EXHIBIT 10.2


 





 



 


EXCHANGE
NOTE TRANSFER AGREEMENT


 


dated
as of July 21, 2021


 


between


 


WORLD
OMNI AUTO LEASING LLC,
 as Depositor


 


and


 


WORLD
OMNI AUTOMOBILE LEASE SECURITIZATION TRUST 2021-A,
 as Issuing Entity and Buyer


 






 



 


 






     


     


    

 


Table of Contents


 


Page


 


	Article I
    DEFINITIONS	2
	Section 1.1	Certain Terms	2
	Section 1.2	Other Definitional Provisions	2
	Section 1.3	Other Terms	2
	Section 1.4	Computation of Time Periods	2
	 	 	 
	Article II
    PURCHASE AND CONTRIBUTION	2
	Section 2.1	Agreement to Sell and Transfer the Exchange Note	2
	Section 2.2	Consideration and Payment	3
	Section 2.3	Representations and Warranties	3
	Section 2.4	Protection of Title	4
	Section 2.5	Other Adverse Claims or Interests	5
	 	 	 
	Article III
    MISCELLANEOUS	5
	Section 3.1	Transfers Intended as Sale; Security Interest	5
	Section 3.2	Specific Performance	6
	Section 3.3	Notices, Etc	6
	Section 3.4	CHOICE OF LAW	6
	Section 3.5	Counterparts; Electronic Signatures	7
	Section 3.6	Amendment	7
	Section 3.7	Waivers	8
	Section 3.8	Entire Agreement	8
	Section 3.9	Severability of Provisions	8
	Section 3.10	Binding Effect; Assignability	8
	Section 3.11	Acknowledgment and Agreement	9
	Section 3.12	No Waiver; Cumulative Remedies	9
	Section 3.13	Nonpetition Covenant	9
	Section 3.14	Each Exchange Note Separate; Assignees of the Exchange
    Note	10
	Section 3.15	Submission to Jurisdiction; Waiver of Jury Trial	10
	Section 3.16	Limitation of Liability of Owner Trustee	11



 


Schedule
I          Perfection Representations, Warranties
and Covenants


 






    i


     


    

 


EXCHANGE NOTE TRANSFER AGREEMENT


 


THIS EXCHANGE NOTE TRANSFER
AGREEMENT (as amended, supplemented or modified from time to time, this “Agreement”) is made and entered into as of
July 21, 2021 by WORLD OMNI AUTO LEASING LLC, a Delaware limited liability company (the “Depositor”), and WORLD
OMNI AUTOMOBILE LEASE SECURITIZATION TRUST 2021-A, a Delaware statutory trust (the “Buyer” or the “Issuing
Entity”).


 


WITNESSETH:


 


WHEREAS, World Omni LT is
a Delaware statutory trust (the “Titling Trust”) formed and operated pursuant to that certain Second Amended and Restated
Trust Agreement dated as of July 16, 2008 (as amended, modified or supplemented from time to time, the “Titling Trust Agreement”)
for the purpose, among other things, of acquiring title to Closed-End Units and issuing Exchange Notes, each relating to separate Reference
Pools of Closed-End Units within the Closed-End Collateral Specified Interest in the Titling Trust;


 


WHEREAS, on the date hereof,
the Titling Trust, Auto Lease Finance LLC, a Delaware limited liability company (“ALF LLC” or the “Initial
Beneficiary”), AL Holding Corp., as Closed-End Collateral Agent, and U.S. Bank National Association, as Closed-End Administrative
Agent, are entering into that certain Exchange Note Supplement 2021-A to Collateral Agency Agreement (as amended, modified or supplemented
from time to time, the “Exchange Note Supplement”) to issue the Closed-End Exchange Note initially sold and transferred
to the Depositor under an Exchange Note Sale Agreement (the “Exchange Note Sale Agreement”), and then immediately
sold and transferred to the Buyer under this Agreement (the “Exchange Note”);


 


