EXHIBIT 4.1


 


[          ],

as Indenture Trustee,


 


and


 


WORLD OMNI AUTOMOBILE LEASE SECURITIZATION
TRUST 20[  ]-[  ],


as Issuing Entity


 


INDENTURE


 


Dated as of [      ],
20[  ]


 




    	 



    	 



    

 


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)	 	6.15
	311(b)	 	6.15
	311(c)	 	Not applicable
	312(a)	 	7.1, 7.2(a)
	312(b)	 	7.2(b)
	312(c)	 	7.2(c)
	313(a)	 	7.3
	313(b)	 	7.3
	313(c)	 	7.3
	313(d)	 	7.3
	314(a)	 	3.9
	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	7
	Section 2.6	Persons Deemed Owners	7
	Section 2.7	Cancellation	8
	Section 2.8	Release of Collateral	8
	Section 2.9	Book-Entry Notes	8
	Section 2.10	Notices to Clearing Agency	9
	Section 2.11	Definitive Notes	9
	Section 2.12	Authenticating Agents	10
	Section 2.13	Tax Treatment	10
	 	 	 
	ARTICLE III REPRESENTATIONS, WARRANTIES AND COVENANTS	11
	Section 3.1	Payment of Principal and Interest	11
	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	13
	Section 3.5	Protection of Collateral	13
	Section 3.6	Opinions as to Collateral	14
	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	17
	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	18
	Section 3.15	'34 Act Filings	18
	 	 	 
	ARTICLE IV SATISFACTION AND DISCHARGE	18
	Section 4.1	Satisfaction and Discharge of Indenture	18
	Section 4.2	Application of Trust Money	19
	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	21
	Section 5.3	Collection of Indebtedness and Suits for Enforcement by Indenture Trustee	22
	Section 5.4	Remedies; Priorities	24
	Section 5.5	Optional Preservation of the Exchange Note Assets	26
	Section 5.6	Limitation of Suits	26
	Section 5.7	Unconditional Rights of Noteholders to Receive Principal and Interest	26
	Section 5.8	Restoration of Rights and Remedies	27
	Section 5.9	Rights and Remedies Cumulative	27
	Section 5.10	Delay or Omission Not a Waiver	27
	Section 5.11	Control By Noteholders	27
	Section 5.12	Waiver of Past Defaults	28
	Section 5.13	Undertaking For Costs	28
	Section 5.14	Waiver of Stay or Extension Laws	28
	Section 5.15	Action on Notes	29
	Section 5.16	Performance and Enforcement of Certain Obligations	29
	Section 5.17	Sale of Collateral	29
	 	 	 
	ARTICLE VI THE INDENTURE TRUSTEE 	30
	Section 6.1	Duties of Indenture Trustee	30
	Section 6.2	Rights of Indenture Trustee	31
	Section 6.3	Individual Rights of Indenture Trustee	33
	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	34
	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	36
	Section 6.11	Eligibility; Disqualification	37
	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	38
	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	39
	Section 7.3	Reports by Issuing Entity	40
	Section 7.4	Reports by Indenture Trustee	40


 




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	ARTICLE VIII ACCOUNTS, DISBURSEMENTS AND RELEASES	40
	 	 	 
	Section 8.1	Collection of Money	40
	Section 8.2	Accounts	41
	Section 8.3	Servicer Certificate	41
	Section 8.4	Disbursement of Funds	43
	Section 8.5	General Provisions Regarding Accounts	46
	Section 8.6	Release of Collateral	47
	 	 	 
	ARTICLE IX SUPPLEMENTAL INDENTURES	47
	Section 9.1	Supplemental Indentures without Consent of Noteholders	47
	Section 9.2	Supplemental Indentures with Consent of Noteholders	48
	Section 9.3	Execution of Supplemental Indentures	49
	Section 9.4	Effect of Supplemental Indenture	50
	Section 9.5	Reference in Notes to Supplemental Indentures	50
	 	 	 
	ARTICLE X REDEMPTION OF NOTES	50
	Section 10.1	Redemption	50
	Section 10.2	Form of Redemption Notice	50
	Section 10.3	Notes Payable on Redemption Date	51
	 	 	 
	ARTICLE XI MISCELLANEOUS	51
	Section 11.1	Compliance Certificates and Opinions	51
	Section 11.2	Form of Documents Delivered to the Indenture Trustee	53
	Section 11.3	Acts of Noteholders	54
	Section 11.4	Notices	54
	Section 11.5	Notices to Noteholders; Waiver	55
	Section 11.6	Effect of Headings and Table of Contents	56
	Section 11.7	Successors and Assigns	56
	Section 11.8	Severability	56
	Section 11.9	Benefits of Indenture	56
	Section 11.10	Legal Holidays	56
	Section 11.11	Governing Law	56
	Section 11.12	Counterparts	56
	Section 11.13	Recording of Indenture	56
	Section 11.14	Trust Obligation; No Recourse	57
	Section 11.15	No Petition	57
	Section 11.16	Limitation of Liability of Owner Trustee	57
	Section 11.17	TIA Incorporation and Conflicts	58
	Section 11.18	Intent	58
	Section 11.19	Each Exchange Note Separate; Assignees of the Exchange Note	58
	Section 11.20	Submission to Jurisdiction; Waiver of Jury Trial	59
	Section 11.21	Subordination of Claims	59
	Section 11.22	Information Requests	60
	Section 11.23	Regulation AB Information To Be Provided By The Indenture Trustee	60


 




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	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
	EXHIBIT E	FORM OF TRANSFEROR CERTIFICATE
	EXHIBIT F	FORM OF INVESTMENT LETTER
	 	 
	APPENDIX A	DEFINITIONS


 




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THIS INDENTURE, dated as
of [      ], 20[  ] (this "Indenture") is between WORLD OMNI AUTOMOBILE
LEASE SECURITIZATION TRUST 20[  ]-[  ], a Delaware statutory trust (the "Issuing Entity"),
and [          ], a New York banking corporation, 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 [Floating
Rate][     ]% Asset Backed Notes, Series 20[  ]-[  ] (the "Class A-1 Notes"),
Class A-2 [Floating Rate][     ]% Asset Backed Notes, Series 20[  ]-[  ] (the "Class
A-2 Notes"), Class A-3 [Floating Rate][     ]% Asset Backed Notes, Series 20[  ]-[  ]
(the "Class A-3 Notes"), Class A-4 [Floating Rate][     ]% Asset Backed Notes, Series
20[  ]-[  ] (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 [Floating Rate][     ]%
Asset Backed Notes, Series 20[  ]-[  ] (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 in accordance
with the provisions of this Indenture and agrees to perform its duties required in this Indenture to the end that the interests
of the Holders of the Notes may be adequately and effectively protected.


