Exhibit 10.4


 


FIFTH AMENDED AND RESTATED SERVICING AGREEMENT



Dated as of December 15, 2009



among



WORLD OMNI FINANCIAL CORP.,

as Closed-End Servicer,



WORLD OMNI LT,

as Titling Trust,



and



AL HOLDING CORP.,

as Closed-End Collateral Agent


 






    Closed-End Servicing Agreement


     


    

 





TABLE OF CONTENTS


 


	 	ARTICLE I.	 
	 	 	 
	 	USAGE AND DEFINITIONS	 
	 	 	 
	 	ARTICLE II.	 
	 	 	 
	 	DESIGNATION	 
	 	 	 
	Section 2.1	Direction to the Closed-End Servicer	2
	Section 2.2	Servicing Supplement	2
	 	 	 
	 	ARTICLE III.	 
	 	 	 
	 	THE CLOSED-END SERVICER	 
	 	 	 
	 	 	 
	Section 3.1	Appointment of Closed-End Servicer	3
	Section 3.2	Representations of the Closed-End Servicer	3
	Section 3.3	Liability of the Closed-End Servicer; Indemnities	4
	Section 3.4	Merger or Consolidation of, or Assumption of the Obligations of, Closed-End Servicer	5
	Section 3.5	Delegation of Duties	6
	Section 3.6	World Omni Not to Resign as Closed-End Servicer	6
	Section 3.7	Maintenance and Assignment of Blanket Insurance. Policies; Obligor Insurance Coverage	6
	Section 3.8	Execution of Documents; Licenses and Applications	7
	Section 3.9	Fees and Expenses	8
	Section 3.10	Termination	8
	 	 	 
	 	ARTICLE IV.	 
	 	 	 
	 	PURCHASE OF CLOSED-END LEASES AND CLOSED-END VEHICLES	 
	 	 	 
	 	 	 
	Section 4.1	Origination of Closed-End Leases by Dealers; Role of Closed-End Servicer	9
	Section 4.2	Administration and Titling of Closed-End Vehicles	9
	Section 4.3	Purchase of Closed-End Leases and Closed-End Vehicles	10
	Section 4.4	Listing of Vehicle Identification Numbers	10
	Section 4.5	Assignment of Dealer Recourse Rights	10



 






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	 	ARTICLE V.	 
	 	 	 
	 	COLLECTIONS AND APPLICATION OF FUNDS	 
	 	 	 
	 	 	 
	Section 5.1	Remittance	10
	Section 5.2	Establishment of Certain Accounts; Payments, Disbursements and Reimbursements	12
	Section 5.3	Investment of Amounts in the Accounts	18
	 	 	 
	 	ARTICLE VI.	 
	 	 	 
	 	ADMINISTRATION AND SERVICING OF CLOSED-END LEASES	 
	 	 	 
	 	 	 
	Section 6.1	Duties of Closed-End Servicer	19
	Section 6.2	Collection of Payments	20
	Section 6.3	Other Authorized Actions with Respect to the Servicing of the Closed-End Leases	20
	Section 6.4	Custody of Lease Files; Custodial Duties	20
	Section 6.5	Records	22
	Section 6.6	Maintenance of Record Interests in Closed-End Vehicles	22
	Section 6.7	No Impairment	23
	 	 	 
	 	ARTICLE VII.	 
	 	 	 
	 	SALE OF CLOSED-END VEHICLES	 
	 	 	 
	 	 	 
	Section 7.1	Return, Repossession and Sale of Closed-End Vehicles	23
	Section 7.2	Procedures Upon Sale	24
	Section 7.3	Security Deposits	24
	 	 	 
	 	ARTICLE VIII.	 
	 	 	 
	 	CLOSED-END SERVICER DEFAULT	 
	 	 	 
	 	 	 
	Section 8.1	Facility Servicer Event of Default	25
	Section 8.2	Warehouse Facility Servicer Events of Default	25
	Section 8.3	Exchange Note Servicer Events of Default	26
	Section 8.4	Appointment of Successor Servicer	27
	Section 8.5	Waiver of Servicer Event of Default	29
	 	 	 
	 	ARTICLE IX.	 
	 	 	 
	 	REPORTING	 
	 	 	 
	 	 	 
	Section 9.1	Monthly Warehouse Facility Pool Reports	29
	Section 9.2	Monthly Reference Pool Reports	29
	Section 9.3	Annual Statement as to Compliance	29



 






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	Section 9.4	Annual Independent Certified Public Accountants’ Report	29
	Section 9.5	Other Notices	30
	 	 	 
	 	ARTICLE X.	 
	 	 	 
	 	MISCELLANEOUS	 
	 	 	 
	 	 	 
	Section 10.1	Amendments	30
	Section 10.2	No Legal Title to Closed-End Assets	30
	Section 10.3	Notices	30
	Section 10.4	Third-Party Beneficiaries	31
	Section 10.5	No Petition	31
	Section 10.6	GOVERNING LAW; SUBMISSION TO JURISDICTION	31
	Section 10.7	WAIVER OF JURY TRIAL	31
	Section 10.8	Severability	32
	Section 10.9	Counterparts	32
	Section 10.10	Headings	32
	Section 10.11	Further Assurances	32
	Section 10.12	Agent for Service	32
	Section 10.13	Limitation of Recourse to Titling Trustee	32
	Section 10.14	Waiver of Opinion	33



 


	Exhibit A	 	Locations of Lease Files
	Exhibit B	 	Monthly Warehouse Facility Pool Report
	Exhibit C	 	Form of Closed-End Power of Attorney
	Exhibit D	 	Dealer Agreement
	Exhibit E	 	Authorized Officers of U.S. Bank Trust
	Exhibit F	 	Authorized Officers of U.S. Bank




 






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INDEX
OF DEFINED TERMS


 


(Includes terms defined in the Collateral Agent Assignment Agreement, the Collateral
Agency Agreement, the Security Agreement, the ALF LLC Agreement or this Closed-End Servicing Agreement. References in this Index to Appendix
A are to Appendix A to the Collateral Agency Agreement.)


 


	$	 	Appendix A, Page 12
	Additional Warehouse Facilities	 	Appendix A, Page 3
	Additional Warehouse Facility	 	Appendix A, Page 3
	Administrative Repurchase	 	Appendix A, Page 3
	Advance	 	Appendix A, Page 3
	Adverse Claim	 	Appendix A, Page 3
	Adverse Selection Criteria	 	Collateral Agency Agreement, Section 6.2(b) (Subclause (D))
	Affected Party	 	Appendix A, Page 3
	Affected Trust Asset	 	Closed-End Servicing Agreement, Section 5.2(b)(iv)
	Affected Trust Assets	 	Closed-End Servicing Agreement, Section 5.2(b)(iv)
	Affiliate	 	Appendix A, Page 3
	Affiliated	 	Appendix A, Page 4
	Aggregate Loan Amount	 	Appendix A, Page 4
	Agreed Value	 	ALF LLC Ageement, Section 1.1
	Alabama Trust	 	Appendix A, Page 4
	Alabama Trustee	 	Collateral Agency Agreement, Recitals
	Alabama UTI Certificate	 	Collateral Agency Agreement, Recitals
	ALF LLC	 	Appendix A, Page 4
	ALF LLC Agreement	 	Appendix A, Page 4
	ALF LLC Documents	 	ALF LLC Ageement, Section 1.1
	ALF LLC Indemnified Person	 	ALF LLC Ageement, Section 7.8(b)
	ALF LP	 	Appendix A, Page 4
	ALF LP Certificate of Cancellation	 	ALF LLC Ageement, Section 1.1
	ALF LP Contribution Agreement	 	Appendix A, Page 4
	ALHC	 	Appendix A, Page 4
	Applicable Base Margin	 	Appendix A, Page 4
	Applicable Law	 	Appendix A, Page 4
	Asset Pool	 	Appendix A, Page 4
	Assigned Agreements	 	Collateral Agent Assignment Agreement, SECTION 2(b)
	Assigned Security Interests	 	Collateral Agent Assignment Agreement, SECTION 2(c)
	Assignee	 	ALF LLC Ageement, Section 1.1
	Authorized Officer	 	Appendix A, Page 4
	Automotive Lease Guide	 	Appendix A, Page 4
	Bank of America	 	Appendix A, Page 5
	Bankrupt	 	ALF LLC Ageement, Section 1.1
	Bankruptcy	 	ALF LLC Ageement, Section 1.1
	Bankruptcy Code	 	Appendix A, Page 5
	Basic Documents	 	Appendix A, Page 5
	Beneficial Interest	 	Appendix A, Page 5
	Board	 	ALF LLC Ageement, Section 7.2
	Board Resolution	 	Appendix A, Page 6
	Booked Residual Value	 	Appendix A, Page 6
	Borrower	 	1, Appendix A, Page 6
	Borrower Accounts	 	Security Agreement, Section 2.1(g)
	Borrower Novation	 	Collateral Agency Agreement, Recitals
	Borrower Novation Agreement	 	Appendix A, Page 6
	Borrowing Base	 	Appendix A, Page 6
	Borrowing Base Certificate	 	Appendix A, Page 6
	Borrowing Request	 	Appendix A, Page 6



 