WHEREAS, on the date hereof,
the Depositor purchased the Exchange Note from ALF LLC pursuant to the Exchange Note Sale Agreement;


 


WHEREAS, the Depositor, and
U.S. Bank Trust National Association, as owner trustee, formed World Omni Automobile Lease Securitization Trust 2021-A as a Delaware
statutory trust pursuant to a Trust Agreement;


 


WHEREAS, the Depositor desires
to sell to the Buyer, and the Buyer desires to acquire, the Exchange Note;


 


WHEREAS, the Depositor desires
to assign rights under the Exchange Note Sale Agreement to the Buyer; and


 


WHEREAS, the Buyer will finance
its acquisition of the Exchange Note by issuing notes pursuant to an Indenture dated as of July 21, 2021 (as amended, supplemented
or modified from time to time, the “Indenture”) with Wilmington Trust, National Association, as indenture trustee
(the “Indenture Trustee”);


 


NOW, THEREFORE, in consideration
of the premises and the mutual agreements set forth herein, the parties hereto agree as follows:


 







    


     


    

 


Article I


 


DEFINITIONS


 


Section 1.1     Certain
Terms. Terms defined in Appendix A to the Indenture and in Appendix A to the Collateral Agency Agreement are, unless
otherwise defined herein or unless the context otherwise requires, used herein as defined therein.


 


Section 1.2     Other
Definitional Provisions.


 


(a)            Each
term defined in the singular form in this Agreement shall mean the plural thereof when the plural form of such term is used in this Agreement
or any certificate, report or other document made or delivered pursuant hereto, and each term defined in the plural form in shall mean
the singular thereof when the singular form of such term is used herein or therein.


 


(b)           The
words “hereof”, “herein”, “hereunder” and similar terms when used in this Agreement shall refer to
this Agreement as a whole and not to any particular provision of this Agreement, and article, section, subsection, schedule and exhibit
references herein are references to articles, sections, subsections, schedules and exhibits of or to this Agreement unless otherwise
specified.


 


Section 1.3     Other
Terms. All accounting terms not specifically defined herein or in Appendix A to the Indenture shall be construed in accordance with
GAAP. All terms used in Article 9 of the UCC and not specifically defined herein or in Appendix A to the Indenture or in Appendix
A to the Collateral Agency Agreement are used herein as defined in such Article 9.


 


Section 1.4     Computation
of Time Periods. Unless otherwise stated in this Agreement, in the computation of a period of time from a specified date to a later
specified date, the word “from” means “from and including” and the words “to” and “until”
each mean “to but excluding”.


 


Article II


 


PURCHASE
AND CONTRIBUTION


 


Section 2.1     Agreement
to Sell and Transfer the Exchange Note. On the terms and subject to the conditions set forth in this Agreement, on the date hereof,
the Depositor hereby:


 


(a)           transfers,
assigns, sets over, sells and otherwise conveys to the Buyer, and the Buyer hereby purchases from the Depositor, without recourse, all
of the Depositor’s right, title and interest in and to the Exchange Note, including, but not limited to, all Closed-End Collections
with respect to the related 2021-A Reference Pool after the Cut-off Date, and the identifiable proceeds thereof; and


 


(b)           assigns
all rights of the Depositor under the Exchange Note Sale Agreement to the Buyer, including without limitation, the Depositor’s
rights under Section 2.3(c) of the Exchange Note Sale Agreement.


 






    - 2 -


     


    

 


Section 2.2     Consideration
and Payment. In consideration of the transfer of the Exchange Note to the Buyer on the Closing Date, the Buyer shall transfer to
the Depositor on the Closing Date the Notes and the Certificate (as such terms are defined in Appendix A to the Indenture). On the Closing
Date, the Depositor will cause an amount equal to $4,799,814.06 to be deposited into the Reserve Account.


 


Section 2.3      Representations
and Warranties.


