shall become Noteholders
for all purposes of this Indenture. None of the Issuing Entity, the Note Registrar or the Indenture Trustee shall be liable for
any delay in delivery of such instructions and may conclusively rely on, and shall be protected in relying on, such instructions.


 




    	 	8	 



     


    

 


The Indenture Trustee shall
not be liable if the Administrator is unable to locate a qualified successor Clearing Agency. The Definitive Notes shall be typewritten,
printed, lithographed or engraved or produced by any combination of such methods (with or without steel engraved borders), all
as determined by the Issuing Entity and the Indenture Trustee, as evidenced by their execution and authentication of such Notes.


 


If Definitive Notes are
issued and the Indenture Trustee is not the Note Registrar, the Issuing Entity shall furnish or cause to be furnished to the Indenture
Trustee a list of the names and addresses of the Noteholders (i) as of each Record Date, within five days thereafter and (ii) as
of not more than ten days prior to the time such list is furnished, within 30 days after receipt by the Issuing Entity of a written
request therefor.


 


Section
2.12   Authenticating Agents. Upon the request of the Issuing Entity,
the Indenture Trustee shall, and if the Indenture Trustee so chooses the Indenture Trustee may, appoint one or more Authenticating
Agents with power to act on its behalf and subject to its direction in the authentication of Notes in connection with issuance,
transfers and exchanges under Sections 2.2, 2.4, 2.5 and 9.5, as fully to all intents and purposes
as though each such Authenticating Agent had been expressly authorized by such Sections to authenticate such Notes. For all purposes
of this Indenture, the authentication of Notes by an Authenticating Agent pursuant to this Section shall be deemed to be the authentication
of Notes by the Indenture Trustee. The Indenture Trustee shall be the Authenticating Agent in the absence of any appointment thereof.


 


Any corporation into which
any Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any
merger, consolidation or conversion to which any Authenticating Agent shall be a party, or any corporation succeeding to all or
substantially all of the corporate trust business of any Authenticating Agent, shall be the successor of such Authenticating Agent
hereunder, without the execution or filing of any further act on the part of the parties hereto or such Authenticating Agent or
such successor corporation.


 


Any Authenticating Agent
may at any time resign by giving written notice of resignation to the Indenture Trustee and the Issuing Entity. The Indenture Trustee
may at any time terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating
Agent and the Issuing Entity. Upon receiving such notice of resignation or upon such termination, the Indenture Trustee shall promptly
appoint a successor Authenticating Agent and shall give written notice of such appointment to the Issuing Entity. The provisions
of Sections 2.7 and 6.4 shall be applicable to any Authenticating Agent.


 


Section
2.13    Tax Treatment.


 


(a)          The
Issuing Entity has entered into this Indenture, and the Notes shall be issued, with the intention that, for all purposes, including
federal, State and local income, franchise and any other taxes imposed upon, measured by or based upon gross or net income, the
Notes shall qualify as indebtedness secured by the Collateral (except a Note or interest therein acquired by the Depositor or other
person considered for federal income tax purposes the issuer of such Note). The Issuing Entity, by entering into this Indenture,
and each Noteholder, by its acceptance of a Note (and each Note Owner by its acceptance of an interest in the applicable


 




    	 	9	 



     


    

 


Book-Entry Note), unless otherwise required
by appropriate taxing authorities, agree to treat the Notes (other than Notes held by any entity whose separate existence from
the Issuing Entity is disregarded for federal income tax purposes, but only so long as such Notes are held by such entity) as indebtedness
for federal, state and local income, franchise and any other taxes imposed upon, measured by or based upon gross or net income.


 


(b)          Each
Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees
to provide to the Person from whom it receives payments on the Notes (including the Paying Agent) on behalf of the Issuing Entity,
(1) any applicable IRS Form W-9, W-8BEN, W-8BEN-E, W-8ECI or W-8IMY (with any applicable attachments) and (2) any documentation
that is required under FATCA to enable the Issuing Entity, the Indenture Trustee and any other agent of the Issuing Entity to determine
their duties and liabilities with respect to any taxes they may be required to withhold in respect of such Note or the Noteholder
of such Note or, in the case of the Note Owner, a beneficial interest therein, in each case, prior to the first Payment Date after
such Noteholder’s acquisition of Notes and at such time or times required by law or that the Indenture Trustee on behalf
of the Issuing Entity or their respective agents may reasonably request, and shall update or replace such IRS form or documentation
in accordance with its terms or its subsequent amendments. Each Noteholder or Note Owner will provide the applicable replacement
IRS form or documentation every three (3) years (or sooner if there is a transfer to a new Noteholder or Note Owner or if required
by applicable law). In each case above, the applicable IRS form or documentation shall be properly completed and signed under penalty
of perjury.


 


(c)          Each
Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees
that the Indenture Trustee has the right to withhold any amounts of interest (properly withholdable under law and without any corresponding
gross-up) payable to a Noteholder or holder of an interest in a Note that fails to comply with the requirements of Section 2.13(b).


 


ARTICLE III


 


REPRESENTATIONS, WARRANTIES AND COVENANTS



 


Section
3.1     Payment of Principal and Interest. The Issuing Entity shall duly and punctually
pay the principal of and interest, if any, on the Notes in accordance with the terms of the Notes and this Indenture. Without
limiting the foregoing, subject to and in accordance with Sections 8.4(a) and 8.4(b), the Issuing Entity will
cause to be distributed all amounts deposited in the Principal Distribution Account on a Payment Date pursuant to this Indenture
(i) for the benefit of the Class A-1 Notes, to the Class A-1 Noteholders, (ii) for the benefit of the Class A-2 Notes, to
the Class A-2 Noteholders, (iii) for the benefit of the Class A-3 Notes, to the Class A-3 Noteholders, (iv) for the benefit of
the Class A-4 Notes, to the Class A-4 Noteholders, and (v) for the benefit of the Class B Notes, to the Class B Noteholders. Amounts
properly withheld under the Code by any Person from a payment to any Noteholder of interest or principal shall be considered to
have been paid by the Issuing Entity to such Noteholder for all purposes of this Indenture. The final interest payment on each
Class of Notes is due on the earlier of (a) the Payment Date (including any Redemption Date),in each case, on which the


 




    	 	10	 



     


    

 


principal amount of that Class of Notes is
reduced to zero or (b) the applicable Final Scheduled Payment Date for that Class of Note.


 


Section
3.2     Maintenance of Office or Agency. The Issuing
Entity will maintain in the Borough of Manhattan, The City of New York, an office or agency where Notes may be surrendered
for registration of transfer or exchange, and where notices and demands to or upon the Issuing Entity in respect of the Notes and
this Indenture may be served. Such office or agency will initially be the Corporate Trust Office of the Indenture Trustee, and
the Issuing Entity hereby initially appoints the Indenture Trustee to serve as its agent for the foregoing purposes. The Issuing
Entity will give prompt written notice to the Indenture Trustee of any change in the location of any such office or agency. If
at any time the Issuing Entity shall fail to maintain any such office or agency or shall fail to furnish the Indenture Trustee
with the address thereof, such surrenders, notices and demands may be made or served at the Corporate Trust Office, and the Issuing
Entity hereby appoints the Indenture Trustee as its agent to receive all such surrenders, notices and demands.


 


Section
3.3     Money for Payments to be Held in Trust. As provided
in Sections 5.4(b) and 8.4, all payments of amounts due and payable with respect to any Notes that are to be made
from amounts withdrawn from the Trust Collection Account shall be made on behalf of the Issuing Entity by the Indenture Trustee
or by another Paying Agent, and no amounts so withdrawn therefrom for payments on Notes shall be paid over to the Issuing Entity
except as provided in this Section.


 


On or before the Business
Day preceding each Payment Date and Redemption Date, the Issuing Entity shall allocate or cause to be allocated into the Trust
Collection Account for distribution an aggregate sum sufficient to pay the amounts then becoming due under the Notes, and the Paying
Agent shall hold such sum in trust for the benefit of the Persons entitled thereto and (unless the Paying Agent is the Indenture
Trustee) shall promptly notify the Indenture Trustee of any failure by the Issuing Entity to effect such deposit.


 


The Issuing Entity shall
cause each Paying Agent other than the Indenture Trustee to execute and deliver to the Indenture Trustee an instrument in which
such Paying Agent shall agree with the Indenture Trustee (and if the Indenture Trustee acts as Paying Agent, it hereby so agrees
to the extent relevant), subject to the provisions of this Section, that such Paying Agent shall:


 


(a)          hold
all sums held by it for the payment of amounts due with respect to the Notes in trust for the benefit of the Persons entitled thereto
until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as
herein provided;


 


(b)          give
the Indenture Trustee written notice of any default by the Issuing Entity of which it has actual knowledge (or any other obligor
upon the Notes) in the making of any payment required to be made with respect to the Notes;


 




    	 	11	 



     


    

 


(c)          at
any time during the continuance of any such default, upon the written request of the Indenture Trustee, forthwith pay to the Indenture
Trustee all sums so held in trust by such Paying Agent;


 


(d)          immediately
resign as a Paying Agent and forthwith pay to the Indenture Trustee all sums held by it in trust for the payment of Notes if at
any time it ceases to meet the standards required to be met by a Paying Agent at the time of its appointment; and


 


(e)          comply
with all requirements of the Code with respect to the withholding from any payments made by it on any Notes of any applicable withholding
taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith.


 


The Issuing Entity may
at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, by Issuing
Entity Order direct any Paying Agent to pay to the Indenture Trustee all sums held in trust by such Paying Agent, such sums to
be held by the Indenture Trustee upon the same trusts as those upon which such sums were held by such Paying Agent; and upon such
payment by any Paying Agent to the Indenture Trustee, such Paying Agent shall be released from all further liability with respect
to such money.


 


Subject to applicable laws
with respect to escheat of funds, any money held by the Indenture Trustee or any Paying Agent in trust for the payment of any amount
due with respect to any Note and remaining unclaimed for two years after such amount has become due and payable shall be discharged
from such trust and distributed by the Indenture Trustee to the Issuing Entity upon an Issuing Entity Request and the related Noteholder
shall thereafter, as an unsecured general creditor, look only to the Issuing Entity for payment thereof, and all liability of the
Indenture Trustee or such Paying Agent with respect to such trust money shall thereupon cease; provided, however,
that the Indenture Trustee or such Paying Agent, before being required to make any such repayment, shall at the reasonable expense
of the Issuing Entity cause to be published once, in a newspaper published in the English language, customarily published on each
Business Day and of general circulation in The City of New York, notice that such money remains unclaimed and that, after a date
specified therein, which date shall not be less than 30 days from the date of such publication, any unclaimed balance of such money
then remaining shall be paid to the Certificateholders. The Indenture Trustee shall also adopt and employ, at the written direction
of the Issuing Entity and at the expense of the Issuing Entity, any other reasonable means of notification of such repayment (including
mailing notice of such repayment to Noteholders the Notes of which have been called but not surrendered for redemption or whose
right to or interest in monies due and payable but not claimed is determinable from the records of the Indenture Trustee or any
Paying Agent at the last address of record for each such Noteholder).


 


Section
3.4           Existence. The Issuing Entity shall keep in full
effect its existence and rights as a statutory trust under the laws of the State of Delaware (unless it becomes, or any successor
Issuing Entity hereunder is or becomes, organized under the laws of any other State or of the United States, in which case the
Issuing Entity shall keep in full effect its existence, rights and franchises under the laws of such other jurisdiction) and shall
obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or shall be


 




    	 	12	 



     


    

 


necessary to protect the validity and enforceability
of this Indenture, the Notes, the Collateral and each other instrument or agreement included in the Trust Estate.


 


Section
3.5     Protection of Collateral. The Issuing Entity intends the security interest Granted
pursuant to this Indenture in favor of the Indenture Trustee on behalf of the Noteholders to be prior to all other liens in respect
of the Collateral, and the Issuing Entity shall take all actions necessary to obtain and maintain, for the benefit of the Indenture
Trustee on behalf of the Noteholders, a first lien on and a first priority, perfected security interest in the Collateral. The
Issuing Entity shall from time to time execute and deliver all such supplements and amendments hereto, shall file or authorize
the filing of all such financing statements, continuation statements, instruments of further assurance and other instruments,
all as prepared by the Administrator and delivered to the Issuing Entity, and shall take such other action necessary or advisable
to:


 


(a)          Grant
more effectively all or any portion of the Collateral;


 


(b)          maintain
or preserve the lien and security interest (and the priority thereof) created by this Indenture or carry out more effectively the
purposes hereof;


 


(c)          perfect,
publish notice of or protect the validity of any Grant made or to be made by this Indenture;


 


(d)          enforce
any of the Collateral;


 


(e)          preserve
and defend title to the Collateral and the rights of the Indenture Trustee and the Noteholders in the Collateral against the claims
of all Persons; or


 


(f)           pay
or cause to be paid all taxes or assessments levied or assessed upon the Collateral when due.


 


The Issuing Entity hereby
authorizes the Administrator and the Indenture Trustee to file all financing statements, continuation statements or other instruments
required to be executed (if any) pursuant to this Section; it being understood that such authorization shall not be deemed to be
an obligation on the part of the Administrator or the Indenture Trustee to make any such filing. Notwithstanding anything to the
contrary contained herein (including the authorization to file granted in the preceding sentence), the Indenture Trustee shall
have no duty and shall not be responsible for filing any financing or continuation statements or recording any documents or instruments
in any public office at any time or times or otherwise perfecting or maintaining the perfection of any security interest.


 


Section
3.6      Opinions as to Collateral.


 


(a)          On
the Closing Date, the Issuing Entity shall furnish or cause to be furnished to the Indenture Trustee, an Opinion of Counsel to
the effect that, in the opinion of such counsel (subject to standard limitations, qualifications and assumptions) the provisions
of the Indenture are effective under the New York UCC to create in favor of the Indenture Trustee a security interest in the Issuing
Entity's rights in the Collateral, and upon filing of the applicable financing


 




    	 	13	 



     


    

 


statement, the Indenture Trustee's security
interest in the Issuing Entity's rights in the Collateral will be perfected.


 


(b)          On
or before April 30th of each calendar year, beginning with April 30, 2019, the Issuing Entity shall furnish to the Indenture Trustee
an Opinion of Counsel to the effect that in the opinion of such counsel, either (i) all financing statements and continuation statements
have been filed that are necessary to continue the lien and security interest of the Indenture Trustee in the Exchange Notes and
reciting the details of such filings or referring to prior Opinions of Counsel in which such details are given, or (ii) no such
action is necessary to continue such lien and security interest.


 


Section
3.7      Performance of Obligations; Administration of the Exchange note.


 


(a)          The
Issuing Entity shall not take any action and shall use its best efforts not to permit any action to be taken by others, including
the Administrator, that would release any Person from any of such Person's material covenants or obligations under any instrument
or agreement included in the Trust Estate or that would result in the amendment, hypothecation, subordination, termination or discharge
of, or impair the validity or effectiveness of, any such instrument or agreement, except as expressly provided in paragraph
(c) below, the Transaction Documents or such other instrument or agreement.


 


(b)          The
Issuing Entity may contract with other Persons to assist it in performing its duties under this Indenture, and any performance
of such duties by a Person identified to the Indenture Trustee in an Officer's Certificate of the Issuing Entity shall be deemed
to be action taken by the Issuing Entity. Initially, the Issuing Entity has contracted with the Administrator, and the Administrator
has agreed, to assist the Issuing Entity in performing its duties under this Indenture.


 


(c)          The
Issuing Entity shall, and, shall cause the Administrator and the Servicer to agree to, punctually perform and observe all of its
obligations and agreements contained in this Indenture, the other Transaction Documents and the instruments and agreements included
in the Collateral, including filing or causing to be filed all UCC financing statements and continuation statements required to
be filed by the terms of this Indenture and the other Transaction Documents in accordance with and within the time periods provided
for herein and therein. Except as otherwise expressly provided therein, the Issuing Entity, as a party to the Transaction Documents
and as Holder of the Exchange Note, shall not amend any Transaction Document to which it is a party or any provision thereof other
than in accordance with the amendment provisions set forth in such Transaction Document.


 


(d)          Without
derogating from the absolute nature of the assignment granted to the Indenture Trustee under this Indenture or the rights of the
Indenture Trustee hereunder, the Issuing Entity agrees (i) that it will not, without the prior written consent of the Indenture
Trustee or the Holders of at least a majority of the Note Balance of the Controlling Securities, amend, modify, waive, supplement,
terminate or surrender, or agree to any amendment, modification, supplement, termination, waiver or surrender of, the terms of
any Collateral (except to the extent otherwise provided and permitted in the Servicing Agreement and the Exchange Note Servicing


 




    	 	14	 



     


    

 


Supplement) or the Trust Agreement, the Servicing
Agreement, the Exchange Note Servicing Supplement, the Exchange Note Transfer Agreement or the Administration Agreement (except
as may be permitted thereby), or waive timely performance or observance by the Servicer under the Servicing Agreement and the Exchange
Note Servicing Supplement (except as may be permitted thereby); and (ii) that any such amendment shall not (A) increase
or reduce in any manner the amount of, or accelerate or delay the timing of, distributions that are required to be made for the
benefit of the Noteholders or (B) reduce the aforesaid percentage of the Note Balance of the Controlling Securities that is
required to consent to any such amendment, without the consent of the Holders of all the Outstanding Notes. Subject to Section
11.1, if any such amendment, modification, supplement or waiver shall be so consented to by the Indenture Trustee or such Holders,
the Issuing Entity agrees, promptly following a request by the Indenture Trustee to do so, to execute and deliver, in its own name
and at its own expense, such agreements, instruments, consents and other documents as the Indenture Trustee may deem necessary
or appropriate in the circumstances.


 


Section
3.8      Negative Covenants. So long as any Notes are Outstanding, the Issuing Entity
shall not:


 


(a)          engage
in any activities other than financing, acquiring, owning, pledging and managing the Exchange Note and the other Collateral as
contemplated by this Indenture and the other Transaction Documents;


 


(b)          except
as expressly permitted herein or in the other Transaction Documents, (A) dissolve or liquidate in whole or in part or (B) sell,
transfer, exchange or otherwise dispose of any of the assets of the Issuing Entity, including those included in the Trust Estate,
in either case, unless directed to do so by the Indenture Trustee;


 


(c)          claim
any credit on or make any deduction from the principal or interest payable in respect of the Notes (other than amounts properly
withheld from such payments under the Code or applicable State law) or assert any claim against any present or former Noteholder
by reason of the payment of the taxes levied or assessed upon any part of the Trust Estate;


 


(d)          (i)
permit the validity or effectiveness of this Indenture to be impaired, (ii) permit the lien of this Indenture to be amended, hypothecated,
subordinated, terminated or discharged, (iii) permit any Person to be released from any covenants or obligations under this Indenture,
except as may be expressly permitted hereby, (iv) permit any Adverse Claim (other than Permitted Liens) to be created on or extend
to or otherwise arise upon or burden the Trust Estate, any part thereof or any interest therein or the proceeds thereof, (v) except
as otherwise provided in the Transaction Documents, permit the lien of this Indenture not to constitute a valid first priority
(other than with respect to any Permitted Lien) security interest in the Trust Estate; (vi) make any loan, advance or credit to,
guarantee (directly or indirectly or by an instrument having the effect of assuring another's payment or performance on any obligation
or capability of so doing or otherwise), endorse or otherwise become contingently liable, directly or indirectly, in connection
with the obligations, stocks or dividends of, own, purchase, repurchase or acquire (or agree contingently to do so) any stock,
obligations, assets or securities of, or any other interest in, or make any capital contribution to, any other Person, or (vii)
make any expenditure (by long-term or operating lease or otherwise) for capital assets (either realty or personalty);


 




    	 	15	 



     


    

 


(e)          incur,
assume or guarantee any indebtedness other than indebtedness incurred in accordance with the Transaction Documents; or


 


(f)           merge
or consolidate with or into any other Person, unless:


 


(i)          the
Person (if other than the Issuing Entity) formed by or surviving such consolidation or merger shall be a Person organized and existing
under the laws of the United States of America or any State and shall expressly assume, by an indenture supplemental hereto, executed
and delivered to the Indenture Trustee, in form satisfactory to the Indenture Trustee, the due and punctual payment of the principal
of and interest on all Notes and the performance or observance of every agreement and covenant of this Indenture and the other
Transaction Documents on the part of the Issuing Entity to be performed or observed, all as provided herein;


 


(ii)         immediately
after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing;


 


(iii)        the
Rating Agency Condition shall have been satisfied with respect to such transaction;


 


(iv)        the
Issuing Entity shall have received an Opinion of Counsel (and shall have delivered copies thereof to the Indenture Trustee) to
the effect that such transaction will not have any material adverse tax consequence to the Issuing Entity, any Noteholder or any
Certificateholder;


 


(v)         any
action that is necessary to maintain the lien and security interest created by this Indenture shall have been taken; and


 


(vi)        the
Issuing Entity shall have delivered to the Indenture Trustee an Officer's Certificate and an Opinion of Counsel each stating that
such consolidation or merger and such supplemental indenture comply with this Article III and that all conditions precedent
herein provided for relating to such transaction have been complied with (including any filing required by the Exchange Act).


 


Section
3.9      Issuing Entity Certificates and Reports.


 


(a)          The
Issuing Entity shall make available to the Indenture Trustee, at https://via.intralinks.com/, or such other website or distribution
service or provider as the Issuing Entity shall designate by written notice to the Indenture Trustee, within 120 days after the
end of each fiscal year of the Issuing Entity (commencing with the fiscal year 2018), an Officer's Certificate stating, as to the
Authorized Officer signing such Officer's Certificate, that:


 


(i)          a
review of the activities of the Issuing Entity during such year and of its performance under this Indenture has been made under
such Authorized Officer's supervision; and


 


(ii)         to
the best of such Authorized Officer's knowledge, based on such review, the Issuing Entity has complied in all material respects
with all conditions and


 




    	 	16	 



     


    

 


covenants under this Indenture throughout
such year, or, if there has been a material default in the compliance of any such condition or covenant, specifying each such default
known to such Authorized Officer and the nature and status thereof.


 


(b)          Unless
the Issuing Entity otherwise determines, the fiscal year of the Issuing Entity shall be the same as the fiscal year of the Servicer.


 


Section
3.10    Notice of Defaults. The Issuing Entity agrees to give the
Indenture Trustee and each Rating Agency prompt written notice of each Event of Default hereunder.


 


Section
3.11   Further Instruments and Acts. Upon request of the Indenture
Trustee, the Issuing Entity shall execute and deliver such further instruments and do such further acts as may be reasonably necessary
or proper to carry out more effectively the purposes of this Indenture.


 


Section
3.12   Delivery of Exchange Note. On the Closing Date, the Issuing
Entity shall deliver or cause to be delivered to the Indenture Trustee as security for its obligations hereunder, the Closed-End
Exchange Note. The Indenture Trustee shall take possession of the Closed-End Exchange Note in New York and shall at all times during
the period of this Indenture maintain custody of the Closed-End Exchange Note in New York.


 


Section
3.13   Compliance with Laws. The Issuing Entity shall comply with
the requirements of all applicable laws, the non-compliance with which would, individually or in the aggregate, materially and
adversely affect the ability of the Issuing Entity to perform its obligations under the Notes, this Indenture or any other Transaction
Document.


 


Section
3.14    Perfection Representations.


 


(a)          The
representations, warranties and covenants set forth in Schedule I hereto shall be a part of this Indenture for all purposes.


 


(b)          Notwithstanding
any other provision of this Indenture or any other Transaction Document, the perfection representations contained in Schedule
I hereto shall be continuing, and remain in full force and effect until such time as all obligations under this Indenture have
been finally and fully paid and performed.


 


(c)          Subject
to Section 9.2, the parties to this Indenture: (i) shall not amend or waive any of the perfection representations contained
in Schedule I hereto; (ii) shall provide the Rating Agencies with prompt written notice of any breach of perfection representations
contained in Schedule I hereto and (iii) shall not waive a breach of any of the perfection representations contained in
Schedule I hereto.


 


Section
3.15    '34 Act Filings. The Issuing Entity hereby authorizes the
Servicer and the Depositor, or either of them, to prepare, sign, certify and file any and all reports, statements and information
respecting the Issuing Entity and/or the Notes required to be filed pursuant to the Securities Exchange Act of 1934, as amended,
and the rules and regulations thereunder.


 




    	 	17	 



     


    

 


ARTICLE IV


 


SATISFACTION AND DISCHARGE 


 


Section
4.1     Satisfaction and Discharge of Indenture. This
Indenture shall discharge with respect to the Collateral securing the Notes except as to (a) rights of registration of transfer
and exchange, (b) substitution of mutilated, destroyed, lost or stolen Notes, (c) rights of Noteholders to receive payments of
principal thereof and interest thereon, (d) Sections 3.3, 3.4, 3.5, 3.8, 3.10 and 3.12,
(e) the rights, obligations and immunities of the Indenture Trustee hereunder (including the rights of the Indenture Trustee under
Section 6.7 and the obligations of the Indenture Trustee under Section 4.2) and (f) the rights of Noteholders as
beneficiaries hereof with respect to the property so deposited with the Indenture Trustee payable to all or any of them, and the
Indenture Trustee, on demand and at the expense and on behalf of the Issuing Entity, shall execute proper instruments acknowledging
satisfaction and discharge of this Indenture, when (i) either (A) all Notes theretofore authenticated and delivered (other than
(1) Notes that have been mutilated, destroyed, lost or stolen and that have been replaced or paid as provided in Section 2.5
and (2) Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuing Entity
and thereafter paid to the Persons entitled thereto or discharged from such trust, as provided in Section 3.3) have been
delivered to the Indenture Trustee for cancellation; or (B) all Notes not theretofore delivered to the Indenture Trustee for cancellation
(1) have become due and payable, (2) will become due and payable within one year either because the applicable Final Scheduled
Payment Date is within one year or because the Indenture Trustee has received written notice of the exercise of the option granted
pursuant to Section 15.1 of the Exchange Note Servicing Supplement or (3) are to be called for redemption within one year under
arrangements satisfactory to the Indenture Trustee for the giving of notice of redemption by the Indenture Trustee in the name,
and at the expense, of the Issuing Entity, and the Issuing Entity, in the case of clauses (1), (2) or (3) above, has irrevocably
deposited or caused to be irrevocably deposited with the Indenture Trustee cash or direct obligations of or obligations guaranteed
by the United States (that will mature prior to the date such amounts are payable), in trust for such purpose, in an amount sufficient
to pay and discharge the entire indebtedness on such Notes (including interest and any fees and expenses due and payable to the
Owner Trustee and the Indenture Trustee) not theretofore delivered to the Indenture Trustee for cancellation, when due, to the
applicable Final Scheduled Payment Date for each Class, or to the Redemption Date (if Notes shall have been called for redemption
pursuant to Section 10.1), as the case may be; (ii) the Issuing Entity has paid or caused to be paid all other sums payable
hereunder by the Issuing Entity; and (iii) the Issuing Entity has delivered to the Indenture Trustee an Officer's Certificate and
an Opinion of Counsel, each meeting the applicable requirements of Section 11.1 and, subject to Section 11.2, each
stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been
complied with (and, in the case of an Officer’s Certificate, stating that the Rating Agency Condition has been satisfied;
provided, that, with respect to a redemption of the Notes pursuant to Section 10.1 or if the Depositor (or
any of its Affiliates) is the sole Noteholder, the satisfaction of the Rating Agency Condition shall not be required).


 


Section
4.2     Application of Trust Money. All monies deposited
with the Indenture Trustee pursuant to Section 4.1 shall be held in trust and applied by it, in accordance with the provisions
of the Notes and this Indenture, to the payment, either directly or through any


 




    	 	18	 



     


    

 


Paying Agent, as the Indenture Trustee may
determine, to the Noteholders of the particular Notes for the payment or redemption of which such monies have been deposited with
the Indenture Trustee of all sums due and to become due thereon for principal and interest; but such monies need not be segregated
from other funds of the Indenture Trustee except to the extent required herein or in the Servicing Agreement or as required by
law.


 


Section
4.3     Repayment of Monies Held by Paying Agent. In
connection with the satisfaction and discharge of this Indenture with respect to the Notes, all monies then held by any Paying
Agent other than the Indenture Trustee under the provisions of this Indenture with respect to such Notes shall, upon demand of
the Issuing Entity, be paid to the Indenture Trustee to be held and applied according to Section 3.3 and such Paying Agent
shall thereupon be released from all further liability with respect to such monies.


 


ARTICLE V


 


EVENT OF DEFAULT 


 


Section
5.1     Events of Default. The occurrence and continuation
of any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary
or effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body) shall constitute a default under this Indenture (each, an "Event of Default"):


 


(a)          default
in the payment of any interest on any Note when the same becomes due and payable, and such default shall continue for a period
of five Business Days; provided, however, that until the Outstanding Amount of the Class A Notes is reduced to zero,
a default in the payment of any interest on any Class B Note shall not by itself constitute an Event of Default hereunder;


 


(b)          default
in the payment of principal of any Note (A) when the same becomes due and payable, to the extent funds are available therefor or
(B) at the related Final Scheduled Payment Date or the Redemption Date;


 


(c)          default
in the observance or performance of any covenant or agreement of the Issuing Entity made in this Indenture (other than a covenant
or agreement, a default in the observance or performance of which is elsewhere in this Section specifically dealt with), or any
representation or warranty of the Issuing Entity made in this Indenture or in any certificate or other writing delivered pursuant
hereto or in connection herewith proving to have been incorrect in any material respect as of the time when the same shall have
been made, which default or inaccuracy materially and adversely affects the interests of the Noteholders, and such default shall
continue or not be cured, or the circumstance or condition in respect of which such misrepresentation or warranty was incorrect
shall not have been eliminated or otherwise cured, for a period of 60 days after there shall have been given, by registered or
certified mail, to the Issuing Entity by the Indenture Trustee or to the Issuing Entity and the Indenture Trustee by Noteholders
representing at least a majority of the Note Balance of the Controlling Securities, a written notice specifying such default or
incorrect representation or warranty and requiring it to be remedied and stating that such notice is a "Notice of Default"
hereunder;


 




    	 	19	 



     


    

 


(d)          the
filing of a decree or order for relief by a court having jurisdiction in the premises in respect of the Issuing Entity or any substantial
part of the Trust Estate in an involuntary case under any applicable federal or State bankruptcy, insolvency or other similar law
now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official
of the Issuing Entity or for any substantial part of the Trust Estate, or ordering the winding up or liquidation of the Issuing
Entity's affairs, and such decree or order shall remain unstayed and in effect for a period of 90 consecutive days; or


 


(e)          the
commencement by the Issuing Entity of a voluntary case under any applicable federal or State bankruptcy, insolvency or other similar
law now or hereafter in effect or the consent by the Issuing Entity to the entry of an order for relief in an involuntary case
under any such law, the consent by the Issuing Entity to the appointment of or taking possession by a receiver, liquidator, assignee,
custodian, trustee, sequestrator or similar official of the Issuing Entity or for any substantial part of the Trust Estate, the
making by the Issuing Entity of any general assignment for the benefit of creditors, the failure by the Issuing Entity generally
to pay its debts as such debts become due or the taking of action by the Issuing Entity in furtherance of any of the foregoing;


 


provided, however, that a delay
in or failure of performance referred to under clauses (a), (b) or (c) above for a period of less than 120
days will not constitute an Event of Default if that delay or failure was caused by force majeure or other similar occurrence.


 


The Issuing Entity shall
promptly deliver to the Indenture Trustee and each Rating Agency written notice in the form of an Officer's Certificate of any
Event of Default, its status and what action the Issuing Entity is taking or proposes to take with respect thereto.


 


Subject to the provisions
herein relating to the duties of the Indenture Trustee, if an Event of Default occurs and is continuing, the Indenture Trustee
shall be under no obligation to exercise any of the rights or powers under this Indenture at the request or direction of any Noteholder,
if the Indenture Trustee reasonably believes that it will not be adequately indemnified against the costs, expenses and liabilities
that might be incurred by it in complying with such request. Subject to such provisions for indemnification and certain limitations
contained herein, Noteholders holding not less than a majority of the Note Balance of the Controlling Securities shall have the
right to direct the time, method and place of conducting any proceeding or any remedy available to the Indenture Trustee or exercising
any trust power conferred on the Indenture Trustee, and Noteholders holding not less than a majority of the Note Balance of the
Controlling Securities may, in certain cases, waive any default with respect thereto, except a default in the payment of principal
or interest or a default in respect of a covenant or provision of the Indenture that cannot be modified or amended without the
waiver or consent of all of the holders of the Outstanding Notes.