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	BTM	 	Appendix A, Page 6
	BTM Fee Letter	 	Appendix A, Page 6
	BTM Receivables Financing Agreement	 	Appendix A, Page 6
	BTM Warehouse Facility Agent	 	BTM Fee Letter
	BTM Warehouse Facility Lender	 	BTM Fee Letter
	Business Day	 	Appendix A, Page 6
	CA Assignment Effective Time	 	Collateral Agent Assignment Agreement, SECTION 2
	CAA Indemnified Parties	 	Collateral Agency Agreement, Section 2.6(a)
	CAA Indemnified Party	 	Collateral Agency Agreement, Section 2.6(a)
	CAA Liabilities	 	Collateral Agency Agreement, Section 2.6(a)
	Capital Contribution	 	ALF LLC Ageement, Section 1.1
	Carrying Costs	 	Appendix A, Page 6
	Cash Flow	 	ALF LLC Ageement, Section 1.1
	Certificate	 	Appendix A, Page 7
	Certificate of Formation	 	ALF LLC Ageement, Section 2.3
	Certificate of Merger	 	ALF LLC Ageement, Section 1.1
	Certificate of Title	 	Appendix A, Page 7
	Certificates of Merger	 	ALF LLC Ageement, Section 1.1
	Certificates of Title	 	Appendix A, Page 7
	Change in Control	 	Appendix A, Page 7
	Charged-off Lease	 	Appendix A, Page 7
	Claim	 	Appendix A, Page 7
	Class	 	Appendix A, Page 7
	Closed-End Administation Agreement, Section 2.1	 	Closed-End Administrative Duties
	Closed-End Administration Agreement	 	Appendix A, Page 7
	Closed-End Administrative Agent	 	Appendix A, Page 7
	Closed-End Allocable Share	 	Closed-End Servicing Agreement, Section 5.2(b)(iv)
	Closed-End Asset	 	Appendix A, Page 7
	Closed-End Certificate	 	Appendix A, Page 8
	Closed-End Collateral Agent	 	Appendix A, Page 8
	Closed-End Collateral Specification Notice	 	Appendix A, Page 8
	Closed-End Collateral Specified Interest	 	Appendix A, Page 8
	Closed-End Collected Amounts	 	Appendix A, Page 8
	Closed-End Collections	 	Appendix A, Page 8
	Closed-End EN Collected Amounts	 	Appendix A, Page 8
	Closed-End EN Collection Period	 	Appendix A, Page 8
	Closed-End EN Secured Parties	 	Appendix A, Page 9
	Closed-End EN Secured Party	 	Appendix A, Page 9
	Closed-End Exchange Note	 	Collateral Agency Agreement, Section 6.1(a)
	Closed-End Exchange Note Collections	 	Appendix A, Page 9
	Closed-End Exchange Note Payment Date	 	Appendix A, Page 8
	Closed-End Exchange Note Shared Amounts	 	Collateral Agency Agreement, Section 10.4(b)
	Closed-End Exchange Notes	 	Collateral Agency Agreement, Section 6.1(a)
	Closed-End Lease	 	Appendix A, Page 9
	Closed-End Obligor	 	Appendix A, Page 9
	Closed-End Servicer	 	Appendix A, Page 9
	Closed-End Servicing Agreement	 	Appendix A, Page 9
	Closed-End Unit	 	Appendix A, Page 9
	Closed-End Vehicle	 	Appendix A, Page 9
	Closed-End Warehouse Additional Amounts	 	Closed-End Servicing Agreement, Section 5.2(b)(v)
	Closed-End Warehouse Collected Amounts	 	Appendix A, Page 9
	Closed-End Warehouse Collections	 	Appendix A, Page 9
	Closed-End Warehouse Excess Funds	 	Closed-End Servicing Agreement, Section 5.2(b)(v)
	Closed-End Warehouse Facility Lease	 	Appendix A, Page A-10
	Closed-End Warehouse Facility Vehicle	 	Appendix A, Page 10
	Closed-End Warehouse Fees and Taxes	 	Closed-End Servicing Agreement, Section 5.2(d)



 






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	Closed-End Warehouse Servicer Expenses	 	Closed-End Servicing Agreement, Section 5.2(d)
	Closed-End WH Servicer Reimbursement	 	Closed-End Servicing Agreement, Section 5.2(d)
	Closing Date	 	Appendix A, Page 10
	Code	 	Appendix A, Page 10
	Collateral	 	Security Agreement, Section 2.1
	Collateral Agency Accession Agreement	 	Collateral Agency Agreement, Section 2.1(b)
	Collateral Agency Agreement	 	Appendix A, Page 10
	Collateral Agent Administrator	 	Appendix A, Page 8
	Collateral Agent Assigned Rights	 	Collateral Agent Assignment Agreement, SECTION 2
	Collateral Agent Assignee	 	Collateral Agent Assignment Agreement, Preamble
	Collateral Agent Assignment Agreement	 	Collateral Agency Agreement, Recitals
	Collateral Agent Assignor	 	Collateral Agent Assignment Agreement, Preamble
	Collateral Document	 	Appendix A, Page 10
	Collection Account	 	Appendix A, Page 10
	Commercial Paper Note	 	Appendix A, Page 10
	Commission	 	Appendix A, Page 10
	Commitment	 	Appendix A, Page 10
	Commitment Period	 	Appendix A, Page 10
	Commitments	 	Appendix A, Page 10
	Company	 	ALF LLC Ageement, Preamble
	Company Account	 	Appendix A, Page 10
	Company Account Agreement	 	Appendix A, Page 10
	Company Account Bank	 	Appendix A, Page 10
	Company Authorized Officer	 	ALF LLC Ageement, Section 1.1
	Confidential Information	 	Collateral Agency Agreement, Section 11.8(b)
	Contingent Liabilities	 	Appendix A, Page 11
	Contingent Liability	 	Appendix A, Page 10
	Contributed Property	 	ALF LLC Ageement, Section 1.1
	Contribution	 	ALF LLC Ageement, Section 3.1(f)
	Corporate Trust Office	 	Appendix A, Page 11
	Covered Parties	 	Closed-End Servicing Agreement, Section 3.7(a)
	Credit and Collection Policy	 	Appendix A, Page 11
	Current Receivables Financing Agreements	 	Appendix A, Page 11
	Current Warehouse Facilities	 	Appendix A, Page 11
	Current Warehouse Facility	 	Appendix A, Page 11
	Cutoff Date	 	Appendix A, Page 11
	Deal Agent	 	Appendix A, Page 12
	Dealer	 	Appendix A, Page 12
	Dealer Agreement	 	Appendix A, Page 12
	Dealer Recourse Right	 	Appendix A, Page 12
	Default Notice	 	Appendix A, Page 12
	Defaulted Receivable	 	Appendix A, Page 12
	Delaware LLC Act	 	ALF LLC Ageement, Section 1.1
	Delaware Statutory Trust Act	 	Appendix A, Page 12
	Delaware Trustee	 	Appendix A, Page 12
	Delinquent Receivable	 	Appendix A, Page 12
	Deposit Account	 	Closed-End Servicing Agreement, Section 5.2(g)
	Director	 	ALF LLC Ageement, Section 7.2
	Dispose	 	ALF LLC Ageement, Section 1.1
	Disposing	 	ALF LLC Ageement, Section 1.1
	Disposition	 	ALF LLC Ageement, Section 1.1
	Disposition Contract	 	Appendix A, Page 12
	Dissolution	 	ALF LLC Ageement, Section 3.1(h)
	Dollar	 	Appendix A, Page 12
	Draft Account	 	Appendix A, Page 12
	DTC	 	Appendix A, Page 13



 






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	Effective Date	 	Appendix A, Page 13
	Effective MSRP	 	Appendix A, Page 13
	Eligible State	 	Appendix A, Page 13
	Enhancement	 	ALF LLC Ageement, Section 1.1
	ERISA	 	Appendix A, Page 13
	Eurodollar Loan	 	Appendix A, Page 13
	Eurodollar Rate (Reserve Adjusted)	 	Appendix A, Page 13
	Event of Bankruptcy	 	Appendix A, Page 13
	Exchange Note Accounts	 	Closed-End Servicing Agreement, Section 5.2(f)
	Exchange Note Allocation Percentage	 	Appendix A, Page 13
	Exchange Note Balance	 	Appendix A, Page 13
	Exchange Note Collection Account	 	Appendix A, Page 14
	Exchange Note Default	 	Collateral Agency Agreement, Section 8.7(a)
	Exchange Note Interest Amount	 	Appendix A, Page 14
	Exchange Note Interest Rate	 	Appendix A, Page 14
	Exchange Note Issuance Date	 	Collateral Agency Agreement, Section 6.3(c)(i)
	Exchange Note Principal Payment Amount	 	Appendix A, Page 14
	Exchange Note Reallocation Date	 	Collateral Agency Agreement, Section 6.2(b)(ii)
	Exchange Note Redemption Date	 	Appendix A, Page 14
	Exchange Note Redemption Price	 	Appendix A, Page 14
	Exchange Note Register	 	Collateral Agency Agreement, Section 6.5(a)
	Exchange Note Registrar	 	Collateral Agency Agreement, Section 6.5(a)
	Exchange Note Servicer Default	 	Closed-End Servicing Agreement, Section 8.3(a)
	Exchange Note Supplement	 	Collateral Agency Agreement, Section 6.1(a)
	Exchange Noteholder	 	Appendix A, Page 14
	Existing Back-Up Security Agreement	 	Collateral Agency Agreement, Recitals
	Existing Borrower	 	Collateral Agency Agreement, Recitals
	Existing Collateral Agency Agreement	 	Collateral Agency Agreement, Recitals
	Existing Collateral Documents	 	Collateral Agency Agreement, Recitals
	Existing Receivables Financing Agreements	 	Collateral Agency Agreement, Recitals
	Existing Security Agreement	 	Collateral Agency Agreement, Recitals
	Existing Security Interests	 	Collateral Agency Agreement, Recitals
	Existing Servicing Agreement	 	Closed-End Servicing Agreement, Preamble
	Existing Warehouse Collateral Agent	 	Collateral Agency Agreement, Recitals
	Existing Warehouse Facilities	 	Collateral Agency Agreement, Recitals
	Existing Warehouse Parties	 	Collateral Agency Agreement, Recitals
	Extension Fee	 	Appendix A, Page 14
	Facility Default	 	Appendix A, Page 14
	Facility Limit	 	Appendix A, Page 14
	Facility Servicer Event of Default	 	Closed-End Servicing Agreement, Section 8.1(a)
	Federal Funds Rate	 	Appendix A, Page 14
	Fee Letter	 	Appendix A, Page 15
	Fees	 	Appendix A, Page 15
	FICO Score	 	Appendix A, Page 15
	Filing Collateral	 	Appendix A, Page 15
	Final Release Date	 	Security Agreement, Section 2.5(a)
	Final Scheduled Payment Date	 	Appendix A, Page 15
	Financial Officer	 	Appendix A, Page 15
	Fiscal Quarter	 	Appendix A, Page 15
	Fiscal Year	 	Appendix A, Page 15
	Fitch	 	Appendix A, Page 15
	Force Majeure	 	Appendix A, Page 15
	GAAP	 	Appendix A, Page 15
	Governmental Authorities	 	Appendix A, Page 16
	Governmental Authority	 	Appendix A, Page 16
	Grant	 	Appendix A, Page 16



 