 


(a)           The
Depositor hereby represents and warrants to the Buyer that, as of the date hereof:


 


(i)            Existence
and Power. The Depositor is a limited liability company duly organized, validly existing and in good standing under the laws of its
state of organization and has all power and authority required to carry on its business as it is now conducted. The Depositor has obtained
all necessary licenses and approvals in all jurisdictions where the failure to do so would materially and adversely affect the business,
properties, financial condition or results of operations of the Depositor taken as a whole.


 


(ii)           Company
Authorization and No Contravention. The execution, delivery and performance by the Depositor of each Transaction Document to which
it is a party (i) have been duly authorized by all necessary limited liability company action and (ii) do not contravene or
constitute a default under (A) any applicable law, rule or regulation, (B) its organizational documents or (C) any
agreement, contract, order or other instrument to which it is a party or its property is subject and (iii) will not result in any
Adverse Claim on the Exchange Note or give cause for the acceleration of any indebtedness of the Depositor.


 


(iii)         No
Consent Required. No approval, authorization or other action by, or filing with, any Governmental Authority is required in connection
with the execution, delivery and performance by the Depositor of any Transaction Document other than UCC filings and other than approvals
and authorizations that have previously been obtained and filings which have previously been made.


 


(iv)         Binding
Effect. Each Transaction Document to which the Depositor is a party constitutes the legal, valid and binding obligation of the Depositor
enforceable against the Depositor in accordance with its terms, except as limited by bankruptcy, insolvency, or other similar laws of
general application relating to or affecting the enforcement of creditors’ rights generally and subject to general principles of
equity.


 


(v)         Ownership
and Transfer of Exchange Note. Immediately preceding its sale of the Exchange Note to the Buyer, the Depositor was the owner of the
Exchange Note, free and clear of any Adverse Claim, and after such sale of the Exchange Note to the Buyer, the Buyer shall at all times
be entitled to all of the rights and benefits of a holder of an Exchange Note under the Collateral Agency Agreement and the Exchange
Note Supplement.


 






    - 3 -


     


    

 


(vi)         Applicable
Law. The Depositor is in compliance with all applicable laws, the failure to comply with which would have a material adverse effect
on the ability of the Depositor to perform its obligations hereunder.


 


(vii)        Litigation.
There are no actions, suits or proceedings pending or, to the knowledge of the Depositor, threatened against the Depositor before or
by any Governmental Authority that (i) question the validity or enforceability of this Agreement or materially and adversely affect
the ability of the Depositor to perform its obligations hereunder or (ii) individually or in the aggregate would have a material
adverse effect on the ability of the Depositor to perform its obligations hereunder. The Depositor is not in default with respect to
any orders of any Governmental Authority, the default under which individually or in the aggregate would have a material adverse effect
on the ability of the Depositor to perform its obligations hereunder.


 


(viii)       Status
of Depositor. The Depositor is not an “investment company” within the meaning of the Investment Company Act of 1940,
as amended. The Depositor is not subject to regulation as a “holding company,” an “affiliate” of a “holding
company”, or a “subsidiary company” of a “holding company”, within the meaning of the Public Utility Holding
Company Act of 1935, as amended.


 


The representations and warranties
set forth in this Section 2.3(a) shall speak only as of the date hereof and shall survive the sale of the Exchange Note
hereunder.


 


(b)           Perfection
Representations. The representations, warranties and covenants set forth on Schedule I hereto shall be a part of this Agreement
for all purposes. Notwithstanding any other provision of this Agreement or any other Transaction Document, the perfection representations
contained in Schedule I shall be continuing, and remain in full force and effect until such time as all obligations under the
Indenture have been finally and fully paid and performed. The parties to this Agreement: (i) shall not waive any of the perfection
representations contained in Schedule I; (ii) shall provide the Rating Agencies with prompt written notice of any breach
of perfection representations contained in Schedule I and (iii) shall not waive a breach of any of the perfection representations
contained in Schedule I.


 


Section 2.4     Protection
of Title.