 




    	 



    	 



    






  


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,
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.


 




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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) $[          ] of Class A-1 Notes, (ii) $[          ]
of Class A-2 Notes, (iii) $[          ] of Class A-3 Notes, [and] (iv) $[          ]
of Class A-4 Notes [and (v) $[          ] of Class B Notes]. The aggregate principal
amount of Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, [and] 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, [and] 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.


 




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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 from the Indenture Trustee, 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 from the Indenture Trustee 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.


 




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[As of the date of this
Indenture, the Class B Notes have not been registered under the Securities Act and will not be listed on any exchange. Unless and
until the Class B Notes have been sold pursuant to a transaction registered under the Securities Act, no transfer of a Class B
Note shall be made unless such transfer is made pursuant to an effective registration statement under the Securities Act and any
applicable State securities laws or is exempt from the registration requirements under the Securities Act and such State securities
laws. In the event that a transfer is to be made in reliance upon an exemption from the Securities Act and State securities laws,
in order to assure compliance with the Securities Act and such laws, the Noteholder desiring to effect such transfer and such Noteholder’s
prospective transferee shall each certify to the Indenture Trustee and the Depositor in writing the facts surrounding the transfer
in substantially the forms set forth in Exhibit E (the “Transferor Certificate”) and Exhibit F
(the “Investment Letter”). Except in the case of a transfer as to which the proposed transferee has provided
an Investment Letter with respect to a Rule 144A transaction, there shall also be delivered to the Indenture Trustee an opinion
of counsel that such transfer may be made pursuant to an exemption from the Securities Act and State securities laws, which opinion
of counsel shall be an expense of the transferee and shall not be an expense of the Trust, the Owner Trustee or the Indenture Trustee
(unless it is the transferee from whom such opinion is to be obtained) or of the Depositor or World Omni; provided that such opinion
of counsel in respect of the applicable State securities laws may be a memorandum of law rather than an opinion if such counsel
is not licensed in the applicable jurisdiction. The Depositor shall provide to any Noteholder and any prospective transferee designated
by any such Noteholder information regarding the Class B Notes and the Closed-End Units and such other information as shall be
necessary to satisfy the condition to eligibility set forth in Rule 144A(d)(4) for transfer of any such Class B Notes without registration
thereof under the Securities Act pursuant to the registration exemption provided by Rule 144A. Each Noteholder desiring to effect
such a transfer shall, and does hereby agree to, indemnify the Issuing Entity, the Owner Trustee, the Indenture Trustee, the Depositor
and World Omni (in any capacity) against any liability that may result if the transfer is not so exempt or is not made in accordance
with federal and State securities laws.


 


Transfer of a Class B Note
shall not be made to any Person unless the Indenture Trustee has received a certificate in the form of paragraph 3 to the Investment
Letter attached hereto as Exhibit F from such Person to the effect either that (i) such Person is not, and is not acquiring the
Class B Notes or beneficial interests therein on behalf of or with the assets of, any “employee benefit plan” (as defined
in Section 3(3) of ERISA) subject to Title I of ERISA, any “plan” (as defined in Section 4975(e)(1) of the Internal
Revenue Code of 1986 (the “Code”)) subject to Section 4975 of the Code, any entity whose underlying assets include
“plan assets” of any of the foregoing, or any governmental, non-U.S. or church plan subject to applicable law that
is substantially similar to Title I of ERISA or Section 4975 of the Code or (ii) the acquisition and holding of the Class B Notes
or beneficial interests therein will not constitute or give rise to a non-exempt prohibited transaction under Section 406 of ERISA
or Section 4975 of the Code (or, in the case of a governmental, non-U.S. or church plan, any substantially similar law). The preparation
and delivery of the certificate referred to above with respect to a proposed transfer shall not be an expense of the Issuing Entity,
the Owner Trustee, the Indenture Trustee, World Omni (in any capacity) or the Depositor. Any attempted or purported transfer in
violation of these transfer restrictions will be null and void and will vest no rights in any purported transferee.


 




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(i)A sale, pledge, or transfer
of the Class B Notes may only be made to a Person who is a United States Person (within the meaning of Section 7701(a)(30) of the
Code). A Person other than the Depositor acquiring a Class B Note or an interest therein shall be deemed to have made the representations
set forth in Section 2.13; and (ii) no sale, pledge, or transfer of a Class B Note shall be made (x) to any one person in an amount
less than 100% of the principal balance of the Class B Notes or (y) to a Special Pass-Through Entity, in each case, unless (A)
an opinion of counsel satisfactory to the Indenture Trustee and the Depositor that such sale, pledge, or transfer shall not cause
the Issuing Entity to be treated as an association (or publicly traded partnership) taxable as a corporation for federal income
tax purposes shall have been delivered to the Indenture Trustee and the Depositor and (B) the Depositor shall have provided prior
written approval;


 


provided, however,
that the restrictions in this Section 2.4 shall not continue to apply to Class B Notes (covered by the opinion described in this
clause) in the event counsel satisfactory to the Indenture Trustee and the Depositor has rendered an opinion, with respect to the
initial sale, pledge or transfer by the Depositor, to the effect that the Class B Notes to be sold, pledged, or transferred will
be characterized as indebtedness for federal income tax purposes. Any attempted transfer in contravention of this Section 2.4 will
be void ab initio and the purported transferor will continue to be treated as the owner of the Class B Note.


 


For the purposes of this
Section 2.4, “Special Pass-Through Entity” means a grantor trust, S corporation, or partnership where more than 50%
of the value of a beneficial owner’s interest in such pass through entity is attributable to the pass-through entity’s
interest in the Class B Note.