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	Hedge Contract	 	Appendix A, Page 16
	Holder	 	Appendix A, Page 16
	Holding Company	 	Appendix A, Page 16
	Implicit Rate	 	Appendix A, Page 16
	Indebtedness	 	Appendix A, Page 16
	Indemnified Person	 	Appendix A, Page 16
	Independent	 	Appendix A, Page 17
	Independent Director	 	ALF LLC Agreement, Section 7.3(a)(1)
	Information Recipients	 	Collateral Agency Agreement, Section 11.8(a)
	Initial ALF LLC Agreement	 	ALF LLC Ageement, Recitals
	Initial Beneficiary	 	Appendix A, Page 17
	Initial Beneficiary Purchase	 	Collateral Agency Agreement, Section 6.1(a)
	Initial Beneficiary Purchase Date	 	Collateral Agency Agreement, Section 6.1(a)
	Initial Beneficiary Purchase Notice	 	Collateral Agency Agreement, Section 6.1(a)
	Initial Beneficiary Purchase Price	 	Collateral Agency Agreement, Section 6.1(a)
	Initial Trust Documents	 	ALF LLC Ageement, Section 1.1
	Insurance Expenses	 	Appendix A, Page 17
	Insurance Policies	 	Appendix A, Page 17
	Insurance Proceeds	 	Appendix A, Page 17
	Intercreditor Agreement	 	Appendix A, Page 17
	Interest Period	 	Appendix A, Page 17
	Intermediary Funds	 	Appendix A, Page 18
	Investment Company Act	 	Appendix A, Page 18
	IRS	 	Appendix A, Page 18
	Joint Account	 	Appendix A, Page 18
	Joint Account Agreement	 	Appendix A, Page 18
	Lease Balance	 	Appendix A, Page 18
	Lease Files	 	Appendix A, Page 18
	Lease Funding Account	 	Appendix A, Page 18
	Lease Funding Account Agreement	 	Appendix A, Page 18
	Lease Funding Account Bank	 	Appendix A, Page 19
	Lease Number	 	Appendix A, Page 19
	Lien	 	Appendix A, Page 19
	Liquidation Expenses	 	Appendix A, Page 19
	Liquidation Proceeds	 	Appendix A, Page 19
	Liquidity Agent	 	Appendix A, Page 19
	Liquidity Agreement	 	Appendix A, Page 19
	Liquidity Bank	 	Appendix A, Page 19
	Managing Member	 	ALF LLC Ageement, Section 1.1
	Master Exchange Agreement	 	Appendix A, Page 19
	Material Adverse Effect	 	Appendix A, Page 19
	Maturity Date	 	Appendix A, Page 20
	Member	 	ALF LLC Ageement, Section 1.1
	Membership Interest	 	ALF LLC Ageement, Section 1.1
	Merger	 	Collateral Agency Agreement, Recitals
	Merger Agreement	 	Appendix A, Page 20
	Month End Date	 	Appendix A, Page 20
	Monthly Exchange Note Report	 	Closed-End Servicing Agreement, Section 9.2
	Monthly Reporting Date	 	Appendix A, Page 20
	Monthly Warehouse Facility Pool Report	 	Closed-End Servicing Agreement, Section 9.1
	Moody’s	 	Appendix A, Page 20
	Multi-Lender Fee Letter	 	1
	Multi-Lender Receivables Financing Agreement	 	1, Appendix A, Page 20
	Net Credit Losses	 	Appendix A, Page 21
	Net Investment Value	 	Appendix A, Page 21
	Net Liquidation Proceeds	 	Appendix A, Page 21



 






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	New York UCC	 	Closed-End Servicing Agreement, Section 5.2(g)
	Notice of Hedge Agreement Release	 	Security Agreement, Section 6.2(a)
	Notice Requirements	 	Appendix A, Page 20
	Obligation	 	Appendix A, Page 21
	Obligor	 	Appendix A, Page 21
	Officer’s Certificate	 	Appendix A, Page 21
	One-Month LIBOR	 	Appendix A, Page 21
	Open-End Collateral Specification Notice	 	Appendix A, Page 21
	Open-End Collateral Specified Interest	 	Appendix A, Page 21
	Open-End Credit and Security Agreement	 	ALF LLC Ageement, Schedule I
	Opinion of Counsel	 	Appendix A, Page 21
	Other Assets	 	Collateral Agency Agreement, Section 10.7(b)(ii)
	Other Liabilities	 	Collateral Agency Agreement, Section 10.7(c)
	Other Proceeds	 	Appendix A, Page 22
	Other Reference Pool	 	Collateral Agency Agreement, Section 10.4(b)
	Outstanding	 	Appendix A, Page 22
	Outstanding Principal Balance	 	Appendix A, Page 22
	Pass-Through Entity	 	ALF LLC Ageement, Section 4.4(d)(1)
	Payment Ahead	 	Appendix A, Page 22
	Payment Information	 	Appendix A, Page 23
	Payoff Concession Vehicle	 	Appendix A, Page 23
	Percentage	 	Appendix A, Page 23
	Permitted Activities	 	ALF LLC Ageement, Section 3.1
	Permitted Activity	 	ALF LLC Ageement, Section 3.1
	Permitted Investments	 	Appendix A, Page 23
	Permitted Lien	 	Appendix A, Page 24
	Person	 	Appendix A, Page 24
	Plan	 	Appendix A, Page 24
	Posted	 	Appendix A, Page 25
	Prepayment	 	Appendix A, Page 25
	Pro Rata Share	 	Appendix A, Page 25
	Proceeding	 	Appendix A, Page 25
	Protected Purchaser	 	Collateral Agency Agreement, Section 6.6(a)
	QI Administrator	 	Appendix A, Page 25
	Qualified Institution	 	Appendix A, Page 25
	Qualified Intermediary	 	Appendix A, Page 25
	Qualified Trust Institution	 	Appendix A, Page 25
	Qualifying Hedge Contract	 	Appendix A, Page 25
	Qualifying Swap Contract	 	Appendix A, Page 26
	Rating Agencies	 	Appendix A, Page 26
	Rating Agency	 	Appendix A, Page 26
	Receivable	 	Appendix A, Page 26
	Receivables Financing Agreement	 	Appendix A, Page 26
	Receivables Financing Agreements	 	Appendix A, Page 26
	Reference Pool	 	Collateral Agency Agreement, Section 6.2(a)
	Reference Pool Reallocation Notice	 	Collateral Agency Agreement, Section 6.2(b)
	Reference Pool Servicing Fee	 	Appendix A, Page 27
	Registered Pledgee	 	Appendix A, Page 27
	Regulation D	 	Appendix A, Page 27
	Regulatory Change	 	Appendix A, Page 27
	Released Collateral	 	Security Agreement, Section 6.3
	Released Intermediary Funds	 	Appendix A, Page 27
	Relevant Entities	 	Appendix A, Page 27
	Relevant Entity	 	Appendix A, Page 27
	Relinquished Vehicle	 	Appendix A, Page 27
	Relinquished Vehicle Proceeds	 	Appendix A, Page 28



 






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	Replacement Vehicle	 	Appendix A, Page 28
	Replacement Vehicle Purchase Price	 	Appendix A, Page 28
	Required Deposit Amount	 	Closed-End Servicing Agreement, Section 5.1(d)(ii)
	Required Lease Funding Account Balance	 	Appendix A, Page 28
	Required Remittance Date	 	Appendix A, Page 28
	Required Secured Parties	 	Appendix A, Page 28
	Required Warehouse Lenders	 	Appendix A, Page 29
	Restricted Pool	 	Appendix A, Page 29
	Restricted Pool Condition	 	Appendix A, Page 29
	Restricted Pool Condition Failure Notice	 	Collateral Agency Agreement, Section 8.15
	Return Date	 	Appendix A, Page 29
	Returned Lease Vehicle Inventory	 	Appendix A, Page 29
	Returned Vehicle	 	Appendix A, Page 29
	Returned Vehicle Disposition	 	Appendix A, Page 29
	RV Adjustment Funds	 	Appendix A, Page 30
	S&P	 	Appendix A, Page 31
	Schedule of Leases and Vehicles	 	Appendix A, Page 29
	Scheduled Commitment Termination Date	 	Appendix A, Page 29
	Scheduled Payment	 	Appendix A, Page 29
	Secured Obligation	 	Security Agreement, Section 2.2
	Secured Obligations	 	Security Agreement, Section 2.2
	Secured Parties	 	Appendix A, Page 30
	Secured Party	 	Appendix A, Page 30
	Securities Account	 	Closed-End Servicing Agreement, Section 5.2(g)
	Securities Act	 	Appendix A, Page 30
	Securities Intermediary	 	Appendix A, Page 18
	Securitization Entities	 	ALF LLC Ageement, Section 3.1(j)
	Securitization Entity	 	ALF LLC Ageement, Section 3.1(j)
	Security Agreement	 	Appendix A, Page 30
	Security Agreement Consenting Parties	 	Security Agreement, Preamble
	Security Agreement Consenting Party	 	Security Agreement, Preamble
	Security Deposit	 	Appendix A, Page 30
	Series	 	Appendix A, Page 30
	Servicer	 	1
	Servicer Event of Default	 	Appendix A, Page 30
	Servicing Agreement	 	ALF LLC Ageement, Section 1.1
	Servicing Fee	 	Appendix A, Page 30
	Servicing Fee Rate	 	Appendix A, Page 30
	Servicing Supplement	 	Closed-End Servicing Agreement, Section 2.2
	Shared Amount	 	Appendix A, Page 30
	Special Member	 	ALF LLC Ageement, Section 4.6
	Specification Notice	 	Appendix A, Page 30
	Specified Asset Titling Trust Administrator Fee	 	Appendix A, Page 31
	Specified Assets	 	Appendix A, Page 30
	Specified Interest	 	Appendix A, Page 30
	Standard & Poor’s	 	Appendix A, Page 31
	State	 	Appendix A, Page 31
	Stated Maturity Date	 	Appendix A, Page 31
	Subordinated Interest	 	Appendix A, Page 44
	Subsidiaries	 	Appendix A, Page 31
	Subsidiary	 	Appendix A, Page 31
	Substitute Member	 	ALF LLC Ageement, Section 1.1
	Tangible Net Worth	 	Appendix A, Page 31
	Titling Trust	 	Appendix A, Page 31
	Titling Trust Administrator	 	Appendix A, Page 31
	Titling Trust Administrator Fee	 	Appendix A, Page 31



 






    	 	vii	Closed-End Servicing Agreement



     


    

 