 


(a)           Filings.
The Depositor shall file such financing statements and cause to be filed such continuation and other statements, all in such manner and
in such places as may be required by law fully to preserve, maintain and protect the interest of the Buyer under this Agreement in the
Exchange Note. The Depositor shall deliver (or cause to be delivered) to the Buyer file-stamped copies of, or filing receipts for, any
document filed as provided above, as soon as available following such filing.


 


(b)           Name
Change. The Depositor shall not change its name, identity or limited liability company structure in any manner that would, could,
or might make any financing statement or continuation statement filed by the Depositor in accordance with Section 2.4(a) “seriously
misleading” within the meaning of Section 9-506, 9-507 and 9-508 of the UCC, unless it shall have given the Buyer at least
30 days’ prior written notice thereof and shall have taken all action prior to making such change (or shall have made arrangements
to take such action substantially simultaneously with such change, if it is not possible to take such action in advance) reasonably necessary
or advisable in the opinion of the Buyer to amend all previously filed financing statements or continuation statements described in Section 2.4(a).


 






    - 4 -


     


    

 


(c)             Sales
Tax. All sales, property, use, transfer or other similar taxes due and payable upon the purchase of the Exchange Note will be paid
or provided for by the Depositor.


 


(d)           Executive
Office; Maintenance of Offices. The Depositor shall give the Buyer at least 10 days’ prior written notice of any change of
location of the Depositor for purposes of Section 9-307 of the UCC and shall have taken all action prior to making such change (or
shall have made arrangements to take such action substantially simultaneously with such change, if it is not possible to take such action
in advance) reasonably necessary or advisable in the opinion of the Buyer to amend all previously filed financing statements or continuation
statements described in Section 2.4(a). The Depositor shall at all times maintain its principal executive office within the
United States of America.


 


Section 2.5     Other
Adverse Claims or Interests.      Except for the conveyances and grants of security interests pursuant to this Agreement and the other Transaction Documents, the Depositor
shall not sell, pledge, assign or transfer the Exchange Note to any other Person, or grant, create, incur, assume or suffer to exist
any Adverse Claim on any interest therein, and the Depositor shall defend the right, title and interest of the Buyer in, to and under
the Exchange Note against all claims of third parties claiming through or under the Depositor.


 


Article III


 


MISCELLANEOUS


 


Section 3.1     Transfers
Intended as Sale; Security Interest.


 


(a)           Each
of the parties hereto expressly intends and agrees that the transfers contemplated and effected under this Agreement are complete and
absolute sales and contributions rather than pledges or assignments of only a security interest and shall be given effect as such for
all purposes. The sale and contribution of the Exchange Note shall be reflected on the Depositor’s balance sheet and other financial
statements as a sale and contribution of assets by the Depositor. The sale and contribution by the Depositor of the Exchange Note hereunder
are and shall be without recourse to, or representation or warranty (express or implied) by, the Depositor, except as otherwise specifically
provided herein. The limited rights of recourse specified herein against the Depositor are intended to provide a remedy for breach of
representations and warranties relating to the condition of the property sold, rather than to the collectibility of underlying indebtedness,
and therefore are intended to be consistent with warranties ordinarily given by a seller of goods under Article 2 of the UCC.


 






    - 5 -


     


    

 


(b)          Notwithstanding
the foregoing, in the event that the Exchange Note is held to be property of the Depositor, or if for any reason this Agreement is held
or deemed to create a security interest in the Exchange Note, then it is intended that:


 


(i)            This
Agreement shall be deemed to be a security agreement within the meaning of Articles 8 and 9 of the New York UCC and the UCC of any other
applicable jurisdiction;


 


(ii)           The
conveyance provided for in Section 2.1 shall be deemed to be a grant by the Depositor to the Buyer of a security interest
in all of its right (including the power to convey title thereto), title and interest, whether now owned or hereafter acquired, in and
to the Exchange Note, to secure the performance of the obligations of the Depositor hereunder;


 


(iii)          The
possession by the Buyer or its agent of the Exchange Note shall be deemed to be “possession by the secured party” or possession
by the purchaser or a Person designated by such purchaser, for purposes of perfecting the security interest pursuant to the New York
UCC and the UCC of any other applicable jurisdiction; and


 


(iv)          Notifications
to Persons holding such property, and acknowledgments, receipts or confirmations from Persons holding such property, shall be deemed
to be notifications to, or acknowledgments, receipts or confirmations from, bailees or agents (as applicable) of the Buyer for the purpose
of perfecting such security interest under applicable law.