 


By acquiring a [Class A]
Note [or Class B Note], each initial purchaser, transferee and owner of a beneficial interest will be deemed to represent that
either (1) it is not, and is not acquiring the Notes on behalf of, or with the assets of a Plan or (2) the acquisition and holding
of the 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 [Class A] Note [and Class B Note] will bear a legend reflecting such deemed representation.


 


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.]


 


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.


 




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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.


 


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.


 




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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.


 


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


 


(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


 




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(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. [The Class B Notes, upon original issuance
will be in the form of Definitive Notes, but at the request of the holder thereof, may be exchanged for Book Entry 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.


 


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 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.


 




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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 (except with respect to a Note or interest therein acquired by the Depositor or other person considered for
federal income tax purposes the issuer of such Note) for federal income tax purposes of such Class B Notes), by its acceptance
of a Note (and each Note Owner by its acceptance of an interest in the applicable Book-Entry Note), unless otherwise required by
appropriate taxing authorities, agree to treat the Notes 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) the Noteholder Tax Identification
Information and, upon request, to the extent FATCA Withholding Tax is applicable, the Noteholder FATCA Information.


 




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(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), 8.4(b),
8.4(h) and 8.4(i), the Issuing Entity will cause to be distributed all amounts deposited in the Principal Distribution
Account on a Payment Date [or the Additional Class A-1 Payment Date, as applicable,] 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) [or, with respect to the Class A-1 Notes,
the Additional Class A-1 Payment Date (if applicable),] in each case, on which the 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.


 




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On or before the Business
Day preceding each Payment Date[, the Additional Class A-1 Payment Date (if applicable)] 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;


 


(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.


 




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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 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;


 




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(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
designates the Indenture Trustee as its agent and attorney-in-fact and hereby authorizes the Indenture Trustee to file all financing
statements, continuation statements or other instruments required to be executed (if any) pursuant to this Section. 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 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, 20[  ], 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.


 




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(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
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;


 




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(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; or


 


(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).


 


(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


 




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(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 [          ],
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 [    ]),
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 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.


 




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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.


 


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).


 




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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 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"):


 




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(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;


 


(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.


 




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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 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.


 




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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 shall deem most effective to
protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture 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:


 




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(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.


 


(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.


 




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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;


 


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 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 obtained
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.


 




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(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 the Owner Trustee under the Trust Agreement;


 


(ii)         to
the Administrator, the Administration Fee;


 


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


 


(iv)        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) or 8.4(h), 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;


 


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


 


(vi)        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 interest on or principal of any note in accordance with Section 8.4(a) or 8.4(h), 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;


 


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


 


(viii)      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 (vii) above, the Indenture
Trustee shall apply funds from the Reserve Account in the same order of priority as descried 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.


 




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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, 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 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.


 




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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.


 


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


 




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(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 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, 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.


 




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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 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 of its obligations under the Servicing Agreement.


 


(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 under or in connection with the Servicing Agreement
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.


 




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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:


 


(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.


 




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(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.


 


(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.


 




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(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
pursuant to this Indenture 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 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.


 




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(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.


 


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 mail 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
or the Additional Class A-1 Determination Date (if applicable), the Indenture Trustee shall send to The Depository Trust Company
to distribute in accordance with its procedures the statement or statements provided to the Indenture Trustee by the Servicer pursuant
to Section 13.4 and Section 13.15 (if applicable) of the Exchange Note Servicing Supplement with respect to
such related Payment Date [or Additional Class A-1 Payment Date].


 




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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 attorneys' fees) 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 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.


 




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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 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.


 




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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 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.


 




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(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 [  ] by [  ] and [  ] by [  ]. 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 corporation 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;


 




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(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 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 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
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 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.


 


(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).


 




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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 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 by mail 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, 20[  ], the Indenture Trustee shall
mail 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).


 


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.


 




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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 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 and the Additional Class A-1 Determination Date (if applicable) 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 [and available funds for the Additional
Class A-1 Payment Date (if applicable)]. 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:


 




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(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;


 


(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;


 




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


 


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


 


(xvii)     the
amount of any Servicer Advances made during the related Closed-End Collection Period.


 


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 Administrator 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)         pro
rata to the Holders of the Class A Notes, the Class A Noteholders' Interest Distributable Amount, for such Payment Date;


 


(iii)        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);


 


(iv)        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;


 


(v)         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);


 


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


 




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(vii)       to
the Principal Distribution Account, the Noteholders' Regular Principal Distributable Amount minus any amount allocated under (iii)
and (v) above, for such Payment Date, if any, which will be allocated to pay principal on the Notes in the order of priority
set forth in Section 8.4(b); and


 


(viii)      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 (v) 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 (v) 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; [and]


 


(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


 


(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.


 




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(e)          On
each Payment Date[, the Additional Class A-1 Payment Date] or Redemption Date, from the amounts allocated therefor in accordance
with Section 8.4(a), Section 8.4(b), Section 8.4(h) and Section 8.4(i), 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[, the Additional Class A-1 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[, the Additional Class A-1 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[, the Additional Class A-1 Payment Date] or Redemption Date by notice mailed within
30 days (and not less than 15 days) of such Payment Date[, the Additional Class A-1 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 [and the Additional Class A-1 Payment Date (if applicable)], 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 [          ])
the Servicer Certificate prepared by the Servicer pursuant to Section 8.3 and the certificate delivered to the Indenture
Trustee by the Servicer pursuant to Section 13.15 of the Exchange Note Supplement 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
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.


 




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(h)          [If
the Class A-1 Note Balance is greater than zero on the Additional Class A-1 Determination Date, then on the Additional Class A-1
Payment Date, prior to 1:00 p.m., New York City time, the Indenture Trustee, in accordance with the related certificate delivered
by the Servicer to the Indenture Trustee, pursuant to Section 13.15 of the Exchange Note Servicing Supplement and pursuant
to the instructions of the Servicer, shall transfer from the Trust Collection Account (to the extent of funds on deposit therein)
an amount equal to the sum deposited into the Trust Collection Account pursuant to Section 13.2(f) of the Exchange Note
Supplement, and shall apply such amount, in accordance with the following priorities:]


 


(i)          [to
the Holders of the Class A-1 Notes, the Additional Class A-1 Interest Distributable Amount; and]


 


(ii)         [to
the Principal Distribution Account, the amount of the Class A-1 Note Balance, which amount shall be paid as set forth in Section
8.4(i).]