	Titling Trust Agreement	 	Appendix A, Page 31
	Titling Trust Assets	 	Appendix A, Page 31
	Titling Trust Debt	 	Appendix A, Page 31
	Titling Trust Lease	 	Appendix A, Page 31
	Titling Trust Vehicle	 	Appendix A, Page 32
	Titling Trustee	 	Appendix A, Page 32
	Titling Trustee Agent	 	Appendix A, Page 32
	Titling Trustee Fee	 	Appendix A, Page 32
	Total Shared Amount	 	Collateral Agency Agreement, Section 10.4(b)
	Transfer	 	Collateral Agency Agreement, Section 6.5(f)(iv)
	Transfer Agreements	 	ALF LLC Ageement, Section 3.1(l)
	Treasury Regulations	 	Appendix A, Page 32
	TRO Holder	 	ALF LLC Ageement, Section 1.1
	Trust Documents	 	ALF LLC Ageement, Section 1.1
	Trust-Related Obligations	 	Appendix A, Page 32
	Turn-in Ratio	 	Appendix A, Page 32
	U.S. Bank	 	Appendix A, Page 32
	U.S. Bank Trust	 	Appendix A, Page 33
	UCC	 	Appendix A, Page 32
	Undertaking	 	Appendix A, Page 32
	Unmatured Warehouse Facility Termination Event	 	Appendix A, Page 32
	Unpaid Titling Trust Debt	 	Appendix A, Page 32
	UTI	 	Collateral Agency Agreement, Recitals
	VT Inc.	 	Appendix A, Page 33
	Warehouse Facilities	 	Appendix A, Page 33
	Warehouse Facility	 	Appendix A, Page 33
	Warehouse Facility Agent	 	1, Appendix A, Page 33
	Warehouse Facility Allocation Percentage	 	Appendix A, Page 33
	Warehouse Facility Lender	 	Appendix A, Page 33
	Warehouse Facility Lender Percentage	 	Appendix A, Page 33
	Warehouse Facility Lender Transfer	 	Security Agreement, Section 2.6(a)
	Warehouse Facility Lender Transferee	 	Security Agreement, Section 2.6(a)
	Warehouse Facility Lender Transferred Interest	 	Security Agreement, Section 2.6(a)
	Warehouse Facility Lenders	 	Appendix A, Page 33
	Warehouse Facility Note	 	Appendix A, Page 33
	Warehouse Facility Pool	 	Appendix A, Page 33
	Warehouse Facility Pool Servicing Fee	 	Appendix A, Page 34
	Warehouse Facility Secured Parties	 	Appendix A, Page 34
	Warehouse Facility Secured Party	 	Appendix A, Page 34
	Warehouse Facility Servicer Default	 	Closed-End Servicing Agreement, Section 8.2(a)
	Warehouse Facility Shared Amounts	 	Collateral Agency Agreement, Section 10.4(a)
	Warehouse Facility Termination Event	 	Appendix A, Page 34
	Warehouse Pool Reallocation Date	 	Collateral Agency Agreement, Section 6.2(e)
	Warehouse Pool Reallocation Notice	 	Collateral Agency Agreement, Section 6.2(e)
	Wind-Down Event	 	Appendix A, Page 34
	Wind-Down Period	 	Appendix A, Page 34
	WOLT	 	Appendix A, Page 34
	World Omni	 	Appendix A, Page 34




 









    	 	viii	Closed-End Servicing Agreement



     


    

 


FIFTH AMENDED AND RESTATED SERVICING AGREEMENT,
dated as of December 15, 2009 (this “Closed-End Servicing Agreement”), among (i) WORLD OMNI FINANCIAL
CORP., a Florida corporation (“World Omni”), as servicer (in such capacity, the “Closed-End Servicer”),
(ii) WORLD OMNI LT, a Delaware statutory trust (the “Titling Trust”) and (iii) AL HOLDING CORP.,
a Delaware corporation, as collateral agent (“ALHC” or the “Closed-End Collateral Agent”).


 


BACKGROUND


 


1.       As
of July 16, 2008, (A) VT Inc., an Alabama corporation (“VT Inc.”), as trustee of World Omni LT, an Alabama trust
(the “Alabama Trust”) merged with and into the Titling Trust, with the Titling Trust surviving, pursuant to which
the Titling Trust, by operation of law (1) assumed all of the obligations of the Alabama Trust under the Existing Servicing Agreement
and (2) acquired all of the assets of the Alabama Trust, and (B) the parties hereto entered into that certain Fourth Amended and Restated
Servicing Agreement (the “Existing Servicing Agreement”).


 


2.       The
assets of the Alabama Trust so acquired by the Titling Trust will be allocated initially to a Specified Interest of the Titling Trust
designated as the “Closed-End Collateral Specified Interest.”


 


3.       The
Titling Trust is governed by the Titling Trust Agreement (as defined in the Collateral Agency Agreement (as defined below)), which contemplates
that the Titling Trust may enter into a Servicing Agreement (as defined in the Titling Trust Agreement) providing for the administration
and servicing of the Specified Assets allocated to any Specified Interest of the Titling Trust.


 


4.       The
parties now wish to amend and restate the Existing Servicing Agreement, to provide that such agreement will constitute the “Servicing
Agreement” (as defined in Titling Trust Agreement) with respect to the Closed-End Collateral Specified Interest.


 


The Existing Servicing Agreement is now amended and
restated in its entirety as follows:


 


ARTICLE
I.



USAGE AND DEFINITIONS


 


Capitalized terms used but not otherwise defined
in this Closed-End Servicing Agreement or in Appendix 1 to the applicable Servicing Supplement have the meanings assigned
to such terms under Appendix A to the Fourth Amended and Restated Collateral Agency Agreement, dated as of December 15,
2009 (the “Collateral Agency Agreement”), among the Titling Trust, as Borrower, the Closed-End Collateral Agent,
Bank of America, N.A., as Deal Agent, U.S. Bank National Association, as Closed-End Administrative Agent, and the other Secured Parties
named therein. Appendix A to the Collateral Agency Agreement is hereby incorporated by reference into, and made applicable
to, this Closed-End Servicing Agreement. Appendix A to the Collateral Agency Agreement also contains rules as to usage
applicable to this Closed-End Servicing Agreement.


 






    	 	 	Closed-End Servicing Agreement



     


    

 


ARTICLE
II.




DESIGNATION


 


Section 2.1             
Direction to the Closed-End Servicer.


 


Pursuant to the Titling Trust Agreement, the Titling
Trust directs the Closed-End Servicer to deliver on its behalf any notices with respect to the acquisition or disposition of assets as
may be required to be delivered to the Titling Trust Administrator pursuant to the Titling Trust Agreement in connection with the sale
of any Closed-End Lease, Closed-End Unit or Closed-End Vehicle. So long as World Omni remains both the Closed-End Servicer and the Titling
Trust Administrator, World Omni will be deemed to have delivered any such notice when it indicates, in its capacity as Titling Trust Administrator,
the assignment of the applicable Closed-End Unit on the books and records maintained with respect to the Titling Trust.


 


Section 2.2             
Servicing Supplement.


 


Upon the issuance of a Closed-End Exchange Note pursuant
to Section 6.1 of the Collateral Agency Agreement, the Closed-End Servicer, the Closed-End Collateral Agent and the Titling
Trust may enter into a supplement to this Closed-End Servicing Agreement (each, a “Servicing Supplement”) that
sets forth any specific rights and duties of the Closed-End Servicer and other agreements and undertakings with respect to the administration
and servicing of the related Reference Pool, including:


 


(i)                
the representations and warranties, if any, to be made by the Closed-End Servicer with respect to the Closed-End Units included
in the related Reference Pool (and with respect to the related Closed-End Leases and Closed-End Vehicles);


 


(ii)              
the indemnification by the Closed-End Servicer of the related Exchange Noteholder, any owner trustee or administrator of the related
Exchange Noteholder, any indenture trustee, note purchaser or underwriter with respect to debt obligations issued by an Exchange Noteholder
and secured by a Closed-End Exchange Note, the respective officers, directors, employees and agents of such Persons, and any other Person
that the Closed-End Servicer agrees to indemnify, in each case with respect to the servicing of the related Reference Pool;


 


(iii)            
the rate and any other terms with respect to the related Reference Pool Servicing Fee;


 


(iv)             
the manner in which the Closed-End Servicer will service and administer the assets included in the related Reference Pool;


 


(v)               
the purchase of a Closed-End Unit or other remedy to be provided by the Closed-End Servicer upon the breach by the Closed-End Servicer
of a representation, warranty or covenant with respect to such Closed-End Unit; and


 


(vi)             
reporting obligations of the Closed-End Servicer with respect to the related Reference Pool.


 






    	 	 2	Closed-End Servicing Agreement



     


    

 


ARTICLE
III.




THE CLOSED-END SERVICER


 


Section 3.1             
Appointment of Closed-End Servicer.


 


The Titling Trust, pursuant to the authority granted
to it under the Titling Trust Agreement, appoints World Omni as the Closed-End Servicer under this Closed-End Servicing Agreement, including
acting as agent of the Titling Trust and the Closed-End Collateral Agent in the management and control of the Closed-End Assets, including
the Certificates of Title relating to the Closed-End Assets, and for all other purposes set forth in this Closed-End Servicing Agreement.
World Omni accepts such appointments.


 


Section 3.2             
Representations of the Closed-End Servicer.


 


The Closed-End Servicer makes the representations
set forth in this Section 3.2, on which the Titling Trust, the Warehouse Facility Secured Parties, the Deal Agent and the
Closed-End Collateral Agent are relying, and any Exchange Noteholder, in acquiring the related Closed-End Exchange Note, will rely. Such
representations are effective as of the Closing Date.


 


(a)               
Organization and Good Standing. The Closed-End Servicer has been duly organized and is validly existing as
a corporation in good standing under the laws of the State of Florida, with the power and authority to own or lease its properties and
to conduct its activities as such properties are currently owned or leased and such activities are currently conducted, and had at all
relevant times, and has, the power and authority to service the Closed-End Leases and Closed-End Vehicles and to hold the Lease Files
as custodian on behalf of the Titling Trust and the Closed-End Collateral Agent.


 


(b)               
Due Qualification. The Closed-End Servicer is duly qualified to do business as a foreign corporation in good
standing, and has obtained all necessary licenses and approvals, in all jurisdictions in which the ownership or lease of property or the
conduct of its activities (including the servicing of the Closed-End Leases and Closed-End Vehicles as required by this Closed-End Servicing
Agreement) requires such qualifications, unless the failure to obtain such qualifications, licenses or approvals would not reasonably
be expected to have a material adverse effect on the ability of the Closed-End Servicer to perform its obligations under this Closed-End
Servicing Agreement or the other Basic Documents to which it is a party.


 


(c)               
Power and Authority; Authorization; Execution and Delivery; Binding Obligation. The Closed-End Servicer has
the power and authority to execute, deliver and perform its obligations under this Closed-End Servicing Agreement and the other Basic
Documents to which it is a party. The Closed-End Servicer has duly authorized the execution and delivery of this Closed-End Servicing
Agreement and the other Basic Documents to which it is a party by all necessary corporate action. This Closed-End Servicing Agreement
and each other Basic Document to which the Closed-End Servicer is a party have been duly executed and delivered by the Closed-End Servicer.
This Closed-End Servicing Agreement and each other Basic Document to which the Closed-End Servicer is a party constitute legal, valid
and binding obligations of the Closed-End Servicer, enforceable against the Closed-End Servicer in accordance with their terms, except
as such enforceability may be limited by insolvency, bankruptcy, reorganization or other laws relating to or affecting the enforcement
of creditors’ rights and by general equitable principles.