 


Section
5.2     Acceleration of Maturity; Waiver of Event of Default.
If an Event of Default should occur and be continuing, the Indenture Trustee or Noteholders representing a majority of the Note
Balance of the Controlling Securities may declare the principal of the Notes, together with accrued and unpaid interest thereon
through the date of acceleration, to be immediately due and payable by a notice in writing to the Issuing Entity (and to the Indenture
Trustee if given by the Noteholders). Upon such declaration, the


 




    	 	20	 



     


    

 


Indenture Trustee shall promptly provide written
notice to each Rating Agency. Such declaration may be rescinded by Noteholders holding a majority of the Note Balance of the Controlling
Securities before a judgment or decree for payment of the amount due has been obtained by the Indenture Trustee if (a) the Issuing
Entity has deposited with the Indenture Trustee an amount sufficient to pay (i) all interest on and principal of the Notes as if
the Event of Default giving rise to such declaration had not occurred and (ii) all reasonable amounts previously advanced by the
Indenture Trustee and its reasonable costs and expenses and (b) all Events of Default (other than the nonpayment of principal of
the Notes that has become due solely by such acceleration) have been cured or waived.


 


At any time prior to the
declaration of the acceleration of the maturity of the Notes, Noteholders holding not less than a majority of the Note Balance
of the Controlling Securities by written notice to the Issuing Entity and the Indenture Trustee, may waive such Event of Default
and its consequences, except a default (i) in payment of principal of or interest on the Notes or (ii) in respect of any covenant
or provision in this Indenture that cannot be modified or amended without the unanimous consent of the Noteholders. No such waiver
shall affect any subsequent default or impair any right consequent thereto.


 


Section
5.3     Collection of Indebtedness and Suits for Enforcement by Indenture Trustee.


 


(a)          The
Issuing Entity covenants that if there is a default in the payment of (i) any interest on the Notes when the same becomes due,
and such default continues for a period of five days or (ii) the principal of the Notes at the related Final Scheduled Payment
or the Redemption Date, the Issuing Entity shall, upon demand of the Indenture Trustee in writing as directed by Noteholders holding
not less than a majority of the Note Balance of the Controlling Securities, pay to the Indenture Trustee, for the benefit of such
Noteholders, the entire amount then due and payable on such Notes for principal and interest, with interest on the overdue principal,
and, to the extent payment at such rate of interest shall be legally enforceable, upon overdue installments of interest, at the
applicable Interest Rate and in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of
collection, including the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents,
attorneys and counsel.


 


(b)          In
case the Issuing Entity shall fail forthwith to pay amounts described in Section 5.3(a) upon demand, the Indenture Trustee,
in its own name and as trustee of an express trust, may institute a Proceeding for the collection of the sums so due and unpaid,
and may prosecute such Proceeding to judgment or final decree, and may enforce the same against the Issuing Entity or other obligor
upon such Notes and collect in the manner provided by law out of the property of the Issuing Entity or other obligor upon such
Notes, wherever situated, the monies adjudged or decreed to be payable.


 


(c)          If
an Event of Default occurs and is continuing, the Indenture Trustee may, in its discretion, proceed to protect and enforce its
rights and the rights of the Noteholders, by such appropriate Proceedings as the Indenture Trustee may deem necessary to protect
and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture


 




    	 	21	 



     


    

 


or in aid of the exercise of any power granted
herein, or to enforce any other proper remedy or legal or equitable right vested in the Indenture Trustee by this Indenture or
by law.


 


(d)          In
case there shall be pending, relative to the Issuing Entity or any other obligor upon the Notes or any Person having or claiming
an ownership interest in the Trust Estate, Proceedings under Title 11 of the United States Code or any other applicable federal
or State bankruptcy, insolvency or other similar law, or in case a receiver, assignee or trustee in bankruptcy or reorganization,
liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuing Entity or its property
or such other obligor or Person, or in case of any other comparable judicial Proceedings relative to the Issuing Entity or other
obligor upon the Notes, or to the property of the Issuing Entity or such other obligor, the Indenture Trustee, irrespective of
whether the principal of any Notes shall then be due and payable as therein expressed or by declaration or otherwise and irrespective
of whether the Indenture Trustee shall have made any demand pursuant to the provisions of this Section, shall be entitled and empowered,
by intervention in such Proceedings or otherwise:


 


(i)          to
file and prove a claim or claims for the whole amount of principal and interest owing and unpaid in respect of the Notes and to
file such other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee (including
any claim for reasonable compensation to the Indenture Trustee and each predecessor Indenture Trustee, and their respective agents,
attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances and disbursements made,
by the Indenture Trustee and each predecessor Indenture Trustee, except as a result of negligence or bad faith) and of the Noteholders
allowed in such Proceedings;


 


(ii)         unless
prohibited by applicable law and regulations, to vote on behalf of the Noteholders in any election of a trustee, a standby trustee
or Person performing similar functions in any such Proceedings; to collect and receive any monies or other property payable or
deliverable on any such claims and to distribute all amounts received with respect to the claims of the Noteholders and the Indenture
Trustee on their behalf; and


 


(iii)        to
file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Indenture
Trustee or the Noteholders allowed in any judicial proceedings relative to the Issuing Entity, its creditors and its property;
and any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding is hereby authorized by each
Noteholder to make payments to the Indenture Trustee and, in the event the Indenture Trustee shall consent to the making of payments
directly to such Noteholders, to pay to the Indenture Trustee such amounts as shall be sufficient to cover reasonable compensation
to the Indenture Trustee, each predecessor Indenture Trustee and their respective agents, attorneys and counsel, and all other
expenses and liabilities incurred and all advances and disbursements made by the Indenture Trustee and each predecessor Indenture
Trustee except as a result of negligence or bad faith, and any other amounts due the Indenture Trustee under Section 6.7.


 




    	 	22	 



     


    

 


(e)          Nothing
herein contained shall be deemed to authorize the Indenture Trustee to authorize or consent to or vote for or accept or adopt on
behalf of any Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of
any Noteholder or to vote in respect of the claim of any Noteholder in any such proceeding except, as aforesaid, to vote for the
election of a trustee in bankruptcy or similar Person.


 


(f)           All
rights of action and of asserting claims under this Indenture, or under the Notes, may be enforced by the Indenture Trustee without
the possession of the Notes or the production thereof in any trial or other Proceedings relative thereto, and any such action or
Proceedings instituted by the Indenture Trustee shall be brought in its own name as trustee of an express trust, and any recovery
of judgment, subject to the payment of the expenses, advances, disbursements and compensation of the Indenture Trustee, each predecessor
Indenture Trustee and their respective agents, attorneys and counsel shall be for the ratable benefit of the Noteholders in respect
of which such judgment has been recovered.


 


(g)          In
any Proceedings brought by the Indenture Trustee (and also any Proceedings involving the interpretation of any provision of this
Indenture to which the Indenture Trustee shall be a party), the Indenture Trustee shall be held to represent all the Noteholders,
and it shall not be necessary to make any Noteholder a party to any such Proceedings.


 


Section
5.4      Remedies; Priorities.


 


(a)          If
an Event of Default shall have occurred and be continuing, and the Indenture Trustee or the holders of at least a majority of the
Note Balance of the Controlling Securities, have declared the principal of the notes, together with accrued and unpaid interest
thereon through the date of acceleration, to be immediately due and payable, the Indenture Trustee may do one or more of the following
(subject to Sections 5.2 and 5.5):


 


(i)          institute
Proceedings in its own name and as trustee of an express trust for the collection of all amounts then payable on the Notes or under
this Indenture with respect thereto, whether by declaration or otherwise, enforce any judgment obtained, and collect from the Issuing
Entity and any other obligor upon such Notes monies adjudged due;


 


(ii)         institute
Proceedings from time to time for the complete or partial foreclosure of this Indenture with respect to the Trust Estate;


 


(iii)        exercise
any remedies of a secured party under the UCC and take any other appropriate action to protect and enforce the rights and remedies
of the Indenture Trustee and the Noteholders; and


 


(iv)        subject
to Section 5.17, after an acceleration of the maturity of the Notes pursuant to Section 5.2, sell the Trust Estate
or any portion thereof or rights or interest therein, at one or more public or private sales called and conducted in any manner
permitted by law;


 




    	 	23	 



     


    

 


provided, however, that the Indenture
Trustee may not sell or otherwise liquidate the Trust Estate following an Event of Default, unless (A) Noteholders holding 100%
of the Outstanding Note Amount consent thereto, (B) the proceeds of such sale are sufficient to discharge in full all amounts then
due and unpaid upon all Outstanding Notes or (C) there has been an Event of Default described in Section 5.1(a) or (b)
and the Indenture Trustee determines (but shall have no obligation to make such determination) that the Trust Estate will not continue
to provide sufficient funds for the payment of principal of and interest on the Notes as they would have become due if the Notes
had not been declared due and payable and the Indenture Trustee obtains the consent of Noteholders holding not less than 66-2/3%
of the Outstanding Note Amount, voting together as a single class; provided, further, that the Indenture Trustee
may not sell the Trust Estate unless it shall first have been provided with an Opinion of Counsel (at the expense of the Issuing
Entity) that such sale will not cause the Titling Trust or an interest therein or portion thereof or the Issuing Entity to be classified
as an association or a publicly traded partnership taxable as a corporation for federal income tax purposes. In determining such
sufficiency or insufficiency with respect to clauses (B) and (C) of the preceding sentence, the Indenture Trustee may but need
not obtain (at the expense of the Issuing Entity) and rely upon an opinion of an Independent investment banking or accounting firm
of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Trust Estate for such purpose.


 


(b)          In
the event that Notes are declared to be due and payable following the occurrence of an Event of Default unless such Event of Default
has been waived or rescinded, Available Funds will be distributed in the following order or priority:


 


(i)          pro
rata (a) to the Indenture Trustee, all amounts unpaid and owed the Indenture Trustee under this Indenture and (b) to the Owner
Trustee, all amounts unpaid and owed to the Owner Trustee under the Trust Agreement;


 


(ii)         to
the Administrator, the Administration Fee;


 


(iii)        to
the Asset Representations Reviewer, all fees, expenses and indemnities due to the Asset Representations Reviewer under the Asset
Representations Review Agreement not previously paid by the Servicer;


 


(iv)        pro
rata to the Holders of the Class A Notes, the Class A Noteholders' Interest Distributable Amount;


 


(v)         if
the Notes have been declared to be due and payable as a result of occurrence of an Event of Default as a result of default in payment
of any interest on or principal of any Note in accordance with Section 8.4(a), to the Holders of the Class A-1 Notes, the
Aggregate Outstanding amount of such Class, and then to the Holders of the Class A-2 Notes, Class A-3 Notes and Class A-4 Notes,
pro rata, the aggregate Outstanding Amount of each such Class of the Notes;


 


(vi)        to
the Holders of the Class B Notes, the Class B Noteholders' Interest Distributable Amount;


 


(vii)       if
the Notes have been declared to be due and payable as a result of occurrence of an Event of Default other than as a result of default
in payment of any


 




    	 	24	 



     


    

 


interest on or principal of any note
in accordance with Section 8.4(a), to the Holders of the Class A-1 Notes, the Aggregate Outstanding amount of such Class,
and then to the Holders of the Class A-2 Notes, Class A-3 Notes and Class A-4 Notes, pro rata, the aggregate Outstanding Amount
of each such Class of the Notes;


 


(viii)      to
the Holders of the Class B Notes, the Outstanding Amount of the Class B Notes; and


 


(ix)         to
the Certificateholders, any remaining amounts.


 


If the Outstanding Amount
of any Class of Notes remains greater than zero after application of clauses (i) through (viii) above, the Indenture
Trustee shall apply funds from the Reserve Account in the same order of priority as described above to repay the Outstanding Amount
of such Class of Notes in full.


 


(c)          The
Indenture Trustee may fix a record date and payment date for any payment to Noteholders pursuant to this Section. At least 15 days
before such record date, the Issuing Entity shall mail to each Noteholder and the Indenture Trustee a notice that states the record
date, the payment date and the amount to be paid.


 


Section
5.5     Optional Preservation of the Exchange Note Assets.
If the Notes have been declared to be due and payable under Section 5.2 following an Event of Default and such declaration
and its consequences have not been rescinded and annulled, the Indenture Trustee may, unless directed to sell pursuant to Section
9.4 of the Trust Agreement, but need not, elect to maintain possession of the Trust Estate and continue to apply the proceeds
thereof in accordance with Section 3.1 and 8.4. It is the intent of the parties hereto and the Noteholders that there
be at all times sufficient funds for the payment of principal of and interest on the Notes, and the Indenture Trustee shall take
such intent into account when determining whether or not to maintain possession of the Trust Estate. In determining whether to
maintain possession of the Trust Estate, the Indenture Trustee may but need not obtain (at the expense of the Issuing Entity) and
rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such
proposed action and as to the sufficiency of the Trust Estate for such purpose.


 


Section
5.6      Limitation of Suits.


 


(a)          No
holder of any Note shall have any right to institute any Proceeding, judicial or otherwise, with respect to this Indenture, or
for the appointment of a receiver or trustee, or for any other remedy hereunder, except in accordance with Section 2.3(d) of the
Exchange Note Sale Agreement, unless: (i) such Noteholder previously has given to the Indenture Trustee written notice of a continuing
Event of Default, (ii) Noteholders holding not less than 25% of the Outstanding Note Amount have made written request to the Indenture
Trustee to institute such Proceeding in respect of such Event of Default in its own name as Indenture Trustee, (iii) such Noteholder
has offered the Indenture Trustee reasonable indemnity against the costs, expenses and liabilities to be incurred in complying
with such request, (iv) the Indenture Trustee has for 60 days failed to institute such Proceedings and (v) no direction


 




    	 	25	 



     


    

 


inconsistent with such written request has
been given to the Indenture Trustee during such 60 day period by Noteholders holding a majority of the Outstanding Note Amount.


 


No Noteholder or group
of Noteholders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to
affect, disturb or prejudice the rights of any other Noteholders or to obtain or to seek to obtain priority or preference over
any other Noteholder or to enforce any right under this Indenture, except in the manner herein provided.


 


In the event the Indenture
Trustee shall receive conflicting or inconsistent requests and indemnity from two or more groups of Noteholders, each representing
less than a majority of the Outstanding Note Amount, the Indenture Trustee in its sole discretion may determine what action, if
any, shall be taken, notwithstanding any other provisions of this Indenture.


 


(b)          No
Noteholder shall have any right to vote except as provided pursuant to this Indenture and the Notes, nor any right in any manner
to otherwise control the operation and management of the Issuing Entity. However, in connection with any action as to which Noteholders
are entitled to vote or consent under this Indenture and the Notes, the Issuing Entity may set a record date for purposes of determining
the identity of Noteholders entitled to vote or consent in accordance with TIA Section 316(c).


 


Section
5.7    Unconditional Rights of Noteholders to Receive Principal and Interest. Notwithstanding
any other provision in this Indenture, any Noteholder shall have the right, which is absolute and unconditional, to receive payment
of the principal of and interest on, if any, such Note on or after the respective due dates thereof expressed in such Note or
this Indenture (or, in the case of redemption, on or after the Redemption Date) and to institute suit for the enforcement of any
such payment in accordance with Section 5.6, and such right shall not be impaired without the consent of such Noteholder.


 


Section
5.8     Restoration of Rights and Remedies. If the Indenture
Trustee or any Noteholder has instituted any Proceeding to enforce any right or remedy under this Indenture and such Proceeding
has been discontinued or abandoned for any reason or has been determined adversely to the Indenture Trustee or such Noteholder,
then and in every such case the Issuing Entity, the Indenture Trustee and the Noteholders shall, subject to any determination in
such Proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies
of the Indenture Trustee and the Noteholders shall continue as though no such Proceeding had been instituted.


 


Section
5.9     Rights and Remedies Cumulative. No right or remedy
herein conferred upon or reserved to the Indenture Trustee or the Noteholders is intended to be exclusive of any other right or
remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and
remedy given hereunder or now or hereafter existing at law, in equity or otherwise. The assertion or employment of any right or
remedy hereunder or otherwise shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.


 




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Section
5.10   Delay or Omission Not a Waiver. No delay or omission of
the Indenture Trustee or any Noteholder to exercise any right or remedy accruing upon any Default or Event of Default shall impair
any such right or remedy or constitute a waiver of any such Default or Event of Default or an acquiescence therein. Every right
and remedy given by this Article or by law to the Indenture Trustee or the Noteholders may be exercised from time to time, and
as often as may be deemed expedient, by the Indenture Trustee or by the Noteholders, as the case may be.


 


Section
5.11  Control By Noteholders. Subject to the provisions of Sections 5.6, 6.2(d) and 6.2(e),
Noteholders holding not less than a majority of the Outstanding Note Amount shall have the right to direct the time, method and
place of conducting any Proceeding for any remedy available to the Indenture Trustee with respect to the Notes or with respect
to the exercise of any trust or power conferred on the Indenture Trustee, provided that:


 


(a)          such
direction shall not be in conflict with any rule of law or this Indenture;


 


(b)          subject
to Section 5.4, any direction to the Indenture Trustee to sell or liquidate the Trust Estate shall be made by Noteholders
holding not less than 100% of the Outstanding Note Amount;


 


(c)          if
the conditions set forth in Section 5.5 have been satisfied and the Indenture Trustee elects to retain the Trust Estate
pursuant to such Section, and except in the case of a sale of the Trust Estate pursuant to Section 9.2 of the Trust Agreement,
then any direction to the Indenture Trustee by Noteholders holding less than 100% of the Outstanding Note Amount to sell or liquidate
the Trust Estate shall be of no force and effect; and


 


(d)          the
Indenture Trustee may take any other action deemed proper by the Indenture Trustee that is not inconsistent with such direction.


 


Notwithstanding the rights
of Noteholders set forth in this Section, subject to Section 6.1, the Indenture Trustee need not take any action it determines
might expose it to personal liability or might materially adversely affect or unduly prejudice the rights of any Noteholders not
consenting to such action.


 


Section
5.12   Waiver of Past Defaults. Prior to the acceleration of the
maturity of the Notes as provided in Section 5.2, Noteholders holding not less than a majority of the Outstanding Note Amount
may waive any past Event of Default and its consequences except an Event of Default (i) in payment of principal of or interest
on the Notes or (ii) in respect of a covenant or provision hereof that cannot be modified or amended without the consent of each
Noteholder. In the case of any such waiver, the Issuing Entity, the Indenture Trustee and the Noteholders shall be restored to
their former positions and rights hereunder, respectively, but no such waiver shall extend to any subsequent or other Event of
Default or impair any right consequent thereto.


 


Upon any such waiver, such
Event of Default shall cease to exist and be deemed to have been cured and not to have occurred, and any Event of Default arising
therefrom shall be deemed to have been cured and not to have occurred for every purpose of this Indenture, but no such


 




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waiver shall extend to any subsequent or other
Event of Default or impair any right consequent thereto.


 


Section
5.13   Undertaking For Costs. All parties to this Indenture agree, and each Noteholder by such Noteholder's
acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement
of any right or remedy under this Indenture, or in any suit against the Indenture Trustee for any action taken, suffered or omitted
by it as Indenture Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and
that such court may in its discretion assess reasonable costs, including reasonable attorneys' fees and reasonable expenses, against
any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant,
but the provisions of this Section shall not apply to (i) any suit instituted by the Indenture Trustee, (ii) any suit instituted
by any Noteholder or group of Noteholders, in each case holding in the aggregate more than 10% of the Outstanding Note Amount
or (iii) any suit instituted by any Noteholder for the enforcement of the payment of principal of or interest on any Note on or
after the related due dates expressed in such Note and in this Indenture (or, in the case of redemption, on or after the Redemption
Date).


 


Section
5.14   Waiver of Stay or Extension Laws. The Issuing Entity covenants
(to the extent that it may lawfully do so) that it will not at any time insist upon, or plead or in any manner whatsoever, claim
or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, that may
affect the covenants or the performance of this Indenture, and the Issuing Entity (to the extent that it may lawfully do so) hereby
expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution
of any power herein granted to the Indenture Trustee, but will suffer and permit the execution of every such power as though no
such law had been enacted.


 


Section
5.15   Action on Notes. The Indenture Trustee's right to seek and
recover judgment on the Notes or under this Indenture shall not be affected by the seeking, obtaining or application of any other
relief under or with respect to this Indenture. Neither the lien of this Indenture nor any rights or remedies of the Indenture
Trustee or the Noteholders shall be impaired by the recovery of any judgment by the Indenture Trustee against the Issuing Entity
or by the levy of any execution under such judgment upon any portion of the Trust Estate or upon any of the assets of the Issuing
Entity. Any money or property collected by the Indenture Trustee shall be applied in the following order of priority: (i) pro rata
to the Indenture Trustee for amounts due under Section 6.7 and to the Owner Trustee under Section 8.01 of the Trust
Agreement and (ii) in accordance with Section 5.4(b).


 


Section
5.16    Performance and Enforcement of Certain Obligations.


 


(a)          Promptly
following a request from the Indenture Trustee to do so and at the Administrator's expense, the Issuing Entity shall take all such
lawful action as the Indenture Trustee may request to compel or secure the performance and observance by the Servicer of its obligations
to the Issuing Entity under or in connection with the Servicing Agreement and the Exchange Note Servicing Supplement, in accordance
with the terms thereof, and to exercise any


 




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and all rights, remedies, powers and privileges
lawfully available to the Issuing Entity under or in connection with each such agreement to the extent and in the manner directed
by the Indenture Trustee, including the transmission of notices of default on the part of the Servicer thereunder and the institution
of legal or administrative actions or proceedings to compel or secure performance by the Servicer.


 


(b)          If
an Event of Default has occurred and is continuing, the Indenture Trustee may, and at the direction (which direction shall be in
writing) of Noteholders holding not less than 66 2/3% of the Outstanding Note Amount, shall, exercise all rights, remedies, powers,
privileges and claims of the Issuing Entity against the Depositor and the Servicer or any other Transaction Document, including
the right or power to take any action to compel or secure performance or observance by the Servicer of its obligations to the Issuing
Entity thereunder and to give any consent, request, notice, direction, approval, extension or waiver under such Transaction Document,
and any right of the Issuing Entity to take such action shall be suspended.


 


Section
5.17   Sale of Collateral. If the Indenture Trustee acts to sell
the Collateral or any part thereof, pursuant to Section 5.4(a), the Indenture Trustee shall publish a notice in an Authorized
Newspaper stating that the Indenture Trustee intends to effect such a sale in a commercially reasonable manner and on commercially
reasonable terms, which shall include the solicitation of competitive bids. Following such publication, the Indenture Trustee shall,
unless otherwise prohibited by applicable law from any such action, sell the Collateral or any part thereof, in such manner and
on such terms as provided above to the highest bidder, provided, however, that the Indenture Trustee may from time
to time postpone any sale by public announcement made at the time and place of such sale. The Indenture Trustee shall give notice
to the Depositor and Servicer of any proposed sale, and the Depositor, the Servicer or any Affiliate thereof shall be permitted
to bid for the Collateral at any such sale. The Indenture Trustee may obtain a prior determination from a conservator, receiver
or trustee in bankruptcy of the Issuing Entity that the terms and manner of any proposed sale are commercially reasonable. The
power to effect any sale of any portion of the Collateral pursuant to Section 5.4 and this Section 5.17 shall not
be exhausted by any one or more sales as to any portion of the Collateral remaining unsold, but shall continue unimpaired until
the entire Collateral shall have been sold or all amounts payable on the Notes shall have been paid.


 


ARTICLE VI


 


THE INDENTURE TRUSTEE 


 


Section
6.1      Duties of Indenture Trustee.


 


(a)          If
an Event of Default has occurred and is continuing, the Indenture Trustee shall exercise the rights and powers vested in it by
this Indenture and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the
circumstances in the conduct of such person's own affairs.


 


(b)          Except
during the continuance of an Event of Default:


 




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(i)          the
Indenture Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and no
implied covenants or obligations shall be read into this Indenture against the Indenture Trustee; and


 


(ii)         in
the absence of bad faith on its part, the Indenture Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates or opinions furnished to the Indenture Trustee and conforming to the requirements
of this Indenture; however, in the case of certificates or opinions specifically required by any provision of this Indenture to
be furnished to it, the Indenture Trustee shall examine the certificates and opinions to determine whether or not they conform
to the requirements of this Indenture.


 


(c)          The
Indenture Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own
willful misconduct, except that:


 


(i)          this
paragraph does not limit the effect of paragraph (b) of this Section 6.1;


 


(ii)         the
Indenture Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer unless it is proved
that the Indenture Trustee was negligent in ascertaining the pertinent facts; and


 


(iii)        the
Indenture Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction
received by it pursuant to Section 5.11.


 


(d)          Every
provision of this Indenture that in any way relates to the Indenture Trustee is subject to paragraphs (a), (b),
(c) and (g) of this Section.


 


(e)          The
Indenture Trustee shall not be liable for interest on any money received by it except as the Indenture Trustee may agree in writing
with the Issuing Entity.


 


(f)           Money
held in trust by the Indenture Trustee need not be segregated from other funds except to the extent required by law or the terms
of this Indenture or the Servicing Agreement.


 


(g)          No
provision of this Indenture shall require the Indenture Trustee to expend or risk its own funds or otherwise incur financial liability
in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable
grounds to believe that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured
to it, and none of the provisions contained in this Indenture shall in any event require the Indenture Trustee to perform, or be
responsible for the performance of, any of the obligations of the Servicer under this Indenture except during such time, if any,
as the Indenture Trustee shall be the successor to, and be vested with the rights, duties, powers and privileges of the Servicer
in accordance with the terms of this Indenture.


 




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(h)          Every
provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Indenture Trustee
shall be subject to the provisions of this Section and to the provisions of the TIA.


 


(i)           Subject
to the other provisions of this Indenture and the Basic Documents, the Indenture Trustee shall have no duty (i) to see to any recording,
filing, or depositing of this Indenture or any agreement referred to herein or any financing statement or continuation statement
evidencing a security interest, or to see to the maintenance of any such recording or filing or depositing or to any re-recording,
refiling or redepositing of any thereof, (ii) to see to any insurance or (iii) to see to the payment or discharge of any tax, assessment,
or other governmental charge or any lien or encumbrance of any kind owing with respect to, assessed or levied against, any part
of the Collateral.


 


(j)           The
Indenture Trustee shall not be charged with knowledge of any Event of Default unless either (1) a Responsible Officer shall have
actual knowledge of such Event of Default or (2) written notice of such Event of Default shall have been given to such Indenture
Trustee in accordance with the provisions of this Indenture.


 


Section
6.2      Rights of Indenture Trustee.


 


(a)          The
Indenture Trustee may conclusively rely on any document believed by it to be genuine and to have been signed or presented by the
proper person. The Indenture Trustee need not investigate any fact or matter stated in the document.


 


(b)          Before
the Indenture Trustee acts or refrains from acting, it may require an Officer's Certificate or an Opinion of Counsel. The Indenture
Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on an Officer's Certificate or Opinion
of Counsel.


 


(c)          The
Indenture Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through
agents or attorneys or a custodian or nominee, and the Indenture Trustee shall not be responsible for any misconduct or negligence
on the part of, or for the supervision of, any such agent, attorney, custodian or nominee appointed with due care by it hereunder.


 


(d)          The
Indenture Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized
or within its rights or powers; provided, that the Indenture Trustee's conduct does not constitute willful misconduct, negligence
or bad faith.


 


(e)          The
Indenture Trustee may consult with counsel of its own selection, and the advice or opinion of counsel with respect to legal matters
relating to this Indenture and the Notes shall be full and complete authorization and protection from liability in respect to any
action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel.


 


(f)           The
Indenture Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture or to institute,
conduct or defend any litigation hereunder or in relation hereto or to honor the request or direction of any of the Noteholders


 




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pursuant to this Indenture, other than requests,
demands or directions relating to communications between Noteholders or Note Owners under Section 7.2(e) or an asset representations
review demand under Section 7.5 unless such Noteholders shall have offered to the Indenture Trustee security or indemnity
reasonably satisfactory to it against the reasonable costs, expenses, disbursements, advances and liabilities which might be incurred
by it, its agents and its counsel in compliance with such request or direction.


 


(g)          The
Indenture Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document, unless requested
in writing to do so by the Holders of Notes representing at least 25% of the Note Balance of the Controlling Securities; provided
that if the payment within a reasonable time to the Indenture Trustee of the costs, expenses or liabilities likely to be incurred
by it in the making of such investigation is, in the opinion of the Indenture Trustee, not reasonably assured to the Indenture
Trustee by the security afforded to it by the terms of this Indenture, the Indenture Trustee may require indemnity satisfactory
to the Indenture Trustee in its reasonable discretion against such cost, expense or liability as a condition to taking any such
action.


 


(h)          The
right of the Indenture Trustee to perform any discretionary act enumerated in this Indenture shall not be construed as a duty,
and the Indenture Trustee shall not be answerable for other than its own willful misconduct, negligence or bad faith in the performance
of such act.


 


(i)           The
rights, privileges, protections, immunities and benefits given to the Indenture Trustee, including, without limitation, its right
to be indemnified, are extended to, and shall be enforceable by, the Indenture Trustee in each of its capacities hereunder, and
each agent, custodian and other Person employed to act hereunder.


 


(j)           In
no event shall the Indenture Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder
arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages,
acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss
or malfunctions of utilities; it being understood that the Indenture Trustee shall use reasonable efforts which are consistent
with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.


 


(k)          In
no event shall the Trustee be personally liable (i) for special, consequential or punitive damages (including lost profits), (ii)
for the acts or omissions of its nominees, correspondents, clearing agencies or securities depositories and (iii) for the acts
or omissions of brokers or dealers.


 


Section
6.3     Individual Rights of Indenture Trustee. The Indenture
Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuing
Entity or its Affiliates with the same rights it would have if it were not Indenture Trustee. Any Paying Agent, Note Registrar,
co-registrar or co-paying agent may do the same with like rights. However, the Indenture Trustee must comply with Sections 6.11
and 6.12.


 




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Section
6.4     Indenture Trustee's Disclaimer. The Indenture
Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes,
it shall not be accountable for the Issuing Entity's use of the proceeds from the Notes, and it shall not be responsible for any
statement of the Issuing Entity in the Indenture or in any document issued in connection with the sale of the Notes or in the Notes
other than the Indenture Trustee's certificate of authentication.


 


Section
6.5     Notice of Defaults. If a Default occurs and is continuing and if it is known to
a Responsible Officer of the Indenture Trustee, the Indenture Trustee shall transmit to each Noteholder notice of the Default
within 90 days after it occurs. Except in the case of a Default in payment of principal of or interest on any Note (including
payments pursuant to the mandatory redemption provisions of such Note), the Indenture Trustee may withhold the notice if and so
long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of Noteholders.


 


Section
6.6     Reports by Indenture Trustee to Noteholders. The Indenture Trustee shall deliver
to each Noteholder such information as may be required to enable such holder to prepare its federal and State income tax returns
(including, without limitation, Form 1099, which for the avoidance of doubt, will be filed with the Internal Revenue Service as
may be required by the Code). On or prior to the close of business on each Determination Date, the Indenture Trustee will
post a copy of the statement or statements provided to the Indenture Trustee by the Servicer pursuant to Section 13.4
of the Exchange Note Servicing Supplement with respect to such related Payment Date on its internet website promptly following
its receipt thereof, for the benefit of the Noteholders. The Indenture Trustee’s internet website shall initially be located
at https://www.unionbank.com/commercial-bank/trust-custody/corporate-trust-services/asset-backed-servicer-reports.jsp. Assistance
in using the website can be obtained by calling the Indenture Trustee’s bondholder services group at (646) 452-2114. The
Indenture Trustee may change the way the statements and information are posted or distributed in order to make such distribution
more convenient and/or accessible for such Noteholders, and the Indenture Trustee shall provide on the website timely and adequate
notification to all parties regarding any such change.


 


Section
6.7     Compensation and Indemnity. The Issuing Entity
shall pursuant to Section 5.4(b)(i), or shall cause the Administrator to, pay to the Indenture Trustee from time to time
such compensation for its services as is agreed in writing between the Issuing Entity, Administrator and the Indenture Trustee.
The Indenture Trustee's compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuing
Entity shall pursuant to Section 5.4(b)(i), or shall cause the Administrator to, reimburse the Indenture Trustee for all
reasonable and documented out-of-pocket expenses reasonably incurred or made by it, including costs of collection, in addition
to the compensation for its services. Such expenses shall include the reasonable and documented compensation and expenses, disbursements
and advances of the Indenture Trustee's agents, counsel, accountants and experts. The Issuing Entity shall pursuant to Section
5.4(b)(i), or shall cause the Administrator to, indemnify the Indenture Trustee against any and all loss, liability, claim,
damage or expense (including reasonable attorneys' fees and reasonable expenses) incurred by it in connection with the administration
of this trust and the performance of its duties hereunder. The Indenture Trustee shall notify the Issuing Entity and the Administrator
promptly of any claim of which the Indenture Trustee has


 




    	 	33	 



     


    

 


received written notice and for which it may
seek indemnity. Failure by the Indenture Trustee to so notify the Issuing Entity and the Administrator shall not relieve the Issuing
Entity or the Administrator of its obligations hereunder. The Issuing Entity shall cause the Administrator to defend any such claim
and the Indenture Trustee may have separate counsel and the Issuing Entity shall, or shall cause the Administrator to, pay the
fees and expenses of such counsel. None of the Issuing Entity, the Depositor, the Servicer or the Administrator need reimburse
any expense or indemnify against any loss, liability or expense incurred by the Indenture Trustee through the Indenture Trustee's
own willful misconduct, negligence or bad faith.