 


[In the event that the
funds for the Additional Class A-1 Payment Date are not sufficient to make the full amount of the payments and deposits required
pursuant to clauses (i) and (ii) above on such Additional Class A-1 Payment Date, the Indenture Trustee shall withdraw
from the Reserve Account on such Additional Class A-1 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) and (ii) above.]


 


(i)       [If
the Class A-1 Note Balance is greater than zero on the Additional Class A-1 Determination Date, then on the Additional Class A-1
Payment Date, prior to 1:00 p.m., New York City time, the Paying Agent, in accordance with the related certificate delivered by
the Servicer pursuant to Section 13.15 of the Exchange Note Servicing Supplement 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
to the Holders of the Class A-1 Notes in respect of principal, until the Class A-1 Notes are paid in full.]


 


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 [or Additional
Class A-1 Payment Date, as applicable,] 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.


 




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(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 in accordance with standing instructions most recently
given by the Administrator.


 


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 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.


 




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(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 mail 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 mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity
of any such supplemental indenture.


 


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:


 




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(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 entitled to receive, 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. 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.


 




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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 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 given by the Indenture Trustee by first-class mail, postage prepaid, or by facsimile transmitted 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.


 




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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 Indenture Trustee and each Rating Agency shall be entitled to receive (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, 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;


 




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(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 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.


 




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(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
[      ], 20[  ], at [          ], 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.


 


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.


 




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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, 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 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.


 




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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 [          ], 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.


 


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.


 




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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.


 


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.


 


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.


 




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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 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.


 


Section
11.16         Limitation of Liability of Owner Trustee. Notwithstanding
anything contained herein to the contrary, this instrument has been signed by [          ]
not in its individual capacity but solely in its capacity as Owner Trustee of the Issuing Entity and in no event shall [          ]
in its individual capacity or any beneficial owner of the Issuing Entity have any liability for the representations, warranties,
covenants, agreements or other obligations of the Issuing Entity hereunder, as to all of which recourse shall be had solely to
the assets of the Issuing Entity. For all purposes of this Indenture, in the performance of any duties or obligations of the Issuing
Entity hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Articles VI,
VII and VIII of the Trust Agreement and the Administration Agreement.


 




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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 (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).


 


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 20[  ]-[  ] Reference Pool shall be enforceable
against such Reference Pool only and not against any Other Reference Pool or the Warehouse Facility Pool and (ii) any Other Exchange
Note, any Other Reference Pool, or the Warehouse Facility Pool shall be enforceable against such Other Exchange Note, Other Reference
Pools, or the Warehouse Facility Pool only, as applicable, and not against the Exchange Note or any Closed-End Units included in
the 20[  ]-[  ] Reference Pool, (c) except to the extent required by law, the Closed-End Units included in
the Warehouse Facility 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 20[  ]-[  ] 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 20[  ]-[  ]
Reference Pool shall be entitled to maintain any action against or recover any assets allocated to any Other Reference Pool, the
Warehouse Facility Pool or any Other Exchange Note or the assets allocated thereto (except to the extent of Closed-End Exchange
Amounts available to such Persons on a fully subordinated basis), and (ii) any Other Reference Pool, the Warehouse Facility Pool
or any Other Exchange Note other than the Exchange Note related to the 20[  ]-[  ] Reference Pool shall be
entitled to maintain any action against or recover any assets allocated to the 20[  ]-[  ] Reference Pool,
and (e) any purchaser, assignee or pledgee of an interest in the 20[  ]-[  ] 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 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 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.


 




    	58



    	 



    

 


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 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.


 




    	59



    	 



    




 


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 20[  ], 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 Servicing Criteria specified in Exhibit C or such criteria as mutually agreed upon by the Depositor and the
Indenture Trustee;


 


(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]


 




    	60



    	 



    

 


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 20[  ]-[  ],
	 	AS ISSUING ENTITY 
	 	 
	 	By:	[         ], 
	 	 	not in its individual capacity but 
	 	 	solely as Owner Trustee
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	[        ], 
	 	as Indenture Trustee
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 


 




    	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.


 




    	Sch. I-2



    	 



    

 


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. 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
INITIAL PURCHASER, TRANSFEREE AND OWNER 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" SUBJECT
TO TITLE I OF the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), (ii) a "plan"
SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (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 OF LOCAL LAW THAT IS, TO A MATERIAL EXTENT, similar to THE FOREGOING PROVISIONS
OF ERISA or the Code ("Similar Law") OR (2) THE ACQUISITION AND HOLDING OF THE CLASS [A-1][A2-][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.


 




    	Ex. A1-1



    	 



    

  


WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST
20[  ]-[  ]


[[_____]%]1 [Floating Rate]2
Class [A-1] [A-2] [A-3] [A-4] Asset Backed Notes, Series 20[  ]-[  ]


 


WORLD OMNI AUTOMOBILE LEASE
SECURITIZATION TRUST 20[  ]-[  ], 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 [      ], 20[  ]
(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 [and the Additional Class A-1 Payment Date (if applicable)]3 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]4 [One-Month LIBOR plus [__]%]5(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 [          ]6 [          ]7
[          ]8 [          ]9
(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 [and the Additional Class A-1 Payment Date (if applicable)] 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 [and the Additional Class A-1 Payment Date (if applicable)]10.
Interest will be computed on the basis of [actual days elapsed and a 360-day year]11 [a 360-day year of twelve 30-day
months]12. 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.





 


 






		1	Insert for the Class A-[  ] Notes.



		2	[Insert for the Class A-[  ] Notes.]



		3	[Insert for the Class A-1 Notes.]



		4	Insert for the Class A-[  ] Notes.



		5	[Insert for the Class A-[  ]Notes.]