 


(d)               
No Violation. The consummation of the transactions contemplated by, and the fulfillment of the terms of, this
Closed-End Servicing Agreement and each other Basic Document to


 






    	 	 3	Closed-End Servicing Agreement



     


    

 





which it is a party will not (i) conflict with, result in any breach
of any of the terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under its articles or
certificate of incorporation or by-laws, any material indenture, mortgage, deed of trust, loan agreement, guarantee, lease financing agreement
or similar agreement or instrument to which the Closed-End Servicer is a party or by which the Closed-End Servicer is bound (in each case
material to the Closed-End Servicer and its subsidiaries considered as a whole), (ii) result in the creation or imposition of any Lien
(material to the Closed-End Servicer and its subsidiaries considered as a whole) upon any of its properties pursuant to any such agreement
or instrument (other than Liens contemplated by this Closed-End Servicing Agreement or any of the other Basic Documents to which it is
a party) or (iii) violate or contravene any law or, to the Closed-End Servicer’s knowledge, any order, rule or regulation applicable to
the Closed-End Servicer of any court or any Governmental Authority having jurisdiction over the Closed-End Servicer or its properties,
the failure to comply with which would reasonably be expected to have a material adverse effect upon the ability of the Closed-End Servicer
to perform its obligations under this Closed-End Servicing Agreement or any other Basic Document to which it is a party.


 


(e)               
No Proceedings. There are no proceedings pending, or, to the Closed-End Servicer’s knowledge, threatened,
and to the Closed-End Servicer’s knowledge there are no investigations pending or threatened, against or affecting the Closed-End Servicer
or its property before any Governmental Authority: (i) asserting the invalidity or unenforceability of the Closed-End Exchange Notes,
this Closed-End Servicing Agreement or any of the other Basic Documents, (ii) seeking to prevent the consummation of any of the transactions
contemplated by this Closed-End Servicing Agreement or any of the other Basic Documents or (iii) seeking any determination or ruling that
would reasonably be expected to have a material adverse effect on the ability of the Closed-End Servicer to perform its obligations under
this Closed-End Servicing Agreement or any of the other Basic Documents to which it is a party.


 


Section 3.3             
Liability of the Closed-End Servicer; Indemnities.


 


(a)               
The Closed-End Servicer will be liable under this Closed-End Servicing Agreement only to the extent of the obligations specifically
undertaken by it under this Closed-End Servicing Agreement and under any related Servicing Supplement, as applicable.


 


(b)               
The Closed-End Servicer will indemnify, defend and hold harmless the Titling Trust, the Titling Trustee, the Initial Beneficiary,
the Closed-End Administrative Agent, the Closed-End Collateral Agent, the Deal Agent, each Warehouse Facility Secured Party, each Exchange
Noteholder and their respective officers, directors, employees and agents (each, with respect to this Section 3.3(b),
an “Indemnified Person”) from and against any and all liabilities, losses, damages and expenses that may be incurred
as a result of any act or omission by the Closed-End Servicer (including in its capacity as custodian of the Lease Files) in connection
with its maintenance and custody of the Lease Files, the servicing of the Closed-End Leases, the Closed-End Servicer’s undertakings in
Section 3.8 or any other activity undertaken or omitted by the Closed-End Servicer with respect to any applicable Titling
Trust Asset. The obligations set forth in this Section 3.3(b) shall survive the termination of this Closed-End Servicing
Agreement or the resignation or removal of the Closed-End Servicer or either or both of the Trustees.


 


(c)               
For purposes of this Section 3.3, if the Closed-End Servicer’s rights and obligations as Closed-End Servicer are
terminated pursuant to Section 8.1, Section 8.2 or Section 8.3, the Closed-End Servicer nevertheless
will be deemed to continue to be the Closed-End Servicer under this Closed-End Servicing Agreement and any related Servicing Supplement
pending appointment of a successor servicer pursuant to Section 8.4 and assumption by such successor servicer of the rights
and obligations of the Closed-End Servicer under this Closed-End Servicing Agreement and the other Basic


 






    	 	 4	Closed-End Servicing Agreement



     


    

 





Documents. The Titling Trust, the Closed-End Administrative Agent and
the Closed-End Collateral Agent, with the advice and assistance of the Deal Agent, shall use reasonable efforts to cause the successor
Closed-End Servicer to assume such indemnity obligations.


 


(d)               
If the Closed-End Servicer makes any indemnity payments to any Indemnified Person pursuant to this Section 3.3, (i)
the Closed-End Servicer will be subrogated to any rights of such Indemnified Person to recover such amount from any other Person and (ii)
if such Indemnified Person thereafter collects any of such amounts from any other Person, such Indemnified Person will promptly repay
such amounts to the Closed-End Servicer, without interest.


 


Section 3.4             
Merger or Consolidation of, or Assumption of the Obligations of, Closed-End Servicer.


 


(a)               
The Closed-End Servicer shall keep in full effect its existence, rights and franchises as a Florida corporation and will obtain
and preserve its qualification to do business as a foreign corporation in each jurisdiction in which such qualification is required, whether
by reason of the ownership or leasing of property or the conduct of business, except where the failure to so qualify would not have a
material adverse effect on the condition, financial or otherwise, of the Closed-End Servicer and its subsidiaries considered as one enterprise,
and in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of, or to permit
the Closed-End Servicer to perform its obligations under, this Closed-End Servicing Agreement and each of the other Basic Documents.


 


(b)               
The Closed-End Servicer shall not consolidate with or merge into any other corporation or convey, transfer or lease all or substantially
all of its assets as an entirety to any Person without the prior written consent of the Titling Trustee, on behalf of the Titling Trust,
unless (i) the corporation formed by such consolidation or into which the Closed-End Servicer has merged or the Person which acquires
by conveyance, transfer or lease all or substantially all the assets of the Closed-End Servicer as an entirety (A) is a citizen of or
an entity organized and existing under the laws of the United States or any State and (B) either executes and delivers to the Titling
Trustee, on behalf of the Titling Trust, an agreement in form and substance reasonably satisfactory to the Titling Trustee, that contains
an assumption by such successor entity of the due and punctual performance and observance of each covenant and condition to be performed
or observed by the Closed-End Servicer under this Closed-End Servicing Agreement and the other Basic Documents or is so bound by operation
of law, or (ii) the Closed-End Servicer is the surviving corporation resulting from such consolidation or merger.


 


(c)               
Any Person (a) into which the Closed-End Servicer may be merged or consolidated, (b) resulting from any merger, conversion, or
consolidation to which the Closed-End Servicer is a party, (c) succeeding to the business of the Closed-End Servicer, or (d) of which
the Closed-End Servicer owns, directly or indirectly, more than 50% of the voting stock or voting power and 50% or more of the economic
equity, which Person in any of the foregoing cases executes an agreement of assumption pursuant to Section 3.4(b) above
to perform every obligation of the Closed-End Servicer under this Closed-End Servicing Agreement, each Servicing Supplement and each of
the other Basic Documents, will be the successor to the Closed-End Servicer under this Closed-End Servicing Agreement, each Servicing
Supplement and each of the other Basic Documents without the execution or filing of any paper or any further act on the part of any of
the parties to this Closed-End Servicing Agreement, any Servicing Supplement or any other Basic Document. The Closed-End Servicer will
provide notice of any such merger, conversion, consolidation or succession to the Closed-End Administrative Agent, the Deal Agent, the
Closed-End Collateral Agent and each Exchange Noteholder.


 






    	 	 5	Closed-End Servicing Agreement



     


    

 


Section 3.5             
Delegation of Duties.


 


So long as World Omni is the Closed-End Servicer,
the Closed-End Servicer may without notice or consent delegate any or all of its duties under this Closed-End Servicing Agreement to any
company or other business entity of which World Omni owns, directly or indirectly, more than 50% of the voting stock or voting power and
50% or more of the economic equity. The Closed-End Servicer may perform any of its duties through subcontractors. No such delegation or
subcontracting will relieve the Closed-End Servicer of its responsibilities with respect to such duties and the Closed-End Servicer will
remain primarily responsible with respect thereto. The Closed-End Servicer will be solely responsible for the fees of any such delegates
or sub-contractors.


 


Section 3.6             
World Omni Not to Resign as Closed-End Servicer.


 


Except as provided in Section 8.4,
the Closed-End Servicer shall not resign from the duties and obligations hereby imposed on it as Closed-End Servicer except upon determination
by its Board of Directors, or a duly authorized committee thereof, that by reason of change in applicable legal requirements the continued
performance by the Closed-End Servicer of its duties as Closed-End Servicer under this Closed-End Servicing Agreement would cause it to
be in violation of such legal requirements in a manner that would result in a material adverse effect on the Closed-End Servicer or its
financial condition, said determination to be evidenced by a Board Resolution of the Closed-End Servicer to such effect accompanied by
an Opinion of Counsel reasonably satisfactory to the Titling Trustee of independent counsel reasonably satisfactory to the Titling Trustee,
to such effect. No such resignation shall become effective unless and until a new servicer is willing to service the Closed-End Leases
and enters into a servicing agreement with the Titling Trust (acting at the direction of the Person or Persons entitled to give such direction
under the Collateral Agency Agreement or, if no such Person, the Titling Trust Administrator), such agreement to have substantially the
same provisions as this Closed-End Servicing Agreement. The Titling Trustee, on behalf of the Titling Trust, shall not unreasonably fail
to consent to such a servicing agreement.


 


Section 3.7             
Maintenance and Assignment of Blanket Insurance. Policies; Obligor Insurance Coverage.


 


(a)               
Maintenance and Assignment of Blanket Insurance Policies. The Closed-End Servicer will at all times maintain,
or cause to be maintained, Insurance Policies (which may be blanket policies covering the Closed-End Servicer and all of its Affiliates)
with respect to the Closed-End Assets that are consistent with the insurance, if any, that the Closed-End Servicer maintains from time
to time for its own portfolio of leases and related leased vehicles. The Closed-End Servicer assigns to the Titling Trust, the Initial
Beneficiary, the Closed-End Administrative Agent, the Closed-End Collateral Agent, each Warehouse Facility Secured Party and each Exchange
Noteholder (the “Covered Parties”) its rights to proceeds under each such Insurance Policy maintained by it or
any of its Affiliates, and agrees that all insurance carried pursuant to this Section 3.7(a) will cover the interests of
the Covered Parties, in each case to the extent relating to the Closed-End Assets. Upon its termination as Closed-End Servicer as to all
or any part of the Closed-End Assets, the Closed-End Servicer shall either continue to maintain such Insurance Policies, the premium for
which shall constitute an expense of the Titling Trust, or provide for equivalent Insurance Policies to any substitute or successor Closed-End
Servicer. To the extent commercially available, the Closed-End Servicer shall also maintain a fidelity bond in such form and amount as
is customary for financial institutions acting as custodian of funds and documents in respect of mortgage loans or consumer receivables
on behalf of institutional investors.


 


(b)               
Vicarious Liability. To the extent that the Closed-End Servicer self-insures vicarious liability suffered
by the Covered Parties that arises out of the use or operation of the Closed-End


 






    	 	 6	Closed-End Servicing Agreement



     


    

 





Vehicles, the Closed-End Servicer will indemnify the Covered Parties
for any uninsured losses relating to such vicarious liability.