 


The Issuing Entity's payment
obligations to the Indenture Trustee pursuant to this Section shall survive the resignation or removal of the Indenture Trustee
and the discharge of this Indenture. When the Indenture Trustee incurs expenses after the occurrence of a Default specified in
Section 5.1(d) or (e) with respect to the Issuing Entity, the expenses are intended to constitute expenses of
administration under Title 11 of the United States Code or any other applicable federal or State bankruptcy, insolvency or
similar law.


 


Section
6.8     Removal, Resignation and Replacement of Indenture Trustee.
No resignation or removal of the Indenture Trustee and no appointment of a successor Indenture Trustee shall become effective until
the acceptance of appointment by the successor Indenture Trustee pursuant to this Section 6.8 and the payment of all
fees and expenses owed to the retiring Indenture Trustee. The Indenture Trustee may resign at any time by so notifying the Issuing
Entity. The Indenture Trustee shall resign following the occurrence of an Event of Default if required by Section 3.10 of
the TIA. The Holders of at least majority of the Note Balance of the Notes may remove the Indenture Trustee by so notifying the
Indenture Trustee and the Depositor and may appoint a successor Indenture Trustee. The Issuing Entity shall remove the Indenture
Trustee if:


 


(i)          the
Indenture Trustee fails to comply with Section 6.11;


 


(ii)         the
Indenture Trustee is adjudged bankrupt or insolvent;


 


(iii)        a
receiver or other public officer takes charge of the Indenture Trustee or its property; or


 


(iv)        the
Indenture Trustee otherwise becomes incapable of acting.


 


If the Indenture Trustee resigns or is removed
or the Noteholders fail to appoint a successor Indenture Trustee following removal by the Noteholders or if a vacancy exists in
the office of Indenture Trustee for any reason (the Indenture Trustee in such event being referred to herein as the retiring Indenture
Trustee), the Issuing Entity shall promptly appoint a successor Indenture Trustee and notify the Depositor of such appointment.


 


A successor Indenture Trustee
shall deliver a written acceptance of its appointment to the retiring Indenture Trustee and the Issuing Entity. Thereupon the resignation
or removal of the retiring Indenture Trustee shall become effective, and the successor Indenture Trustee shall have all the rights,
powers and duties of the Indenture Trustee under this Indenture. The successor Indenture Trustee shall mail a notice of its succession
to Noteholders. The retiring


 




    	 	34	 



     


    

 


Indenture Trustee shall promptly transfer all
property held by it as Indenture Trustee to the successor Indenture Trustee.


 


If a successor Indenture
Trustee does not take office within 60 days after the retiring Indenture Trustee resigns or is removed, the retiring Indenture
Trustee, the Issuing Entity or the Holders of at least majority of the Note Balance of the Controlling Securities may, at the expense
of the Issuing Entity, petition any court of competent jurisdiction for the appointment of a successor Indenture Trustee.


 


If the Indenture Trustee
fails to comply with Section 6.11, any Noteholder may petition any court of competent jurisdiction for the removal
of the Indenture Trustee and the appointment of a successor Indenture Trustee.


 


Notwithstanding the replacement
of the Indenture Trustee pursuant to this Section, the Issuing Entity's and the Administrator's obligations under Section 6.7
shall continue for the benefit of the retiring Indenture Trustee.


 


Section
6.9    Successor Indenture Trustee by Merger. If the Indenture Trustee consolidates with, merges
or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking
association, the resulting, surviving or transferee corporation without any further act shall be the successor Indenture Trustee;
provided, that such corporation or banking association shall be otherwise qualified and eligible under Section 6.11.
The Indenture Trustee shall provide the Depositor (who shall promptly provide such notice to the Rating Agencies) prior written
notice of any such transaction.


 


In case at the time such
successor or successors by merger, conversion or consolidation to the Indenture Trustee shall succeed to the trusts created by
this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Indenture Trustee may
adopt the certificate of authentication of any predecessor trustee and deliver such Notes so authenticated; and in case at that
time any of the Notes shall not have been authenticated, any successor to the Indenture Trustee may authenticate such Notes either
in the name of any predecessor hereunder or in the name of the successor to the Indenture Trustee; and in all such cases such certificates
shall have the full force which it is anywhere in the Notes or in this Indenture provided that the certificate of the Indenture
Trustee shall have.


 


Section
6.10   Appointment of Co-Trustee or Separate Trustee.


 


(a)          Notwithstanding
any other provisions of this Indenture, at any time, for the purpose of meeting any legal requirement of any jurisdiction in which
any part of the Trust Estate may at the time be located, the Indenture Trustee shall have the power and may execute and deliver
all instruments to appoint one or more Persons to act as a co-trustee or co-trustees, or separate trustee or separate trustees,
of all or any part of the Trust, and to vest in such Person or Persons, in such capacity and for the benefit of the Noteholders,
such title to the Trust Estate, or any part hereof, and, subject to the other provisions of this Section, such powers, duties,
obligations, rights and trusts as the Indenture Trustee may consider necessary or desirable. No co-trustee or separate trustee
hereunder shall be required to meet the terms of eligibility as a


 




    	 	35	 



     


    

 


successor trustee under Section 6.11
and no notice to Noteholders of the appointment of any co-trustee or separate trustee shall be required under Section 6.8
hereof.


 


(b)          Every
separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions
and conditions:


 


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


 


(ii)         no
trustee hereunder shall be personally liable by reason of any act or omission of any other trustee hereunder; and


 


(iii)        the
Indenture Trustee may at any time accept the resignation of or remove any separate trustee or co-trustee.


 


(c)          Any
notice, request or other writing given to the Indenture Trustee shall be deemed to have been given to each of the then separate
trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee
shall refer to this Indenture and the conditions of this Article VI. Each separate trustee and co-trustee, upon its
acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either
jointly with the Indenture Trustee or separately, as may be provided therein, subject to all the provisions of this Indenture,
specifically including every provision of this Indenture relating to the conduct of, affecting the liability of, or affording protection
to, the Indenture Trustee. Every such instrument shall be filed with the Indenture Trustee.


 


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


 


Section
6.11   Eligibility; Disqualification. The Indenture Trustee shall
at all times satisfy the requirements of TIA § 310(a). The Indenture Trustee shall have a combined capital and surplus
of at least $50,000,000 as set forth in its most recent published annual report of condition, and the time deposits of the Indenture
Trustee shall be rated at least


 




    	 	36	 



     


    

 


F-1 by Fitch and Prime-1 by Moody’s.
The Indenture Trustee shall comply with TIA § 310(a), including the optional provision permitted by the second sentence
of TIA § 310(b)(9); provided, however, that there shall be excluded from the operation of TIA § 310(b)(1)
any indenture or indentures under which other securities of the Issuing Entity are outstanding if the requirements for such exclusion
set forth in TIA § 310(b)(1) are met. Additionally, prior to the appointment of any successor Indenture Trustee, the
Rating Agency Condition must be satisfied with respect to such successor Indenture Trustee.


 


Section
6.12   Preferential Collection of Claims Against the Issuing Entity. The Indenture Trustee shall
comply with TIA Section 311(a), excluding any creditor relationship listed in TIA Section 311(b). Any Indenture Trustee who has
resigned or been removed shall be subject to TIA Section 311(a) to the extent indicated therein.


 


Section
6.13   Representations and Warranties of Indenture Trustee. The
Indenture Trustee hereby makes the following representations and warranties on which the Issuing Entity and Noteholders shall rely:


 


(a)          the
Indenture Trustee is a national banking association duly organized, validly existing and in good standing under the laws of the
jurisdiction of its formation;


 


(b)          the
Indenture Trustee has full power, authority and legal right to execute, deliver, and perform this Indenture and shall have taken
all necessary action to authorize the execution, delivery and performance by it of this Indenture;


 


(c)          the
execution, delivery and performance by the Indenture Trustee of this Indenture (i) shall not violate any provision of any law or
regulation governing the banking and trust powers of the Indenture Trustee or any order, writ, judgment or decree of any court,
arbitrator, or governmental authority applicable to the Indenture Trustee or any of its assets, (ii) shall not violate any provision
of the corporate charter or by-laws of the Indenture Trustee and (iii) shall not violate any provision of, or constitute, with
or without notice or lapse of time, a default under, or result in the creation or imposition of any lien on any properties included
in the Trust Estate pursuant to the provisions of any mortgage, indenture, contract, agreement or other undertaking to which it
is a party, which violation, default or lien could reasonably be expected to have a materially adverse effect on the Indenture
Trustee's performance or ability to perform its duties under this Indenture or on the transactions contemplated in this Indenture;


 


(d)          the
execution, delivery and performance by the Indenture Trustee of this Indenture shall not require the authorization, consent approval
of, the giving of notice to, the filing or registration with, or the taking of any other action in respect of, any governmental
authority or agency regulating the banking and corporate trust activities of the Indenture Trustee; and


 


(e)          this
Indenture has been duly executed and delivered by the Indenture Trustee and constitutes the legal, valid and binding agreement
of the Indenture Trustee, enforceable in accordance with its terms.


 


Section
6.14         Trustee as Holder of the Exchange Note. Following the occurrence
and continuation of an Event of Default, to the extent that the Issuing


 




    	 	37	 



     


    

 


Entity has rights as an Exchange Noteholder,
including rights to distributions and notice, or is entitled to consent to any actions taken by the Depositor, the Issuing Entity
may initiate such action or grant such consent only with consent of the Indenture Trustee at the direction of the Noteholders of
not less than a majority of the Outstanding Note Amount. Following the occurrence and continuation of an Event of Default, the
Indenture Trustee shall exercise rights as an Exchange Noteholder or the right to consent or withhold consent with respect to actions
taken by the Depositor or the Issuing Entity, upon the written direction of holders of a majority of the Outstanding Note Amount;
provided, however, that any direction to the Indenture Trustee to remove or replace the Servicer upon a Servicer
Default shall be made by Noteholders holding not less than 66-2/3% of the Outstanding Note Amount.


 


Section
6.15   Communications Regarding Demands to Repurchase TRANSACTION UNITS.
The Indenture Trustee shall provide prompt notice to World Omni and the Depositor of all demands communicated to the Indenture
Trustee for the repurchase or replacement of any Transaction Unit for breach of the representations and warranties concerning such
Transaction Unit. The Indenture Trustee shall, upon written request and at the sole cost and expense of either World Omni or the
Depositor, provide notification to World Omni and the Depositor with respect to any actions taken by the Indenture Trustee or determinations
made by the Indenture Trustee, in each case with respect to any such demand communicated to the Indenture Trustee in respect of
any Transaction Unit, such notifications to be provided by the Indenture Trustee as soon as practicable and in any event within
five Business Days of receipt of such request or such other time frame as may be mutually agreed to by the Indenture Trustee and
World Omni or the Depositor, as applicable. Such notices shall be provided to World Omni and the Depositor at: (a) in the case
of World Omni, World Omni Financial Corp., 190 Jim Moran Boulevard, Deerfield Beach, Florida 33442, Telecopy: (954) 429-2685, Attention:
Treasurer, and (b) in the case of the Depositor, to World Omni Auto Leasing LLC, 190 Jim Moran Boulevard, Deerfield Beach, Florida
33442, Telecopy: (954) 429-2685, Attention: Treasurer, or at such other address or by such other means of communication as may
be specified by World Omni or the Depositor to the Indenture Trustee from time to time. The Indenture Trustee and the Issuing Entity
acknowledge and agree that the purpose of this Section 6.15 is to facilitate compliance by World Omni and the Depositor
with Rule 15Ga-1 under the Exchange Act, as amended, and Items 1104(e) and 1121(c) of Regulation AB (the "Repurchase Rules
and Regulations"). The Indenture Trustee acknowledges that interpretations of the requirements of the Repurchase Rules
and Regulations may change over time, whether due to interpretive guidance provided by the Commission or its staff, consensus among
participants in the asset-backed securities markets, advice of counsel, or otherwise, and agrees to comply with reasonable requests
made by World Omni and the Depositor in good faith for delivery of information accessible by the Indenture Trustee under these
provisions on the basis of evolving interpretations of the Repurchase Rules and Regulations. The Indenture Trustee shall cooperate
fully with World Omni and the Depositor to deliver any and all records and any other information reasonably available to it and
necessary in the good faith determination of World Omni and the Depositor to permit them to comply with the provisions of the Repurchase
Rules and Regulations. In no event shall the Indenture Trustee have any responsibility or liability in connection with any filing
required to be made by a securitizer under the Exchange Act or Regulation AB.


 




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ARTICLE VII


 


NOTEHOLDERS' LISTS AND REPORTS 


 


Section
7.1     Issuing Entity to Furnish Indenture Trustee Noteholder
Names and Addresses. The Issuing Entity shall furnish or cause to be furnished to the Indenture Trustee (i) not more
than five days after the earlier of (i) each Record Date and (ii) three months after the last Record Date, a list, in such form
as the Indenture Trustee may reasonably require, of the names and addresses of the Noteholders as of such Record Date and (ii)
at such other times as the Indenture Trustee may request in writing, within 30 days after receipt by the Issuing Entity of any
such request, a list of similar form and content as of a date not more than ten days prior to the time such list is furnished;
provided, however, that so long as the Indenture Trustee is the Note Registrar or the Notes are issued as Book-Entry
Notes, no such list shall be required to be furnished to the Indenture Trustee.


 


Section
7.2    Preservation of Information; Communications to Noteholders; Noteholder Communications with Indenture
Trustee; Communications Between Noteholders.


 


(a)          The
Indenture Trustee shall preserve in as current a form as is reasonably practicable the names and addresses of the Noteholders contained
in the most recent list furnished to the Indenture Trustee as provided in Section 7.1 and the names and addresses of Noteholders
received by the Indenture Trustee in its capacity as Note Registrar. The Indenture Trustee may destroy any list furnished to it
as provided in Section 7.1 upon receipt of a new list so furnished; provided, however, that so long as the
Indenture Trustee is the Note Registrar or the Notes are issued as Book-Entry Notes, no such list shall be required to be preserved
or maintained.


 


(b)          The
Noteholders may communicate pursuant to TIA Section 312(b) with other Noteholders regarding their rights under this Indenture or
under the Notes.


 


(c)          The
Issuing Entity, the Indenture Trustee and the Note Registrar shall have the protection of TIA Section 312(c).


 


(d)          Noteholder
Communications with Indenture Trustee. A Noteholder (if the Notes are represented by Definitive Notes) or a Note Owner (if
the Notes are represented by Book-Entry Notes) may communicate with the Indenture Trustee and give notices and make requests and
demands and give directions to the Indenture Trustee through the procedures of the Clearing Agency and by notice to the Indenture
Trustee. Any Note Owner must provide a written certification stating that the Note Owner is a beneficial owner of a Note, together
with supporting documentation such as a trade confirmation, an account statement, a letter from a broker or dealer verifying ownership
or another similar document evidencing ownership of a Note. The Indenture Trustee will not be required to take action in response
to requests, demands or directions of a Noteholder or a Note Owner, other than requests, demands or directions relating to communications
between Noteholders or Note Owners under Section 7.2(e) or an asset representations review demand under Section 7.5,
unless such Noteholder or Note Owner shall have offered to the Indenture Trustee security or indemnity reasonably satisfactory
to it


 




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against the reasonable costs, expenses, disbursements,
advances and liabilities which might be incurred by it, its agents and its counsel in compliance with such request, demand or direction.
The Indenture Trustee shall provide the Seller, the Servicer and the Issuing Entity with notification, as soon as practicable and
in any event within five (5) Business Days, of receipt of any requests by any Noteholder or Note Owner to communicate with other
Noteholders or Note Owners pursuant to Section 7.2(e) or any requests to repurchase a Receivable as the result of a breach
of a representation or warranty pursuant to the Exchange Note Sale Agreement.


 


(e)          Communications
between Noteholders. A Noteholder (if the Notes are represented by Definitive Notes) or a Note Owner (if the Notes are represented
by Book-Entry Notes) that seeks to communicate with other Noteholders or Note Owners, as applicable, about a possible exercise
of rights under this Indenture or the other Transaction Documents may send a written request to the Issuing Entity or the Servicer,
on behalf of the Issuing Entity, to include information regarding the communication in a Form 10-D to be filed by the Servicer
with the Commission. Each request must include (i) the name of the requesting Noteholder or Note Owner, (ii) the method by which
other Noteholders or Note Owners, as applicable, may contact the requesting Noteholder or Note Owner and (iii) in the case of a
Note Owner, a certification from that Person that it is a Note Owner, together with at least one form of documentation evidencing
its ownership of a Note, including a trade confirmation, account statement, letter from a broker or dealer or similar document.
A Noteholder or Note Owner, as applicable, that delivers a request under this Section 7. 2(e) will be deemed to have certified
to the Issuing Entity and the Servicer that its request to communicate with other Noteholders or Note Owners, as applicable, relates
solely to a possible exercise of rights under this Indenture or the other Transaction Documents, and will not be used for other
purposes. The Issuing Entity will promptly deliver any request to the Servicer. On receipt of a request, the Servicer will include
in the Form 10-D filed by the Issuing Entity with the Commission for the Collection Period in which the request was received (A)
a statement that the Issuing Entity has received a request from a Noteholder or Note Owner, as applicable, that is interested in
communicating with other Noteholders or Note Owners, as applicable, about a possible exercise of rights under this Indenture or
the other Transaction Documents, (B) the name of the requesting Noteholder or Note Owner, (C) the date the request was received
and (D) a description of the method by which the other Noteholders or Note Owners, as applicable, may contact the requesting Noteholder
or Note Owner. The Servicer will bear any costs associated with including any such communication in the Form 10-D and each Noteholder
or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees
that such requesting Noteholder or Note Owner will pay any costs associated with communicating with other Noteholders or Note Owners,
and none of the Seller, the Servicer, the Depositor, the Issuing Entity, the Titling Trustee, the Closed-End Administrative Agent,
the Closed-End Collateral Agent, the Administrator, the Indenture Trustee or the Owner Trustee will be responsible for such costs.


 


Section
7.3      Reports by Issuing Entity.


 


(a)          The
Issuing Entity shall:


 


(i)          file
with the Indenture Trustee, within 15 days after the Issuing Entity is required (if at all) to file the same with the Commission,
copies of the annual


 




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reports and of the information, documents
and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations
prescribe) that the Issuing Entity may be required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange
Act;


 


(ii)         file
with the Indenture Trustee and the Commission in accordance with rules and regulations prescribed from time to time by the Commission
such additional information, documents and reports with respect to compliance by the Issuing Entity with the conditions and covenants
of this Indenture as may be required from time to time by such rules and regulations;


 


(iii)        supply
to the Indenture Trustee (and the Indenture Trustee shall transmit to The Depository Trust Company, on behalf of the Noteholders
as described in TIA Section  313(c)) such summaries of any information, documents and reports required to be filed by the
Issuing Entity pursuant to clauses (i) and (ii) of this Section 7.03(a) and by rules and regulations prescribed
from time to time by the Commission; and


 


(iv)        delivery
of reports, information and documents to the Indenture Trustee pursuant to this Section 7.3 is for informational purposes
only and the Indenture Trustee's receipt of such shall not constitute constructive notice of any information contained therein
or determinable from information contained therein, including the Issuing Entity's compliance with any of its covenants hereunder
(as to which the Indenture Trustee is entitled to rely exclusively on Officers' Certificates).


 


Section
7.4     Reports by Indenture Trustee. If required by
TIA Section 313(a), within 60 days after each February 1, beginning with February 1, 2019, the Indenture Trustee shall transmit
to each Noteholder and shall file with the Commission as required by TIA Sections 313(c) and 313(d), respectively, a brief report
dated as of such date that complies with TIA Section 313(a). The Indenture Trustee also shall comply with TIA Section 313(b).


 


Section
7.5      Noteholder Demand For Asset Representations Review.


 


(a)          If
the Delinquency Percentage for any Payment Date exceeds the Delinquency Trigger, a Noteholder (if the Notes are represented by
Definitive Notes) or a Note Owner (if the Notes are represented by Book-Entry Notes) may make a demand on the Indenture Trustee
to cause a vote of the Noteholders or Note Owners, as applicable, about whether to direct the Asset Representations Reviewer to
conduct a Review of the Review Transaction Leases under the Asset Representations Review Agreement. In the case of a Note Owner,
each demand and vote must be accompanied by a certification from that Person that it is a Note Owner, together with at least one
form of documentation evidencing its ownership of a Note, including a trade confirmation, account statement, letter from a broker
or dealer or similar document. If Noteholders and Note Owners that collectively hold Notes evidencing at least 5% of the aggregate
Outstanding Amount of the Notes demand a vote within 90 days of the filing of the Form 10-D reporting that the Delinquency Percentage
for the related Payment Date exceeds the Delinquency Trigger, the Indenture Trustee will promptly request a vote of the Noteholders
through the Clearing Agency; provided, that for the purpose of determining the holders of the


 




    	 	41	 



     


    

 


Notes Outstanding, any Notes held by World
Omni or any of its Affiliates shall not be included in such calculation.


 


(b)          Upon
the direction of the requisite Noteholders or Note Owners set forth in Section 7.5(a), the Indenture Trustee shall conduct
a vote of all Noteholders (if the Notes are represented by Definitive Notes) and shall cause a vote to be conducted in accordance
with applicable Depository Trust Company procedures of all Note Owners (if the Notes are represented by Book-Entry Notes). The
Indenture Trustee shall provide to the Servicer the voting instructions and procedures applicable to the Noteholders and Note Owners
to be included in the Form 10-D filed by the Issuing Entity with the Commission. Such Form 10-D will also include a statement that
sufficient Noteholders are requesting a full Noteholder vote to commence a Review and applicable voting deadline. Each Note Owner
or Noteholder that elects to vote shall vote whether or not the Asset Representations Reviewer should be directed to conduct a
Review. The vote will remain open until the 150th day after the filing of the Form 10-D reporting that the Delinquency Percentage
for the related Payment Date exceeds the Delinquency Trigger.


 


(c)          
Assuming a voting quorum of Noteholders holding at least 5% of the aggregate Outstanding Amount of the Notes is reached, if the
Noteholders of a majority of the Outstanding Amount of Notes voted agree to a Review, the Indenture Trustee will promptly send
a Review Notice to the Asset Representations Reviewer, the Issuing Entity and the Servicer directing the Asset Representations
Reviewer to conduct the Review.


 


(d)          The
Indenture Trustee shall cooperate with the Asset Representations Reviewer in the event a Review is commenced pursuant to this Section
7.5 and shall provide the Asset Representations Reviewer with any documents or other information reasonably requested by the
Asset Representations Reviewer in connection with the Review.


 


ARTICLE VIII


 


ACCOUNTS, DISBURSEMENTS AND RELEASES 


 


Section
8.1     Collection of Money. Except as otherwise expressly
provided herein, the Indenture Trustee may demand payment or delivery of, and shall receive and collect, directly and without intervention
or assistance of any fiscal agent or other intermediary, all money and other property payable to or receivable by the Indenture
Trustee pursuant to this Indenture. The Indenture Trustee shall apply all such money received by it as provided in this Indenture.
Except as otherwise expressly provided in this Indenture, if any default occurs in the making of any payment or performance under
any agreement or instrument that is part of the Trust Estate, the Indenture Trustee may take such action as may be appropriate
to enforce such payment or performance, including the institution and prosecution of appropriate Proceedings. Any such action shall
be without prejudice to any right to claim an Event of Default under this Indenture and any right to proceed thereafter as provided
in Article V.


 


Section
8.2      Accounts.


 


(a)          There
has been established and there shall be maintained an Eligible Account (initially at the Indenture Trustee) until the Outstanding
Note Amount is reduced to zero, which


 




    	 	42	 



     


    

 


is designated the "Trust Collection
Account". The Trust Collection Account shall be held for the benefit of the Noteholders, and shall bear a designation
clearly indicating that the funds on deposit therein are held for the benefit of the Noteholders. The Trust Collection Account
shall be under the sole dominion and control of the Indenture Trustee until the Outstanding Note Amount has been reduced to zero.


 


(b)          There
has been established and there shall be maintained an Eligible Account (initially at the Indenture Trustee) until the Outstanding
Note Balance is reduced to zero, which is designated as the "Principal Distribution Account." The Principal Distribution
Account shall be held for the benefit of the Noteholders, and shall bear a designation clearly indicating that the funds on deposit
therein are held for the benefit of the Noteholders. The Principal Distribution Account shall be under the sole dominion and control
of the Indenture Trustee until the Outstanding Note Amount has been reduced to zero.


 


(c)          There
has been established and there shall be maintained an Eligible Account (initially at the Indenture Trustee) until the Outstanding
Note Balance is reduced to zero, which is designated as the "Reserve Account." The Reserve Account shall be held
for the benefit of the Noteholders, and shall bear a designation clearly indicating that the funds on deposit therein are held
for the benefit of the Noteholders. The Reserve Account shall be under the sole dominion and control of the Indenture Trustee until
the Outstanding Note Amount has been reduced to zero.


 


(d)          All
monies deposited from time to time in the Accounts pursuant to this Indenture or the other Transaction Documents shall be held
by the Indenture Trustee as part of the Collateral and shall be applied to the purposes herein provided; provided, that
on each Determination Date all interest and other investment earnings (net of losses and investment expenses) on funds on deposit
in the Accounts shall be deposited into the Trust Collection Account and shall be deemed to constitute a portion of Available Funds
for the related Payment Date. If any Account shall cease to be an Eligible Account, the Indenture Trustee, until the Outstanding
Note Amount has been reduced to zero, shall, as necessary, assist the Administrator in causing each Account to be moved to an institution
at which it shall be an Eligible Account.


 


Section
8.3      Servicer Certificate.


 


(a)          On
or prior to the close of business on each Determination Date, the Issuing Entity shall cause the Servicer to agree to deliver to
the Indenture Trustee, the Issuing Entity, the Administrator and each Paying Agent hereunder, a certificate (the "Servicer
Certificate") including, among other things, the following information with respect to the related Collection Period:


 


(i)          the
amount of the distribution allocable to principal of each Class of Notes;


 


(ii)         the
amount of the distribution allocable to interest on each Class of Notes;


 




    	 	43	 



     


    

 


(iii)        the
aggregate Principal Amount of, and the Note Factor for, each Class of Notes as of the last day of the preceding Collection Period,
after giving effect to payments on such Payment Date;


 


(iv)        the
amount of the Servicing Fee paid to the Servicer with respect to the related Closed-End EN Collection Period, the amount of any
unpaid Servicing Fees and the change in the amount from that of the prior Closed-End Exchange Note Payment Date;


 


(v)         the
number and the aggregate purchase amount of Transaction Leases that have been repurchased by the Servicer;


 


(vi)        the
Noteholders' First Priority Principal Distributable Amount, if any, for the related Payment Date;


 


(vii)       the
Noteholders' Second Priority Principal Distributable Amount, if any, for the related Payment Date;


 


(viii)      the
Noteholders' Regular Principal Distributable Amount for the related Payment Date;


 


(ix)         the
Interest Rate for each of the Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes, and Class B Notes, for the
related Payment Date;


 


(x)          the
amount of any Class A-1 Noteholders' Interest Carryover Shortfall, Class A-2 Noteholders' Interest Carryover Shortfall, Class A-3
Noteholders' Interest Carryover Shortfall, Class A-4 Noteholders' Interest Carryover Shortfall, and Class B Noteholders' Interest
Carryover Shortfall, on the related Payment Date;


 


(xi)         the
balance of the Reserve Account after giving effect to deposits and withdrawals to be made on that Closed-End Exchange Note Payment
Date;


 


(xii)        the
Administration Fee for the related Collection Period;


 


(xiii)       the
aggregate Securitization Value and aggregate Base Residual Value of Transaction Units;


 


(xiv)      the
number and Securitization Value of Transaction Unit turn-ins;


 


(xv)       the
number of Transaction Units at the beginning and end of the Closed-End Collection Period;


 


(xvi)      the
Overcollateralization Amount for the related Payment Date on the Exchange Note and the Notes;


 


(xvii)     whether
the Delinquency Trigger has occurred on the related Payment Date;


 




    	 	44	 



     


    

 


(xviii)    Available
Funds for the related Payment Date;


 


(xix)       the
Class A Noteholders' Interest Distributable Amount and the Class B Noteholders' Interest Distributable Amount for such Payment
Date;


 


(xx)        the
initial Exchange Note balance and the Exchange Note balance as of the beginning and end of the related Collection Period;


 


(xxi)       the
principal amount and interest due and payable on the Exchange Note on that Payment Date;


 


(xxii)      any
amounts payable to the Asset Representations Reviewer from Available Funds;


 


(xxiii)     delinquency,
Credit Loss and Residual Loss information on the lease assets for the related Closed-End Collection Period; and


 


(xxiv)     a
material change in World Omni or the Depositor’s retained interest in the Notes or Certificates.


 


Each amount set forth pursuant
to clauses (i) and (ii) above shall be expressed in the aggregate and as a dollar amount per $1,000 of original principal
balance of each as of Notes.


 


(b)          The
Indenture Trustee shall have no duty or obligation to verify or confirm the accuracy of any of the information or numbers set forth
in the Servicer Certificate delivered to the Indenture Trustee in accordance with this Section or any certificate delivered to
the Indenture Trustee pursuant to Section 3.15 of the Exchange Note Servicing Supplement, and the Indenture Trustee shall
be fully protected in relying upon such Servicer Certificate.


 


Section
8.4      Disbursement of Funds.


 


(a)          On
each Payment Date (prior to the acceleration of the Notes following an Event of Default which has not been waived or rescinded
in accordance with the provisions of Article V hereof), prior to 1:00 p.m., New York City time, the Indenture Trustee, in
accordance with the related Servicer Certificate and pursuant to the instructions of the Servicer, shall transfer from the Trust
Collection Account all Available Funds and shall apply such amount, in accordance with the following priorities:


 


(i)          to
the Administrator, the Administration Fee;


 


(ii)         to
the Asset Representations Reviewer, all fees, expenses and indemnities due to the Asset Representations Reviewer under the Asset
Representations Review Agreement not previously paid by the Servicer, up to a maximum of $150,000 per year;


 


(iii)        pro
rata to the Holders of the Class A Notes for distribution in respect of interest on the Class A Notes, the Class A Noteholders'
Interest Distributable Amount, for such Payment Date;


 




    	 	45	 



     


    

 


(iv)        to
the Principal Distribution Account, the Noteholders' First Priority Principal Distributable Amount for such Payment Date, which
amount shall be paid in the order of priority set forth in Section 8.4(b);


 


(v)         to
the holders of the Class B Notes for distribution in respect of interest on the Class B Notes, the Class B Noteholders' Interest
Distributable Amount for such Payment Date;


 


(vi)        to
the Principal Distribution Account, the Noteholders' Second Priority Principal Distributable Amount for such Payment Date, which
amount shall be paid in the order of priority set forth in Section 8.4(b);


 


(vii)       to
the Reserve Account, the excess, if any, of the Required Reserve Account Balance over the amount then on deposit in the Reserve
Account;


 


(viii)      to
the Principal Distribution Account, the Noteholders' Regular Principal Distributable Amount for such Payment Date, if any, which
amount shall be paid in the order of priority set forth in Section 8.4(b);


 


(ix)         to
the Asset Representations Reviewer, all fees, expenses and indemnities due to the Asset Representations Reviewer under the Asset
Representations Review Agreement but not paid pursuant to clause (ii) above; and


 


(x)          any
remaining funds shall be distributed to or at the direction of the Certificateholders.


 


In the event that the Available
Funds for a Payment Date are not sufficient to make the full amount of the payments and deposits required pursuant to clauses
(i) through (vi) above on such Payment Date, the Indenture Trustee shall withdraw from the Reserve Account on such Payment
Date an amount equal to such shortfall, to the extent of funds available therein, and pay or deposit such amount according to the
priorities specified in clause (i) through (vi) above.