		6	Insert for the Class A-1 Notes.



		7	Insert for the Class A-2 Notes.



		8	Insert for the Class A-3 Notes.



		9	Insert for the Class A-4 Notes.










    	Ex. A1-2



    	 



    

 


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.


 





 









		10	Insert for the Class A-1 Notes.



 


		11	[Insert for the Class A-[  ] Notes.]



 


		12	Insert for the Class A-[  ] Notes.








 




    	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: ____________, [     ]


 


	 	WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST 20[  ]-[  ],
	 	 	 
	 	By:	[          ], 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: ____________, [     ]


 


	 	[          ],
	 	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 "[[_____]%]13 [“Floating Rate”]14
Class [A-1] [A-2] [A-3] [A-4] Asset Backed Notes, Series 20[  ]-[  ]" (herein called the "Notes")
issued under an Indenture, dated as of [      ], 20[  ] (such indenture, as supplemented
or amended, is herein called the "Indenture"), between the Issuing Entity and [          ],
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 [and the Additional Class A-1 Payment Date (if applicable)]15 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.


 





 






		13	Insert for the Class A-[  ] Notes.



		14	[Insert for the Class A-[  ] Notes.]



		15	[Insert for the Class A-1 Notes.]



		16	[Insert for the Class A-1 Notes.]



 




    	Ex. A1-6



    	 



    

 


Payments of principal
and interest on this Note due and payable on each Payment Date[, the Additional Class A-1 Payment Date (if applicable)]16
 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[,
the Additional Class A-1 Payment Date (if applicable)]17 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[, the Class A-1 Additional Payment Date]18 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[, Additional Class A-1 Payment Date (if applicable)]19
or Redemption Date by notice mailed within five days of such Payment Date[, Additional Class A-1 Payment Date (if applicable)]20
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.


 





 









		17	[Insert for the Class A-1 Notes.]



		18	[Insert for the Class A-1 Notes.]



		19	[Insert for the Class A-1 Notes.]



		20	[Insert for the Class A-1 Notes.]





    	Ex. A1-7



    	 



    

 


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.


 


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) the Noteholder Tax Identification Information
and, upon request, to the extent FATCA Withholding Tax is applicable, the Noteholder FATCA Information. In addition, 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 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 the preceding
sentence.


 




    	Ex. A1-8



    	 



    

 


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.


 


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.


 




    	Ex. A1-9



    	 



    

 


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 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	$[          ]
	No. R-1	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
INITIAL PURCHASER, TRANSFEREE AND OWNER 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" SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), (II) A "PLAN" SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED (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 OF LOCAL LAW THAT IS, TO A MATERIAL
EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE ("SIMILAR LAW") OR (2) THE 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.


 




    	Ex. A2-1



    	 



    

 


WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST
20[  ]-[  ]


 


[  ]% Class B Asset Backed Notes,
Series 20[  ]-[  ]


 


WORLD OMNI AUTOMOBILE LEASE
SECURITIZATION TRUST 20[  ]-[  ], 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 [                              ]
($[          ]) 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 [      ], 20[  ]
(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 [      ],
20[  ] (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: [      ],
20[  ]


 


	 	WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST 20[  ]-[  ],
	 	 	 
	 	By:	[          ], 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: [      ],
20[  ]


 


	 	[          ],
	 	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 "[  ]% Class B Asset Backed Notes, Series 20[  ]-[  ]"
(herein called the "Notes") issued under an Indenture, dated as of [      ], 20[  ]
(such indenture, as supplemented or amended, is herein called the "Indenture"), between the Issuing Entity and
[          ], 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.


 




    	Ex. A2-6



    	 



    

 


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) the Noteholder Tax Identification Information
and, upon request, to the extent FATCA Withholding Tax is applicable, the Noteholder FATCA Information. In addition, 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 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 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.


 


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.


 




    	Ex. A2-7



    	 



    

 


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 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. A2-8



    	 



    

 


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. A2-9



    	 



    

 


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.	 	 
	 	 	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 20[  ]-[  ]


 


[          ],
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 [      ],
20[  ], by and between the Indenture Trustee and World Omni Automobile Lease Securitization Trust 20[  ]-[  ]
(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.


 


	 	[          ],
	 	not in its individual capacity but solely as
	 	Indenture Trustee
	 	 
	Date: _________________________	 


 




    	Ex. D



    	 



    

 


[EXHIBIT E



FORM OF TRANSFEROR CERTIFICATE


 


[DATE]


 


[Indenture Trustee]


 


World Omni Auto Leasing LLC

[_________]


 


		Re:	World Omni Automobile Lease Securitization Trust 20[__]-[_] Class B Notes



 


Ladies and Gentlemen:


In connection with our disposition
of the above-referenced Class B Notes (the "Class B Notes") we certify that (a) we understand that the Class B
Notes have not been registered under the Securities Act of 1933, as amended (the "Act"), and are being transferred by
us in a transaction that is exempt from the registration requirements of the Act and (b) we have not offered or sold any Class
B Notes to, or solicited offers to buy any Class B Notes from, any person, or otherwise approached or negotiated with any person
with respect thereto, in a manner that would be deemed, or taken any other action which would result in, a violation of Section
5 of the Act.


 


	 	Very truly yours,
	 	 
	 	[NAME OF TRANSFEROR]
	 	 	 
	 	By:	 
	 	 	Authorized Officer]


 




    	Ex. E



    	 



    

 


[EXHIBIT F



FORM OF INVESTMENT LETTER


 


[Indenture Trustee]


 


World Omni Auto Leasing LLC

[_________]


 


Ladies and Gentlemen:


 


In connection with our proposed
purchase of Class B Notes (the "Class B Notes") of World Omni Automobile Lease Securitization Trust 20[__]-[_]
(the "Issuing Entity"), we confirm that:


 