 


(c)               
The Closed-End Servicer shall use commercially reasonable efforts to ensure that the Obligor under each Closed-End Lease shall
have, and maintain in full force and effect during the term of such Closed-End Lease, a comprehensive, collision and property damage insurance
policy covering the actual cash value of the Closed-End Vehicle to which such Closed-End Lease relates and naming the Titling Trust as
a loss payee, as well as public liability, bodily injury and property damage coverage equal to the greater of the amounts required by
applicable state law or industry standards as set forth in the Closed-End Lease, and naming the Titling Trust as an additional insured.
In the event that at any time any proceeds of any such insurance policy would be recoverable and otherwise paid to the Titling Trust as
loss payee but for the fact that: (a) such insurance policy has lapsed (without the obtaining by the related Obligor (or the Closed-End
Servicer, on behalf of such Obligor) of a new insurance policy meeting the requirements of the immediately preceding sentence); (b) the
Closed-End Servicer has failed to maintain the Titling Trust’s rights to receive all proceeds of such insurance policy up to the full
amount of the Obligor’s obligations under the related Closed-End Lease (but not exceeding the policy limits); or (c) such insurance policy
has not been maintained in full force and effect prior to the Maturity Date of such Closed-End Lease, the Closed-End Servicer shall, as
soon as reasonably practicable, remit an amount of cash to the Lease Funding Account or into the appropriate Exchange Note Collection
Account, as the case may be, equal to such amounts as would at such time otherwise be recoverable in respect of such Closed-End Vehicle
as Insurance Proceeds. The foregoing obligation of World Omni, as the Closed-End Servicer, shall survive the resignation of World Omni
as the Closed-End Servicer or any termination of it as Closed-End Servicer under this Closed-End Servicing Agreement.


 


Section 3.8             
Execution of Documents; Licenses and Applications.


 


(a)               
The Closed-End Servicer will be responsible for compliance by the Titling Trust with all Applicable Laws governing the conduct
and activities of the Titling Trust and its qualifications to do business in any jurisdiction.


 


(b)               
The Closed-End Servicer, at its expense, will obtain all material licenses required by the Applicable Laws of any jurisdiction
in which the Closed-End Servicer, in its sole discretion, deems necessary for the conduct of the activities of the Closed-End Servicer,
the Closed-End Collateral Agent and the Titling Trust, or, in the case of the Titling Trust, the ownership of the Closed-End Leases or
the ownership and leasing of the Closed-End Vehicles, and will make all filings and pay all fees as may be required in connection with
such licenses during the term of this Closed-End Servicing Agreement.


 


(c)               
The Closed-End Servicer is authorized and directed, as attorney-in-fact or otherwise, to prepare, execute and deliver, on behalf
of the Initial Beneficiary and the Titling Trust:


 


(i)                
any applications, instruments and other documents deemed necessary or appropriate in the sole discretion of the Closed-End Servicer
to comply with, and effect the purposes of, Section 3.7(a) and (b); and


 


(ii)              
any registration statement to be filed with the United States Securities and Exchange Commission or otherwise, any offering document
(whether relating to a public or private offering) and any financial statements for the Titling Trust to be included in any such registration
statement or offering document.


 






    	 	 7	Closed-End Servicing Agreement



     


    

 


Section 3.9             
Fees and Expenses.


 


(a)               
Warehouse Facility Pool Servicing Fee. The Titling Trust will pay to the Closed-End Servicer the Warehouse
Facility Pool Servicing Fee in consideration for, among other things, (i) servicing the Warehouse Facility Pool, (ii) the allocable cost
of maintaining Insurance Policies pursuant to Section 3.7(a) and (iii) paying the fees and expenses set forth in Section
3.9(c) and Section 3.9(d), in each case relating to (or allocable to) the Warehouse Facility Pool. The Warehouse
Facility Pool Servicing Fee will be payable solely from, and the right of the Closed-End Servicer to receive the Warehouse Facility Pool
Servicing Fee will be limited in recourse to, the Closed-End Collections and other amounts applied to the payment of such fee pursuant
to the Collateral Agency Agreement. Following the occurrence of any Warehouse Facility Termination Event, the Revolving Pool Share of
the amounts payable under this Section 3.9(a) shall be paid only on Payment Dates in accordance with the priority of payments
set forth in Section 10.3(a) of the Collateral Agency Agreement. During the Wind-Down Period with respect to any Warehouse
Facility, the applicable Wind-Down Pool Share of the amounts payable under this Section 3.9(a) shall be paid only on Payment
Dates in accordance with the priority of payments set forth in Section 10.3(b) of the Collateral Agency Agreement.


 


(b)               
Reference Pool Servicing Fee. The Titling Trust will pay to the Closed-End Servicer the Reference Pool Servicing
Fee for each Reference Pool in consideration for, among other things, (i) servicing such Reference Pool, (ii) the allocable cost of maintaining
Insurance Policies pursuant to Section 3.7(a) and (iii) paying the fees and expenses set forth in Section 3.9(c)
and Section 3.9(d), in each case relating to (or allocable to) such Reference Pool. The Reference Pool Servicing Fee for
each Reference Pool will be payable solely from, and the right of the Closed-End Servicer to receive the Reference Pool Servicing Fee
for each Reference Pool will be limited in recourse to, the Closed-End Collections and other amounts applied to the payment of such fee
pursuant to the Collateral Agency Agreement.


 


(c)               
Servicing Expenses. Except as otherwise provided in this Closed-End Servicing Agreement or the Servicing Supplements,
the Closed-End Servicer will be required to pay all expenses incurred by it in connection with its activities under this Closed-End Servicing
Agreement, or any Servicing Supplement, including fees and disbursements of Independent accountants, taxes imposed on the Closed-End Servicer
and expenses incurred in connection with distributions and reports. The Closed-End Servicer will be entitled to reimbursement of Liquidation
Expenses and expenses recoverable under any Insurance Policy.


 


(d)               
Other Fees and Expenses. The Closed-End Servicer will pay from the Servicing Fee: (i) the Titling Trustee
Fee to the Titling Trustee, (ii) the Titling Trust Administrator Fee to the Titling Trust Administrator and (iii) all general corporation,
intangible, franchise, privilege or license taxes with respect to the Closed-End Leases and Closed-End Vehicles, in each case to the extent
allocable to the Closed-End Collateral Specified Interest.


 


Section 3.10          
Termination.


 


This Closed-End Servicing Agreement may be terminated
at the option of the Closed-End Servicer or the Titling Trust at any time following the termination of the Commitment Period with respect
to each Warehouse Facility and the payment in full of all Secured Obligations; provided, however, that
the rights and obligations of the parties to this Closed-End Servicing Agreement under Section 10.5 will survive any such
termination.


 







    	 	 8	Closed-End Servicing Agreement



     


    

 


ARTICLE
IV.




PURCHASE OF CLOSED-END LEASES AND CLOSED-END VEHICLES


 


Section 4.1             
Origination of Closed-End Leases by Dealers; Role of Closed-End Servicer.


 


The Closed-End Servicer shall continue to maintain
or enter into, in the ordinary course of its business, Dealer Agreements with the Dealers in Eligible States selected by the Closed-End
Servicer from time to time in its reasonable discretion. The Closed-End Servicer shall provide the Deal Agent with notice of any proposed
change to any Dealer Agreement (or to the form of Dealer Agreement used generally with Dealers) that in the reasonable opinion of the
Closed-End Servicer would be likely to have a material adverse effect upon the Warehouse Facility Secured Parties’ rights under the Warehouse
Facilities, and will not enter into any such change without the consent of the Deal Agent, such consent not to be unreasonably withheld,
conditioned or delayed, and shall deliver to each of the Titling Trust and the Deal Agent a copy of such changed Dealer Agreement (or
form of Dealer Agreement).


 


The Closed-End Servicer shall direct each of the
Dealers located within an Eligible State with whom it has such a Dealer Agreement (other than those identified in writing by the Closed-End
Servicer and the Initial Beneficiary to the Titling Trustee from time to time as nonparticipants in the Titling Trust allocation arrangements
with respect to the Closed-End Collateral Specified Interest) to assign to the Titling Trust all approved Closed-End Leases (other than
those types of leases identified in writing by the Closed-End Servicer and the Initial Beneficiary to the Titling Trustee from time to
time), together with the related Certificates of Title, originated by the Dealer. Notwithstanding anything to the contrary contained herein,
however, should any such Dealer fail to assign either a lease or leased vehicle to the Titling Trust, the Closed-End Servicer shall not
be obligated to cause any correction thereof, but, unless and until such error is corrected, such lease and leased vehicle shall not be
included as a Closed-End Asset. Other errors by a Dealer in complying with the foregoing Closed-End Servicer instructions, if immaterial,
shall not affect the status of a lease or leased vehicle as a Closed-End Asset nor shall the Closed-End Servicer be obligated to correct
them.


 


Section 4.2             
Administration and Titling of Closed-End Vehicles.


 


(a)               
The Closed-End Servicer will cause the Certificate of Title for each Closed-End Vehicle acquired pursuant to Section 4.3
to be issued in the name and in the manner specified in the Titling Trust Agreement.


 


(b)               
The Closed-End Servicer will (i) cause (or, if applicable, direct the related Dealer to cause) the Certificate of Title with respect
to each Closed-End Vehicle to reflect “AL Holding Corp.,” or such substantially similar words as the relevant Governmental Authority
will accept, as the recorded lienholder or recorded holder of a security interest with respect to each Closed-End Vehicle that is acquired
pursuant to Section 4.3 and (ii) will prepare (or direct the related Dealer to prepare) each application for a Certificate
of Title in a manner that the Closed-End Servicer reasonably determines from time to time is in compliance with the requirements of Applicable
Law of the relevant State in order to perfect the security interest of the Closed-End Collateral Agent in the relevant Closed-End Vehicle.
The Closed-End Collateral Agent will execute all documents, and provide all other assistance, in each case reasonably requested from time
to time by the Closed-End Servicer in connection with the performance of its obligations under this Section 4.2(b).


 






    	 	 9	Closed-End Servicing Agreement



     


    

 


Section 4.3             
Purchase of Closed-End Leases and Closed-End Vehicles.


 


Upon origination of a Closed-End Unit in accordance
with Section 4.1, the Closed-End Servicer will cause the related Closed-End Vehicle and, if applicable, the related Closed-End
Lease rights to any related Security Deposit, to be assigned to the Titling Trust against payment of the related proceeds to the Dealer
in accordance with Section 5.2.


 


Section 4.4             
Listing of Vehicle Identification Numbers.