 


(b)          On
each Payment Date, prior to 1:00 p.m., New York City time, the Paying Agent, in accordance with the related Servicer Certificate
and pursuant to the instructions of the Servicer, shall transfer from the Principal Distribution Account all amounts on deposit
therein and shall distribute such amounts in the following order of priority:


 


(i)          to
the Holders of the Class A-1 Notes in respect of principal, until the Class A-1 Notes are paid in full;


 


(ii)         to
the Holders of the Class A-2 Notes in respect of principal, until the Class A-2 Notes are paid in full;


 


(iii)        to
the Holders of the Class A-3 Notes in respect of principal, until the Class A-3 Notes are paid in full;


 


(iv)        to
the Holders of the Class A-4 Notes in respect of principal, until the Class A-4 Notes are paid in full; and


 




    	 	46	 



     


    

 


(v)         to
the Holders of the Class B Notes in respect of principal, until the Class B Notes are paid in full.


 


(c)          If
on any Payment Date, after giving effect to all deposits to and withdrawals from the Reserve Account, the amount on deposit in
the Reserve Account exceeds the Required Reserve Account Balance, the Indenture Trustee shall distribute any such excess to or
at the direction of the Certificateholder. Upon any such distributions to the Certificateholder, the Noteholders will have no further
rights in, or claims to such amounts.


 


(d)          In
addition, on the Final Scheduled Payment Date for any Class of Notes, if the Outstanding Amount of any Class of Notes remains greater
than zero, the Indenture Trustee shall apply funds from the Reserve Account to repay the Outstanding Amount of such Class of Notes
in full.


 


(e)          On
each Payment Date or Redemption Date, from the amounts allocated therefor in accordance with Section 8.4(a) and Section
8.4(b), the Paying Agent shall duly and punctually distribute payments of principal and interest on the Notes due and payable
by wire transfer or check mailed to the Person whose name appears as the Registered Holder of a Note (or one or more Predecessor
Notes) on the Note Register as of the close of business on the related Record Date, except that with respect to Notes registered
on the Record Date in the name of the nominee of DTC (initially, such nominee to be Cede & Co.), payments will be made
by wire transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed (or wires
sent) to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record
Date without requiring that the Note be submitted for notation of payment. Any reduction in the principal amount of any Note (or
any one or more Predecessor Notes) affected by any payments made on any Payment Date or Redemption Date shall be binding upon all
future holders of any Note issued upon the registration of transfer thereof or in exchange hereof or in lieu hereof, whether or
not noted thereon. Amounts properly withheld under the Code by any Person from payment to any Noteholder of interest or principal
shall be considered to have been paid by the Indenture Trustee to such Noteholder for purposes of this Indenture. If funds are
expected to be available pursuant to a notice delivered to the Indenture Trustee for payment in full of the remaining unpaid principal
amount of the Notes on a Payment Date or Redemption Date, then the Indenture Trustee, in the name of and on behalf of the Issuing
Entity, will notify each Person who was the Registered Holder of a Note as of the Record Date preceding the most recent Payment
Date or Redemption Date by notice mailed within 30 days (and not less than 15 days) of such Payment Date or Redemption Date and
the amount then due and payable shall be payable only upon presentation and surrender of the Note at the Corporate Trust Office
of the Indenture Trustee or at the office of the Indenture Trustee's agent appointed for such purposes located in The City of New
York.


 


(f)           On
each Payment Date, the Indenture Trustee shall send by first class mail or other reasonable means (including, but not limited to,
the posting on the Indenture Trustee's website at https://www.unionbank.com/commercial-bank/trust-custody/corporate-trust-services/asset-backed-servicer-reports.jsp)
the Servicer Certificate prepared by the Servicer pursuant to Section 8.3 to each Person that was a Noteholder as of the
close of business on the related Record Date (which shall be Cede & Co. as shown on the applicable Servicer Certificate


 




    	 	47	 



     


    

 


as the nominee of DTC unless Definitive Notes
are issued under the limited circumstances described herein) and each Rating Agency (via electronic delivery in accordance with
Section 11.4). Note Owners may obtain copies of such reports upon a request in writing to the Indenture Trustee at the Corporate
Trust Office.


 


(g)          None
of the Noteholders, the Indenture Trustee, the Owner Trustee, the Depositor, the Administrator or the Servicer shall be required
to refund any amounts properly distributed or paid to them in accordance with this Indenture, regardless of whether there are sufficient
funds on any subsequent Payment Date to make in full distributions to the Noteholders.


 


Section
8.5      General Provisions Regarding Accounts.


 


(a)          So
long as no Event of Default shall have occurred and be continuing, all of the funds in the Trust Collection Account (if the Servicer
is required to deposit collections in the Trust Collection Account within two Business Days of receipt) and the Reserve Account
shall be invested and reinvested by the Indenture Trustee, until the Outstanding Note Amount has been reduced to zero, at the direction
of the Administrator, in Permitted Investments selected by the Administrator which mature no later than the Payment Date succeeding
the date of such investment. No such investment shall be sold prior to maturity. Net investment earnings on any Account shall be
deposited into the Trust Collection Account.


 


(b)          Subject
to Section 6.1(c), the Indenture Trustee shall not in any way be held liable by reason of any insufficiency in any Account
resulting from any loss on any Permitted Investment included therein, except for losses attributable to the Indenture Trustee's
failure to make payments on any such Permitted Investments issued by the Indenture Trustee in its commercial capacity as principal
obligor and not as trustee, in accordance with their terms.


 


(c)          If
(i) the Administrator shall have failed to give investment directions for any funds on deposit in the Trust Collection Account
to the Indenture Trustee by 11:00 a.m., New York City time (or such other time as may be agreed by the Administrator and the Indenture
Trustee), on any Business Day or (ii) a Default or Event of Default shall have occurred and be continuing with respect to the Notes
but the Notes shall not have been declared due and payable pursuant to Section 5.2 or (iii) the Notes shall have been declared
due and payable following an Event of Default and amounts collected or receivable from the Collateral are being applied in accordance
with Section 5.5 as if there had not been such a declaration, then the Indenture Trustee shall, to the fullest extent practicable,
invest and reinvest funds in investments that are Permitted Investments specified in clause (a) of the definition thereof.


 


(d)          The
Indenture Trustee will furnish the Administrator periodic cash transaction statements which include detail for all investment transactions
effected by the Indenture Trustee or brokers selected by the Administrator or any investment advisor. Upon the Administrator’s
election, such statements will be delivered via the Indenture Trustee’s Online Trust and Custody service and upon electing
such service, paper statements will be provided only upon request. The Administrator waives the right to receive brokerage confirmations
of security transactions effected by the Indenture Trustee as they occur, to the extent permitted by law. The Administrator further
understands that trade confirmations for securities transactions effected by


 




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the Indenture Trustee will be available upon
request and at no additional cost and other trade confirmations may be obtained from the applicable broker.


 


Section
8.6      Release of Collateral.


 


(a)          Subject
to Section 2.8, the payment of its fees and expenses under Section 6.7 and the satisfaction of the conditions set
forth in Section 4.1, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments
to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under
circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by
the Indenture Trustee as provided in this Article shall be bound to ascertain the Indenture Trustee's authority, inquire into the
satisfaction of any conditions precedent or see to the application of any monies.


 


(b)          The
Indenture Trustee shall, at such time as there are no Notes Outstanding, and all sums due the Indenture Trustee pursuant to Section 6.7
have been paid release any remaining portion of the Collateral that secured the Notes from the lien of this Indenture and release
to the Issuing Entity or any other Person entitled thereto any funds then on deposit in the Accounts. Such release shall include
delivery to the Issuing Entity or its designee of the Exchange Note and release of the lien of this Indenture and transfer of dominion
and control over the Accounts to the Issuing Entity or its designee. The Indenture Trustee shall release property from the lien
of this Indenture pursuant to this Section only upon receipt of an Issuing Entity Request.


 


ARTICLE IX


 


SUPPLEMENTAL INDENTURES 


 


Section
9.1      Supplemental Indentures without Consent of Noteholders.


 


(a)          Except
as provided in Section 9.2, without the consent of the Noteholders or any other Person, the Issuing Entity and the Indenture
Trustee (when so directed by an Issuing Entity Request), may enter into one or more indentures supplemental hereto for the purpose
of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or for the purpose
of modifying in any manner the rights of the Noteholders under this Indenture; provided that (i) any supplement that materially
and adversely affects the interests of the Noteholders shall require the consent of Noteholders evidencing not less than a majority
of the aggregate outstanding principal amount of the Outstanding Notes, voting as a single class, and (ii) any supplement that
materially and adversely affects the interests of the Indenture Trustee, the Owner Trustee, the Servicer, the Certificateholders
or the Administrator shall require the prior written consent of the Persons whose interests are materially and adversely affected;
provided further, that such action shall not, as evidenced by an Opinion of Counsel delivered to the Indenture Trustee,
(A) affect the treatment of the Notes as debt for federal income tax purposes, (B) be deemed to cause a taxable exchange of the
Notes for federal income tax purposes or (C) cause the Issuing Entity, the Depositor or the Titling Trust to be classified as an
association (or a publicly traded partnership) taxable as a corporation for federal income tax


 




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purposes. A supplement shall be deemed not
to materially and adversely affect the interests of the Noteholders if the Rating Agency Condition is satisfied with respect to
such supplement. The consent of the Servicer, the Certificateholders or the Administrator shall be deemed to have been given if
the Servicer does not receive a written objection from such Person within 10 Business Days after a written request for such consent
shall have been given.


 


(b)          It
shall not be necessary for the consent of any Person pursuant to this Section for such Person to approve the particular form of
any proposed supplement, but it shall be sufficient if such Person consents to the substance thereof.


 


(c)          Notwithstanding
anything herein to the contrary, any term or provision of this Indenture may be amended by the Issuing Entity and the Indenture
Trustee (when so directed by an Issuing Entity Request) without the consent of any of the Noteholders or any other Person to add,
modify or eliminate any provisions as may be necessary or advisable in order to comply with or obtain more favorable treatment
under or with respect to any law or regulation or any accounting rule or principle (whether now or in the future in effect); it
being a condition to any such amendment that the Rating Agency Condition shall have been satisfied.


 


(d)          Prior
to the execution of any supplemental indenture, the Issuing Entity shall provide each Rating Agency with written notice of the
substance of such supplement. No later than 10 Business Days after the execution of any supplemental indenture, the Issuing Entity
shall furnish a copy of such supplement to each Rating Agency, the Servicer, the Administrator, the Owner Trustee and the Indenture
Trustee.


 


(e)          The
Indenture Trustee is hereby authorized to join in the execution of any such supplemental indenture and to make any further appropriate
agreements and stipulations as may be therein contained.


 


(f)           Promptly
after the execution by the Issuing Entity and the Indenture Trustee of any supplemental indenture pursuant to this Section or Section
9.2, the Indenture Trustee shall transmit to the Noteholders to which such amendment or supplemental indenture relates a notice
(to be provided by the Issuing Entity) setting forth in general terms the substance of such supplemental indenture. Any failure
of the Indenture Trustee to transmit such notice, or any defect therein, shall not, however, in any way impair or affect the validity
of any such supplemental indenture.


 




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Section
9.2     Supplemental Indentures with Consent of Noteholders.
With the consent of Noteholders holding not less than a majority of the Outstanding Note Amount, the Issuing Entity and the Indenture
Trustee, when directed by an Issuing Entity Request, may enter into one or more indentures supplemental hereto for the purpose
of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or for the purpose
of modifying in any manner the rights of the Noteholders under this Indenture; provided, that no supplemental indenture
entered into under Section 9.1 or this Section shall, without the consent of the Noteholder of each Outstanding Note affected
thereby and prior notice to the Rating Agencies:


 


(a)          change
the date of payment of any installment of principal of or interest on any Note, reduce the interest rate or principal amount of
any Note, or delay the Final Scheduled Payment Date of any Note without the consent of the Holder of such Note;


 


(b)          reduce
the percentage of the Outstanding Note Amount, the consent of the Noteholders of which is required for any such supplemental indenture
or the consent of the Noteholders of which is required for any waiver of compliance with provisions of this Indenture or Events
of Default hereunder and the consequences provided for in this Indenture;


 


(c)          modify
or alter the provisions of the proviso to the definition of the term "Outstanding";


 


(d)          reduce
the percentage of the Outstanding Note Amount required to direct the Indenture Trustee to direct the Issuing Entity to sell the
Trust Estate pursuant to Section 5.4, if the proceeds of such sale would be insufficient to pay the Outstanding Note Amount
plus accrued but unpaid interest on the Notes;


 


(e)          permit
the creation of any lien ranking prior to or on a parity with the lien of this Indenture with respect to any part of the Trust
Estate or, except as otherwise permitted or contemplated herein, terminate the lien of this Indenture on any property at any time
subject hereto or deprive any Noteholder of the security provided by the lien of this Indenture; or


 


(f)          impair
the right to institute suit for the enforcement of payment as provided in Section 5.7.


 


Any such supplemental indenture
shall be executed only upon delivery of an Opinion of Counsel delivered to the Indenture Trustee to the effect that such action
shall not (A) affect the treatment of the Notes as debt for federal income tax purposes, (B) be deemed to cause a taxable exchange
of the Notes for federal income tax purposes or (C) cause the Issuing Entity, the Depositor or the Titling Trust to be classified
as an association (or a publicly traded partnership) taxable as a corporation for federal income tax purposes.


 


Section
9.3           Execution of Supplemental Indentures. In executing,
or permitting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby
of the trusts created by this Indenture, the Indenture Trustee shall be provided with, and subject to Sections 6.1 and
6.2, shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture
is authorized or permitted by this Indenture and that all conditions precedent under this Indenture for the


 




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execution of the supplemental indenture have
been complied with. The Indenture Trustee may but shall not be obligated to enter into any such supplemental indenture that affects
the Indenture Trustee's own rights, duties, liabilities or indemnities under this Indenture or otherwise.


 


Notwithstanding anything
in this Indenture to the contrary, no supplemental indenture shall be effective without the prior written consent of the Asset
Representations Reviewer if the supplemental indenture would adversely modify the amount or timing of distributions to be made
to the Asset Representations Reviewer under this Indenture. The Indenture Trustee shall have no responsibility for determining
whether any supplemental indenture would adversely modify the amount or timing of distributions to be made to the Asset Representations
Reviewer under this Indenture.


 


Section
9.4     Effect of Supplemental Indenture. Upon the execution of any supplemental indenture
pursuant to the provisions hereof, this Indenture shall be and shall be deemed to be modified and amended in accordance therewith
with respect to the Notes affected thereby, and the respective rights, limitations of rights, obligations, duties, liabilities
and immunities under this Indenture of the Indenture Trustee, the Issuing Entity and the Noteholders shall thereafter be determined,
exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions
of any such supplemental indenture shall be and shall be deemed to be part of the terms and conditions of this Indenture for any
and all purposes.


 


Every amendment of this
Indenture and every supplemental indenture executed pursuant to this Article IX shall conform to the requirements of
the Trust Indenture Act as then in effect so long as this Indenture shall then be qualified under the Trust Indenture Act.


 


Section
9.5     Reference in Notes to Supplemental Indentures.
Notes authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and if required
by the Indenture Trustee shall, bear a notation in form approved by the Indenture Trustee as to any matter provided for in such
supplemental indenture. If the Issuing Entity or the Indenture Trustee shall so determine, new Notes so modified as to conform,
in the opinion of the Indenture Trustee and the Issuing Entity, to any such supplemental indenture may be prepared and executed
by the Issuing Entity and authenticated and delivered by the Indenture Trustee in exchange for Outstanding Notes.


 


ARTICLE X


 


REDEMPTION OF NOTES 


 


Section
10.1   Redemption. The Outstanding Notes are subject to redemption in whole, but not in part, at
the direction of the Servicer pursuant to Section 15.1 of the Exchange Note Servicing Supplement, on any Payment Date
on which the Servicer exercises its option to purchase the Trust Estate pursuant to said Section 15.1, for a purchase
price equal to the Redemption Price; provided that the Issuing Entity has available funds sufficient to pay the Redemption
Price. The Servicer or the Issuing Entity shall furnish the Rating Agencies notice of such redemption. If the Outstanding Notes
are to be redeemed pursuant to this Section, the Servicer or the Issuing Entity shall furnish notice of such election to the Indenture
Trustee not


 




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later than the close of business on the first
calendar day of the month in which the Redemption Date occurs and the Issuing Entity shall deposit by 10:00 A.M. New York
City time on the Redemption Date with the Indenture Trustee in the Principal Distribution Account the Redemption Price of the Notes
to be redeemed, whereupon all such Notes shall be due and payable on the Redemption Date upon the furnishing of a notice complying
with Section 10.2 to each Holder of the Notes.


 


Section
10.2   Form of Redemption Notice. Notice of redemption under Section 10.1 shall be transmitted by
the Indenture Trustee to DTC not later than 10 days prior to the applicable Redemption Date, to each Holder of Notes as of the
close of business on the Record Date preceding the applicable Redemption Date at such Holder's address or facsimile number appearing
in the Note Register.


 


All notices of redemption
shall state:


 


(a)          the
Redemption Date;


 


(b)          the
Redemption Price;


 


(c)          the
place where the Notes to be redeemed are to be surrendered for payment of the Redemption Price (which shall be the office or agency
of the Issuing Entity to be maintained as provided in Section 3.2); and


 


(d)          applicable
"CUSIP" numbers.


 


Notice of redemption of
the Notes shall be given by the Indenture Trustee in the name and at the expense of the Issuing Entity. Failure to give notice
of redemption (or any defect therein) to any Noteholder shall not impair or affect the validity of the redemption of any other
Note.


 


Section
10.3    Notes Payable on Redemption Date. The Notes to be redeemed shall, following notice of
redemption as required by Section 10.2, become due and payable on the Redemption Date at the Redemption Price and (unless the
Issuing Entity shall default in the payment of the Redemption Price) no interest shall accrue on the Redemption Price for any
period after the date to which accrued interest is calculated for purposes of calculating the Redemption Price.


 


ARTICLE XI


 


MISCELLANEOUS 


 


Section
11.1    Compliance Certificates and Opinions.


 


(a)          Upon
any application or request by the Issuing Entity to the Indenture Trustee to take any action under any provision of this Indenture,
the Issuing Entity shall furnish to the Indenture Trustee (i) an Officer's Certificate stating that all conditions precedent, if
any, provided for in this Indenture relating to the proposed action have been complied with, (ii) an Opinion of Counsel stating
that in the opinion of such counsel all such conditions precedent, if any,


 




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have been complied with, and (iii) in the case
of conditions precedent compliance with which is subject to verification by accountants, a certificate or opinion of an accountant
that satisfies TIA Section 314(c)(3).


 


Every certificate or opinion
with respect to compliance with a condition or covenant provided for in this Indenture shall include:


 


(i)          a
statement that each signatory of such certificate or opinion has read such covenant or condition and the definitions herein relating
thereto;


 


(ii)         a
brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained
in such certificate or opinion are based;


 


(iii)        a
statement that, in the opinion of each such signatory, such signatory has made such examination or investigation as is necessary
to enable such signatory to express an informed opinion as to whether or not such covenant or condition has been complied with;
and


 


(iv)        a
statement as to whether, in the opinion of each such signatory, such condition or covenant has been complied with.


 


(b)          In
addition to any obligation imposed in Section 11.1(a) or elsewhere in this Indenture:


 


(i)          Prior
to the deposit of any Collateral or other property or securities with the Indenture Trustee that is to be made the basis for the
release of any property or securities subject to the lien of this Indenture, the Issuing Entity shall furnish to the Indenture
Trustee an Officer's Certificate certifying or stating the opinion of each Person signing such certificate as to the fair value
(within 90 days of such deposit) to the Issuing Entity of the Collateral or other property or securities to be so deposited.


 


(ii)         Whenever
the Issuing Entity is required to furnish to the Indenture Trustee an Officer's Certificate certifying or stating the opinion of
any signer thereof as to the matters described in clause (i) above, the Issuing Entity shall also deliver to the Indenture Trustee
an Independent Certificate as to the same matters, if the fair value of the property or securities to be so deposited and of all
other such securities made the basis of any such withdrawal or release since the commencement of the then-current calendar year
of the Issuing Entity, as set forth in the certificates delivered pursuant to clause (i) above and this clause, is 10% or more
of the Outstanding Note Amount, but such a certificate need not be furnished with respect to any securities so deposited, if the
fair value thereof to the Issuing Entity as set forth in the related Officer's Certificate is less than $25,000 or less than 1%
of the Outstanding Note Amount.


 


(iii)        Other
than with respect to any release described in clause (A) or (B) of Section 11.1(b)(v), whenever any property or securities
are to be released from the lien of this Indenture, the Issuing Entity shall also furnish to the Indenture Trustee an Officer's
Certificate certifying or stating the opinion of each Person signing such


 




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certificate as to the fair value
(within 90 days of such release) of the property or securities proposed to be released and stating that in the opinion of such
Person, the proposed release will not impair the security under this Indenture in contravention of the provisions hereof.


 


(iv)        Whenever
the Issuing Entity is required to furnish to the Indenture Trustee an Officer's Certificate certifying or stating the opinion of
any signer thereof as to the matters described in clause (iii) above, the Issuing Entity shall also furnish to the Indenture Trustee
an Independent Certificate as to the same matters, if the fair value of the property or securities and of all other property, or
securities (other than property described in clauses (A) or (B) of Section 11.1(b)(v)) released from the lien of this Indenture
since the commencement of the then current calendar year, as set forth in the Officer's Certificates required by clause (iii) above
and this clause, equals 10% or more of the Outstanding Note Amount, but such Officer's Certificate need not be furnished in the
case of any release of property or securities if the fair value thereof as set forth in the related Officer's Certificate is less
than $25,000 or less than 1% of the Outstanding Note Amount.


 


(v)         Notwithstanding
Section 2.8 or any other provision of this Section, the Issuing Entity may without compliance with the requirements of other
provisions of this Section (A) collect, liquidate, sell or otherwise dispose of the Collateral as and to the extent permitted or
required by the Transaction Documents and (B) make cash payments out of the Accounts as and to the extent permitted or required
by the Transaction Documents, so long as the Issuing Entity shall make available to the Indenture Trustee every six months, commencing
October 2018, at https://via.intralinks.com/, or such other website or distribution service or provider as the Issuing Entity shall
designate by written notice to the Indenture Trustee, an Officer's Certificate of the Issuing Entity stating that all the dispositions
of Collateral described in clauses (A) or (B) above that occurred during the preceding six calendar months were
in the ordinary course of the Issuing Entity's business and that the proceeds thereof were applied in accordance with the Transaction
Documents.


 


Section
11.2   Form of Documents Delivered to the Indenture Trustee. In any case where several matters are
required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified
by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one
such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters,
and any such Person may certify or give an opinion as to such matters in one or several documents.


 


Any certificate or opinion
of an Authorized Officer may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations
by, counsel. Any such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual
matters, upon a certificate or opinion of or representations by an officer or officers of the Administrator, the Depositor or the
Issuing Entity, stating that the information with respect to such factual matters is in the possession of the Administrator, the
Depositor or the Issuing Entity.


 




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Where any Person is required
to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments
under this Indenture, they may, but need not, be consolidated and form one instrument.


 


Whenever in this Indenture,
in connection with any application or certificate or report to the Indenture Trustee, it is provided that the Issuing Entity shall
deliver any document as a condition of the granting of such application, or as evidence of the Issuing Entity's compliance with
any term hereof, it is intended that the truth and accuracy, at the time of the granting of such application or at the effective
date of such certificate or report (as the case may be), of the facts and opinions stated in such document shall in such case be
conditions precedent to the right of the Issuing Entity to have such application granted or to the sufficiency of such certificate
or report. The foregoing shall not, however, be construed to affect the Indenture Trustee's right to rely upon the truth and accuracy
of any statement or opinion contained in any such document as provided in Article VI.


 


Section
11.3    Acts of Noteholders.


 


(a)          Any
request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken
by Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders
in person or by agents duly appointed in writing; and except as herein otherwise expressly provided, such action shall become effective
when such instrument or instruments are delivered to the Indenture Trustee, and, where it is hereby expressly required, to the
Issuing Entity. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred
to as the "Act" of the Noteholders signing such instrument or instruments. Proof of execution of any such instrument
or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 6.1)
conclusive in favor of the Indenture Trustee and the Issuing Entity, if made in the manner provided in this Section.


 


(b)          The
fact and date of the execution by any Person of any such instrument or writing may be proved in any manner that the Indenture Trustee
deems sufficient.


 


(c)          The
ownership of Notes shall be proved by the Note Register.


 


(d)          Any
request, demand, authorization, direction, notice, consent, waiver or other action by the holder of any Note shall bind the holder
of every Note issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted
or suffered to be done by the Indenture Trustee or the Issuing Entity in reliance thereon, whether or not notation of such action
is made upon such Note.


 


Section
11.4    Notices. All demands, requests, notices and communications hereunder shall be in writing
and shall be delivered or mailed by registered or certified first-class United States mail, postage prepaid, hand delivery, prepaid
courier service, or by telecopier, and addressed in each case as follows: (i) if to the Issuing Entity, at the Corporate Trust
Office of the Owner Trustee, with a copy to the Administrator, at 190 Jim Moran Boulevard, Deerfield Beach, Florida 33442 (telecopier
no. (954) 429-2685, Attention: Treasurer), with a copy to the Indenture Trustee; (ii) if to the Indenture Trustee, to its Corporate
Trust Office; (iii) if to the Owner Trustee, to its


 




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Corporate Trust Office; (iv) if to the Rating
Agencies, to the Depositor, which shall promptly post such demand, notice or communication to the website maintained by the depositor
for notifications to nationally recognized statistical rating organizations; (v) if to the Depositor, to World Omni Auto Leasing
LLC, 190 Jim Moran Boulevard, Deerfield Beach, Florida 33442, Telecopy: (954) 429-2685, Email: eric.gebhard@jmfamily.com, Attention:
Treasurer; or (vi) at such other address as shall be designated by any of the foregoing 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.


 


In addition to the foregoing,
the Indenture Trustee agrees to accept and act upon notice, instructions or directions pursuant to this Indenture sent by e-mail,
facsimile transmission or other similar electronic methods. If a party elects to give the Indenture Trustee e-mail or facsimile
instructions (or instructions by a similar electronic method), the Indenture Trustee’s understanding of such instructions
shall be determined in accordance with Section 6.1(b)(ii). The Indenture Trustee shall not be liable for any losses, costs
or expenses arising directly or indirectly from the Indenture Trustee’s reliance upon and compliance with such instructions
notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction; provided, that
the Indenture Trustee will not be relieved from liability for its own bad faith, negligence or wilfull misconduct. Except as provided
above in this paragraph, the party providing electronic instructions agrees to assume all risks arising out of the use of such
electronic methods to submit instructions and directions to the Indenture Trustee, including without limitation the risk of the
Indenture Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties.


 


Notwithstanding the foregoing,
with the consent of the appropriate party to this Indenture, the obligations of World Omni and any Affiliate of World Omni to deliver
or provide any demand, delivery, notice, communication or instruction to such party other than a Noteholder shall be satisfied
by World Omni or such Affiliate, as the case may be, making such demand, delivery, notice, communication or instruction available
at https://via.intralinks.com/, or such other website or distribution service or provider as World Omni or such Affiliate, as applicable,
shall designate by written notice to the other parties hereto.


 


The Indenture Trustee shall
promptly transmit any notice received by it from the Noteholders or Note Owners to the Issuing Entity and the Servicer and, if
such notice is a Reallocation Request, to World Omni and ALF LLC.


 




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Section
11.5    Notices to Noteholders; Waiver. Where this Indenture provides for notice to Noteholders of any event,
such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first class, postage
prepaid to each Noteholder affected by such event, at his address as it appears on the Note Register, not later than the latest
and not earlier than the earliest date prescribed for the giving of such notice. In any case where notice to Noteholders is given
by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular Noteholder shall affect
the sufficiency of such notice with respect to other Noteholders, and any notice that is mailed in the manner herein provided
shall conclusively be presumed to have been duly given.


 


Where this Indenture provides
for notice in any manner, such notice may be waived in writing by any Person entitled to receive such notice, either before or
after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the
Indenture Trustee but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such
a waiver.


 


In case, by reason of the
suspension of regular mail service as a result of a strike, work stoppage or similar activity, it shall be impractical to mail
notice of any event of Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then any
manner of giving such notice as shall be satisfactory to the Indenture Trustee shall be deemed to be a sufficient giving of such
notice.


 


Where this Indenture provides
for notice to each Rating Agency, failure to give such notice shall not affect any other rights or obligations created hereunder,
and shall not under any circumstance constitute an Event of Default.


 


If the Seller, the Depositor
or the Indenture Trustee receives a Reallocation Request from a Noteholder or Note Owner as a result of a breach of a representation
or warranty pursuant to the Exchange Note Sale Agreement and the Seller does not cause the reallocation of the Transaction Unit
related to such Reallocation Request within 180-days of the receipt of such Reallocation Request, at the direction of the Administrator,
the Indenture Trustee shall deliver a notice to the related Noteholder or Note Owner indicating that the Reallocation Request is
unresolved.


 


Section
11.6     Effect of Headings and Table of Contents. The Article and Section headings herein and the
Table of Contents are for convenience only and shall not affect the construction hereof.


 




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Section
11.7      Successors and Assigns. All covenants and agreements in this Indenture and the Notes
by the Issuing Entity shall bind its successors and assigns, whether so expressed or not. All agreements of the Indenture Trustee
in this Indenture shall bind its successors.


 


Section
11.8     Severability. In case any provision in this Indenture or in the Notes shall be
invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way
be affected or impaired thereby.


 


Section
11.9     Benefits of Indenture. Nothing in this Indenture or in the Notes, expressed or implied, shall
give to any Person, other than the parties hereto and their successors hereunder, the Noteholders (and, with respect to Sections
8.3 and 8.4, the Certificateholders), any other party secured hereunder and any other Person with an ownership interest
in any part of the Trust Estate, any benefit or any legal or equitable right, remedy or claim under this Indenture.


 


Section
11.10   Legal Holidays. In any case where the date on which any payment is due shall not be a Business
Day, then (notwithstanding any other provision of the Notes or this Indenture) payment need not be made on such date, but may
be made on the next succeeding Business Day with the same force and effect as if made on the date on which nominally due, and
no interest shall accrue for the period from and after any such nominal date.


 


Section
11.11  Governing Law. THIS INDENTURE 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 AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH
LAWS.


 


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


 


Section
11.13   Recording of Indenture. If this Indenture is subject
to recording in any appropriate public recording offices, such recording is to be effected by the Issuing Entity accompanied by
an Opinion of Counsel reasonably acceptable to the Indenture Trustee) to the effect that such recording is necessary either for
the protection of the Noteholders or any other Person secured hereunder or for the enforcement of any right or remedy granted
to the Indenture Trustee under this Indenture.


 


Section
11.14   Trust Obligation; No Recourse. Each Noteholder or Note Owner, by acceptance of a Note, or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that no recourse may be taken, directly or indirectly,
with respect to the obligations of the Issuing Entity, the Owner Trustee or the Indenture Trustee on the Notes or under this Indenture
or any certificate or other writing delivered in connection herewith or therewith, against (i) the Indenture Trustee, the Administrative
Agent or the Owner Trustee in their respective individual capacities, (ii) any Certificateholder or any other owner of a beneficial


 




    	 	59	 



     


    

 


interest in the Issuing Entity, (iii) the Servicer,
the Administrator or the Titling Trust or (iv) any partner, owner, beneficiary, agent, officer, director, employee, successor or
assign of any Person described in clauses (i), (ii) and (iii) above, except as any such Person may have expressly agreed (it being
understood that the Indenture Trustee, the Administrative Agent and the Owner Trustee have no such obligations in their individual
capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law,
for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity.


 


Section
11.15    No Petition. With respect to each Bankruptcy Remote Party, each of the Indenture Trustee, by entering
into this Indenture, and each Noteholder and Note Owner, by accepting a Note or, in the case of a Note Owner, a beneficial interest
in a Note, hereby covenants and agrees that prior to the date which is one year and one day after payment in full of all obligations
under each Financing (i) no party hereto shall authorize such Bankruptcy Remote Party to commence a voluntary winding-up or other
voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote
Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in any jurisdiction or seeking
the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such
Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief or to the appointment of or taking
possession by any such official in an involuntary case or other proceeding commenced against such Bankruptcy Remote Party, or
to make a general assignment for the benefit of any party hereto or any other creditor of such Bankruptcy Remote Party, and (ii)
none of the parties hereto shall 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.