1.          We
understand that the Class B Notes have not been registered under the Securities Act of 1933, as amended (the "1933 Act"),
and may not be sold except as permitted in the following sentence. We understand and agree, on our own behalf and on behalf of
any accounts for which we are acting as hereinafter stated, (x) that such Class B Notes are being offered only in a transaction
not involving any public offering within the meaning of the 1933 Act and (y) that such Class B Notes may be resold, pledged or
transferred only (i) to World Omni Auto Leasing LLC ("WOAL"), (ii) to an "accredited investor"
as defined in Rule 501(a)(1),(2),(3) or (7) of Regulation D under the 1933 Act (an "Accredited Investor") acting for
its own account (and not for the account of others) or as a fiduciary or agent for others (which others also are Accredited Investors
unless the holder is a bank acting in its fiduciary capacity) that executes a certificate substantially in the form hereof, (iii) so
long as such Class B Note is eligible for resale pursuant to Rule 144A under the 1933 Act ("Rule 144A"), to a person
whom we reasonably believe after due inquiry is a "qualified institutional buyer" as defined in Rule 144A, acting for
its own account (and not for the account of others) or as a fiduciary or agent for others (which others also are "qualified
institutional buyers") to whom notice is given that the resale, pledge or transfer is being made in reliance on Rule 144A
or (iv) in a sale, pledge or other transfer made in a transaction otherwise exempt from the registration requirements of the
1933 Act, in which case the Indenture Trustee shall require that both the prospective transferor and the prospective transferee
certify to the Indenture Trustee and WOAL in writing the facts surrounding such transfer, which certification shall be in form
and substance satisfactory to the Indenture Trustee and WOAL. Except in the case of a transfer described in clauses (i) or (iii)
above, the Indenture Trustee shall require that a written opinion of counsel (which will not be at the expense of WOAL, any affiliate
of WOAL or the Indenture Trustee), satisfactory to the Indenture Trustee and WOAL, be delivered to the Indenture Trustee and WOAL
to the effect that such transfer will not violate the 1933 Act, and will be effected in accordance with any applicable securities
laws of each State of the United States. We will notify any purchaser of the Class B Notes from us of the above resale restrictions,
if then applicable. We further understand that in connection with any transfer of the Class B Notes by us that the Indenture Trustee
and WOAL may request, and if so requested we will furnish, such certificates and other information as they may reasonably require
to confirm that any such transfer complies with the foregoing restrictions.


 




    	Ex. F-1



    	 



    

 


2.          [CHECK
ONE]


 


		 ̈	(a) We are an Accredited Investor acting for our own account (and not for the account of others)
or as a fiduciary or agent for others (which others also are Accredited Investors unless we are a bank acting in its fiduciary
capacity). We have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and
risks of our investment in the Class B Notes, and we and any accounts for which we are acting are each able to bear the economic
risk of our or their investment for an indefinite period of time. We are acquiring the Class B Notes or investment and not with
a view to, or for offer and sale in connection with, a public distribution.



 


		 ̈	(b) We are a "qualified institutional buyer" as defined under Rule 144A under the 1933
Act and are acquiring the Class B Notes for our own account (and not for the account of others) or as a fiduciary or agent for
others (which others also are "qualified institutional buyers"). We are familiar with Rule 144A under the 1933 Act and
are aware that the seller of the Class B Notes and other parties intend to rely on the statements made herein and the exemption
from the registration requirements of the 1933 Act provided by Rule 144A.



 


3.          We
are not and are not acting on behalf 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 the provisions of Title I of ERISA,
(ii) a plan described in Section 4975(e)(1) of the Code, (iii) any entity whose underlying assets include plan assets
by reason of a plan's investment in the entity or (iv) a plan subject to any federal, State or local law ("Similar Law")
which is, to a material extent, similar to the foregoing provisions of ERISA or the Code  (each, a "Plan"),
and we hereby acknowledge that no transfer of any Class B Note shall be permitted to be made to any person unless the Indenture
Trustee has received (i) a certificate from such transferee to the effect of the preceding sentence or (ii) an opinion of counsel
satisfactory to the Indenture Trustee to the effect that the purchase and holding of any such Class B Note by such Transferee (A)
will not constitute or result in the assets of the Trust being deemed to be "plan assets" and subject to the prohibited
transaction provisions of ERISA, Section 4975 of the Code or Similar Law and will not subject the Owner Trustee, the Indenture
Trustee, WOAL, or World Omni Financial Corp. to any obligation in addition to those undertaken in the Basic Documents with respect
to the Class B Notes and (B) will not constitute or result in a prohibited transaction under ERISA, Section 4975 of the Code or
Similar Law.


 




    	Ex. F-2



    	 



    

 


4.          Unless
counsel satisfactory to the Indenture Trustee shall have rendered an opinion to the effect that the Class B Notes to be transferred
will be characterized as indebtedness for United States federal income tax purposes, we represent that we are a United States Person
(within the meaning of Section 7701(a)(30) of the Internal Revenue Code), and acknowledge that unless the Indenture Trustee shall
have received such an opinion, no transfer of any Class B Note shall be permitted to be made to any person who is not a United
States Person and any such purported transfer in violation of these restrictions shall be null and void.


 


5.          We
understand that the Indenture Trustee, WOAL and others will rely upon the truth and accuracy of the foregoing acknowledgments,
representations and agreements, and we agree that if any of the acknowledgments, representations and warranties deemed to have
been made by us by our purchase of the Class B Notes, for our own account or for one or more accounts as to each of which we exercise
sole investment discretion, are no longer accurate, we shall promptly notify WOAL.


 


6.          You
are entitled to rely upon this letter and you are irrevocably authorized to produce this letter or a copy hereof to any interested
party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby.


 


	 	 	Very truly yours,
	 	 	 
	 	 	[NAME OF PURCHASER]
	 	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:
	 	 	 	 
	Date: ______________________________]	 	 	 


 




    	Ex. F-3



    	 



    

 


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.


 


"20[  ]-[  ]
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.


 


["Additional Class
A-1 Determination Date" means two Business Days immediately preceding the Additional Class A-1 Payment Date.]


 


["Additional Class
A-1 Payment Date" means [      ], 20[  ].]


 


["Additional Class
A-1 Interest Distributable Amount" means, with respect to the Additional Class A-1 Payment Date, the sum of (i) the product
of (a) the outstanding principal balance of the Class A-1 Notes as of the close of the preceding Payment Date (after giving effect
to any distributions and payments made thereon) and (b) the product of the Class A-1 Interest Rate and a fraction, the numerator
of which is the number of days elapsed from and including the prior Payment Date, to but excluding the Additional Class A-1 Payment
Date and the denominator of which is 360 and (ii) the Class A-1 Noteholders’ Interest Carryover Shortfall as of the close
of the preceding Payment Date (after giving effect to any distributions and payments made thereon).]