 


Section 3.2            Specific
Performance. Either party may enforce specific performance of this Agreement.


 


Section 3.3            Notices,
Etc. All notices and other communications provided for hereunder shall, unless otherwise stated herein, be in writing (including
facsimile communication or electronic mail) and shall be personally delivered or sent by certified mail, postage prepaid, or by facsimile
or by electronic mail (if designated by a party to the other parties), to the intended party at the address, facsimile number or electronic
mail address of such party set forth under its name on the signature pages hereof or at such other address, facsimile number or
electronic mail address as shall be designated by such party in a written notice to the other parties hereto. All such notices and communications
shall be effective (a) if personally delivered or sent by electronic mail, when received, (b) if sent by certified mail, three
Business Days after having been deposited in the mail, postage prepaid, (c) if sent by overnight courier, one Business Day after
having been given to such courier, and (d) if transmitted by facsimile, when sent, receipt confirmed by telephone or electronic
means. Notwithstanding the foregoing, with the consent of the appropriate party to this Agreement, the obligations of World Omni and
any Affiliate of World Omni to deliver or provide any demand, delivery, notice, communication or instruction to such party other than
a Noteholder shall be satisfied by World Omni or such Affiliate, as the case may be, making such demand, delivery, notice, communication
or instruction available at https://via.intralinks.com/, or such other website or distribution service or provider as World Omni or such
Affiliate, as applicable, shall designate by written notice to the other parties hereto.


 


Section 3.4     CHOICE
OF LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL, SUBSTANTIVE LAWS OF THE STATE OF NEW YORK
WITHOUT REFERENCE TO THE RULES THEREOF RELATING TO CONFLICTS OF LAW AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER
SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.


 






    - 6 -


     


    

 


Section 3.5     Counterparts;
Electronic Signatures. This Agreement may be executed in any number of counterparts, each of which so executed shall be deemed to
be an original, but all of such counterparts shall together constitute but one and the same instrument. Each of the parties agree that
this Agreement and any other documents to be delivered in connection herewith may be electronically signed, that any digital or electronic
signatures (including pdf, facsimile or electronically imaged signatures provided by DocuSign or any other digital signature provider)
appearing on this Agreement or such other documents are the same as handwritten signatures for the purposes of validity, enforceability
and admissibility, and that delivery of any such electronic signature to, or a signed copy of, this Agreement and such other documents
may be made by facsimile, email or other electronic transmission.


 


Section 3.6     Amendment.


 


(a)            Any
term or provision of this Agreement may be amended by the Depositor without the consent of the Indenture Trustee, any Noteholder or the
Buyer; provided that (i) any amendment 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 Controlling Class and
(ii) any amendment that materially and adversely affects the interests of the Certificateholders, the Indenture Trustee or the Buyer
shall require the prior written consent of the Persons whose interests are materially and adversely affected. An amendment 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
amendment. The consent of the Certificateholders or the Buyer shall be deemed to have been given if the Closed-End Servicer does not
receive a written objection from such Person within 10 Business Days after a written request for such consent shall have been given.


 


(b)          Notwithstanding
the foregoing, no amendment shall (i) 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, or (ii) reduce the percentage of the aggregate outstanding principal
amount of the Outstanding Notes, the Holders of which are required to consent to any matter without the consent of the Holders of at
least the percentage of the aggregate outstanding principal amount of the Outstanding Notes which were required to consent to such matter
before giving effect to such amendment.