 




    	 	60	 



     


    

 


Section
11.16   Limitation of Liability of Owner Trustee. It is expressly
understood and agreed by the parties hereto that (a) this Agreement is executed and delivered by U.S. Bank Trust National Association,
not individually or personally but solely as Owner Trustee of the Issuing Entity, in the exercise of the powers and authority conferred
and vested in it, (b) each of the representations, undertakings and agreements herein made on the part of the Issuing Entity is
made and intended not as personal representations, undertakings and agreements by U.S. Bank Trust National Association but is made
and intended for the purpose of binding only the Issuing Entity, (c) nothing herein contained shall be construed as creating any
liability on U.S. Bank Trust National Association, individually or personally, to perform any covenant either expressed or implied
contained herein of the Issuing Entity, 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) U.S. Bank Trust National Association has not verified and made no investigation
as to the accuracy or completeness of any representations and warranties made by the Issuing Entity in this Agreement and (e) under
no circumstances shall U.S. Bank Trust National Association be personally liable for the payment of any indebtedness or expenses
of the Issuing Entity or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken
by the Issuing Entity under this Agreement or any other related documents.


 


Section
11.17   TIA Incorporation and Conflicts. The provisions of TIA
Sections 310 through 317 that impose duties on any Person (including the provisions automatically deemed included herein unless
expressly excluded by this Indenture) are a part of and govern this Indenture, whether or not physically contained herein. If any
provision hereof limits, qualifies or conflicts with another provision hereof that is required to be included in this Indenture
by any of the provisions of the TIA, such required provision shall control.


 


Section
11.18    Intent.


 


(a)           It
is the intent of the Issuing Entity that the Notes constitute indebtedness for all financial accounting purposes and the Issuing
Entity agrees and each purchaser of a Note (by virtue of the acquisition of such Note or an interest therein) shall be deemed to
have agreed, to treat the Notes as indebtedness for all financial accounting purposes.


 


(b)           It
is the intent of the Issuing Entity that the Notes constitute indebtedness of the Issuing Entity for all tax purposes and the Issuing
Entity agrees and each purchaser of a Note (by virtue of the acquisition of such Note or an interest therein) shall be deemed to
have agreed to treat the Notes as indebtedness for all tax purposes.


 


Section
11.19   Each Exchange Note Separate; Assignees of the Exchange Note.
Each of the Indenture Trustee, by entering into this Indenture, and each Noteholder or Note Owner, by accepting a Note, or, in
the case of a Note Owner, a beneficial interest in a Note, hereby covenants and agrees that (a) the Closed-End Collateral Specified
Interest is a separate series of the Titling Trust as provided in Section 3806(b)(2) of Chapter 38 of Title 12 of the Delaware
Code, 12 Del. Code Section 3801 et seq., (b) the debts, liabilities, obligations and expenses incurred, contracted for or otherwise
existing with respect to (i) the Exchange Note or the related 2018-A Reference Pool shall be enforceable against such Reference
Pool only and not against any Other Reference Pool or the Warehouse Facility Pool or


 




    	 	61	 



     


    

 


any Unencumbered Reference Pool and (ii) any
Other Exchange Note, any Other Reference Pool, the Warehouse Facility Pool or any Unencumbered Reference Pool shall be enforceable
against such Other Exchange Note, Other Reference Pools, the Warehouse Facility Pool or Unencumbered Reference Pool only, as applicable,
and not against the Exchange Note or any Closed-End Units included in the 2018-A Reference Pool, (c) except to the extent required
by law, the Closed-End Units included in the Warehouse Facility Pool, Closed-End Units included in any Unencumbered Reference Pool
or Closed-End Units included in any Other Reference Pool with respect to any Other Exchange Note (other than the Exchange Note
transferred hereunder which is related to the 2018-A Reference Pool) shall not be subject to the claims, debts, liabilities, expenses
or obligations arising from or with respect to the Exchange Note in respect of such claim, (d) no creditor or holder of a claim
relating to (i) the Exchange Note or the related 2018-A Reference Pool shall be entitled to maintain any action against or recover
any assets allocated to any Other Reference Pool, the Warehouse Facility Pool, any Unencumbered Reference Pool or any Other Exchange
Note or the assets allocated thereto, and (ii) any Other Reference Pool, the Warehouse Facility Pool, any Unencumbered Reference
Pool or any Other Exchange Note other than the Exchange Note related to the 2018-A Reference Pool shall be entitled to maintain
any action against or recover any assets allocated to the 2018-A Reference Pool, and (e) any purchaser, assignee or pledgee of
an interest in the 2018-A Reference Pool or, the Exchange Note, must, prior to or contemporaneously with the grant of any such
assignment, pledge or security interest, (i) give to the Titling Trust a non-petition covenant substantially similar to that set
forth in Section 11.10 of the Titling Trust Agreement, and (ii) execute an agreement for the benefit of each holder, assignee or
pledgee from time to time of any Other Exchange Note to release all claims to the assets of the Titling Trust allocated to the
Warehouse Facility Pool, any Unencumbered Reference Pool and each Other Reference Pool and, in the event that such release is not
given effect, to fully subordinate all claims it may be deemed to have against the assets of the Titling Trust allocated to the
Warehouse Facility Pool, any Unencumbered Reference Pool and each Other Reference Pool. Pursuant to Section 3.1(a) of the Intercreditor
Agreement, on the date hereof, each party hereto shall enter into a Joinder Agreement to the Intercreditor Agreement as a new Interest
Holder, and shall deliver an executed copy of such Joinder Agreement to each party to the Intercreditor Agreement.


 


Section
11.20   Submission to Jurisdiction; Waiver of Jury Trial. Each
of the parties hereto hereby irrevocably and unconditionally:


 


(a)          submits
for itself and its property in any legal action or proceeding relating to this Indenture or any documents executed and delivered
in connection herewith, or for recognition and enforcement of any judgment in respect thereof, to the nonexclusive general jurisdiction
of the courts of the State of New York, the courts of the United States of America for the Southern District of New York and appellate
courts from any thereof;


 


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


 


(c)          agrees
that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail
(or any substantially similar


 




    	 	62	 



     


    

 


form of mail), postage prepaid, to such Person
at its address determined in accordance with Section 11.4 of this Indenture;


 


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


 


(e)          to
the extent permitted by applicable law, 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 Indenture, any other Transaction Document, or any matter arising hereunder or
thereunder.


 


Section
11.21   Subordination of Claims. Each Noteholder or Note Owner,
by accepting a Note, or, in the case of a Note Owner, a beneficial interest in a Note, hereby covenants and agrees that, to the
extent such Person is deemed to have any interest in any assets of the Depositor, or a securitization vehicle (other than the Issuing
Entity) related to the Depositor, dedicated to other debt obligations of the Depositor or debt obligations of any other securitization
vehicle (other than the Issuing Entity) related to the Depositor, such Person's interest in those assets is subordinate to claims
or rights of such other debtholders to those other assets. Furthermore, each Noteholder or Note Owner, by accepting a Note, or,
in the case of a Note Owner, a beneficial interest in a Note, hereby covenants and agrees that such agreement constitutes a subordination
agreement for purposes of Section 510(a) of the Bankruptcy Code.


 


Section
11.22   Information Requests. The parties hereto shall provide
any information reasonably requested by the Servicer, the Issuing Entity, the Depositor or any of their Affiliates, at the expense
of the Servicer, the Issuing Entity, the Depositor or any of their Affiliates, as applicable, in order to comply with or obtain
more favorable treatment under any current or future law, rule, regulation, accounting rule or principle.


 


Section
11.23   Regulation AB Information To Be Provided By The Indenture Trustee.
For so long as the Issuing Entity is required to report under the Exchange Act, the Indenture Trustee shall (i) on or before the
fifth Business Day of each month, provide to the Depositor, in writing, such information regarding the Indenture Trustee as is
requested by the Depositor (if any) for the purpose of compliance with Item 1117 of Regulation AB; provided, however,
that the Indenture Trustee shall not be required to provide such information in the event that there has been no change to the
information previously provided by the Indenture Trustee to Depositor, and (ii) as promptly as practicable following notice to
or discovery by a Responsible Officer of the Indenture Trustee of any changes to such information, provide to the Depositor, in
writing, such updated information.


 


(b)          As
soon as available but no later than March 1 of each calendar year for so long as the Issuing Entity is required to report under
the Exchange Act, commencing in 2019, the Indenture Trustee shall:


 


(i)          deliver
to the Depositor a report regarding the Indenture Trustee's assessment of compliance with the Servicing Criteria specified in Exhibit
C during the immediately preceding calendar year, as required under paragraph (b) of Rule 13a-18, Rule 15d-18 of the Exchange
Act and Item 1122 of Regulation AB. Such report shall be signed by an authorized officer of the Indenture Trustee, and shall address
each of the


 




    	 	63	 



     


    

 


Servicing Criteria specified in Exhibit
C or such criteria as mutually agreed upon by the Depositor and the Indenture Trustee and include disclosure of any material
instance of non-compliance identified by the Indenture Trustee (provided, that to the extent the Indenture Trustee identifies any
material instance of non-compliance, the Indenture Trustee shall disclose to the Depositor whether such material instance of non-compliance
relates to the Transaction Units or the Notes and whether and to what extent the Indenture Trustee has instituted steps to remediate
such material instance of non-compliance);


 


(ii)         deliver
to the Depositor a report of a registered public accounting firm that attests to, and reports on, the assessment of compliance
made by the Indenture Trustee and delivered pursuant to the preceding paragraph. Such attestation shall be in accordance with Rules
1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the Exchange Act; and


 


(iii)        deliver
to the Depositor and any other Person that will be responsible for signing the certification (a "Sarbanes Certification")
required by Rules 13a-14(d) and 15d-14(d) under the Exchange Act (pursuant to Section 302 of the Sarbanes-Oxley Act of 2002) on
behalf of the Issuing Entity or the Depositor substantially in the form attached hereto as Exhibit D or such form as mutually
agreed upon by the Depositor and the Indenture Trustee.


 


The Indenture Trustee acknowledges
that the parties identified in clause (iii) above may rely on the certification provided by the Indenture Trustee pursuant to such
clause in signing a Sarbanes Certification and filing such with the Commission.


 


[Signature Page to Follow]


 




    	 	64	 



     


    

 


IN WITNESS WHEREOF, the
Issuing Entity and the Indenture Trustee have caused this Indenture to be duly executed by their respective officers, thereunto
duly authorized, all as of the day and year first above written.


 


	 	WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST 2018-A, AS ISSUING ENTITY
	 	 	 
	 	By:	U.S. Bank Trust National Association, not in its individual capacity but solely as Owner Trustee


 


	 	By:	/s/ Edwin Janis
	 	 	 
	 	Name:	Edwin Janis
	 	 	 
	 	Title:	Vice President


 


	 	MUFG UNION BANK, N.A.,
	 	as Indenture Trustee


 


	 	By:	/s/ Rafael E. Miranda
	 	 	 
	 	Name:	 Rafael E. Miranda
	 	 	 
	 	Title:	Vice President


 




    	 	S-1	 



     


    

 


SCHEDULE I 


 


PERFECTION REPRESENTATIONS, WARRANTIES AND
COVENANTS 


 


In addition to the representations,
warranties and covenants contained in this Indenture, the Issuing Entity hereby represents, warrants, and covenants to the Indenture
Trustee as follows on the Closing Date:


 


1.           The
Indenture creates a valid and continuing security interest (as defined in the applicable UCC) in the Collateral in favor of the
Indenture Trustee, which security interest is prior to all other Adverse Claims and is enforceable as such as against creditors
of and purchasers from the Issuing Entity.


 


2.           The
Exchange Note constitutes a "general intangible," "instrument," "certificated security," or "tangible
chattel paper," within the meaning of the applicable UCC. The Accounts and all subaccounts thereof, constitute either deposit
accounts or securities accounts.


 


3.           All
of the Collateral that constitutes securities entitlements has been or will have been credited to one of the Accounts. The securities
intermediary for each Account has agreed to treat all assets credited to the Accounts as "financial assets" within the
meaning of the applicable UCC.


 


4.           The
Issuing Entity owns and has good and marketable title to the Collateral free and clear of any Adverse Claims, claim or encumbrance
of any Person, excepting only liens for taxes, assessments or similar governmental charges or levies incurred in the ordinary course
of business that are not yet due and payable or as to which any applicable grace period shall not have expired, or that are being
contested in good faith by proper proceedings and for which adequate reserves have been established, but only so long as foreclosure
with respect to such a lien is not imminent and the use and value of the property to which the Adverse Claim attaches is not impaired
during the pendency of such proceeding.


 


5.           The
Issuing Entity has received all consents and approvals to the grant of the security interest in the Collateral hereunder to the
Indenture Trustee required by the terms of the Collateral that constitutes instruments or payment intangibles.


 


6.           The
Issuing Entity has received all consents and approvals required by the terms of the Collateral that constitutes securities entitlements,
certificated securities or uncertificated securities to the transfer to the Indenture Trustee of its interest and rights in the
Collateral hereunder.


 


7.           The
Issuing Entity has caused or will have caused, within ten days after the effective date of the Indenture, the filing of all appropriate
financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the
security interest in the Collateral granted to the Indenture Trustee hereunder.


 




    	 	Sch. I-1	 



     


    

 


8.           With
respect to Collateral that constitutes an instrument or tangible chattel paper, either:


 


(i)          All
original executed copies of each such instrument or tangible chattel paper have been delivered to the Indenture Trustee; or


 


(ii)         Such
instruments or tangible chattel paper are in the possession of a custodian and the Indenture Trustee has received a written acknowledgment
from such custodian that such custodian is holding such instruments or tangible chattel paper solely on behalf and for the benefit
of the Indenture Trustee; or


 


(iii)        A
custodian received possession of such instruments or tangible chattel paper after the Indenture Trustee received a written acknowledgment
from such custodian that such custodian is acting solely as agent of the Indenture Trustee.


 


9.           With
respect to the Accounts and all subaccounts thereof that constitute deposit accounts, either:


 


(i)          The
Issuing Entity has delivered to the Indenture Trustee a fully executed agreement pursuant to which the bank maintaining the deposit
accounts has agreed to comply with all instructions originated by the Indenture Trustee directing disposition of the funds in the
Accounts without further consent by the Issuing Entity; or


 


(ii)         The
Issuing Entity has taken all steps necessary to cause the Indenture Trustee to become the account holder of the Accounts.


 


10.         With
respect to Collateral that constitute securities accounts or securities entitlements, either:


 


(i)          The
Issuing Entity has caused or will have caused, within ten days after the effective date of the Indenture, the filing of all appropriate
financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the
security interest granted in the Collateral to the Indenture Trustee; or


 


(ii)         The
Issuing Entity has delivered to the Indenture Trustee a fully executed agreement pursuant to which the securities intermediary
has agreed to comply with all instructions originated by the Indenture Trustee relating to the Accounts without further consent
by the Issuing Entity; or


 


(iii)        The
Issuing Entity has taken all steps necessary to cause the securities intermediary to identify in its records the Indenture Trustee
as the person having a security entitlement against the securities intermediary in the Accounts.


 


11.         With
respect to Collateral that constitutes certificated securities (other than securities entitlements), all original executed copies
of each security certificate that constitutes or evidences the Collateral have been delivered to the Indenture Trustee, and each
such security certificate either (i) is in bearer form, (ii) has been indorsed by an effective indorsement to the Indenture Trustee
or in blank, or (iii) has been registered in the name of the Indenture Trustee.


 




    	 	Sch. I-2	 



     


    

 


Other than the transfer of the Exchange Note
from ALF LLC to the Depositor under the Exchange Note Sale Agreement, the transfer of the Exchange Note from the Depositor to the
Issuing Entity under the Exchange Note Transfer Agreement and the security interest in the Collateral granted to the Indenture
Trustee pursuant to the Indenture, none of ALF LLC, the Depositor or the Issuing Entity has pledged, assigned, sold, granted a
security interest in, or otherwise conveyed any of the Collateral or the Accounts or any subaccounts thereof. The Issuing Entity
has not authorized the filing of, and is not aware of, any financing statements against the Issuing Entity that include a description
of collateral covering the Collateral or the Accounts or any subaccount thereof other than any financing statement relating to
the security interest granted to the Indenture Trustee hereunder or that has been terminated.


 


12.         None
of the instruments, certificated securities or tangible chattel paper that constitute or evidence the Collateral has any marks
or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Indenture Trustee.


 


13.         Neither
the Accounts nor any subaccounts thereof are in the name of any person other than the Issuing Entity or the Indenture Trustee.
The Issuing Entity has not consented to the securities intermediary of any Account to comply with entitlement orders of any person
other than the Indenture Trustee.


 




    	 	Sch. I-3	 



     


    

 


EXHIBIT A1 


 


FORM OF CLASS A NOTE


 


	REGISTERED	$___________________
	No. R-_______	CUSIP NO. __________
	 	ISIN NO. ___________


 


SEE REVERSE FOR CERTAIN DEFINITIONS


 


UNLESS THIS NOTE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUING
ENTITY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO.
OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.


 


THE PRINCIPAL OF THIS NOTE
IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT
SHOWN ON THE FACE HEREOF.


 


TRANSFERS OF THE NOTES
MUST GENERALLY BE ACCOMPANIED BY APPROPRIATE TAX TRANSFER DOCUMENTATION AND ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE INDENTURE.


 


THE HOLDER, BY ACCEPTANCE
OF THIS NOTE, SHALL BE DEEMED TO HAVE AGREED TO TREAT THE NOTES AS DEBT SOLELY OF THE ISSUING ENTITY FOR UNITED STATES FEDERAL,
STATE AND LOCAL INCOME, FRANCHISE AND ANY OTHER TAXES IMPOSED UPON, MEASURED BY OR BASED UPON GROSS OR NET INCOME.


 


BY ACQUIRING A NOTE, EACH
PURCHASER AND TRANSFEREE OF A BENEFICIAL INTEREST IN SUCH NOTE WILL BE DEEMED TO REPRESENT THAT EITHER (1) IT IS NOT ACQUIRING
THE NOTES WITH THE ASSETS OF (I) AN "EMPLOYEE BENEFIT PLAN" AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED ("ERISA") THAT IS SUBJECT TO TITLE I OF ERISA, (II) A "PLAN" DESCRIBED IN
SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE") THAT IS SUBJECT TO SECTION 4975 OF THE
CODE, (III) ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE "PLAN ASSETS" BY REASON OF A PLAN’S INVESTMENT IN THE ENTITY
OR (IV) ANY PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS SUBSTANTIALLY SIMILAR TO THE FOREGOING PROVISIONS OF
ERISA OR SECTION 4975 OF THE CODE ("SIMILAR LAW") OR (2) (A) THE


 




    	 	Ex. A1-1	 



     


    

 


ACQUISITION AND HOLDING OF THE CLASS [A-1][A-2][A-3][A-4]
NOTES WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION
OF SIMILAR LAW, AND (B) CERTAIN OTHER REQUIREMENTS, AS SET FORTH IN SECTION 2.4 OF THE INDENTURE, ARE SATISFIED, IF APPLICABLE.


 


WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST
2018-A


 


[_____]% Class [A-1] [A-2] [A-3] [A-4] Asset
Backed Notes, Series 2018-A


 


WORLD OMNI AUTOMOBILE LEASE
SECURITIZATION TRUST 2018-A, a Delaware statutory trust (including any permitted successors and assigns, the "Issuing Entity"),
for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of _____________________
Dollars ($_____) in monthly installments on the 15th of each month, or if such day is not a Business Day, on the immediately succeeding
Business Day, commencing on April 16, 2018 (each, a "Payment Date") until the principal of this Note is paid or
made available for payment, and to pay interest on each Payment Date on the Class [A-1] [A-2] [A-3] [A-4] Note Balance as of the
preceding Payment Date (after giving effect to all payments of principal made on the preceding Payment Date), or as of the Closing
Date in the case of the first Payment Date or if no interest has yet been paid, at the rate per annum shown above (the "Interest
Rate"), in each case as and to the extent described below; provided, however, that the entire Class [A-1] [A-2] [A-3]
[A-4] Note Balance shall be due and payable on the earlier of [March 15, 2019]1 [November 16, 2020]2 [July
15, 2021]3 [May 15, 2023]4 (the "Final Scheduled Payment Date") and the Redemption Date,
if any, pursuant to Section 10.1 of the Indenture. Interest on this Note will accrue for each Payment Date from and including
the preceding Payment Date (or, in the case of the initial Payment Date or if no interest has yet been paid, from and including
the Closing Date) to but excluding such Payment Date. Interest will be computed on the basis of [actual days elapsed and a 360-day
year]5 [a 360-day year of twelve 30-day months]6. The Issuing Entity shall pay interest on overdue installments
of interest at the Interest Rate to the extent lawful. Such principal of and interest on this Note shall be paid in the manner
specified on the reverse hereof.


 


The principal of and interest
on this Note are payable in such coin or currency of the United States as at the time of payment is legal tender for payment of
public and private debts.


 





 






		1	Insert for the Class A-1 Notes.



 


		2	Insert for the Class A-2 Notes.



 


		3	Insert for the Class A-3 Notes.



 


		4	Insert for the Class A-4 Notes.



 


		5	Insert for the Class A-1 Notes.



 


		6	Insert for the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes.



 




    	 	Ex. A1-2	 



     


    

 


All payments made by the
Issuing Entity with respect to this Note shall be applied first to interest due and payable on this Note as provided above and
then to the unpaid principal of this Note.


 


Reference is made to the
further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on
the face of this Note.


 


Unless the certificate
of authentication hereon has been executed by the Indenture Trustee the name of which appears below by manual signature, this Note
shall not be entitled to any benefit under the Indenture referred to on the reverse hereof or be valid or obligatory for any purpose.


 




    	 	Ex. A1-3	 



     


    

 


IN WITNESS WHEREOF, the
Issuing Entity has caused this instrument to be signed, manually or by facsimile, by its Authorized Officer as of the date set
forth below.


 


Dated: ____________, 2018


 


	 	WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST 2018-A
	 	 	 
	 	By:	U.S. BANK TRUST NATIONAL ASSOCIATION, not in its individual capacity but solely
	 	 	as Owner Trustee


 


	 	By:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 


 




    	 	Ex. A1-4	 



     


    

 


INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION



 


This is one of the Notes
designated above and referred to in the within-mentioned Indenture.


 


Dated: ____________, 2018


 


	 	MUFG UNION BANK, N.A.,
	 	as Indenture Trustee


 


	 	By:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 


 




    	 	Ex. A1-5	 



     


    

 


REVERSE OF NOTE


 


This Note is one of a duly
authorized issue of Notes of the Issuing Entity, designated as its "[_____]% Class [A-1] [A-2] [A-3] [A-4] Asset Backed Notes,
Series 2018-A" (herein called the "Notes") issued under an Indenture, dated as of March 14, 2018 (such indenture,
as supplemented or amended, is herein called the "Indenture"), between the Issuing Entity and MUFG Union Bank,
N.A., as trustee (the "Indenture Trustee", which term includes any successor Indenture Trustee under the Indenture),
to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuing Entity, the Indenture Trustee and the Noteholders. The Notes are subject to all terms of
the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented or amended, shall have the meanings
assigned to them in or pursuant to the Indenture, as so supplemented or amended.


 


The Class A-1 Notes, the
Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes are and will be equally and ratably secured by the Collateral pledged
as security therefor as provided in the Indenture. However, to the extent provided in the Indenture and prior to an acceleration
of the principal amount of the Notes after an Event of Default, each Class will receive principal payments sequentially so no principal
payments shall be made in respect of the Class A-2 Notes until the Class A-1 Notes have been paid in full, and no principal payments
shall be made in respect of the Class A-3 Notes until the Class A-2 Notes have been paid in full, and no principal payments shall
be made in respect of the Class A-4 Notes until the Class A-3 Notes have been paid in full. All covenants and agreements made by
the Issuing Entity in the Indenture are for the benefit of the Holders of the Notes.


 


Principal payable on the
Notes will be paid on each Payment Date in the amount specified in the Indenture. As described above, the entire unpaid principal
amount of this Note will be payable on the earlier of the Final Scheduled Payment and the Redemption Date, if any, selected pursuant
to the Indenture. Notwithstanding the foregoing, under certain circumstances, the entire unpaid principal amount of the Notes shall
be due and payable following the occurrence and continuance of an Event of Default, as described in the Indenture. In such an event,
principal payments on the Class A-1 Notes shall be made first and principal payments on the remaining Classes of Notes shall be
made pro rata to the Noteholders entitled thereto.


 


Payments of principal and
interest on this Note due and payable on each Payment Date or Redemption Date shall be made by check mailed to the Person whose
name appears as the Registered Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business
on the related Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of The Depository
Trust Company (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available
funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such
Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation
of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) affected by any payments
made on any Payment Date or Redemption Date shall be binding upon all future holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to
be


 




    	 	Ex. A1-6	 



     


    

 


available, as provided in the Indenture, for
payment in full of the remaining unpaid principal amount of this Note on a Payment Date or Redemption Date, then the Indenture
Trustee, in the name of and on behalf of the Issuing Entity, will notify the Person who was the Registered Holder hereof as of
the Record Date preceding such Payment Date or Redemption Date by notice mailed within five days of such Payment Date or Redemption
Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Corporate Trust
Office of the Indenture Trustee or at the office of the Indenture Trustee's agent appointed for such purposes located in The City
of New York.


 


As provided in the Indenture
and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender
of this Note for registration of transfer at the office or agency designated by the Issuing Entity pursuant to the Indenture. No
service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to
pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration
of transfer or exchange.


 


Each Noteholder or Note
Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that no recourse
may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity, the Owner Trustee or the Indenture
Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith against (i) the
Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuing Entity
or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the Owner Trustee in
its individual capacity, any holder of a beneficial interest in the Issuing Entity, the Owner Trustee or the Indenture Trustee
or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person
may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided
by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call
owing to such entity.


 


Each Noteholder or Note
Owner, by accepting a Note, or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that, to the
extent such Person is deemed to have any interest in any assets of the Depositor, or a securitization vehicle (other than the Issuing
Entity) related to the Depositor, dedicated to other debt obligations of the Depositor or debt obligations of any other securitization
vehicle (other than the Issuing Entity) related to the Depositor, such Person's interest in those assets is subordinate to claims
or rights of such other debtholders to those other assets. Furthermore, each Noteholder or Note Owner, by accepting a Note, or,
in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that such agreement constitutes a subordination
agreement for purposes of Section 510(a) of the Bankruptcy Code.


 


It is the intent of the
Issuing Entity that the Notes constitute indebtedness for all financial accounting and tax purposes and the Issuing Entity agrees
and each purchaser of a Note (by virtue of the acquisition of such Note or an interest therein) shall be deemed to have agreed,
to treat the Notes as indebtedness for all financial accounting and tax purposes.


 




    	 	Ex. A1-7	 



     


    

 


The Notes represent obligations
of the Issuing Entity only and do not represent interests in, recourse to or obligations of the Depositor, the Servicer, ALF LLC,
or any of their respective Affiliates.


 


Each Noteholder or Note
Owner, by its acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, agrees to provide to
the Person from whom it receives payments on the Notes (including the Paying Agent) on behalf of the Issuing Entity, (1) any applicable
IRS Form W-9, W-8BEN, W-8BEN-E, W-8ECI or W-8IMY (with any applicable attachments) and (2) any documentation that is required under
FATCA to enable the Issuing Entity, the Indenture Trustee and any other agent of the Issuing Entity to determine their duties and
liabilities with respect to any taxes they may be required to withhold in respect of such Note or the Noteholder of such Note or,
in the case of the Note Owner, a beneficial interest therein, in each case, prior to the first Payment Date after such Noteholder’s
acquisition of Notes and at such time or times required by law or that the Indenture Trustee on behalf of the Issuing Entity or
their respective agents may reasonably request, and shall update or replace such IRS form or documentation in accordance with its
terms or its subsequent amendments. Each Noteholder or Note Owner will provide the applicable replacement IRS form or documentation
every three (3) years (or sooner if there is a transfer to a new Noteholder or Note Owner or if required by applicable law). In
each case above, the applicable IRS form or documentation shall be properly completed and signed under penalty of perjury. The
Indenture Trustee has the right to withhold any amounts of interest (properly withholdable under law and without any corresponding
gross-up) payable to a Noteholder or holder of an interest in a Note that fails to comply with the requirements of the preceding
sentence.


 


With respect to each Bankruptcy
Remote Party, each Noteholder or Note Owner, by acceptance of a Note, or, in the case of a Note Owner, a beneficial interest in
a Note, hereby covenants and agrees that prior to the date which is one year and one day after payment in full of all obligations
under each Financing (i) such Noteholder or Note Owner shall not authorize such Bankruptcy Remote Party to commence a voluntary
winding-up or other voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to such
Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in any jurisdiction
or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect
to such Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief or to the appointment
of or taking possession by any such official in an involuntary case or other proceeding commenced against such Bankruptcy Remote
Party, or to make a general assignment for the benefit of any party hereto or any other creditor of such Bankruptcy Remote Party,
and (ii) such Noteholder or Note Owner 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. Each Noteholder or Note Owner agrees that, prior to the date which is one year and one day after the payment
in full of all obligations under each Financing, it will not institute against, or join any other Person in instituting against,
any Bankruptcy Remote Party an action in bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or similar
proceeding under the laws of the United States or any State of the United States.


 




    	 	Ex. A1-8	 



     


    

 


Prior to the due presentment
for registration of transfer of this Note, the Owner Trustee, the Indenture Trustee and any agent of the Owner Trustee or the Indenture
Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified
in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Owner
Trustee, the Indenture Trustee nor any such agent shall be affected by notice to the contrary.


 


The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuing
Entity and the rights of the Noteholders under the Indenture at any time by the Issuing Entity with the consent of Noteholders
representing not less than a majority of the Outstanding Note Amount. The Indenture also contains provisions permitting Noteholders
representing specified percentages of the Outstanding Note Amount, on behalf of all Noteholders, to waive compliance by the Issuing
Entity with certain provisions of the Indenture and certain past Events of Default and their consequences. Any such consent or
waiver by the Noteholder of this Note (or any one or more Predecessor Notes) shall be conclusive and binding upon such Noteholder
and upon all future Noteholders of this Note and of any note issued upon the registration of transfer hereof or in exchange hereof
or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Issuing
Entity and the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent
of the Noteholders.


 


The Notes are issuable
only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.


 


THIS NOTE 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 AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES SHALL BE DETERMINED IN ACCORDANCE WITH SUCH
LAWS.


 


Each Noteholder or Note
Owner, by accepting a Note, or, in the case of a Note Owner, a beneficial interest in a Note, hereby covenants and agrees that
(a) the Exchange Note is a separate series of the Titling Trust as provided in Section 3806(b)(2) of Chapter 38 of Title 12 of
the Delaware Code, 12 Del.Code Section 3801 et seq., (b)(i) the debts, liabilities, obligations and expenses incurred, contracted
for or otherwise existing with respect to the Exchange Note and the Reference Pool shall be enforceable against the Reference Pool
only, and not against any Other Exchange Note Assets or the Warehouse Facility Pool and (ii) the debts, liabilities, obligations
and expenses incurred, contracted for or otherwise existing with respect to any Other Exchange Notes, any Other Reference Pool
or the Warehouse Facility Pool shall be enforceable against such Other Reference Pool or the Warehouse Facility Pool only, as applicable,
and not against the Exchange Note or the Reference Pool, (c) except to the extent required by law, the Warehouse Facility Assets
or the Other Exchange Notes Assets shall not be subject to the claims, debts, liabilities, expenses or obligations arising from
or with respect to the Exchange Note in respect of such claim, (d)(i) no creditor or holder of a claim relating to the Exchange
Note or the Reference Pool shall be entitled to maintain any action against or recover any assets allocated to the Warehouse Facility
Pool or any Other Exchange Notes or the assets allocated thereto, and (ii)


 




    	 	Ex. A1-9	 



     


    

 


no creditor or holder of a claim relating to
the Warehouse Facility, the Warehouse Facility Pool or any Other Exchange Note or any Other Exchange Note Assets shall be entitled
to maintain any action against or recover any assets allocated to the Exchange Note, and (e) any purchaser, assignee or pledgee
of an interest in the Exchange Note must, prior to or contemporaneously with the grant of any such assignment, pledge or security
interest, (i) give to the Titling Trust a non-petition covenant substantially similar to that set forth in Section 11.10 of the
Titling Trust Agreement, and (ii) execute an agreement for the benefit of each Lender from time to time of the Warehouse Facility
or each holder, assignee or pledge from time to time of any Other Exchange Note, to release all claims to the assets of the Titling
Trust allocated to the Warehouse Facility Portfolio and each Other Reference Pool and in the event that such release is not given
effect, to fully subordinate all claims it may be deemed to have against the assets of the Titling Trust allocated to the Warehouse
Facility Portfolio and each Other Reference Pool.


 


No reference herein to
the Indenture and no provision of this Note or the Indenture shall alter or impair the obligation of the Issuing Entity, which
is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate and in the coin or
currency herein prescribed.


 




    	 	Ex. A1-10	 



     


    

 


ASSIGNMENT 


 


Social Security or taxpayer I.D. or other identifying
number of assignee:


_______________


 


FOR VALUE RECEIVED, the
undersigned hereby sells, assigns and transfers unto _____________________________________________________________ (name and address
of assignee) the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints attorney, to transfer said
Note on the books kept for registration thereof, with full power of substitution in the premises.