 


["Additional Exchange
Note Class A-1 Available Amount" means, with respect to the Additional Class A-1 Payment Date and the 20[  ]-[  ]
Reference Pool, the excess of (a) the amount on deposit in the related Exchange Note Collection Account at the end of the preceding
Closed-End EN Collection Period over (b) the sum of (i) the Reference Pool Servicing Fee for the preceding Closed-EN Collection
Period, (ii) the Administration Fee for the preceding Collection Period and (iii) the applicable due and unpaid Exchange Note Interest
Amount on the Closed-End Exchange Note (as reduced by the amount of the Additional Class A-1 Interest Distributable Amount allocable
to the Class A-1 Notes) for the related interest period.]


 


"Adjusted Capitalized
Cost" means, for each Closed-End Lease, the difference between (i) the sum of (a) the value 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 and insurance, 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.


 




    	App. A-1



    	 



    

 


"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 [      ], 20[  ]),
a fraction, the numerator of which is [  ] 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.


 


"Advance"
has the meaning set forth in Section 13.8 of the Exchange Note Servicing Supplement.


 


"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.


 


"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.


 


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


 




    	App. A-2



    	 



    

 


"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; and (iii) any amounts paid by the Servicer pursuant to Section 13.12 of the Exchange Note Servicing Supplement
in connection with Postmaturity Term Extensions.


 


"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 lower of the MSRP Residual
Value and the MRM 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.


 




    	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 [One-Month LIBOR plus][     ]% 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 [One-Month LIBOR plus][  ]% per annum (computed on the basis of [the actual number of days elapsed and on]
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'
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 Holders 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 [the actual number of days elapsed and on] 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-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-3 Interest
Rate" means [One-Month LIBOR plus][  ]% per annum (computed on the basis of [the actual number of days elapsed and on]
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.


 




    	App. A-5



    	 



    

 


"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 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 [the actual number of days elapsed and on] 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 [One-Month LIBOR plus][  ]% per annum (computed on the basis of [the actual number of days elapsed and on]
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 [the actual number of days elapsed and on] 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 [One-Month LIBOR plus][  ]% per annum (computed on the basis of [the actual number of days elapsed and on]
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 [the actual number of days elapsed and on] 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.


 




    	App. A-7



    	 



    

 


"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.


 


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


 


"Closed-End Exchange
Note" means the 20[  ]-[  ] 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 [      ], 20[  ].


 


"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 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.


 




    	App. A-8



    	 



    

 


"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 established or assigned by World Omni Financial Corp. at the time of origination of the lease and set forth in the
related lease agreement.


 


"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 [          ], 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 [          ] 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
charged-off (i.e., that became Terminated Units before maturity of the related Closed-End Lease and for which all scheduled payments
thereunder have not been made) during that Collection Period over (b) the sum of Sales Proceeds and Recoveries received by the
Servicer with respect to charged-off Closed-End Units during that Collection Period.


 


"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 [      ], 20[  ].


 


"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 but has not been charged off 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.


 


"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 two 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 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
[  ] or better by [  ] and [  ] or better by [  ] 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 [  ] by [  ] and [  ] by [  ] 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.


 




    	App. A-10



    	 



    

 


"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 20[  ] 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 dealer demonstration vehicle driven fewer than [9,000] miles,


 


(iii)        was
originated in the Five-State Area by a Dealer (a) for a Closed-End Obligor with a United States address, (b) in the ordinary course
of such Dealer's business, and (c) pursuant to a dealer agreement that provides for recourse to the Dealer in the event of certain
defects in the Closed-End Lease, but not for default by the Closed-End Obligor,


 


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


 


(v)         was
originated on or after [          ], 20[  ],


 


(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 and, in the event of a Closed-End Obligor initiated early termination, provides
for payment of an early termination charge,


 


(vii)       is
not more than 30 days past due as of the Cut-Off Date and is not a defaulted Closed-End Lease,


 


(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 other than any lien of the 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 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,


 




    	App. A-11



    	 



    

 


(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 $[     ],
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 from the Closed-End Obligor 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.


 


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


 


"Exchange Note
Purchase Price" means $[          ].


 


"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.


 




    	App. A-12



    	 



    

 


"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 20[  ]-[  ] 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 20[  ]-[  ] 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.


 


"FDIC"
means the Federal Deposit Insurance Corporation.


 


"Final Scheduled
Payment Date" means, with respect to (i) the Class A-1 Notes, [      ], 20[  ],
(ii) the Class A-2 Notes, [      ], 20[  ]; (iii) the Class A-3 Notes, [      ],
20[  ]; (iv) the Class A-4 Notes, [      ], 20[  ]; and (v) the Class B Notes,
[      ], 20[  ].


 


"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.


 




    	App. A-13



    	 



    

 


["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
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 [          ], a [national banking association], not in its individual capacity
but as indenture trustee under the Indenture, or any successor trustee under the Indenture.


 




    	App. A-14



    	 



    

 


"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 $[          ].


 


"Initial Class
A-2 Note Balance" means $[          ].


 


"Initial Class
A-3 Note Balance" means $[          ].


 


"Initial Class
A-4 Note Balance" means $[          ].


 


"Initial Class
B Note Balance" means $[          ].


 


"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 $[          ].


 


"Initial Trust
Agreement" means the Trust Agreement, dated as of [      ], 20[  ], 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.


 




    	App. A-15



    	 



    

 


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


 


"Issuing Entity"
means World Omni Automobile Lease Securitization Trust 20[  ]-[  ], 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 contractual annual percentage rate of 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.


 


"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 Residual Value"
means, with respect to any Closed-End Vehicle, the residual value 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.


 




    	App. A-16



    	 



    

 


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


 


"MSRP Residual
Value" means, with respect to any Vehicle, the residual value established by ALG at the time of origination of the lease
without making a distinction between value adding options and non-value adding options.