 


(c)           Notwithstanding
anything herein to the contrary, any term or provision of this Agreement may be amended by the Depositor without the consent of any of
the Buyer, 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.


 






    - 7 -


     


    

 


(d)           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 amendment, but it shall be sufficient if such Person consents to the substance thereof.


 


(e)           Prior
to the execution of any amendment to this Agreement, the Depositor shall provide each Rating Agency with written notice of the substance
of such amendment. No later than 10 Business Days after the execution of any amendment to this Agreement, the Depositor shall furnish
a copy of such amendment to each Rating Agency, the Issuing Entity, the Owner Trustee, and the Indenture Trustee.


 


(f)            Prior
to the execution of any amendment to this Agreement, the Owner Trustee and the Indenture Trustee shall be entitled to receive and conclusively
rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and that all
conditions precedent to the execution and delivery of such amendment have been satisfied.


 


Section 3.7          Waivers.
No failure or delay on the part of the Buyer, the Closed-End Servicer, the Depositor or the Indenture Trustee in exercising any power
or right hereunder (to the extent such Person has any power or right hereunder) shall operate as a waiver thereof, nor shall any single
or partial exercise of any such power or right preclude any other or further exercise thereof or the exercise of any other power or right.
No notice to or demand on the Buyer or the Depositor in any case shall entitle it to any notice or demand in similar or other circumstances.
No waiver or approval by the Buyer under this Agreement shall, except as may otherwise be stated in such waiver or approval, be applicable
to subsequent transactions. No waiver or approval under this Agreement shall require any similar or dissimilar waiver or approval thereafter
to be granted hereunder.


 


Section 3.8          Entire
Agreement. The Transaction Documents contain a final and complete integration of all prior expressions by the parties hereto with
respect to the subject matter thereof and shall constitute the entire agreement among the parties hereto with respect to the subject
matter thereof, superseding all prior oral or written understandings. There are no unwritten agreements among the parties.


 


Section 3.9          Severability
of Provisions. If any one or more of the covenants, agreements, provisions or terms of this Agreement shall be for any reason whatsoever
held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements,
provisions or terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement.


 


Section 3.10        Binding
Effect; Assignability. This Agreement shall be binding upon and inure to the benefit of the Buyer and the Depositor and their respective
successors and permitted assigns. The Depositor may not assign any of its rights hereunder or any interest herein without the prior written
consent of the Buyer, except as otherwise herein specifically provided. This Agreement shall create and constitute the continuing obligations
of the parties hereto in accordance with its terms, and shall remain in full force and effect until such time as the parties hereto shall
agree.


 






    - 8 -


     


    

 



 


Section 3.11              Acknowledgment
and Agreement. By execution below, the Depositor expressly acknowledges and consents to the pledge of the Exchange Note and the assignment
of all rights and obligations of the Depositor related thereto by the Buyer to the Indenture Trustee pursuant to the Indenture for the
benefit of the Noteholders. In addition, the Depositor hereby acknowledges and agrees that for so long as the Notes are outstanding, the
Indenture Trustee will have the right to exercise all powers, privileges and claims of the Buyer under this Agreement.


 


Section 3.12              No
Waiver; Cumulative Remedies. The remedies herein provided are cumulative and not exclusive of any remedies provided by law.


 


Section 3.13              Nonpetition
Covenant. With respect to each Bankruptcy Remote Party, each party hereto (and each holder and pledgee of the Exchange Note, by virtue
of its acceptance of such Exchange Note or pledge thereof) 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. Each of the parties hereto 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.