 


Dated:1 Signature Guaranteed: __________________________


 





 






		1	The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within
Note in every particular, without alteration, enlargement or any change whatsoever.



 




    	 	Ex. A1-11	 



     


    

 


EXHIBIT A2 


 


FORM OF CLASS B NOTE


 


	REGISTERED	$39,794,000
	No. R-1	CUSIP NO. 98161Y AE4
	 	ISIN NO. US98161YAE41


 


SEE REVERSE FOR CERTAIN DEFINITIONS


 


UNLESS THIS NOTE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUING ENTITY
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO.
OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH
OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.


 


THE PRINCIPAL OF THIS NOTE
IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT
SHOWN ON THE FACE HEREOF.


 


TRANSFERS OF THE NOTES
MUST GENERALLY BE ACCOMPANIED BY APPROPRIATE TAX TRANSFER DOCUMENTATION AND ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE INDENTURE.


 


THE HOLDER, BY ACCEPTANCE
OF THIS NOTE, SHALL BE DEEMED TO HAVE AGREED TO TREAT THE NOTES AS DEBT SOLELY OF THE ISSUING ENTITY FOR UNITED STATES FEDERAL,
STATE AND LOCAL INCOME, FRANCHISE AND ANY OTHER TAXES IMPOSED UPON, MEASURED BY OR BASED UPON GROSS OR NET INCOME.


 


BY ACQUIRING A NOTE, EACH
PURCHASER AND TRANSFEREE OF A BENEFICIAL INTEREST IN SUCH NOTE WILL BE DEEMED TO REPRESENT THAT EITHER (1) IT IS NOT ACQUIRING
THE NOTES WITH THE ASSETS OF (I) AN "EMPLOYEE BENEFIT PLAN" AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED ("ERISA") THAT IS SUBJECT TO TITLE I OF ERISA, (II) A "PLAN" DESCRIBED IN
SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE") THAT IS SUBJECT TO SECTION 4975 OF THE
CODE, (III) ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE "PLAN ASSETS" BY REASON OF A PLAN’S INVESTMENT IN THE ENTITY
OR (IV) ANY PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS SUBSTANTIALLY SIMILAR TO THE FOREGOING PROVISIONS OF
ERISA OR SECTION 4975 OF THE CODE ("SIMILAR LAW") OR (2) (A) THE


 




    	 	Ex. A2-1	 



     


    

 


ACQUISITION AND HOLDING OF THE CLASS B NOTES
WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION
OF SIMILAR LAW, AND (B) CERTAIN OTHER REQUIREMENTS, AS SET FORTH IN SECTION 2.04 OF THE INDENTURE, ARE SATISFIED, IF APPLICABLE.


 


WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST
2018-A


 


3.06% Class B Asset Backed Notes, Series 2018-A


 


WORLD OMNI AUTOMOBILE LEASE
SECURITIZATION TRUST 2018-A, a Delaware statutory trust (including any permitted successors and assigns, the "Issuing Entity"),
for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of THIRTY-NINE MILLION SEVEN
HUNDRED NINETY-FOUR THOUSAND AND 00/100 DOLLARS ($39,794,000.00) in monthly installments on the 15th of each month, or if such
day is not a Business Day, on the immediately succeeding Business Day, commencing on April 16, 2018 (each, a "Payment Date")
until the principal of this Note is paid or made available for payment, and to pay interest on each Payment Date on the Class B
Note Balance as of the preceding Payment Date (after giving effect to all payments of principal made on the preceding Payment Date),
or as of the Closing Date in the case of the first Payment Date or if no interest has yet been paid, at the rate per annum shown
above (the "Interest Rate"), in each case as and to the extent described below; provided, however, that the entire
Class B Note Balance shall be due and payable on the earlier of May 15, 2023 (the "Final Scheduled Payment Date")
and the Redemption Date, if any, pursuant to Section 10.1 of the Indenture. Interest on this Note will accrue for each Payment
Date from and including the preceding Payment Date (or, in the case of the initial Payment Date or if no interest has yet been
paid, from and including the Closing Date) to but excluding such Payment Date. Interest will be computed on the basis of a 360-day
year of twelve 30-day months. The Issuing Entity shall pay interest on overdue installments of interest at the Interest Rate to
the extent lawful. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof.


 


The principal of and interest
on this Note are payable in such coin or currency of the United States as at the time of payment is legal tender for payment of
public and private debts. All payments made by the Issuing Entity with respect to this Note shall be applied first to interest
due and payable on this Note as provided above and then to the unpaid principal of this Note.


 


Reference is made to the
further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on
the face of this Note.


 


Unless the certificate
of authentication hereon has been executed by the Indenture Trustee the name of which appears below by manual signature, this Note
shall not be entitled to any benefit under the Indenture referred to on the reverse hereof or be valid or obligatory for any purpose.


 




    	 	Ex. A2-2	 



     


    

 


IN WITNESS WHEREOF, the
Issuing Entity has caused this instrument to be signed, manually or by facsimile, by its Authorized Officer as of the date set
forth below.


 


Dated: March 14, 2018


 


	 	WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST 2018-A
	 	 	 
	 	By:	U.S. BANK TRUST NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee


 


	 	By:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 


 




    	 	Ex. A2-3	 



     


    

 


INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION



 


This is one of the Notes
designated above and referred to in the within-mentioned Indenture.


 


Dated: March 14, 2018


 


	 	MUFG UNION BANK, N.A.,
	 	as Indenture Trustee


 


	 	By:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 


 




    	 	Ex. A2-4	 



     


    

 


REVERSE OF NOTE


 


This Note is one of a duly
authorized issue of Notes of the Issuing Entity, designated as its “3.06% Class B Asset Backed Notes, Series 2018-A"
(herein called the "Notes") issued under an Indenture, dated as of March 14, 2018 (such indenture, as supplemented
or amended, is herein called the "Indenture"), between the Issuing Entity and MUFG Union Bank, N.A., as trustee
(the "Indenture Trustee", which term includes any successor Indenture Trustee under the Indenture), to which Indenture
and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder
of the Issuing Entity, the Indenture Trustee and the Noteholders. The Notes are subject to all terms of the Indenture. All terms
used in this Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or
pursuant to the Indenture, as so supplemented or amended.


 


The Class B Notes are subordinate
to the Class A Notes issued pursuant to the Indenture to the extent provided in the Basic Documents. All covenants and agreements
made by the Issuing Entity in the Indenture are for the benefit of the Holders of the Notes.


 


Principal payable on the
Notes will be paid on each Payment Date in the amount specified in the Indenture. As described above, the entire unpaid principal
amount of this Note will be payable on the earlier of the Final Scheduled Payment and the Redemption Date, if any, selected pursuant
to the Indenture. Notwithstanding the foregoing, under certain circumstances, the entire unpaid principal amount of the Notes shall
be due and payable following the occurrence and continuance of an Event of Default, as described in the Indenture.


 


Payments of principal and
interest on this Note due and payable on each Payment Date or Redemption Date shall be made by check mailed to the Person whose
name appears as the Registered Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business
on the related Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of The Depository
Trust Company (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available
funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such
Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation
of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) affected by any payments
made on any Payment Date or Redemption Date shall be binding upon all future holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to
be available, as provided in the Indenture, for payment in full of the remaining unpaid principal amount of this Note on a Payment
Date or Redemption Date, then the Indenture Trustee, in the name of and on behalf of the Issuing Entity, will notify the Person
who was the Registered Holder hereof as of the Record Date preceding such Payment Date or Redemption Date by notice mailed within
five days of such Payment Date or Redemption Date and the amount then due and payable shall be payable only upon presentation and
surrender of this Note at the Corporate Trust Office of the Indenture Trustee or at the office of the Indenture Trustee's agent
appointed for such purposes located in The City of New York.


 




    	 	Ex. A2-5	 



     


    

 


As provided in the Indenture
and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender
of this Note for registration of transfer at the office or agency designated by the Issuing Entity pursuant to the Indenture. No
service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to
pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration
of transfer or exchange.


 


Each Noteholder or Note
Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that no recourse
may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity, the Owner Trustee or the Indenture
Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith against (i) the
Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuing Entity
or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the Owner Trustee in
its individual capacity, any holder of a beneficial interest in the Issuing Entity, the Owner Trustee or the Indenture Trustee
or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person
may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided
by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call
owing to such entity.


 


Each Noteholder or Note
Owner, by accepting a Note, or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that, to the
extent such Person is deemed to have any interest in any assets of the Depositor, or a securitization vehicle (other than the Issuing
Entity) related to the Depositor, dedicated to other debt obligations of the Depositor or debt obligations of any other securitization
vehicle (other than the Issuing Entity) related to the Depositor, such Person's interest in those assets is subordinate to claims
or rights of such other debtholders to those other assets. Furthermore, each Noteholder or Note Owner, by accepting a Note, or,
in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that such agreement constitutes a subordination
agreement for purposes of Section 510(a) of the Bankruptcy Code.


 


It is the intent of the
Issuing Entity that the Notes constitute indebtedness for all financial accounting and tax purposes and the Issuing Entity agrees
and each purchaser of a Note (by virtue of the acquisition of such Note or an interest therein) shall be deemed to have agreed,
to treat the Notes as indebtedness for all financial accounting and tax purposes (except the Class B Notes when held by the Depositor
or a person considered the issuer (or the same person as the issuer) for federal income tax purposes of such Class B Notes).


 


The Notes represent obligations
of the Issuing Entity only and do not represent interests in, recourse to or obligations of the Depositor, the Servicer, ALF LLC,
or any of their respective Affiliates.


 


Each Noteholder or Note
Owner, by its acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, agrees to provide to
the Person from whom it receives payments on the Notes (including the Paying Agent) on behalf of the Issuing Entity, (1) any


 




    	 	Ex. A2-6	 



     


    

 


applicable IRS Form W-9, W-8BEN, W-8BEN-E,
W-8ECI or W-8IMY (with any applicable attachments) and (2) any documentation that is required under FATCA to enable the Issuing
Entity, the Indenture Trustee and any other agent of the Issuing Entity to determine their duties and liabilities with respect
to any taxes they may be required to withhold in respect of such Note or the Noteholder of such Note or, in the case of the Note
Owner, a beneficial interest therein, in each case, prior to the first Payment Date after such Noteholder’s acquisition of
Notes and at such time or times required by law or that the Indenture Trustee on behalf of the Issuing Entity or their respective
agents may reasonably request, and shall update or replace such IRS form or documentation in accordance with its terms or its subsequent
amendments. Each Noteholder or Note Owner will provide the applicable replacement IRS form or documentation every three (3) years
(or sooner if there is a transfer to a new Noteholder or Note Owner or if required by applicable law). In each case above, the
applicable IRS form or documentation shall be properly completed and signed under penalty of perjury. The Indenture Trustee has
the right to withhold any amounts of interest (properly withholdable under law and without any corresponding gross-up) payable
to a Noteholder or holder of an interest in a Note that fails to comply with the requirements of the preceding sentence.


 


With respect to each Bankruptcy
Remote Party, each Noteholder or Note Owner, by acceptance of a Note, or, in the case of a Note Owner, a beneficial interest in
a Note, hereby covenants and agrees that prior to the date which is one year and one day after payment in full of all obligations
under each Financing (i) such Noteholder or Note Owner shall not authorize such Bankruptcy Remote Party to commence a voluntary
winding-up or other voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to such
Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in any jurisdiction
or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect
to such Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief or to the appointment
of or taking possession by any such official in an involuntary case or other proceeding commenced against such Bankruptcy Remote
Party, or to make a general assignment for the benefit of any party hereto or any other creditor of such Bankruptcy Remote Party,
and (ii) such Noteholder or Note Owner 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. Each Noteholder or Note Owner agrees that, prior to the date which is one year and one day after the payment
in full of all obligations under each Financing, it will not institute against, or join any other Person in instituting against,
any Bankruptcy Remote Party an action in bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or similar
proceeding under the laws of the United States or any State of the United States.


 


Prior to the due presentment
for registration of transfer of this Note, the Owner Trustee, the Indenture Trustee and any agent of the Owner Trustee or the Indenture
Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified
in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Owner
Trustee, the Indenture Trustee nor any such agent shall be affected by notice to the contrary.


 




    	 	Ex. A2-7	 



     


    

 


The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuing
Entity and the rights of the Noteholders under the Indenture at any time by the Issuing Entity with the consent of Noteholders
representing not less than a majority of the Outstanding Note Amount. The Indenture also contains provisions permitting Noteholders
representing specified percentages of the Outstanding Note Amount, on behalf of all Noteholders, to waive compliance by the Issuing
Entity with certain provisions of the Indenture and certain past Events of Default and their consequences. Any such consent or
waiver by the Noteholder of this Note (or any one or more Predecessor Notes) shall be conclusive and binding upon such Noteholder
and upon all future Noteholders of this Note and of any note issued upon the registration of transfer hereof or in exchange hereof
or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Issuing
Entity and the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent
of the Noteholders.


 


The Notes are issuable
only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.


 


THIS NOTE 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 AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES SHALL BE DETERMINED IN ACCORDANCE WITH SUCH
LAWS.


 


Each Noteholder or Note
Owner, by accepting a Note, or, in the case of a Note Owner, a beneficial interest in a Note, hereby covenants and agrees that
(a) the Exchange Note is a separate series of the Titling Trust as provided in Section 3806(b)(2) of Chapter 38 of Title 12 of
the Delaware Code, 12 Del.Code Section 3801 et seq., (b)(i) the debts, liabilities, obligations and expenses incurred, contracted
for or otherwise existing with respect to the Exchange Note and the Reference Pool shall be enforceable against the Reference Pool
only, and not against any Other Exchange Note Assets or the Warehouse Facility Pool and (ii) the debts, liabilities, obligations
and expenses incurred, contracted for or otherwise existing with respect to any Other Exchange Notes, any Other Reference Pool
or the Warehouse Facility Pool shall be enforceable against such Other Reference Pool or the Warehouse Facility Pool only, as applicable,
and not against the Exchange Note or the Reference Pool, (c) except to the extent required by law, the Warehouse Facility Assets
or the Other Exchange Notes Assets shall not be subject to the claims, debts, liabilities, expenses or obligations arising from
or with respect to the Exchange Note in respect of such claim, (d)(i) no creditor or holder of a claim relating to the Exchange
Note or the Reference Pool shall be entitled to maintain any action against or recover any assets allocated to the Warehouse Facility
Pool or any Other Exchange Notes or the assets allocated thereto, and (ii) no creditor or holder of a claim relating to the Warehouse
Facility, the Warehouse Facility Pool or any Other Exchange Note or any Other Exchange Note Assets shall be entitled to maintain
any action against or recover any assets allocated to the Exchange Note, and (e) any purchaser, assignee or pledgee of an interest
in the Exchange Note must, prior to or contemporaneously with the grant of any such assignment, pledge or security interest, (i)
give to the Titling Trust a non-petition covenant substantially similar to that set forth in Section 11.10 of the Titling Trust
Agreement, and (ii) execute an agreement for the benefit of each Lender from time to time of the


 




    	 	Ex. A2-8	 



     


    

 


Warehouse Facility or each holder, assignee
or pledge from time to time of any Other Exchange Note, to release all claims to the assets of the Titling Trust allocated to the
Warehouse Facility Portfolio and each Other Reference Pool and in the event that such release is not given effect, to fully subordinate
all claims it may be deemed to have against the assets of the Titling Trust allocated to the Warehouse Facility Portfolio and each
Other Reference Pool.


 


No reference herein to
the Indenture and no provision of this Note or the Indenture shall alter or impair the obligation of the Issuing Entity, which
is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate and in the coin or
currency herein prescribed.


 




    	 	Ex. A2-9	 



     


    

 


ASSIGNMENT 


 


Social Security or taxpayer I.D. or other identifying
number of assignee:


_______________


 


FOR VALUE RECEIVED, the
undersigned hereby sells, assigns and transfers unto _____________________________________________________________ (name and address
of assignee) the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints attorney, to transfer said
Note on the books kept for registration thereof, with full power of substitution in the premises.


 


Dated:1 Signature Guaranteed: __________________________


 





 






		1	The signature to this assignment must correspond with the
name of the registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement
or any change whatsoever.



 




    	 	Ex. A2-10	 



     


    

 


EXHIBIT B 


 


FORM OF DEPOSITORY AGREEMENT


 


On File at:


 


Kirkland & Ellis LLP


300 North LaSalle Street


Chicago, IL 60654


 




    	 	Ex. B	 



     


    

 


EXHIBIT C 


 


SERVICING CRITERIA TO BE ADDRESSED IN 


INDENTURE TRUSTEE'S ASSESSMENT OF COMPLIANCE



 


The assessment of compliance to be delivered
by the Indenture Trustee shall address, at a minimum, the criteria identified as below as "Applicable Servicing Criteria":


 


	Reference	 	Servicing Criteria	 	 
	 	 	 	 	 
	 	 	General Servicing Considerations	 	 
	1122(d)(1)(i)	 	Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.	 	 
	1122(d)(1)(ii)	 	If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party's performance and compliance with such servicing activities.	 	 
	1122(d)(1)(iii)	 	Any requirements in the transaction agreements to maintain a back-up servicer for the lease assets are maintained.	 	 
	1122(d)(1)(iv)	 	A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.	 	 
	1122(d)(1)(v)	 	Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.	 	 
	 	 	 	 	 
	 	 	Cash Collection and Administration	 	 
	1122(d)(2)(i)	 	Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the transaction agreements.	 	 
	1122(d)(2)(ii)	 	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	 	Trustee
	1122(d)(2)(iii)	 	Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements.	 	 
	1122(d)(2)(iv)	 	The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements.	 	Trustee
	1122(d)(2)(v)	 	Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements.  For purposes of this criterion, "federally insured depository institution" with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.	 	Trustee
	1122(d)(2)(vi)	 	Unissued checks are safeguarded so as to prevent unauthorized access.	 	 
	1122(d)(2)(vii)	 	Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts.  These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items.  These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements.	 	 


 




    	 	Ex. C-1	 



     


    

 


	Reference	 	Servicing Criteria	 	 
	 	 	 	 	 
	 	 	Investor Remittances and Reporting	 	 
	1122(d)(3)(i)	 	Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements.  Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors' or the trustee's records as to the total unpaid principal balance and number of leases serviced by the Servicer.	 	 
	1122(d)(3)(ii)	 	Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.	 	Trustee
	1122(d)(3)(iii)	 	Disbursements made to an investor are posted within two business days to the Servicer's investor records, or such other number of days specified in the transaction agreements.	 	Trustee
	1122(d)(3)(iv)	 	Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	 	Trustee
	 	 	 	 	 
	 	 	Pool Asset Administration	 	 
	1122(d)(4)(i)	 	Collateral or security on lease assets is maintained as required by the transaction agreements or related asset pool documents.	 	 
	1122(d)(4)(ii)	 	Pool assets and related documents are safeguarded as required by the transaction agreements	 	 
	1122(d)(4)(iii)	 	Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.	 	 
	1122(d)(4)(iv)	 	Payments on pool assets, including any payoffs, made in accordance with the related pool assets documents are posted to the Servicer's obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related asset pool documents.	 	 
	1122(d)(4)(v)	 	The Servicer's records regarding the accounts and the accounts agree with the Servicer's records with respect to an obligor's unpaid principal balance.	 	 
	1122(d)(4)(vi)	 	Changes with respect to the terms or status of an obligor's account  (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents.	 	 
	1122(d)(4)(vii)	 	Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements.	 	 
	1122(d)(4)(viii)	 	Records documenting collection efforts are maintained during the period a Account is delinquent in accordance with the transaction agreements.  Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity's activities in monitoring delinquent Accounts including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).	 	 
	1122(d)(4)(ix)	 	Adjustments to interest rates or rates of return for Accounts with variable rates are computed based on the related Account documents.	 	 
	1122(d)(4)(x)	 	Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor's Account documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable Account documents and State laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related Accounts, or such other number of days specified in the transaction agreements.	 	 


 




    	 	Ex. C-2	 



     


    

 


	Reference	 	Servicing Criteria	 	 
	 	 	 	 	 
	1122(d)(4)(xi)	 	Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.	 	 
	1122(d)(4)(xii)	 	Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer's funds and not charged to the obligor, unless the late payment was due to the obligor's error or omission.	 	 
	1122(d)(4)(xiii)	 	Disbursements made on behalf of an obligor are posted within two business days to the obligor's records maintained by the servicer, or such other number of days specified in the transaction agreements.	 	 
	1122(d)(4)(xiv)	 	 Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	 	 
	1122(d)(4)(xv)	 	Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements.	 	 


 




    	 	Ex. C-3	 



     


    

 


EXHIBIT D


 


FORM OF INDENTURE TRUSTEE'S ANNUAL CERTIFICATION



 


RE:WORLD OMNI AUTOMOBILE LEASE SECURITIZATION
TRUST 2018-A


 


MUFG Union Bank, N.A.,
not in its individual capacity but solely as indenture trustee (the "Indenture Trustee"), certifies to World Omni
Auto Leasing LLC (the "Depositor"), and its officers, with the knowledge and intent that they will rely upon this
certification, that:


 


(1)         It
has reviewed the report on assessment of the Indenture Trustee's compliance provided in accordance with Rules 13a-18 and 15d-18
under the Securities Exchange Act of 1934, as amended (the "Exchange Act") and Item 1122 of Regulation AB (the
"Servicing Assessment"), and the registered public accounting firm's attestation report provided in accordance
with Rules 13a-18 and 15d-18 under the Exchange Act and Section 1122(b) of Regulation AB (the "Attestation Report")
that were delivered by the Indenture Trustee to the Depositor pursuant to the Indenture, dated as of March 14, 2018, by and between
the Indenture Trustee and World Omni Automobile Lease Securitization Trust 2018-A (collectively, the "Indenture Trustee
Information");


 


(2)         To
the best of its knowledge, the Servicing Assessment, taken as a whole, does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in the light of the circumstances under which such statements
were made, not misleading with respect to the period of time covered by the Indenture Trustee Information;


 


(3)         To
the best of its knowledge, all of the Indenture Trustee Information required to be provided by the Indenture Trustee under the
Agreement has been provided to the Depositor; and


 


(4)         To
the best of its knowledge, except as disclosed in the Servicing Assessment or the Attestation Report, the Indenture Trustee has
fulfilled its obligations under the Agreement.


 


	MUFG UNION BANK, N.A.,	 
	not in its individual capacity but solely as	 
	Indenture Trustee	 


 


	 	 
	Name:	 
	Title:	 
	Date: _________________________	 


  




    	 	Ex. D	 



     


    

 


APPENDIX A 


 


DEFINITIONS 


 


The following terms have
the meanings set forth, or referred to, below:


 


"Accounts"
means the Trust Collection Account, the Reserve Account and the Principal Distribution Account.


 


"2018-A Reference
Pool" has the meaning set forth in Section 13.1 of the Exchange Note Supplement.


 


"Act"
has the meaning set forth in Section 11.3(a) of the Indenture.


 


"Adjusted Capitalized
Cost" means, for each Closed-End Lease, the difference between (i) the sum of (a) the price of the Closed-End Vehicle
agreed upon between the Dealer and the Closed-End Obligor, plus (b) the cost of any items that the Closed-End Obligor pays over
the term of the Closed-End Lease, such as taxes, fees, service contracts, insurance and other related products, and (ii) the amount
of any net trade-in allowance, rebate, non-cash credit or cash paid by the Closed-End Obligor.


 


"Administration
Agreement" means the Administration Agreement, dated as of the Closing Date, among the Administrator, the Issuing Entity
and the Indenture Trustee, as the same may be amended and supplemented from time to time.


 


"Administration
Fee" means the basic fee payable to the Administrator for administration services rendered during the related Collection
Period, which shall be equal to the product of (a) one-twelfth (or, in the case of the initial Collection Period (i.e., the period
commencing on the close of business on the Cut-Off Date and ending on March 31, 2018), a fraction, the numerator of which is 59
and the denominator of which is 360), (b) 0.05% and (c) the aggregate Securitization Value at the beginning of such Collection
Period (or, in the case of the first Payment Date, at the Cut-Off Date) of all Transaction Units for such Collection Period.


 


"Administrator"
means World Omni, in its capacity as Administrator under the Administration Agreement, or any successor administrator under the
Administration Agreement.


 


"ADR Organization"
means The American Arbitration Association or, if The American Arbitration Association no longer exists or if its ADR Rules would
no longer permit mediation or arbitration, as applicable, of the dispute, another nationally recognized mediation or arbitration
organization selected by the Seller.


 


"ADR Rules"
means the relevant rules of the ADR Organization for mediation (including non-binding arbitration) or binding arbitration, as applicable,
of commercial disputes in effect at the time of the mediation or arbitration.


 


"Adverse Claim"
means, for any asset or property of a Person, a lien, security interest, mortgage, pledge or encumbrance in, of or on such asset
or property in favor of any other Person, except any Permitted Lien.


 




    	 	App. A-1	 



     


    

 


"Affiliate"
means, for any specified Person, any other Person which, directly or indirectly, controls, is controlled by or is under common
control with such specified Person and "affiliated" has a meaning correlative to the foregoing. For purposes of this
definition, "control" means the power, directly or indirectly, to cause the direction of the management and policies
of a Person.


 


"ALF LLC"
means Auto Lease Finance LLC, a Delaware limited liability company.


 


"ALG"
means Automotive Lease Guide, which is an independent publisher of residual value percentages recognized throughout the automotive
finance industry for projecting vehicle market values at lease termination.


 


"ALG Residual Value"
means (a) the residual value percentage estimate published by ALG for the appropriate Closed-End Vehicle and term by (b) the lower
of (i) the actual MSRP and (ii) MRM published by ALG, in each case, at the time of origination of the lease for such Closed-End
Vehicle.


 


"Asset Representations
Review Agreement" shall mean the Asset Representations Review Agreement, dated as of the Closing Date, between World Omni,
as servicer, the Issuing Entity and the Asset Representations Reviewer, as amended from time to time.


 


"Asset Representations
Reviewer" means Clayton Fixed Income Services LLC, as asset representations reviewer under the Asset Representations Review
Agreement, or any successor Asset Representations Reviewer under the Asset Representations Review Agreement.


 


"Authenticating
Agent" means any Person authorized by the Indenture Trustee to act on behalf of the Indenture Trustee to authenticate
and deliver the Notes.


 


"Authorized Newspaper"
means a newspaper of general circulation in The City of New York, printed in the English language and customarily published on
each Business Day, whether or not published on Saturdays, Sundays and holidays.


 


"Authorized Officer"
means (a) with respect to the Issuing Entity, (i) any officer of the Owner Trustee who is authorized to act for the Owner Trustee
in matters relating to the Issuing Entity (including any agent of the Owner Trustee acting under a power of attorney) and who is
identified on the list of Authorized Officers delivered by the Owner Trustee to the Indenture Trustee on the Closing Date (as such
list may be modified or supplemented from time to time thereafter) and (ii) so long as the Administration Agreement is in effect,
any officer of the Administrator who is authorized to act for the Administrator in matters relating to the Issuing Entity pursuant
to the Administration Agreement and who is identified on the list of Authorized Officers delivered by the Administrator to the
Owner Trustee and the Indenture Trustee on the Closing Date (as such list may be modified or supplemented from time to time thereafter)
and (b) with respect to the Owner Trustee, the Indenture Trustee and the Servicer, any officer of the Owner Trustee, the Indenture
Trustee or the Servicer, as applicable, who is authorized to act for the Owner Trustee, the Indenture Trustee or the Servicer,
as applicable, in matters relating to the Owner Trustee, the Indenture Trustee or the Servicer and who is identified on the list
of Authorized Officers delivered by each of the Owner Trustee, the Indenture Trustee and the


 




    	 	App. A-2	 



     


    

 


Servicer to the Indenture Trustee on the Closing
Date (as such list may be modified or supplemented from time to time thereafter).


 


"Available Funds"
means, for any Payment Date and the related Collection Period, an amount equal to the sum of the following amounts: (i) any amount
deposited into the Trust Collection Account pursuant to Section 13.2(b) of the Exchange Note Supplement; (ii) any amounts
paid by ALF LLC pursuant to Section 2.3(c) of the Exchange Note Sale Agreement for breaches of representations or warranties
thereunder; (iii) any amounts paid by the Servicer pursuant to Section 13.12 of the Exchange Note Servicing Supplement in
connection with Postmaturity Term Extensions; and (iv) any amounts paid by the Servicer pursuant to Section 15.1 of the
Exchange Note Servicing Supplement in connection with the optional purchase of the Exchange Note.


 


"Bankruptcy Event"
means, for any Person, that such Person makes a general assignment for the benefit of creditors or any proceeding is instituted
by or against such Person seeking to adjudicate it bankrupt or insolvent, or seeking the liquidation, winding up, reorganization,
arrangement, adjustment, protection, relief or composition of it or its debts under any law relating to bankruptcy, insolvency
or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee or
other similar official for it or any substantial part of its property and, in the case of any proceeding instituted against such
Person, such proceeding remains unstayed for more than 90 days.


 


"Bankruptcy Remote
Party" means any of the Depositor, the Issuing Entity, the Titling Trust or any Special Purpose Entity (and the general
partner of any Special Purpose Entity that is a partnership, or the managing member of any Special Purpose Entity that is a limited
liability company) that holds a beneficial interest in the Titling Trust.


 


"Base Residual
Value" means, for each Closed-End Vehicle related to an Included Unit, the lowest of (a) the ALG Residual Value of the
related Closed-End Vehicle at the time of origination of the lease and (b) the Contract Residual Value.


 


"Basic Documents"
has the meaning set forth in Appendix A to the Collateral Agency Agreement.


 


"Book-Entry Notes"
means a beneficial interest in the Notes, ownership and transfers of which shall be made through book entries by a Clearing Agency
as described in Section 2.9 of the Indenture.


 


"Business Day"
means any day other than a Saturday, a Sunday or a day on which banking institutions or trust company in the states of Delaware,
Florida, New York or the states in which the servicing offices of the Servicer are located or the State in which the Corporate
Trust Office of the Indenture Trustee is located are authorized or obligated by law, regulation or executive order to be closed.


 


"Buyer"
has the meaning set forth in the first paragraph of the Exchange Note Sale Agreement.


 




    	 	App. A-3	 



     


    

 


"Casualty"
means, with respect to any Transaction Unit, that the Servicer has actual knowledge that the Closed-End Vehicle included in such
Transaction Unit (a) shall have suffered damage or destruction resulting in an insurance settlement on the basis of an actual,
constructive or compromised total loss, (b) shall have suffered destruction or damage beyond repair, (c) shall have suffered damage
that makes repairs uneconomic or (d) shall have suffered destruction, damage, theft, loss or disappearance that, in accordance
with Customary Servicing Practices, results in a termination of the related Transaction Lease.


 


"Certificate"
means a Trust Certificate.


 


"Certificate of
Trust" shall mean the Certificate of Trust substantially in the form of Exhibit B to the Trust Agreement filed
for the Trust pursuant to Section 3810(a) of the Delaware Statutory Trust Act.


 


"Certificateholder"
means the registered holder of the Certificate.


 


"Class"
means a group of Notes whose form is identical except for variation in denomination, principal amount or owner, and references
to "each Class" thus mean each of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes
and the Class B Notes.


 


"Class A Notes"
means, collectively, the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes.


 


"Class A Noteholders'
Interest Distributable Amount" means the Class A-1 Noteholders' Interest Distributable Amount, the Class A-2 Noteholders'
Interest Distributable Amount, the Class A-3 Noteholders' Interest Distributable Amount and the Class A-4 Noteholders' Interest
Distributable Amount.


 


"Class A-1 Interest
Rate" means 1.95000% per annum (computed on the basis of the actual number of days elapsed and on a 360-day year).


 


"Class A-1 Note
Balance" means, as of any date, the Initial Class A-1 Note Balance reduced by all payments of principal made on or prior
to such date on the Class A-1 Notes.


 


"Class A-1 Noteholders'
Interest Carryover Shortfall" means, with respect to any Payment Date, the excess of the Class A-1 Noteholders' Monthly
Interest Distributable Amount for the preceding Payment Date and any outstanding Class A-1 Noteholders' Interest Carryover Shortfall
on such preceding Payment Date, over the amount in respect of interest that is actually paid to Holders of Class A-1 Notes since
such preceding Payment Date, plus interest on the amount of interest due but not paid to Holders of Class A-1 Notes on the preceding
Payment Date, to the extent permitted by law, at the Class A-1 Interest Rate for the related Interest Period.


 


"Class A-1 Noteholders'
Interest Distributable Amount" shall mean, with respect to any Payment Date, the sum of the Class A-1 Noteholders' Monthly
Interest Distributable Amount for such Payment Date and the Class A-1 Noteholders' Interest Carryover Shortfall.