 


"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, (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.


 


"Noteholder FATCA
Information" means, with respect to any Noteholder or Note Owner, information sufficient to eliminate the imposition of,
or determine the amount of, U.S. withholding tax under FATCA.


 


"Noteholder Tax
Identification Information" means, with respect to any Noteholder or Note Owner, properly completed and signed tax certifications
(generally, in the case of U.S. Federal Income Tax, IRS Form W-9 (or applicable successor form) in the case of a person that is
a “United States Person” within the meaning of Section 7701(a)(30) of the Code or the appropriate IRS Form W-8 (or
applicable successor form) in the case of a person that is not a “United States Person” within the meaning of Section
7701(a)(30) of the Code).


 


"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 (a) the
Outstanding Amount of the 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, 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 minus (e) the Overcollateralization Target Amount.


 




    	App. A-17



    	 



    

 


"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 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.


 


["One-Month LIBOR"
means, for any Payment Date, the rate per annum of deposits in United States dollars having a one-month maturity that appears on
Bloomberg Screen US00001M Index Page at approximately 11:00 a.m., London time, two London business days prior to the payment date
immediately preceding such payment date (or, in the case of the initial payment date, for the period from and including the Closing
Date to but excluding the initial Payment Date, two London business days prior to the closing date) (each, a “LIBOR Determination
Date”). Notwithstanding the foregoing, in the event that no rate for one-month United States dollar deposits appears
on Bloomberg Screen US00001M Index Page (or the successor page or screen as may replace that page or screen or that service) on
the applicable LIBOR Determination Date, then One-Month LIBOR shall be the arithmetic mean (rounded upwards to the nearest one-sixteenth
of 1%) of the rates at which one-month United States dollar deposits are offered to prime banks in the London interbank market
by four major banks in that market selected by the Servicer as of the LIBOR Determination Date and time specified above. If fewer
than two quotations are provided by such banks, then One-Month LIBOR shall be the arithmetic mean (rounded upwards as above) of
the rates at which one-month loans in United States dollars are offered to leading European banks by three major banks in New York
City selected by the Servicer as of 11:00 a.m. New York City time on the applicable LIBOR Determination Date. If no such quotation
can be obtained, One-Month LIBOR for such payment date will be One-Month LIBOR for the prior payment date.]


 


"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 who shall be satisfactory to the
Indenture Trustee, 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.


 




    	App. A-18



    	 



    

 


"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 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.


 




    	App. A-19



    	 



    

 


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


 


"Owner Trustee"
means [          ], 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 Certficates 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 [      ], 20[  ]. 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.


 


"Payment Date Advance
Reimbursement" means, with respect to any Payment Date, an amount equal to the sum of all outstanding Advances made by
the Servicer prior to such Payment Date.


 


"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 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 [     ] and [     ],
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 [     ] a short-term rating of not lower
than [  ] or long-term rating of not lower than [  ];


 




    	App. A-20



    	 



    

 


(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 [     ] and [     ],
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;


 


(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 in writing 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 [     ] and [     ];


 




    	App. A-21



    	 



    

 


(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 [     ]
and [     ], 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 [     ] and [     ]; 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 an 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


 


(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 an 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;


 




    	App. A-22



    	 



    

 


(d)          any
of the foregoing that constitutes a security entitlement shall not be considered an 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 an 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 [  ] by [     ] 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 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.


 




    	App. A-23



    	 



    

 


"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 [     ] or [     ], as the context may require. If neither [     ]
nor [     ] 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, that each Rating Agency shall have received prior written notice and shall
not have notified the Depositor that such action will result in a downgrade of the then current rating on any Notes.


 


"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, 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 Defaulted 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 Defaulted 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.


 




    	App. A-24



    	 



    

 


"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 229.110-229.1123, 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)) 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 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 set forth in Section 2.3(c) of the Exchange Note Sale Agreement.


 


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


 


"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 [  ] by [     ]
so long as [     ] is a Rating Agency and [  ] by [     ] so long as
[     ] 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 [     ]
and [     ].


 


"Required Reserve
Account Balance" means with respect to any Payment Date, an amount equal to [ ]% 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 sum of all residual losses (i.e., the amount by which
the Securitization Value of a Transaction Unit exceeds the Sales Proceeds for such Closed-End Unit) for all Included Units that
became Terminated Units (as defined in sub-clause (a)(ii) of its definition) during such Collection Period following the scheduled
termination of the related Closed-End Leases minus (b) the sum of all Excess Mileage Charges and Excess Wear and Tear Charges received
by the Servicer with respect to Included Units during such Closed-End EN Collection Period.


 




    	App. A-25



    	 



    

 


"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.


 


"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, [  ]%.


 


"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 for which the
Servicer has never made an Advance, 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.


 


"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 [      ], 20[  ]), a fraction, the numerator of which is [  ] 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.


 


["Standard &
Poor's" means Standard & Poor's Ratings Services, a division of Standard & Poor's Financial Services LLC or any
successor that is a nationally recognized statistical rating organization.]


 


"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.


 




    	App. A-27



    	 



    

 


"Taxes"
means all taxes, charges, fees, levies or other assessments (including income, gross receipts, profits, withholding, excise, property,
sales, use, license, occupation and franchise 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)          the
related Closed-End Vehicle was sold or otherwise disposed of by the Servicer following (i) such Included Unit becoming a Defaulted
Unit or (ii) the scheduled expiration or early termination (including any voluntary early termination by the related Closed-End
Obligor) of the related Transaction Lease; or


 


(b)          the
related Closed-End Lease expired or was terminated more than 90 days prior to the end of such Collection Period and the related
Closed-End Vehicle was not sold; 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 Vehicle was purchased by the customer or the dealer; or


 


(e)          the
related Closed-End Lease is past due 120 or more days regardless of whether the related Closed-End Vehicle has been repossessed.


 


"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.


 




    	App. A-28



    	 



    

 


"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 Administration Agreement, the Trust 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 20[  ]-[  ] Reference Pool.


 


"Transaction Vehicle"
means, at any time, a Closed-End Vehicle then identified and allocated to the 20[  ]-[  ] 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.


 




    	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