 






    - 9 -


     


    

 


Section 3.14              Each
Exchange Note Separate; Assignees of the Exchange Note. Each party hereto acknowledges and agrees (and each holder or pledgee of the
Exchange Note, by virtue of its acceptance of such Exchange Note or pledge thereof acknowledges 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 2021-A Reference Pool shall be enforceable against
such Reference Pool only and not against any Other Reference Pool or the Warehouse Facility Pool or any Unencumbered Reference Pool and
(ii) any Other Exchange Note, any Other Reference Pool, the Warehouse Facility Pool or any Unencumbered Reference Pool shall be enforceable
against such Other Exchange Note, Other Reference Pools, the Warehouse Facility Pool or Unencumbered Reference Pool only, as applicable,
and not against the Exchange Note or any Closed-End Units included in the 2021-A Reference Pool, (c) except to the extent required
by law, the Closed-End Units included in the Warehouse Facility Pool, Closed-End Units included in any Unencumbered Reference Pool or
Closed-End Units included in any Other Reference Pool with respect to any Other Exchange Note (other than the Exchange Note transferred
hereunder which is related to the 2021-A Reference Pool) shall not be subject to the claims, debts, liabilities, expenses or obligations
arising from or with respect to the Exchange Note in respect of such claim, (d) no creditor or holder of a claim relating to (i) the
Exchange Note or the related 2021-A Reference Pool shall be entitled to maintain any action against or recover any assets allocated to
any Other Reference Pool, the Warehouse Facility Pool, any Unencumbered Reference Pool or any Other Exchange Note or the assets allocated
thereto, and (ii) any Other Reference Pool, the Warehouse Facility Pool, any Unencumbered Reference Pool or any Other Exchange Note
other than the Exchange Note related to the 2021-A Reference Pool shall be entitled to maintain any action against or recover any assets
allocated to the 2021-A Reference Pool, and (e) any purchaser, assignee or pledgee of an interest in the 2021-A Reference Pool or,
the Exchange Note, must, prior to or contemporaneously with the grant of any such assignment, pledge or security interest, (i) give
to the Titling Trust a non-petition covenant substantially similar to that set forth in Section 11.10 of the Titling Trust Agreement,
and (ii) execute an agreement for the benefit of each holder, assignee or pledgee from time to time of any Other Exchange Note to
release all claims to the assets of the Titling Trust allocated to the Warehouse Facility Pool, any Unencumbered Reference Pool and each
Other Reference Pool and, in the event that such release is not given effect, to fully subordinate all claims it may be deemed to have
against the assets of the Titling Trust allocated to the Warehouse Facility Pool, any Unencumbered Reference Pool and each Other Reference
Pool. Pursuant to Section 3.1(a) of the Intercreditor Agreement, on the date hereof, each party hereto shall enter into a Joinder
Agreement to the Intercreditor Agreement as a new Interest Holder, and shall deliver an executed copy of such Joinder Agreement to each
party to the Intercreditor Agreement.


 


Section 3.15              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 Agreement or any documents executed and delivered in connection
herewith, or for recognition and enforcement of any judgment in respect thereof, to the nonexclusive general jurisdiction of the courts
of the State of New York, the courts of the United States of America for the Southern District of New York and appellate courts from any
thereof;


 


(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 3.3
of this Agreement;


 


(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


 






    - 10 -


     


    

 


(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 Agreement, any other Transaction Document, or any matter arising hereunder or thereunder.


 


Section 3.16              Limitation
of Liability of Owner Trustee. It is expressly understood and agreed by the parties hereto that (a) this Agreement is executed
and delivered by U.S. Bank Trust National Association, not individually or personally but solely as Owner Trustee of the Issuing Entity,
in the exercise of the powers and authority conferred and vested in it, (b) each of the representations, undertakings and agreements
herein made on the part of the Issuing Entity is made and intended not as personal representations, undertakings and agreements by U.S.
Bank Trust National Association but is made and intended for the purpose of binding only the Issuing Entity, (c) nothing herein contained
shall be construed as creating any liability on U.S. Bank Trust National Association, individually or personally, to perform any covenant
either expressed or implied contained herein of the Issuing Entity, all such liability, if any, being expressly waived by the parties
hereto and by any Person claiming by, through or under the parties hereto, (d) U.S. Bank Trust National Association has not verified
and made no investigation as to the accuracy or completeness of any representations and warranties made by the Issuing Entity in this
Agreement and (e) under no circumstances shall U.S. Bank Trust National Association be personally liable for the payment of any indebtedness
or expenses of the Issuing Entity or be liable for the breach or failure of any obligation, representation, warranty or covenant made
or undertaken by the Issuing Entity under this Agreement or any other related documents.