 




    	 	App. A-4	 



     


    

 


"Class A-1 Noteholders'
Monthly Interest Distributable Amount" means, with respect to any Payment Date, the aggregate interest accrued for the
related Interest Period on the Class A-1 Notes at the Class A-1 Interest Rate on the Class A-1 Note Balance on the immediately
preceding Payment Date (or, in the case of the initial Payment Date, on the Closing Date), after giving effect to all payments
of principal to the Holders of the Class A-1 Notes on or prior to such preceding Payment Date. Interest with respect to the Class
A-1 Notes shall be computed on the basis of the actual number of days in the related Interest Period and a 360-day year.


 


"Class A-1 Notes"
means the Class of Asset Backed Notes designated as Class A-1 Notes, issued in accordance with the Indenture.


 


"Class A-2 Interest
Rate" means 2.59% per annum (computed on the basis of a 360-day year of twelve 30-day months).


 


"Class A-2 Note
Balance" means, as of any date, the Initial Class A-2 Note Balance reduced by all payments of principal made on or prior
to such date on the Class A-2 Notes.


 


"Class A-2 Noteholders'
Interest Carryover Shortfall" means, with respect to any Payment Date, the excess of the Class A-2 Noteholders' Monthly
Interest Distributable Amount for the preceding Payment Date and any outstanding Class A-2 Noteholders' Interest Carryover Shortfall
on such preceding Payment Date, over the amount in respect of interest that is actually paid to Holders of the Class A-2 Notes
since such preceding Payment Date, plus interest on the amount of interest due but not paid to Holders of the Class A-2 Notes on
the preceding Payment Date, to the extent permitted by law, at the Class A-2 Interest Rate for the related Interest Period.


 


"Class A-2 Noteholders'
Interest Distributable Amount" shall mean, with respect to any Payment Date, the sum of the Class A-2 Noteholders' Monthly
Interest Distributable Amount for such Payment Date and the Class A-2 Noteholders' Interest Carryover Shortfall.


 


"Class A-2 Noteholders'
Monthly Interest Distributable Amount" means, with respect to any Payment Date, the sum of the aggregate interest accrued
for the related Interest Period on the Class A-2 Notes at the Class A-2 Interest Rate on the Class A-2 Note Balance immediately
preceding the Payment Date (or, in the case of the initial Payment Date, on the Closing Date), after giving effect to all payments
of principal to the Noteholders of the Class A-2 Notes on or prior to such preceding Payment Date. Interest with respect to the
Class A-2 Notes shall be computed on the basis of a 360-day year of twelve 30-day months.


 


"Class A-2 Notes"
means the Class of Asset Backed Notes designated as Class A-2 Notes, issued in accordance with the Indenture.


 


"Class A-3 Interest
Rate" means 2.83% per annum (computed on the basis of a 360-day year of twelve 30-day months).


 


"Class A-3 Note
Balance" means, as of any date, the Initial Class A-3 Note Balance reduced by all payments of principal made on or prior
to such date on the Class A-3 Notes.


 


"Class A-3 Noteholders'
Interest Carryover Shortfall" means, with respect to any Payment Date, the excess of the Class A-3 Noteholders' Monthly
Interest Distributable Amount


 




    	 	App. A-5	 



     


    

 


for the preceding Payment Date and any outstanding
Class A-3 Noteholders' Interest Carryover Shortfall on such preceding Payment Date, over the amount in respect of interest that
is actually paid to Holders of the Class A-3 Notes since such preceding Payment Date, plus interest on the amount of interest due
but not paid to Holders of the Class A-3 Notes on the preceding Payment Date, to the extent permitted by law, at the Class A-3
Interest Rate for the related Interest Period.


 


"Class A-3 Noteholders'
Interest Distributable Amount" shall mean, with respect to any Payment Date, the sum of the Class A-3 Noteholders' Monthly
Interest Distributable Amount for such Payment Date and the Class A-3 Noteholders' Interest Carryover Shortfall.


 


"Class A-3 Noteholders'
Monthly Interest Distributable Amount" means, with respect to any Payment Date, the sum of the aggregate interest accrued
for the related Interest Period on the Class A-3 Notes at the Class A-3 Interest Rate on the Class A-3 Note Balance immediately
preceding the Payment Date (or, in the case of the initial Payment Date, on the Closing Date), after giving effect to all payments
of principal to the Noteholders of the Class A-3 Notes on or prior to such preceding Payment Date. Interest with respect to the
Class A-3 Notes shall be computed on the basis of a 360-day year of twelve 30-day months.


 


"Class A-3 Notes"
means the Class of Asset Backed Notes designated as Class A-3 Notes, issued in accordance with the Indenture.


 


"Class A-4 Interest
Rate" means 2.94% per annum (computed on the basis of a 360-day year of twelve 30-day months).


 


"Class A-4 Note
Balance" means, as of any date, the Initial Class A-4 Note Balance reduced by all payments of principal made on or prior
to such date on the Class A-4 Notes.


 


"Class A-4 Noteholders'
Interest Carryover Shortfall" means, with respect to any Payment Date, the excess of the Class A-4 Noteholders' Monthly
Interest Distributable Amount for the preceding Payment Date and any outstanding Class A-4 Noteholders' Interest Carryover Shortfall
on such preceding Payment Date, over the amount in respect of interest that is actually paid to Noteholders of the Class A-4 Notes
since such preceding Payment Date, plus interest on the amount of interest due but not paid to Noteholders of the Class A-4 Notes
on the preceding Payment Date, to the extent permitted by law, at the Class A-4 Interest Rate for the Class A-4 Notes for the related
Interest Period.


 


"Class A-4 Noteholders'
Interest Distributable Amount" shall mean, with respect to any Payment Date, the sum of the Class A-4 Noteholders' Monthly
Interest Distributable Amount for such Payment Date and the Class A-4 Noteholders' Interest Carryover Shortfall.


 


"Class A-4 Noteholders'
Monthly Interest Distributable Amount" means, with respect to any Payment Date, the sum of the aggregate interest accrued
for the related Interest Period on the Class A-4 Notes at the Class A-4 Interest Rate on the Class A-4 Note Balance immediately
preceding the Payment Date (or, in the case of the initial Payment Date, on the Closing Date), after giving effect to all payments
of principal to the Noteholders of the Class A-4 Notes on or prior to such preceding Payment Date. Interest with respect to the
Class A-4 Notes shall be computed on the basis of a 360-day year of twelve 30-day months.


 




    	 	App. A-6	 



     


    

 


"Class A-4 Notes"
means the Class of Asset Backed Notes designated as Class A-4 Notes, issued in accordance with the Indenture.


 


"Class B Interest
Rate" means 3.06% per annum (computed on the basis of a 360-day year of twelve 30-day months).


 


"Class B Note Balance"
means, as of any date, the Initial Class B Note Balance reduced by all payments of principal made on or prior to such date on the
Class B Notes.


 


"Class B Noteholders'
Interest Carryover Shortfall" means, with respect to any Payment Date, the excess of the Class B Noteholders' Monthly
Interest Distributable Amount for the preceding Payment Date and any outstanding Class B Noteholders' Interest Carryover Shortfall
on such preceding Payment Date, over the amount in respect of interest that is actually paid to Noteholders of the Class B Notes
since such preceding Payment Date, plus interest on the amount of interest due but not paid to Noteholders of the Class B Notes
on the preceding Payment Date, to the extent permitted by law, at the Class B Interest Rate for the Class B Notes for the related
Interest Period.


 


"Class B Noteholders'
Interest Distributable Amount" shall mean, with respect to any Payment Date, the sum of the Class B Noteholders' Monthly
Interest Distributable Amount for such Payment Date and the Class B Noteholders' Interest Carryover Shortfall.


 


"Class B Noteholders'
Monthly Interest Distributable Amount" means, with respect to any Payment Date, the sum of the aggregate interest accrued
for the related Interest Period on the Class B Notes at the Class B Interest Rate on the Class B Note Balance immediately preceding
the Payment Date (or, in the case of the initial Payment Date, on the Closing Date), after giving effect to all payments of principal
to the Noteholders of the Class B Notes on or prior to such preceding Payment Date. Interest with respect to the Class B Notes
shall be computed on the basis of a 360-day year of twelve 30-day months.


 


"Class B Notes"
means the Class of Asset Backed Notes designated as Class B Notes, issued in accordance with the Indenture.


 


"Clearing Agency"
means an organization registered as a "clearing agency" pursuant to Section 17A of the Exchange Act and shall initially
be DTC.


 


"Clearing Agency
Participant" means a broker, dealer, bank or other financial institution or other Person for which from time to time a
Clearing Agency effects book-entry transfers and pledges of securities deposited with the Clearing Agency.


 


"Closed-End Administrative
Agent" has the meaning set forth in Appendix A to the Collateral Agency Agreement.


 


"Closed-End Collateral
Agent" has the meaning set forth in Appendix A to the Collateral Agency Agreement.


 


"Closed-End EN
Collected Amounts" has the meaning set forth in Appendix A to the Collateral Agency Agreement.


 




    	 	App. A-7	 



     


    

 


"Closed-End EN
Collection Period" has the meaning set forth in Appendix A to the Collateral Agency Agreement.


 


"Closed-End Exchange
Note" means the 2018-A closed-end exchange note issued pursuant to the Exchange Note Supplement.


 


"Closed-End Exchange
Note Payment Date" has the meaning set forth in Appendix A to the Collateral Agency Agreement.


 


"Closed-End Lease"
has the meaning set forth in Appendix A to the Collateral Agency Agreement.


 


"Closed-End Obligor"
has the meaning set forth in Appendix A to the Collateral Agency Agreement.


 


"Closed-End Unit"
has the meaning set forth in Appendix A to the Collateral Agency Agreement


 


"Closed-End Vehicle"
has the meaning set forth in Appendix A to the Collateral Agency Agreement


 


"Closing Date"
means March 14, 2018.


 


"Code"
means the Internal Revenue Code of 1986, as amended from time to time, or any successor law, and the Treasury Regulations promulgated
thereunder.


 


"Collateral"
has the meaning set forth in the Granting Clause of the Indenture.


 


"Collateral Agency
Agreement" means the fourth amended and restated collateral agency agreement dated as of December 15, 2009, among the
Titling Trust, ALF LLC, as initial beneficiary, AL Holding Corp., as closed-end collateral agent, Bank of America N.A. as deal
agent and U.S. Bank, as administrative agent, as the same may be further amended or modified from time to time.


 


"Collection Period"
means the period commencing on the first day of each calendar month (or, in the case of the initial Collection Period, the period
from but excluding the Cut-Off Date) to and including the last day of the calendar month immediately preceding the calendar month
in which such Payment Date occurs. As used herein, the "related" Collection Period with respect to a Payment Date shall
be deemed to be the Collection Period which ends on the last day of the calendar month which precedes such Payment Date.


 


"Commission"
means the U.S. Securities and Exchange Commission.


 


"Contract Residual
Value" means, with respect to any Closed-End Vehicle, the residual value of the Closed-End Vehicle at the scheduled termination
of the lease as set forth in the related lease agreement.


 




    	 	App. A-8	 



     


    

 


"Controlling Securities"
means the Class A Notes so long as the Class A Notes are outstanding, and after the Class A Notes are no longer outstanding, the
Class B Notes so long as the Class B Notes are outstanding.


 


"Corporate Trust
Office" means:


 


(a)          as
used in the Indenture, or otherwise with respect to Indenture Trustee, the principal office of the Indenture Trustee at which at
any particular time its corporate trust business shall be administered which office at date of the execution of the Indenture is
located at 1251 Avenue of the Americas, 19th Floor, New York, New York 10020, or at such other address or electronic
mail address as the Indenture Trustee may designate from time to time by notice to the Noteholders, the Administrator, the Servicer
and the Issuing Entity, or the principal corporate trust office of any successor Indenture Trustee (the address of which the successor
Indenture Trustee will notify the Noteholders and the Owner Trustee); and


 


(b)          as
used in the Trust Agreement, or otherwise with respect to Owner Trustee, the corporate trust office of the Owner Trustee located
at 300 Delaware Avenue, 9th Floor, Wilmington, Delaware 19801, Attn: World Omni Automobile Lease Securitization Trust 2018-A, with
a copy to U.S. Bank Trust National Association, Mail Code MK-IL-SL7C, 190 S. LaSalle Street, 7th Floor, Chicago, Illinois 60603,
Attention: Chris Nuxoll, VP, Telecopy: (866) 807-8670, Email: christopher.nuxoll@usbank.com, or at such other address or electronic
mail address as the Owner Trustee may designate by notice to the Certificateholder and the Depositor, or the principal corporate
trust office of any successor Owner Trustee (the address of which the successor Owner Trustee will notify the Certificateholder
and the Depositor).


 


"Credit Losses"
means, for any Collection Period, an amount equal to the excess of (a) the sum of the Securitization Value for all Included Units
that became Defaulted Units during that Collection Period over (b) the sum of Sales Proceeds and Recoveries received by the Servicer
with respect to Defaulted Units during that Collection Period.


 


“Credit Risk Retention
Rules” means risk retention regulations in 17 C.F.R. Part 246 as such regulation may be amended from time to time and
subject to such clarification and interpretation as have been provided by the Commission in an adopting release or by the staff
of the Commission, or as may be provided in writing by the Commission or its staff from time to time.


 


"Customary Servicing
Practices" means the customary servicing practices of the Servicer with respect to Closed-End Vehicles and Closed-End
Leases held by the Titling Trust, without regard to whether such Closed-End Vehicles and Closed-End Leases have been identified
and allocated into any Reference Pool, as such practices may be changed from time to time.


 


"Cut-Off Date"
means the close of business on February 1, 2018.


 


"Dealer"
has the meaning set forth in Appendix A to the Collateral Agency Agreement.


 


"Default"
means any occurrence that is, or with notice or lapse of time or both would become, an Event of Default.


 




    	 	App. A-9	 



     


    

 


"Defaulted Unit"
means any Closed-End Unit with a related Closed-End Lease for which any of the following has occurred during a Collection Period:
(a) any payment or part thereof in excess of $40.00 on such Closed-End Lease is past due 120 or more days, (b) the related Closed-End
Vehicle has been repossessed and sold or repossessed and held in inventory for more than 90 days, whichever occurs first, or (c)
such related Closed-End Lease has been charged off in accordance with Customary Servicing Practices.


 


"Definitive Note"
means a definitive fully registered Note issued as a “Definitive Note” pursuant to Section 2.11 of the Indenture.


 


"Delaware Trustee"
means U.S. Bank Trust National Association, as Delaware Trustee under the Titling Trust Agreement.


 


"Delinquency Percentage"
means, for each Payment Date and the related Collection Period, the ratio (expressed as a percentage) of (i) the aggregate Securitization
Value of all Delinquent Units held by the Issuing Entity that are more than 60 days delinquent as of the last day of calendar month
immediately preceding such Payment Date to (ii) the aggregate Securitization Value of the Transaction Units held by the Issuing
Entity as of the last day of such preceding calendar month.


 


"Delinquency Trigger"
means 2.40%.


 


"Delinquent Unit"
means any Transaction Unit (other than a Defaulted Unit) with a related Transaction Lease on which any payment or part thereof
in excess of $40.00 is past due for more than 30 days.


 


"Depositor"
means World Omni Auto Leasing LLC, a Delaware limited liability company.


 


"Depository Agreement"
means the agreement among the Issuing Entity and DTC, as the initial Clearing Agency, dated as of the Closing Date, substantially
in the form of Exhibit B to the Indenture.


 


"Determination
Date" means one Business Days immediately preceding the related Payment Date.


 


"Dollar"
and "$" mean lawful currency of the United States of America.


 


"DTC"
means The Depository Trust Company, and its successors.


 


"Eligible Account"
means either (a) a segregated account with an Eligible Institution or (b) a segregated trust account with the corporate trust department
of a depository institution acting in its fiduciary capacity organized under the laws of the United States of America or any one
of the states thereof or the District of Columbia (or any domestic branch of a foreign bank), having corporate trust powers and
acting as trustee for funds deposited in such account, so long as the long-term unsecured debt of such depository institution shall
have a credit rating from each Rating Agency in one of its generic rating categories which signifies investment grade. Any such
trust account may be maintained with the Owner Trustee, the Indenture Trustee or any


 




    	 	App. A-10	 



     


    

 


of their respective Affiliates, if such accounts
meet the requirements described in clause (b) of the preceding sentence.


 


"Eligible Institution"
means a depository institution or trust company (which may be the Owner Trustee, the Indenture Trustee or any of their respective
Affiliates) organized under the laws of the United States of America or any one of the states thereof or the District of Columbia
(or any domestic branch of a foreign bank) (a) which at all times (i) has either (A) a long-term senior unsecured debt rating of
"Aa2" or better by Moody's and "AA" or better by Fitch or such other rating that is acceptable to each Rating
Agency, as evidenced by a letter from such Rating Agency to the Issuing Entity or the Indenture Trustee or (B) a certificate of
deposit rating of "P-1" by Moody's and "F-1" by Fitch or (C) such other rating that is acceptable to each Rating
Agency, as evidenced by a letter from such Rating Agency to the Issuing Entity or the Indenture Trustee and (b) whose deposits
are insured by the Federal Deposit Insurance Corporation.


 


"Eligible Lease"
means a Closed-End Lease:


 


(i)          relates
to a new Toyota or Scion branded automobile or light duty truck, of a model year of 2014 or later,


 


(ii)         is
written with respect to a Closed-End Vehicle that was, at the time of the origination of the related Closed-End Lease, a new vehicle
or a dealer demonstration vehicle driven fewer than 6,000 miles,


 


(iii)        was
originated in the Five-State Area by a Dealer (a) for a Closed-End Obligor with a United States address and (b) in the ordinary
course of such Dealer's business,


 


(iv)        has
a remaining term to maturity, as of the Cut-Off Date of less than or equal to 56 months and had an original lease term greater
than or equal to 24 months and less than or equal to 60 months,


 


(v)         was
originated on or after January 25, 2014,


 


(vi)        provides
for level payments that fully amortize the Adjusted Capitalized Cost of the lease at a contractual annual percentage rate to the
related Contract Residual Value over the lease term,


 


(vii)       that
does not have a monthly payment for which $40 or more is more than 30 days past due as of the Cut-Off Date and is not a Defaulted
Unit,


 


(viii)      is
owned, and the related Closed-End Vehicle is owned, by the Titling Trust, free of all Liens (including tax liens, mechanics' liens,
and other liens reflected on the Servicer’s computer system other than any lien of the Closed-End Collateral Agent or any
lien on the certificate of title that arise by operation of law), other than a Permitted Lien,


 


(ix)         was
originated in compliance with, and complies in all material respect with, all material applicable legal requirements, including,
to the extent


 




    	 	App. A-11	 



     


    

 


applicable, the Federal Consumer
Credit Protection Act, Regulation M of the Board of Governors of the Federal Reserve, all State leasing and consumer protection
laws and all State and federal usury laws,


 


(x)          is
the valid, legal, and binding full-recourse payment obligation of the related Closed-End Obligor, enforceable against such Closed-End
Obligor in accordance with its terms, except as such enforceability may be limited by (a) applicable bankruptcy, insolvency, reorganization,
moratorium, or other similar laws, now or hereafter in effect, affecting the enforcement of creditors' rights in general or (b)
general principles of equity,


 


(xi)         was
originated in compliance with Customary Servicing Practices,


 


(xii)        is
payable solely in U.S. dollars,


 


(xiii)       the
Securitization Value of the related Closed-End Unit, as of the Cut-Off Date is no greater than $86,824.10, and


 


(xiv)      the
related Closed-End Obligor of which is a person located in any State within the United States or the District of Columbia and is
not (a) World Omni Corp. or any of its Affiliates, or (b) the United States of America or any State or local government or any
agency or political subdivision thereof.


 


"ERISA"
shall mean the Employee Retirement Income Security Act of 1974, as amended.


 


"Event of Default"
has the meaning set forth in Section 5.1 of the Indenture.


 


"Excess Mileage
Charges" means, with respect to any Transaction Unit, the amount of charges for excess mileage on the related Transaction
Vehicle received by the Servicer at the expiration of the Transaction Lease.


 


"Excess Wear and
Tear Charges" means, with respect to any Transaction Unit, the amount of charges for wear and tear to the related Transaction
Vehicle received by the Servicer at the expiration of the Transaction Lease.


 


"Exchange Act"
means the Securities Exchange Act of 1934, as amended.


 


"Exchange Note"
means the Closed-End Exchange Note.


 


"Exchange Note
Agreement" means the Collateral Agency Agreement and the Exchange Note Supplement.


 


"Exchange Note
Assets" means a separate pool of Titling Trust Assets allocated to the Exchange Note.


 


"Exchange Note
Collection Account" means the account designated as such, established and maintained pursuant to Section 5.2(f)
of the Servicing Agreement.


 




    	 	App. A-12	 



     


    

 


"Exchange Note
Default" has the meaning set forth in Section 8.7 of the Collateral Agency Agreement.


 


"Exchange Note
Purchase Price" means $894,201,776.83.


 


"Exchange Note
Sale Agreement" means the Exchange Note Sale Agreement, dated as of the Closing Date, between the Initial Beneficiary
and the Depositor, as the same may be amended or modified from time to time.


 


"Exchange Note
Servicer Default" has the meaning set forth in Section 14.1(a) of the Exchange Note Servicing Supplement.


 


"Exchange Note
Servicing Supplement" means the Exchange Note Servicing Supplement 2018-A to Servicing Agreement, dated as of the Closing
Date, between the Titling Trust, the Closed-End Collateral Agent and the Servicer, as the same may be amended or modified from
time to time.


 


"Exchange Note
Supplement" means the Exchange Note Supplement 2018-A to Collateral Agency Agreement, dated as of the Closing Date, between
Titling Trust, Initial Beneficiary, AL Holding Corp. and U.S. Bank National Association, as Closed-End Administrative Agent, as
the same may be amended or modified from time to time.


 


"Exchange Note
Transfer Agreement" means the Exchange Note Transfer Agreement, dated as of the Closing Date, between the Depositor and
the Issuing Entity, as amended or supplemented from time to time.


 


"Exchange Noteholder"
has the meaning set forth in Appendix A to the Collateral Agency Agreement.


 


"Executive Officer"
means (i) with respect to any corporation or depository institution, the Chief Executive Officer, the Chief Operating Officer,
the Chief Financial Officer, the President, the Executive Vice President, any Vice President, the Secretary or the Treasurer of
such corporation or depository institution and (ii) with respect to any partnership, any general partner thereof.


 


"FATCA"
means Sections 1471 through 1474 of the Code, commonly referred to as the Foreign Account Tax Compliance Act.


 


"FATCA Withholding
Tax" means any withholding or deduction pursuant to an agreement described in Section 1471(b) of the Code or otherwise
imposed pursuant to Sections 1471 through 1474 of the Code and any regulations or agreements thereunder or official interpretations
thereof or any intergovernmental agreement between the United States and another jurisdiction facilitating the implementation thereof
(or any law implementing such an intergovernmental agreement).


 


"FDIC"
means the Federal Deposit Insurance Corporation.


 




    	 	App. A-13	 



     


    

 


"Final Scheduled
Payment Date" means, with respect to (i) the Class A-1 Notes, March 15, 2019; (ii) the Class A-2 Notes, November 16, 2020;
(iii) the Class A-3 Notes, July 15, 2021; (iv) the Class A-4 Notes, May 15, 2023; and (v) the Class B Notes, May 15, 2023.


 


"Financing"
means, collectively, (i) any financing transaction of any sort undertaken by World Omni or any Affiliate of World Omni involving,
directly or indirectly, Titling Trust Assets (including, without limitation, any financing undertaken in connection with the issuance
and assignment of the Exchange Note or any Other Exchange Note), (ii) any sale or purchase by the Depositor or any other Special
Purpose Entity of any interest in the Exchange Note or any Other Exchange Note and (iii) any other asset securitization, synthetic
lease, sale-leaseback, secured loan or similar transaction involving Titling Trust Assets or any beneficial interest therein or
in the Titling Trust.


 


"Fitch"
means Fitch Ratings, Inc., or any successor that is a nationally recognized statistical rating organization.


 


"Five-State Area"
means, Alabama, Florida, Georgia, North Carolina and South Carolina.


 


"GAAP"
means generally accepted accounting principles in the USA, applied on a materially consistent basis; provided, however, that no
financial test contained in the Transaction Documents shall fail to be satisfied as a result of the adoption or amendment (including
any published interpretation) after the Closing Date by any governmental or accounting body of any financial accounting standard,
and any notices, representations or certifications based on financial accounting data that are required under the Transaction Documents
may be delivered without giving effect to the adoption or amendment of such financial accounting standard.


 


"Governmental Authority"
means any (a) federal, State, municipal, foreign or other governmental entity, board, bureau, agency or instrumentality, (b) administrative
or regulatory authority (including any central bank or similar authority) or (c) court or judicial authority.


 


"Grant"
means to mortgage, pledge, bargain, sell, warrant, alienate, remise, release, convey, assign, transfer, create, grant a lien upon
and a security interest in and right of set-off against, deposit, set over and confirm pursuant to the Indenture. A Grant of the
Collateral or of any other agreement or instrument shall include all rights, powers and options (but none of the obligations) of
the Granting party thereunder, including the immediate and continuing right to claim, collect, receive and give receipt for principal
and interest payments in respect of the Collateral and all other moneys payable thereunder, to give and receive notices and other
communications, to make waivers or other agreements, to exercise all rights and options, to bring proceedings in the name of the
Granting party or otherwise and generally to do and receive anything that the Granting party is or may be entitled to do or receive
thereunder or with respect thereto. Other forms of the verb "to Grant" shall have correlative meanings.


 


"Holder"
means, as the context may require, the Certificateholder or a Noteholder or both.


 


"Included Units"
means, for any Collection Period, all Transaction Units as of the beginning of such Closed-End EN Collection Period (or, in the
case of the initial Closed-End EN Collection Period, the Cut-Off Date), other than Transaction Units reallocated to the Warehouse


 




    	 	App. A-14	 



     


    

 


Facility Pool during such Collection Period
pursuant to Section 2.3(c) of the Exchange Note Sale Agreement. The "Included Units" for any Cut-Off Date means
the Included Units for the Closed-End EN Collection Period which begins on the day after such Cut-Off Date.


 


"Indenture"
means the Indenture, dated as of the Closing Date, between the Issuing Entity and Indenture Trustee, as the same may be amended
and supplemented from time to time.


 


"Indenture Secured
Parties" means the Noteholders.


 


"Indenture Trustee"
means MUFG Union Bank, N.A., a national banking association, not in its individual capacity but as indenture trustee under the
Indenture, or any successor trustee under the Indenture.


 


"Independent"
means, when used with respect to any specified Person, that such Person (i) is in fact independent of the Issuing Entity, any other
obligor upon the Notes, the Administrator and any Affiliate of any of the foregoing Persons, (ii) does not have any direct financial
interest or any material indirect financial interest in the Issuing Entity, any such other obligor, the Administrator or any Affiliate
of any of the foregoing Persons and (iii) is not connected with the Issuing Entity, any such other obligor, the Administrator or
any Affiliate of any of the foregoing Persons as an officer, employee, promoter, underwriter, trustee, partner, director or Person
performing similar functions.


 


"Independent Certificate"
means a certificate or opinion to be delivered to the Indenture Trustee under the circumstances described in, and otherwise complying
with, the applicable requirements of Section 11.1(b) of the Indenture, made by an independent appraiser or other expert
appointed by an Issuing Entity Order, and such opinion or certificate shall state that the signer has read the definition of "Independent"
in this Indenture and that the signer is Independent within the meaning thereof.


 


"Initial Beneficiary"
means ALF LLC, as initial beneficiary under the Titling Trust Agreement and its permitted successors and assigns.


 


"Initial Class
A-1 Note Balance" means $97,000,000.


 


"Initial Class
A-2 Note Balance" means $292,000,000.


 


"Initial Class
A-3 Note Balance" means $291,000,000.


 


"Initial Class
A-4 Note Balance" means $80,774,000.


 


"Initial Class
B Note Balance" means $39,794,000.


 


"Initial Note Balance"
means, (i) for any Class A Notes, the Initial Class A-1 Note Balance, the Initial Class A-2 Note Balance, the Initial Class A-3
Note Balance and the Initial Class A-4 Note Balance, as applicable, (ii) any Class B Notes, the Initial Class B Note Balance, or
(iii) with respect to the Notes generally, the sum of the foregoing.


 


"Initial Securitization
Value" means $936,337,768.26.


 




    	 	App. A-15	 



     


    

 


"Initial Trust
Agreement" means the Trust Agreement, dated as of January 30, 2018, between the Depositor and the Owner Trustee.


 


"Insurance Policy"
means (i) any comprehensive and collision, fire, theft or other insurance policy maintained by a Closed-End Obligor in which the
Servicer or the Titling Trust is named as loss payee with respect to one or more Transaction Units and (ii) any credit life or
credit disability insurance maintained by a Closed-End Obligor in connection with any Transaction Unit.


 


"Intercreditor
Agreement" has the meaning set forth in Appendix A to the Collateral Agency Agreement.


 


"Interest Holder"
has the meaning set forth in the Intercreditor Agreement.


 


"Interest Period"
means, with respect to any Payment Date, (i) with respect to the Class A-1 Notes, the period from and including the Closing Date
(in the case of the first Payment Date) or from and including the most recent Payment Date to but excluding such Payment Date and
(ii) and for the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes and the Class B Notes, the period from and including
the 15th day of the preceding calendar month (or, in the case of the initial Payment Date, the Closing Date) to, but excluding,
the 15th day of the current calendar month.


 


"Interest Rate"
means (a) with respect to the Class A-1 Notes, the Class A-1 Interest Rate, (b) with respect to the Class A-2 Notes, the Class
A-2 Interest Rate, (c) with respect to the Class A-3 Notes, the Class A-3 Interest Rate, (d) with respect to the Class A-4 Notes,
the Class A-4 Interest Rate, or (e) with respect to the Class B Notes, the Class B Interest Rate.


 


"Issuing Entity"
means World Omni Automobile Lease Securitization Trust 2018-A, a Delaware statutory trust established pursuant to the Initial Trust
Agreement and continued under the Trust Agreement, until a successor replaces it and, thereafter, means the successor and, for
purposes of any provision contained herein, each other obligor on the Notes.


 


"Issuing Entity
Order" and "Issuing Entity Request" means a written order or request of the Issuing Entity signed in the name
of the Issuing Entity by any one of its Authorized Officers and delivered to the Indenture Trustee.


 


"Joinder Agreement"
has the meaning set forth in Appendix A to the Collateral Agency Agreement.


 


"Lease Rate"
means the implicit interest rate used to calculate the lease charges that are included in determining the base monthly payments
due under the related Closed-End Lease.


 


"Lien"
means any mortgage, pledge, security interest, lien or other encumbrance of any kind.


 


"Majority Certificateholder"
means as of any date, the holder of more than 50% interest in the Certificate.


 




    	 	App. A-16	 



     


    

 


"Monthly Remittance
Condition" has the meaning set forth in Section 13.3 of the Exchange Note Servicing Supplement.


 


"Moody's"
means Moody's Investors Service, Inc., or any successor that is a nationally recognized statistical rating organization.


 


"MRM "
means, with respect to any Closed-End Vehicle, the maximum dollar MSRP established by ALG giving only partial credit or no credit
for options that add little or no value to the resale price of the vehicle.


 


"MSRP"
means, with respect to any Closed-End Vehicle, the Manufacturer's Suggested Retail Price for such Closed-End Vehicle.


 


"Note"
means a Class A-1 Note, Class A-2 Note, Class A-3 Note, Class A-4 Note, or Class B Note, in each case substantially in the form
of Exhibit A to the Indenture.


 


"Note Balance"
means, for (i) Class A Notes, the Class A-1 Note Balance, the Class A-2 Note Balance, the Class A-3 Note Balance or the Class A-4
Note Balance, as applicable, (ii) Class B Notes, the Class B Note Balance, and (iii) with respect to the Notes generally, the sum
of the foregoing.


 


"Note Factor"
means, with respect to the Notes or any Class on any Payment Date, the seven digit decimal equivalent of a fraction the numerator
of which is the Note Balance of the Notes of such Class on such Payment Date (after giving effect to any payment of principal on
such Payment Date) and the denominator of which is the Initial Note Balance.


 


"Noteholder"
means, as of any date, the Person in whose name a Note is registered on the Note Register on such date.


 


"Noteholders' First
Priority Principal Distributable Amount" means, with respect to any Payment Date, an amount not less than zero, equal
to (a) the Outstanding Amount of the Class A Notes as of the day immediately preceding such Payment Date minus (b) the aggregate
Securitization Value as of the last day of the related Collection Period; provided, however, that the Noteholders'
First Priority Principal Distributable Amount on and after the Final Scheduled Payment Date of any class of the Notes shall not
be less than the amount that is necessary to reduce the Outstanding Amount of that Class of Notes to zero.