 


The Closed-End Servicer will maintain a list of the
vehicle identification numbers or other identifying account number for all Closed-End Vehicles acquired from time to time by the Titling
Trust. On or prior to the 8th day of each calendar month (or, if such day is not a Business Day, the next Business Day), the Closed-End
Servicer shall (a) cause to be delivered to the Titling Trustee and the Titling Trust Administrator a revised Schedule of Leases and Vehicles
with respect to the Closed-End Collateral Specified Interest, containing data as of the last day of the prior calendar month, (b) cause
to be delivered to the Titling Trustee and the Titling Trust Administrator a report in respect of the prior calendar month, setting forth
(i) any information relating to the Closed-End Leases or the Closed-End Vehicles that normally would be available from a servicer of closed-end
automobile and light-duty truck leases and is reasonably requested by the Titling Trustee or the Titling Trust Administrator and (ii)
if required, any additional information required under the Servicing Supplement with respect to any Reference Pool, and (c) deliver such
other reports or Officer’s Certificate as may be necessary pursuant to the terms of this Closed-End Servicing Agreement to document to
the Titling Trustee the Closed-End Servicer’s right to any further reimbursement of unreimbursed Closed-End Warehouse Servicer Expenses.


 


Section 4.5             
Assignment of Dealer Recourse Rights.


 


World Omni hereby assigns to the Titling Trust all
of its Dealer Recourse Rights (but none of its obligations) in respect of the Closed-End Leases arising under each Dealer Agreement.


 


ARTICLE
V.



COLLECTIONS AND APPLICATION OF FUNDS


 


Section 5.1             
Remittance.


 


(a)               
Identification and Deposit of Certain Closed-End Collections. Subject to Article VII with
regard to Liquidation Proceeds and Insurance Proceeds, the Closed-End Servicer shall, as to each Closed-End Collected Amount and each
Payment Ahead:


 


(i)                
upon Receipt, deposit such amount into its operating account and ascertain promptly (but in any event within two (2) Business Days
of receipt and identification) the related Payment Information;


 


(ii)              
on or prior to the Required Remittance Date, (x) identify the Asset Pool to which such amount relates, (y) deposit such amount
(net of reimbursement of any Liquidation Expenses incurred by the Closed-End Servicer with respect to any Closed-End Vehicle whose Liquidation
Proceeds are included among such funds) into the Collection Account for such Asset Pool and (z) enter the Payment Information into its
computer system; and


 






    	 	 10	Closed-End Servicing Agreement



     


    

 





(iii)            
 in the case of a Payment Ahead, maintain appropriate records so as to be able to timely apply such Payment Ahead as a Scheduled
Payment with respect to the applicable Closed-End Lease.


 


(b)               
Combined Wire Transfers. Transfers by the Closed-End Servicer to any financial institution at which any Titling
Trust account is maintained may include (A) proceeds being deposited in more than one Titling Trust account and (B) proceeds of Closed-End
Assets and Other Proceeds, in each case in a single wire transfer, provided, however, that,
such transfer is accompanied by instructions as to the appropriate divisions of all such proceeds.


 


(c)               
Other Amounts Related to the Warehouse Facility Pool. Upon receipt, the Closed-End Servicer shall deposit
into the Lease Funding Account or the Company Account any other funds received by the Closed-End Servicer with respect to any Closed-End
Asset that are not related to a Reference Pool, including without limitation (1) capital contributions by ALF LLC, as Holder of the Closed-End
Collateral Specified Interest, if and to the extent that such contributions have been designated by ALF LLC as having been made in respect
of the Revolving Pool or any Wind-Down Pool, (2) funds transferred from any Exchange Note Collection Accounts in connection with the funding
of any Reference Pool’s share of any allocable Titling Trust expenses and (3) income with respect to any investment made in the Lease
Funding Account.


 


(d)               
Master Exchange Agreement; Required Deposit Amount.


 


(i)                
Application of Relinquished Vehicle Proceeds. Notwithstanding anything to the contrary in this Closed-End Servicing
Agreement or in any other Basic Document, until such time as the assignment of rights under Disposition Contracts to the Qualified Intermediary
pursuant to the Master Exchange Agreement shall cease (and shall not thereafter resume) or, in the case of any Relinquished Vehicle, such
assignment of rights shall be revoked with respect to such Relinquished Vehicle (but at no time thereafter), all Relinquished Vehicle
Proceeds with respect to any Relinquished Vehicle shall be applied in accordance with the provisions of the Master Exchange Agreement
(including Section 4.7 of such agreement).


 


(ii)              
Required Deposit Amount. In the event that, pursuant to paragraph (i), above, any Relinquished Vehicle
Proceeds are not deposited into the applicable Collection Account (and otherwise would have been required to be deposited pursuant to
this Closed-End Servicing Agreement or the applicable Servicing Supplement, as the case may be), the Closed-End Servicer shall deposit
into such Collection Account an amount (“Required Deposit Amount”) equal to such non-deposited Relinquished Vehicle
Proceeds within two (2) Business Days of receipt and identification of such proceeds in the manner set forth with respect to Closed-End
Collections generally in this Closed-End Servicing Agreement and the applicable Servicing Supplement. The deposit of such any such Required
Deposit Amount by the Closed-End Servicer with respect to any Relinquished Vehicle shall be treated in all respects as equivalent to the
deposit into the Lease Funding Account or applicable Collection Account of the actual Relinquished Vehicle Proceeds with respect to such
Relinquished Vehicle in accordance with the terms of this Closed-End Servicing Agreement and any applicable Servicing Supplement, in the
same manner as if no assignment had been made with respect to such Relinquished Vehicle pursuant to Section 4.1 of the Master
Exchange Agreement.


 


(iii)            
Revocation or Termination of Assignments Under the Master Exchange Agreement. If at any time the assignment of rights
under Disposition Contracts to the Qualified Intermediary shall cease or if any such assignment of rights shall be revoked with respect
to any Relinquished Vehicle, the Closed-End Servicer shall deposit into the Lease Funding Account or


 






    	 	 11	Closed-End Servicing Agreement



     


    

 





the applicable Collection Account the actual Relinquished
Vehicle Proceeds received by it with respect to such Relinquished Vehicle as otherwise required under this Closed-End Servicing Agreement
and any applicable Servicing Supplement.


 


(iv)             
Duties of Closed-End Servicer Otherwise Unmodified. Notwithstanding anything to the contrary in the Master Exchange
Agreement, nothing in the Master Exchange Agreement shall be deemed to modify, or shall be construed as modifying, any duty or obligation
of the Closed-End Servicer set forth in this Closed-End Servicing Agreement or in the Servicing Supplements except to the extent expressly
set forth in this Closed-End Servicing Agreement, any such Servicing Supplement or the Master Exchange Agreement, and the Closed-End Servicer
shall continue to perform all such duties and obligations in accordance with the terms of this Closed-End Servicing Agreement and the
Servicing Supplements.


 


(e)               
Closed-End Collections on the Reference Pools. Following the applicable Posted Dates, the Closed-End Servicer
will deposit the Closed-End Collections with respect to each Reference Pool into the related Exchange Note Collection Account pursuant
to the remittance schedule set forth in the related Servicing Supplement. If no such remittance schedule is specified in the Servicing
Supplement with respect to any Reference Pool, the Closed-End Servicer will be permitted to retain Closed-End Collections with respect
to such Reference Pool for its own account until such amounts are required to be applied pursuant to the Collateral Agency Agreement,
the applicable Exchange Note Supplement and/or the applicable Servicing Supplement.


 


(f)                
Taxes. The Closed-End Servicer will remit to the appropriate taxing authority all sales and use, monthly rental
receipts, personal property and ad valorem taxes collected by it from the Obligors with respect to the Closed-End Leases and Closed-End
Vehicles in accordance with its Credit and Collection Policy.


 


Section 5.2             
Establishment of Certain Accounts; Payments, Disbursements and Reimbursements.


 


(a)               
The Draft Account; Disbursements to Dealers.


 


(i)                
Establishment and Maintenance of Draft Account. The Closed-End Servicer shall establish and maintain the Draft
Account for the purpose of initially funding payments on behalf of the Titling Trust to Dealers for each Closed-End Lease and Closed-End
Vehicle acquired from a Dealer by the Closed-End Servicer on behalf of the Titling Trust for allocation to the Warehouse Facility Pool.


 


(ii)              
Disbursements to Dealers. Upon the satisfaction by the Dealer of all of the requirements set forth in its
Dealer Agreement entitling the Dealer to payment with respect to the Closed-End Lease and Closed-End Vehicle (including without limitation
the execution and delivery thereby of all instruments of assignment of such Closed-End Lease and Closed-End Vehicle to the Titling Trustee),
the presentation by the Dealer of a properly prepared draft upon the Draft Account in accordance with such Dealer Agreement and the approval
of the draft by the Closed-End Servicer in its ordinary course of business under the Dealer Agreement, the Closed-End Servicer shall deposit
into the Draft Account the amount of such draft.


 


(iii)            
Exercise of Set-Off Against Dealers. Notwithstanding paragraph (ii), above, to the extent that the
Closed-End Servicer shall (subject to and in accordance with its Credit and Collection Policy and normal operating procedures) exercise
any right of set off against any Dealer, whether pursuant to its Dealer Agreement with such Dealer or otherwise, so as to reduce


 






    	 	 12	Closed-End Servicing Agreement



     


    

 





the total of all payments to be made (in any capacity) by
the Closed-End Servicer to the Dealer, the Closed-End Servicer shall reduce the amount of drafts honored in favor of such Dealer pursuant
to this Section 5.2(a) by an amount equal to the product of (x) the total amount of all drafts presented for payment by
such Dealer as of the date of such set off and (y) a fraction (expressed as a percentage) of which (1) the numerator is equal to the sum
of all drafts honored in favor of such Dealer pursuant to this Section 5.2(a) and (2) the denominator is equal to the sum
of all amounts then owed (in any capacity) by the Closed-End Servicer to the Dealer.


 


(b)               
Lease Funding Account.


 


(i)                
Establishment and Maintenance of Lease Funding Account. The Titling Trustee, on behalf of the Titling Trust, will
establish and maintain, with respect to the Closed-End Collateral Specified Interest, a Securities Account to be designated as the “Lease
Funding Account.” The Lease Funding Account shall be established and maintained in the name of the Titling Trustee, and, except as
otherwise expressly provided in this Closed-End Servicing Agreement or any other Basic Document, none of the Initial Beneficiary or any
Holder shall have any right to make any withdrawal from the Lease Funding Account without the express written consent of the Titling Trustee.