 






    - 11 -


     


    

 


IN WITNESS WHEREOF, the parties
hereto have executed this Agreement as of the day and year first written above.


 


	 	WORLD OMNI AUTO LEASING LLC
	 	 
	 	By:	/s/ Ronald J. Virtue
	 	 	Name:	Ronald J. Virtue
	 	 	Title:	Assistant Treasurer


 


	 	Address:
	 	250 Jim Moran Blvd.

Deerfield Beach, Florida  33442
	 	Telephone:	(954) 429-2900
	 	Telecopy:	(954) 429-2685


 


	 	WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST 2021-A
	 	By:	U.S. Bank Trust National Association, not in its individual capacity but solely as Owner Trustee
	 	 	 
	 	By:	/s/ Christopher J. Nuxoll
	 	 	Name:	Christopher J. Nuxoll
	 	 	Title:	Vice President


 


	 	Address:
	 	190 South LaSalle Street, 7th Floor
	 	Chicago, Illinois 60603
	 	Telephone: (312) 332-7490
	 	Telecopy: (866) 807-8670
	 	Email: christopher.nuxoll@usbank.com


 






     


     


    

 


SCHEDULE I


 


PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS


 


In addition to the representations,
warranties and covenants contained in the Exchange Note Transfer Agreement, the Depositor hereby represents, warrants, and covenants to
the Buyer as follows on the Closing Date:


 


1.              The
Exchange Note Transfer Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the Exchange Note
in favor of the Buyer, which security interest is prior to all other Adverse Claims and is enforceable as such as against creditors of
and purchasers from the Depositor.


 


2.              The
Exchange Note constitutes a “general intangible,” “instrument,” “certificated security,” or “tangible
chattel paper,” within the meaning of the applicable UCC.


 


3.              The
Depositor owns and has good and marketable title to the Exchange Note free and clear of any Adverse Claim, 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.


 


4.              The
Depositor has received all consents and approvals to the sale of the Exchange Note hereunder to the Buyer required by the terms of the
Exchange Note to the extent that it constitutes an instrument or a payment intangible.


 


5.              The
Depositor has received all consents and approvals required by the terms of the Exchange Note, to the extent that it constitutes a securities
entitlement, certificated security or uncertificated security, to the transfer to the Buyer of its interest and rights in the Exchange
Note hereunder.


 


6.              The
Depositor has caused or will have caused, within ten days after the effective date of the Exchange Note Transfer Agreement, the filing
of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to
perfect the sale of the Exchange Note from the Depositor to the Buyer and the security interest in the Exchange Note granted to the Buyer
hereunder.


 


7.              To
the extent that the Exchange Note constitutes an instrument or tangible chattel paper, all original executed copies of each such instrument
or tangible chattel paper have been delivered to the Buyer.


 


8.              Other
than the transfer of the Exchange Note from ALF LLC to the Depositor under the Exchange Note Sale Agreement and from the Depositor to
the Buyer under the Exchange Note Transfer Agreement and the security interest granted to the Indenture Trustee pursuant to the Indenture,
the Depositor has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed the Exchange Note. The Depositor
has not authorized the filing of, nor is aware of, any financing statements against the Depositor that include a description of collateral
covering the Exchange Note other than any financing statement relating to any security interest granted pursuant to the Transaction Documents
or that has been terminated.


 






    Sch. I-1


     


    

 


9.              No
instrument or tangible chattel paper that constitutes or evidences the Exchange Note has any marks or notations indicating that it has
been pledged, assigned or otherwise conveyed to any Person other than the Indenture Trustee.


 






    Sch. I-2