 


"Noteholders' Regular
Principal Distributable Amount" means, with respect to any Payment Date, an amount not less than zero, equal to the excess,
if any, of (a) the Outstanding Amount of the Notes as of the day immediately preceding the Payment Date over (b) the aggregate
Securitization Value as of the last day of the related Collection Period less the Overcollateralization Target Amount, minus (c)
the amount allocated as the Noteholders' First Priority Principal Distributable Amount, if any, with respect to such Payment Date,
minus (d) the amount allocated as the Noteholders' Second Priority Principal Distributable Amount, if any, with respect to such
Payment Date.


 


"Noteholders' Second
Priority Principal Distributable Amount" means, with respect to any Payment Date, an amount not less than zero, equal
to (a) the Outstanding Amount of the


 




    	 	App. A-17	 



     


    

 


Class A Notes and the Class B Notes as of the
day immediately preceding the Payment Date, minus (b) the aggregate Securitization Value as of the last day of the related Collection
Period; minus (c) the amount allocated as the Noteholders' First Priority Principal Distributable Amount on the related Payment
Date.


 


"Note Owner"
means, with respect to a Book-Entry Note, the Person who is the beneficial owner of such Book-Entry Note, as reflected on the books
of the Clearing Agency or a Person maintaining an account with such Clearing Agency (directly as a Clearing Agency Participant
or as an indirect participant, in each case in accordance with the rules of such Clearing Agency).


 


"Note Register"
and "Note Registrar" have the respective meanings set forth in Section 2.4 of the Indenture.


 


"Officer's Certificate"
means a certificate signed by an Authorized Officer of the Issuing Entity, under the circumstances described in, and otherwise
complying with, the applicable requirements of Section 11.1 of the Indenture, and delivered to, the Indenture Trustee.


 


"Opinion of Counsel"
means one or more written opinions of counsel who may, except as otherwise expressly provided in the Indenture or any other applicable
Transaction Document, be employees of or counsel to the Issuing Entity or the Administrator, and which opinion or opinions comply
with any applicable requirements of the Transaction Documents and are in form and substance reasonably satisfactory to the recipient(s).
Opinions of Counsel need address matters of law only and may be based upon stated assumptions as to relevant matters of fact.


 


"Optional Redemption"
has the meaning set forth in Section 15.1 of the Exchange Note Servicing Supplement.


 


"Other Exchange
Note Assets" means the Titling Trust Assets allocated to Other Exchange Notes.


 


"Other Exchange
Note" means any exchange note issued pursuant to the Exchange Note Supplement other than the Exchange Note.


 


"Other Reference
Pool" means a pool of Titling Trust Assets other than the Reference Pool.


 


"Outstanding"
means, as of any date, all Notes (or all Notes of an applicable Class) theretofore authenticated and delivered under this Indenture
except:


 


(i)          Notes
(or Notes of an applicable Class) theretofore cancelled by the Note Registrar or delivered to the Note Registrar for cancellation;


 


(ii)         Notes
(or Notes of an applicable Class) or portions thereof the payment for which money in the necessary amount has been theretofore
deposited with the Indenture Trustee or any Paying Agent in trust for the related Noteholders (provided, however, that if such
Notes are to be redeemed, notice of such redemption has been duly given pursuant


 




    	 	App. A-18	 



     


    

 


to this Indenture or provision therefor,
satisfactory to the Indenture Trustee, has been made); and


 


(iii)        Notes
(or Notes of an applicable Class) in exchange for or in lieu of other Notes (or Notes of such Class) that have been authenticated
and delivered pursuant to this Indenture unless proof satisfactory to the Indenture Trustee is presented that any such Notes are
held by a bona fide purchaser; provided that in determining whether Noteholders holding the requisite Outstanding Note Amount have
given any request, demand, authorization, direction, notice, consent or waiver hereunder or under any Transaction Document, Notes
owned by the Issuing Entity, the Depositor, the Servicer, the Administrator or any of their respective Affiliates shall be disregarded
and deemed not to be Outstanding, except that, in determining whether the Indenture Trustee shall be protected in relying upon
any such request, demand, authorization, direction, notice, consent or waiver, only Notes that a Responsible Officer knows to be
so owned shall be so disregarded. Notes so owned that have been pledged in good faith may be regarded as Outstanding if the pledgee
thereof establishes to the satisfaction of the Indenture Trustee such pledgee's right so to act with respect to such Notes and
that such pledgee is not the Issuing Entity, the Depositor, the Administrator or any of their respective Affiliates.


 


"Outstanding Amount"
or "Outstanding Note Amount" means the aggregate principal amount of all Notes, or Class of Notes, as applicable, Outstanding
at the date of determination.


 


"Overcollateralization
Target Amount" means, with respect to any Payment Date, an amount equal to 16.00% of the Initial Securitization Value.


 


"Owner Trustee"
means U.S. Bank Trust National Association, a national banking association, not in its individual capacity but solely as Owner
Trustee under the Trust Agreement, and any successor Owner Trustee thereunder.


 


"Paying Agent"
means the Indenture Trustee or any other Person that meets the eligibility standards for the Indenture Trustee set forth in Section
6.11 of the Indenture and is authorized by the Issuing Entity to make the payments to and distributions from the Trust Collection
Account, including the payment of principal of or interest on the Notes and distributions on the Certificates on behalf of the
Issuing Entity.


 


"Payment Date"
means the 15th day of each calendar month; provided, however, whenever a Payment Date would otherwise be a day that
is not a Business Day, the Payment Date shall be the next Business Day; provided, further, that the initial Payment
Date shall be April 16, 2018. As used herein, the "related" Payment Date with respect to a Collection Period shall be
deemed to be the Payment Date which follows such Collection Period.


 


"Percentage Interest"
shall mean, with respect to each Trust Certificate, the percentage interest in the Trust represented by such Trust Certificate.


 


"Permitted Investments"
shall mean any of the following:


 


(a)          (i)
direct obligations of, and obligations guaranteed as to full and timely payment of principal and interest by, the United States
or any agency or instrumentality of the


 




    	 	App. A-19	 



     


    

 


United States the obligations of which are
backed by the full faith and credit of the United States (other than the Government National Mortgage Association), and (ii) direct
obligations of, or obligations fully guaranteed by, Fannie Mae or any State then rated with the highest available credit rating
of Moody's and, if rated by Fitch, Fitch, or such obligations, which obligations are, at the time of investment, otherwise acceptable
to each Rating Agency for securities having a rating at least equivalent to the rating of the Notes;


 


(b)          money
market deposit accounts, certificates of deposit, demand or time deposits, savings deposits, bankers acceptances, or federal funds,
in each case as defined in Regulation D of the Board of Governors of the Federal Reserve System and issued by or sold by or offered
by, any domestic office of any commercial bank or any depository institution or trust company (including the Indenture Trustee
or the Owner Trustee or their successors) incorporated or organized under the laws of the United States or any State thereof which
has a combined capital and surplus and undivided profits of not less than $250,000,000 and the deposits of which are insured by
the FDIC to the full extent legally permitted and which has from Moody’s a short-term rating of not lower than P-1 or long-term
rating of not lower than A2 and at least an equivalent rating from Fitch;


 


(c)          repurchase
obligations held by the Indenture Trustee that are acceptable to the Indenture Trustee with respect to (i) any security described
in clause (a) above or (e) below, or (ii) any other security issued or guaranteed by any agency or instrumentality of the United
States, in either case entered into with a federal agency or depository institution or trust company (including the Indenture Trustee)
acting as principal, whose obligations having the same maturity as that of the repurchase agreement would be Permitted Investments
under clause (b) above; provided, however, that repurchase obligations entered into with any particular depository institution
or trust company (including the Indenture Trustee or Owner Trustee) will not be Permitted Investments to the extent that the aggregate
principal amount of such repurchase obligations with such depository institution or trust company held by the Indenture Trustee
on behalf of the Issuing Entity shall exceed 10% of either the aggregate Securitization Value or the aggregate unpaid balance or
face amount, as the case may be, of all Permitted Investments held by the Indenture Trustee on behalf of the Issuing Entity;


 


(d)          securities
bearing interest or sold at a discount issued by any corporation incorporated under the laws of the United States or any State
so long as at the time of such investment or contractual commitment providing for such investment, either the long-term, unsecured
debt of such corporation has the highest available credit rating from Moody’s and Fitch, or the Rating Agency Condition has
been satisfied, or commercial paper or other short-term debt having the Required Rating; provided, however, that any such commercial
paper or other short-term debt may have a remaining term to maturity of no longer than 30 days after the date of such investment
or contractual commitment providing for such investment, and that the securities issued by any particular corporation will not
be Permitted Investments to the extent that investment therein will cause the then outstanding principal amount or face amount,
as the case may be, of securities issued by such corporation and held by the Indenture Trustee on behalf of the Issuing Entity
to exceed 10% of either the aggregate Securitization Value or the aggregate unpaid principal balance or face amount, as the case
may be, of all Permitted Investments held by the Indenture Trustee on behalf of the Issuing Entity;


 




    	 	App. A-20	 



     


    

 


(e)          interest
in any open-end or closed-end management type investment company or investment trust (i) registered under the Investment Company
Act of 1940, as amended, the portfolio of which is limited to the obligations of, or guaranteed by, the United States and to agreements
to repurchase such obligations, which agreements, with respect to principal and interest, are at least 100% collateralized by such
obligations marked to market on a daily basis and the investment company or investment trust shall take delivery of such obligations
either directly or through an independent custodian designated in accordance with the Investment Company Act and (ii) acceptable
to each Rating Agency (as approved by each Rating Agency) as collateral for securities having ratings equivalent to the ratings
of the Notes;


 


(f)           guaranteed
reinvestment agreements issued by any bank, insurance company or other corporation for which the Rating Agency Condition has been
satisfied;


 


(g)          investments
in Permitted Investments maintained in "sweep accounts," short-term asset management accounts and the like utilized for
the investment, on an overnight basis, of residual balances in investment accounts maintained at the Indenture Trustee or any other
depository institution or trust company organized under the laws of the United States or any State that is a member of the FDIC,
the short-term debt of which has the highest available credit rating of Moody's and Fitch;


 


(h)          guaranteed
investment contracts entered into with any financial institution having a final maturity of not more than one month from the date
of acquisition, the short-term debt securities of which institution have the Required Rating;


 


(i)           funds
classified as money market funds; provided, however, that the fund shall be rated with the highest available credit rating of Moody's
and, if rated by Fitch, Fitch (or, if not rated by Fitch, an equivalent rating by a nationally recognized statistical rating organization
other than Moody’s and Fitch), and redemptions shall be permitted on a daily or next business day basis;


 


(j)           auction
rate securities issued with a rate reset mechanism and a maximum term of 30 days; provided that investment will be limited to those
issuers having the AAA credit rating of Moody’s and Fitch; and


 


(k)          such
other investments for which the Rating Agency Condition has been satisfied.


 


Notwithstanding anything
to the contrary contained in the foregoing definition:


 


(a)          no
Permitted Investment may be repurchased at a premium;


 


(b)          any
of the foregoing which constitutes a certificated security shall not be considered a Permitted Investment unless:


 


(i)          in
the case of a certificated security that is in bearer form, (A) the Indenture Trustee acquires physical possession of such certificated
security, or (B) a person, other than a securities intermediary, acquires possession of such certificated security on behalf of
the Indenture Trustee; and


 




    	 	App. A-21	 



     


    

 


(ii)         in
the case of a certificated security that is in registered form (A)(1) the Indenture Trustee acquires physical possession of such
certificated security, (2) a person, other than a securities intermediary, acquires possession of such certificated security on
behalf of the Indenture Trustee, or (3) a securities intermediary acting on behalf of the Indenture Trustee acquires possession
of such certificated security and such certificated security has been specially endorsed to the Indenture Trustee, and (B) (1)
such certificated security is endorsed to the Indenture Trustee or in blank by an effective endorsement, or (2) such certificated
security is registered in the name of the Indenture Trustee;


 


(c)          any
of the foregoing that constitutes an uncertificated security shall not be considered a Permitted Investment unless (A) the Indenture
Trustee is registered by the issuer as the owner thereof, (B) a person, other than a securities intermediary, becomes the registered
owner of such uncertificated security on behalf of the Indenture Trustee, or (C) the issuer of such uncertificated security agrees
that it will comply with the instructions originated by the Indenture Trustee without further consent by any registered owner of
such uncertificated security;


 


(d)          any
of the foregoing that constitutes a security entitlement shall not be considered a Permitted Investment unless (A) the Indenture
Trustee becomes the entitlement holder thereof, or (B) the securities intermediary has agreed to comply with the entitlement orders
originated by the Indenture Trustee without further consent by the entitlement holder;


 


(e)          any
of the foregoing shall not constitute a Permitted Investment unless the Indenture Trustee (A) has given value, and (B) does not
have notice of an adverse claim; and


 


(f)           for
the purposes of funds held in the Trust Collection Account only, investments which would otherwise qualify as Permitted Investments
but for the fact that such investments are rated F-1 by Fitch shall be Permitted Investments, so long as the aggregate amount of
such investments does not exceed 10% of the Outstanding Amount of the Notes.


 


"Permitted Lien"
means (1) with respect to any Transaction Unit (a) the interests of the parties under the Transaction Documents; (b) the interests
of the Titling Trust and any Closed-End Obligor as provided in any Transaction Lease; (c) any liens thereon for taxes, assessments,
levies, fees and other government and similar charges not due and payable or the amount or validity of which is being contested
in good faith by appropriate proceedings; (d) any liens of mechanics, suppliers, vendors, materialmen, laborers, employees, repairmen
and other like liens arising in the ordinary course of the Servicer's, the Issuing Entity's or the Titling Trust's (or if a Transaction
Lease is then in effect, any Closed-End Obligor's) business securing obligations which are not due and payable or the amount or
validity of which is being contested in good faith by appropriate proceedings; (e) liens arising out of any judgment or award against
the Depositor or the Titling Trust (or if a Transaction Lease is then in effect, any Closed-End Obligor) with respect to which
an appeal or proceeding for review is being taken in good faith and with respect to which there shall have been secured a stay
of execution pending such appeal or proceeding for review; and (f) any lien of the Titling Trust noted on the certificate of title
of the Transaction Vehicle included in such Closed-End Unit for the sole purpose of causing the certificate of title for such Transaction
Vehicle to be returned or otherwise delivered to the Depositor, the Servicer or the Titling Trust from the relevant registrar of
titles and which does not convey to the Titling


 




    	 	App. A-22	 



     


    

 


Trust any other rights with respect to such
Closed-End Vehicle; and (2) with respect to any Exchange Note, the type of liens described in subclauses (a), (c) and (e) of the
foregoing clause (1).


 


"Person"
means any individual, corporation, limited liability company, estate, partnership, joint venture, association, joint stock company,
trust (including any beneficiary thereof), unincorporated organization or government or any agency or political subdivision thereof.


 


"Plan"
shall have the meaning assigned to such term in Section 3.03 of the Trust Agreement.


 


"Postmaturity Term
Extension" means, with respect to any Included Unit, that the Servicer has granted an extension of the term of the related
Transaction Lease, and the Transaction Lease term as so extended ends beyond the Closed-End EN Collection Period preceding the
Final Scheduled Payment Date for the Class B Notes.


 


"Predecessor Note"
means, with respect to any particular Note, every previous Note evidencing all or a portion of the same debt as that evidenced
by such particular Note; provided, however, for the purpose of this definition, any Note authenticated and delivered under Section
2.5 of the Indenture in lieu of a mutilated, destroyed, lost or stolen Note shall be deemed to evidence the same debt as the
mutilated, destroyed, lost or stolen Note.


 


"Principal Distribution
Account" means the account designated as such, established and maintained pursuant to Section 8.2(b) of the Indenture.


 


"Proceeding"
means any suit in equity, action at law or other judicial or administrative proceeding.


 


"Rating Agency"
means either Moody's or Fitch, as the context may require. If neither Moody's or Fitch nor a successor thereto remains in existence,
"Rating Agency" shall mean any nationally recognized statistical rating organization or other comparable Person designated
by the Depositor, notice of which shall be given to the Indenture Trustee, the Owner Trustee and the Servicer.


 


"Rating Agency
Condition" means, with respect to any action, (i) if Moody’s is a Rating Agency, that Moody’s shall have received
prior written notice thereof and (ii) if Fitch is a Rating Agency, that Fitch shall have received 5 Business Days’ (or such
shorter period as shall be acceptable to Fitch) prior written notice and, in either case, such Rating Agency shall not have notified
the Depositor that such action will result in a downgrade of the then current rating on any Notes.


 


"Reallocation Request"
has the meaning specified in Section 2.3(d)(i) of the Exchange Note Sale Agreement.


 


"Record Date"
means, with respect to a Payment Date or Redemption Date, the close of business on the Business Day immediately preceding such
Payment Date or Redemption Date or,


 




    	 	App. A-23	 



     


    

 


if Definitive Notes have been issued pursuant
to Section 2.9 of the Indenture, the Payment Date in the preceding month.


 


"Records"
means, for any Transaction Unit, all contracts, books, records and other documents or information (including computer programs,
tapes, disks, software and related property and rights, to the extent legally transferable) relating to such Transaction Unit or
the related Closed-End Obligor.


 


"Recoveries"
means, with respect to any Transaction Unit that has become a Terminated Unit, all monies collected by the Servicer (from whatever
source, including, but not limited to, proceeds of a deficiency balance or insurance proceeds recovered after the charge-off of
the related Transaction Unit) on such Terminated Unit, net of any and all out-of-pocket costs and expenses incurred by the Servicer
in connection therewith, Supplemental Servicing Fees and any payments required by law to be remitted to the Closed-End Obligor.


 


"Redemption Date"
means in the case of a redemption of the Notes pursuant to Section 10.1 of the Indenture, the Payment Date specified by
the Administrator or the Issuing Entity pursuant to Section 10.1 of the Indenture.


 


"Reference Pool"
means the pool of Titling Trust Assets allocated to the Exchange Note.


 


"Redemption Price"
means an amount equal to the unpaid principal amount of the Notes redeemed plus accrued and unpaid interest thereon at the applicable
Interest Rate for the Notes being so redeemed, up to but excluding the Redemption Date as calculated by the Paying Agent.


 


"Registered Holder"
means the Person in whose name a Note is registered on the Note Register on the related Record Date.


 


"Regulation AB"
means Subpart 229.1100 - Asset Backed Securities (Regulation AB), 17 C.F.R. Sections 229.1100-229.1125, as such regulation may
be amended from time to time and subject to such clarification and interpretation as have been provided by the Commission in the
adopting release (Asset-Backed Securities, Securities Act Release No. 33-8518, 70 Fed. Reg. 1,506, 1,531 (January 7, 2005) and
Asset-Backed Securities Disclosure and Registration, Securities Act Release No. 33-9638, 79 Fed. Reg. 57, 184 (September 24, 2014))
or by the staff of the Commission, or as may be provided in writing by the Commission or its staff from time to time.


 


"Related Rights"
means, with respect to any Transaction Vehicle and related Closed-End Lease, all Titling Trust Assets to the extent such assets
are associated with such Transaction Unit.


 


"Reporting Officer"
means any officer, employee or other person within the Corporate Trust Office of the Owner Trustee having responsibility for the
administration of the Issuing Entity.


 


"Reporting Subcontractor"
shall mean with respect to any Person, any Subcontractor for such Person that is "participating in the servicing function"
within the meaning of Item 1122 of


 




    	 	App. A-24	 



     


    

 


Regulation AB. References to a Reporting Subcontractor
shall refer only to the Subcontractor of such Person and shall not refer to Subcontractors generally.


 


"Repurchase Payment"
has the meaning specified in Section 2.3(c) of the Exchange Note Sale Agreement.


 


"Repurchase Rules
and Regulations" has the meaning set forth in Section 6.14.


 


"Requesting Party"
has the meaning specified in Section 2.3(d)(i) of the Exchange Note Sale Agreement.


 


"Required Deposit
Amount" has the meaning set forth in Section 5.1(d)(ii) to the Servicing Agreement.


 


"Required Rating"
means a rating on commercial paper or other short term unsecured debt obligations of Prime-1 by Moody's so long as Moody's is a
Rating Agency and F-1 by Fitch so long as Fitch is a Rating Agency; and any requirement that deposits or debt obligations have
the "Required Rating" shall mean that such deposits or debt obligations have the foregoing required ratings from Moody’s
and Fitch.


 


"Required Reserve
Account Balance" means with respect to any Payment Date, an amount equal to 0.50% of the Initial Securitization Value.


 


"Reserve Account"
means the account designated as such, established and maintained pursuant to Section 8.2(c) of the Indenture.


 


"Residual Losses"
means, for any Collection Period, an amount (which, for the avoidance of doubt, shall be a positive number in the case of residual
losses and a negative number in the case of residual gains) equal to (a) the Securitization Value of each Included Unit that became
a Terminated Unit (other than Defaulted Units) during that Collection Period minus (b) the sum of all Sales Proceeds and Recoveries
in connection with the sale or other disposition of the related Transaction Vehicle and Excess Mileage Charges and Excess Wear
and Tear Charges received by the Servicer during such Closed-End EN Collection Period.


 


"Responsible Officer"
means, with respect to the Indenture Trustee, any officer within the corporate trust department of the Indenture Trustee, including
any vice president, senior associate, associate, trust officer or any other officer of the Indenture Trustee who customarily performs
functions similar to those performed by the persons who at the time shall be such officers, respectively, or to whom any corporate
trust matter is referred because of such person's knowledge of and familiarity with the particular subject and who shall have direct
responsibility for the administration of the Indenture and, with respect to the Owner Trustee, any officer within the Corporate
Trust Office of the Owner Trustee and having direct responsibility for the administration of the Issuing Entity pursuant to the
Trust Agreement, including any Vice President, Assistant Vice President, Assistant Treasurer, Assistant Secretary, or any other
officer customarily performing functions similar to those performed by any of the above designated officers and also, with respect
to a particular matter, any other officer to whom such matter is referred because of such officer's knowledge of and familiarity
with the particular subject.


 




    	 	App. A-25	 



     


    

 


"Review"
means a review by the Asset Representations Reviewer as specified in the Asset Representations Review Agreement of all Transaction
Leases that have been Delinquent Units for 60 days or more as of the last day of the preceding Collection Period to determine whether
such Transaction Leases satisfy the representations and warranties set forth in Section 2.3(b) of the Exchange Note Sale
Agreement, each as of the date as specified in Section 2.3(b) of the Exchange Note Sale Agreement.


 


"Review Transaction
Lease" has the meaning designated in Section 1.02 of the Asset Representations Review Agreement.


 


"Review Notice"
means the notice from the Indenture Trustee to the Asset Representations Reviewer, the Issuing Entity and the Servicer pursuant
to Section 7.5(c) of the Indenture directing the Asset Representations Reviewer to perform a Review.


 


"Review Report"
has the meaning designated in Section 3.04 of the Asset Representations Review Agreement.


 


"Sales Proceeds"
means, with respect to any Transaction Vehicle, an amount equal to the aggregate amount of proceeds received by the Servicer from
the purchaser in connection with the sale or other disposition of such Transaction Vehicle, net of any and all out-of-pocket costs
and expenses incurred by the Servicer in connection with such sale or other disposition, including without limitation, all repossession,
auction, painting, repair and any and all other similar liquidation and refurbishment costs and expenses.


 


"Sarbanes-Oxley
Act" means the Sarbanes-Oxley Act of 2002, as amended.


 


"Securities Act"
shall mean the Securities Act of 1933, as amended.


 


"Securitization
Rate" means, with respect to any Included Unit, 6.50%.


 


"Securitization
Value" means, for each Included Unit, as of any date, the sum of (i) the present values (discounted at the greater of
the Securitization Rate and the Lease Rate) of (a) the aggregate scheduled monthly payments remaining on the Closed-End Lease and
(b) the Base Residual Value of the related Closed-End Vehicle and (ii) the monthly payments due and not yet paid, minus any monthly
payments made in advance of the Closed-End Obligor’s next due date; provided, however, that the Securitization
Value of a Terminated Unit is equal to zero.


 


"Securitization
Transaction" means any transaction effected after the Closing Date involving an issuance of notes pursuant to the Indenture,
whether publicly offered or privately placed, rated or unrated.


 


"Seller"
has the meaning set forth in the first paragraph of the Exchange Note Sale Agreement.


 


"Servicer"
means World Omni, initially, in its capacity as Servicer under the Exchange Note Servicing Agreement, and any replacement Servicer
appointed pursuant to the Exchange Note Servicing Supplement.


 




    	 	App. A-26	 



     


    

 


"Servicer Certificate"
has the meaning set forth in Section 8.3(a) of the Indenture.


 


"Servicing Agreement"
means the fifth amended and restated servicing agreement, dated as of December 15, 2009, between the Titling Trust, World Omni
and the Closed-End Collateral Agent, as amended, modified and supplemented by the Exchange Note Servicing Supplement, and as the
same may be further amended or modified from time to time.


 


"Servicing Criteria"
means the "servicing criteria" set forth in Item 1122(d) of Regulation AB.


 


"Servicing Fee"
means, for any Closed-End EN Collection Period, an amount equal to the product of (a) one-twelfth (1/12th) (or, in the case of
the initial Closed-End EN Collection Period (i.e., the period commencing on the close of business on the Cut-Off Date and ending
on March 31, 2018), a fraction, the numerator of which is 59 and the denominator of which is 360), (b) 1.00% and (c) the aggregate
Securitization Value at the beginning of such Closed-End EN Collection Period (or, in the case of the first Payment Date, at the
Cut-Off Date) of all Transaction Units for such Closed-End EN Collection Period.


 


"Similar Law"
shall have the meaning assigned to such term in Section 3.03 of the Trust Agreement.


 


"Special Purpose
Entity" means any special purpose corporation, partnership, limited partnership, trust, business trust, limited liability
company or other entity created for one or more Financings.


 


"State"
means any one of the 50 States of the United States of America or the District of Columbia.


 


"Statutory Trust
Act" means Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code Section 3801 et seq., as the same may be amended
from time to time.


 


"Subcontractor"
shall mean any vendor, subcontractor or other Person that is not responsible for the overall servicing (as "servicing"
is commonly understood by participants in the mortgage-backed securities market) of the Closed-End Units but performs one or more
discrete functions identified in Item 1122(d) of Regulation AB with respect to the Closed-End Units under the direction or authority
of the Servicer or the Indenture Trustee.


 


"Supplemental Servicing
Fees" means any and all (i) late fees, (ii) extension fees, (iii) prepayment charges, (iv) early termination fees or any
other fees paid to the Servicer in connection with the termination of any Closed-End Lease (other than monthly lease payments and
Excess Wear and Tear Charges and Excess Mileage Charges), (v) non-sufficient funds charges and (vi) any and all other administrative
fees or similar charges allowed by applicable law received by or on behalf of the Servicer, the Closed-End Collateral Agent, the
Closed-End Administrative Agent or the Titling Trust with respect to any Closed-End Unit.


 


"Taxes"
means all taxes, charges, fees, levies or other assessments (including income, gross receipts, profits, withholding, excise, property,
sales, use, license, occupation and franchise


 




    	 	App. A-27	 



     


    

 


taxes and including any related interest, penalties
or other additions) imposed by any jurisdiction or taxing authority (whether foreign or domestic).


 


"Terminated Unit"
shall mean, without duplication, an Included Unit for which any of the following has occurred during a Closed-End EN Collection
Period:


 


(a)          following
the scheduled expiration or early termination (including any voluntary early termination by the related Closed-End Obligor) of
the related Transaction Lease, the related Closed-End Vehicle was either (a) sold or otherwise disposed of by the Servicer or (b)
held in inventory for more than 90 days, whichever occurs first; or


 


(b)          the
related Closed-End Vehicle was purchased by the customer or the dealer; or


 


(c)          the
Servicer's records, in accordance with Customary Servicing Practices, disclose that all insurance proceeds expected to be received
have been received by the Servicer following a Casualty or other loss with respect to the related Closed-End Vehicle; or


 


(d)          the
related Closed-End Lease becoming a Defaulted Unit.


 


"Test Fail"
has the meaning assigned in Section 3.03(a) of the Asset Representations Review Agreement.


 


"TIA"
or "Trust Indenture Act" means the Trust Indenture Act of 1939, as amended and as in force on the date hereof,
unless otherwise specifically provided.


 


"Titling Trust"
means World Omni LT, a Delaware statutory trust formed under the Statutory Trust Act.


 


"Titling Trust
Administrator" means World Omni, in its capacity as Titling Trust Administrator under the Titling Trust Agreement.


 


"Titling Trust
Agreement" means the second amended and restated trust agreement, dated as of July 16, 2008, among ALF LLC, as initial
beneficiary, VT Inc., as Titling Trustee, U.S. Bank Trust National Association, as Delaware Trustee, U.S. Bank, as Initial Titling
Trustee Agent and World Omni, as titling trust administrator and as the same may be further amended supplemented or modified from
time to time.`


 


"Titling Trust
Assets" has the meaning set forth in Appendix A to the Collateral Agency Agreement.


 


"Titling Trustee"
means VT Inc., not in its individual capacity but solely as Titling Trustee under the Titling Trust Agreement.


 


"Transaction Documents"
means the Indenture, the Notes, the Depository Agreement, the Exchange Note Servicing Supplement, the Exchange Note Supplement,
the Servicing Agreement (to the extent that it deals solely with the Exchange Note and the Reference Pool), the Titling Trust Agreement
(to the extent that it deals solely with the Exchange Note and the Reference Pool), the Exchange Note Sale Agreement, the Exchange
Note Transfer Agreement, the


 




    	 	App. A-28	 



     


    

 


Administration Agreement, the Trust Agreement,
the Asset Representations Review Agreement and all other documents, instruments and agreements executed or furnished on the Closing
Date in connection herewith and therewith, as the same may be amended or modified from time to time.


 


"Transaction Lease"
means, for any Transaction Vehicle, the Closed-End Lease for such Transaction Vehicle.


 


"Transaction Unit"
means a Closed-End Unit that has been allocated to the 2018-A Reference Pool.


 


"Transaction Vehicle"
means, at any time, a Closed-End Vehicle then identified and allocated to the 2018-A Reference Pool.


 


"Treasury Regulations"
means regulations, including proposed or temporary regulations, promulgated under the Code from time to time.


 


"Trust Agreement"
means the amended and restated trust agreement, dated as of the Closing Date, between the Depositor and the Owner Trustee, as the
same may be amended and supplemented from time to time.


 


"Trust Certificate"
shall have the meaning set forth in Section 3.01 of the Trust Agreement.


 


"Trust Collection
Account" means the trust account designated as such established and maintained pursuant to Section 8.2(a) of the
Indenture.


 


"Trust Collection
Account Shortfall Amount" has the meaning set forth in Section 13.2(b)(iv) of the Exchange Note Supplement.


 


"Trust Estate"
means all money, accounts, chattel paper, general intangibles, goods, instruments, investment property and other property of the
Issuing Entity, including (i) the Exchange Note (transferred pursuant to the Exchange Note Transfer Agreement), including the right
to payments thereunder after the Cut-Off Date, (ii) the rights of the Issuing Entity to the funds on deposit from time to time
in the Collection Account and any other account or accounts established pursuant to the Indenture and all cash, investment property
and other property from time to time credited thereto and all proceeds thereof (including investment earnings, net of losses and
investment expenses, on amounts on deposit therein), (iii) the rights of the Depositor, as buyer, under the Exchange Note Sale
Agreement, (iv) the rights of the Issuing Entity, as buyer, under the Exchange Note Transfer Agreement, (v) the rights of the Issuing
Entity as a third-party beneficiary under the Basic Documents, to the extent relating to the Transaction Units, and (vi) all proceeds
of the foregoing.


 


"UCC"
means, unless the context otherwise requires, the Uniform Commercial Code as in effect in the relevant jurisdiction, as amended
from time to time.


 


"Unencumbered Reference
Pool" has the meaning set forth in Appendix A to the Collateral Agency Agreement.


 




    	 	App. A-29	 



     


    

 


"United States"
or "USA" means the United States of America (including all states, the District of Columbia and political subdivisions
thereof).


 


"U.S. Bank"
means U.S. Bank National Association, a national banking association, with a corporate trust office in Delaware.


 


"World Omni"
means World Omni Financial Corp., a Florida corporation.


 


The foregoing definitions
shall be equally applicable to both the singular and plural forms of the defined terms. Unless otherwise inconsistent with the
terms of this Indenture, all accounting terms used herein shall be interpreted, and all accounting determinations hereunder shall
be made, in accordance with GAAP. Amounts to be calculated hereunder shall be continuously recalculated at the time any information
relevant to such calculation changes.


 








    	 	App. A-30