 


(ii)              
Deposits and Withdrawals. The Titling Trustee may authorize the Closed-End Servicer to make deposits into, and to
make disbursements from, the Lease Funding Account, in a manner consistent with the terms of this Closed-End Servicing Agreement and each
other Basic Document. Notwithstanding the foregoing, the rights of the Titling Trustee and the Closed-End Servicer with respect to control
over the Lease Funding Account as set forth in this subsection (b) shall cease upon the delivery by the Closed-End
Collateral Agent to the Lease Funding Account Bank in accordance with the Collateral Agency Agreement and the Lease Funding Account Agreement
of a notice to the effect that the Closed-End Collateral Agent is exercising its right to assume the sole control over such account in
the manner set forth in the Collateral Agency Agreement and the Lease Funding Account Agreement. Except as otherwise expressly provided
herein, no funds shall be deposited into the Lease Funding Account other than funds constituting Closed-End Warehouse Collections, proceeds
of such funds, Permitted Investments and payments received by the Borrower under any Hedge Agreement entered into in connection with the
Warehouse Facilities.


 


(iii)            
Payment of Titling Trust Expenses. Expenses of the Titling Trust (other than those paid by a Person other
than the Titling Trust) that are allocable to the Warehouse Facility Pool shall be paid out of the Lease Funding Account. Expenses of
the Titling Trust that are allocable to the Warehouse Facility Pool will include (A) all Closed-End WH Servicer Reimbursements, (B) the
Warehouse Facility Pool Servicing Fee, (C) the Warehouse Facility Pool’s Closed-End Allocable Share of (x) the Titling Trustee Fee and
(y) the fees, expenses and other amounts payable to the Closed-End Collateral Agent and the Closed-End Administrative Agent, (D) the fees,
expenses and other amounts payable to the Deal Agent and (E) any other expenses or liabilities of the Titling Trust allocated to the Warehouse
Facility Pool in accordance with clause (iv), below. The Closed-End Servicer shall from time to time, in accordance with
this Section 5.2(b)(iii) and the other provisions of this Closed-End Servicing Agreement and the Titling Trust Agreement,
determine the respective amounts and recipients, and direct the Titling Trustee to pay out of the Lease Funding Account all necessary
and appropriate Titling Trust expenses and liabilities allocable to the Warehouse Facility Pool (which will include payment of any Closed-End
WH Servicer Reimbursements). Expenses of the Titling Trust (other than those paid by a Person other than the Titling Trust) that are allocable
to any Reference Pool shall be paid out of the related Collection Account (or such other account as may be established for such


 






    	 	 13	Closed-End Servicing Agreement



     


    

 





purpose with respect to such Reference Pool under the related
Servicing Supplement). Expenses of the Titling Trust that are allocable to any Reference Pool will include (x) the applicable Reference
Pool Servicing Fee, (y) such Reference Pool’s allocable share of the Titling Trustee Fee and the fees, expenses and other amounts payable
to the Closed-End Collateral Agent and the Closed-End Administrative Agent and (z) any other expenses or liabilities of the Titling Trust
allocated to such Reference Pool in accordance with clause (iv), below. With respect to each Reference Pool, the Closed-End
Servicer shall, from time to time, in accordance with this Section 5.2(b)(iii) and the other provisions of this Closed-End
Servicing Agreement, the related Servicing Supplement and the Titling Trust Agreement, determine the respective amounts and recipients,
and direct the Titling Trust to pay out of the related Collection Account (or such other account as may be established for such purpose
with respect to such Reference Pool under the related Servicing Supplement) all necessary and appropriate Titling Trust expenses and liabilities
allocable to such Reference Pool. Following the occurrence of a Warehouse Facility Termination Event, the Revolving Pool Share of the
expenses of the Titling Trust (other than the Closed-End Warehouse Servicer Expenses) shall be paid only on Payment Dates in accordance
with the priority of payments set forth in Section 10.3(a) of the Collateral Agency Agreement. During the Wind-Down Period
with respect to any Warehouse Facility, the applicable Wind-Down Pool Share of the expenses of the Titling Trust (other than Closed-End
Warehouse Service Expenses) shall be paid only on Payment Dates in accordance with the priority of payments set forth in Section
10.3(b) of the Collateral Agency Agreement.


 


(iv)             
Allocation of Expenses. To the extent that any expense or liability of the Titling Trust shall be incurred or suffered
with respect to the Titling Trust Assets generally (which, for the avoidance of doubt, shall include, but shall not be limited to, the
Titling Trustee Fee), each Asset Pool shall bear the burden of such Titling Trust expenses or liabilities on a pro rata basis in
the ratio of the aggregate value of Titling Trust Assets held in each respective Asset Pool, as each is recorded on the books of the Titling
Trust, to the total value of all Titling Trust Assets. To the extent that an expense or liability of the Titling Trust shall be incurred
or suffered with respect to a discrete Titling Trust Asset or group of Titling Trust Assets (including contract, tort or tax claims relating
to one or more specific Closed-End Units) (each an “Affected Trust Asset” and collectively, the “Affected
Trust Assets”), those expenses will be borne on a pro rata basis among the respective Asset Pools to which such Affected
Trust Assets are allocated, based on the respective value of the Affected Trust Assets allocated to each such Asset Pool. Any pro rata
allocation of an expense or liability among one or more Asset Pools shall be made in good faith and so as not to disproportionately affect
any Asset Pool. Notwithstanding the foregoing, to the extent that the Titling Trust Agreement or the Intercreditor Agreement limits recourse
for a particular expense or liability of the Titling Trust to a particular Asset Pool or Asset Pools, the terms of the Titling Trust Agreement
or the Intercreditor Agreement, as the case may be, shall be controlling. For the avoidance of doubt, amounts payable to the Warehouse
Facility Secured Parties shall not be considered expenses or liabilities of the Titling Trust for purposes of this Section 5.2(b)(iv),
but shall be payable in accordance with clauses (v) and (vi), below, and Article X of the
Collateral Agency Agreement. Each servicing agreement entered into with respect to the Titling Trust Assets shall provide for the allocation
of Titling Trust expenses on the same basis as set forth in this Section 5.2(b)(iv). The portion of any expense or liability
that is allocated to any specified Asset Pool is referred to as the “Closed-End Allocable Share” with respect
to such Asset Pool. For purposes of this sub-section (iv), the Revolving Pool and each Wind-Down Pool shall be treated as
separate Asset Pools.


 


(v)               
Application of Excess Funds Prior to Default. During the period in which the Titling Trustee has neither received
notice from the Deal Agent or any other Warehouse Facility Secured Party nor otherwise obtained actual knowledge to
the effect that any Warehouse Facility 


 






    	 	 14	Closed-End Servicing Agreement



     


    

 





Termination Event has occurred and is continuing, the Titling Trustee, promptly upon receipt of
a written demand therefor accompanied by a determination by the Closed-End Servicer as to the extent of funds in the Lease Funding Account
in excess of those (A) required to be maintained in such account to meet all existing liabilities and expenses of the Titling Trust allocated
to the Warehouse Facility Pool in accordance with Section 5.2(b)(iii) and (B) required to be retained in such account
as reserves for reasonably anticipated expenses and liabilities of the Titling Trust allocable to the Warehouse Facility Pool in accordance
with Section 5.2(b)(iii) (“Closed-End Warehouse Excess Funds”), shall pay out to the Closed-End
Servicer (on behalf of the Titling Trust) any or all Closed-End Warehouse Excess Funds so requested. The Closed-End Servicer shall transfer
(or cause to be transferred) from time to time from the Lease Funding Account to the Company Account, for application in accordance with
Section 10.2 of the Collateral Agency Agreement, sufficient Closed-End Warehouse Excess Funds as shall be necessary
for the Titling Trust to satisfy its obligations when due to the Warehouse Facility Secured Parties. The Closed-End Servicer may also
deposit (or cause to be deposited) into the Company Account any additional Closed-End Warehouse Excess Funds in its discretion. Notwithstanding
the foregoing, funds in addition to any Closed-End Warehouse Excess Funds may be withdrawn from the Lease Funding Account and deposited
into the Company Account to the extent necessary to make current payments due under the Warehouse Facilities (any funds so withdrawn,
 “Closed-End Warehouse Additional Amounts”).


 


(c)               
Company Account. The Closed-End Servicer will establish and maintain, in the name of the Titling Trust, and
with respect to the Closed-End Collateral Specified Interest, a Deposit Account to be designated as the “World Omni LT Company Account.”
The Company Account shall be under the sole dominion and control of the Initial Beneficiary; provided, however,
that, so long as World Omni shall remain the Closed-End Servicer or the Titling Trust Administrator, World Omni (acting
in such capacity) shall have the right to make deposits to, and withdrawals from, such account, in a manner not inconsistent with the
terms of this Closed-End Servicing Agreement and the other Basic Documents. Notwithstanding the foregoing, the rights of the Initial Beneficiary
and the Closed-End Servicer with respect to control over the Company Account as set forth in this subsection (c) shall
be subject to the right of the Closed-End Collateral Agent to exercise sole dominion and control over the Company Account, under the circumstances
set forth in the Collateral Agency Agreement and the Company Account Agreement. No funds other than funds constituting Closed-End Warehouse
Collections and any other amounts withdrawn from the Lease Funding Account and deposited therein, proceeds of such funds and Permitted
Investments shall be deposited into the Company Account.


 


(d)               
Reimbursement of Closed-End Warehouse Servicer Expenses. The Closed-End Servicer may obtain from the Titling
Trustee, not more than two times per calendar week, out of the Lease Funding Account, reimbursement (each, a “Closed-End WH
Servicer Reimbursement”) for (x) any unreimbursed payments made by it into the Draft Account in accordance with Section 5.2(a),
(y) the amount of Intermediary Funds and other funds applied pursuant to the Master Exchange Agreement to purchase Closed-End Units on
behalf of the Titling Trust for allocation to the Warehouse Facility Pool (which shall be deemed to constitute advances made by the Closed-End
Servicer to the Titling Trust), and (z) any unreimbursed fees, taxes and similar amounts paid by it on behalf of the Titling Trustee
in respect of the Closed-End Leases or Closed-End Vehicles, which fees, taxes and similar amounts have been allocated to the Warehouse
Facility Pool in accordance with Section 5.2(b)(iii) (“Closed-End Warehouse Fees and Taxes”
and, together with payments made by the Closed-End Servicer into the Draft Account in accordance with Section 5.2(a)
and advances deemed made to the Titling Trust pursuant to clause (y) above, “Closed-End Warehouse Servicer Expenses”),
provided, however, that:


 


(i)                
the disbursement of each Closed-End WH Servicer Reimbursement shall be subject to the conditions precedent that (A) the Closed-End
Servicer shall have delivered to the


 






    	 	 15	Closed-End Servicing Agreement



     


    

 


Titling Trustee an Officer’s Certificate that sets forth the calculation
of unreimbursed Closed-End Warehouse Servicer Expenses and (B) after giving effect to such disbursement (if made from Revolving Pool
Collections), the Aggregate Loan Amount would not exceed the Borrowing Base;


 


(ii)              
the Closed-End Servicer may not obtain any Closed-End WH Servicer Reimbursement in excess of the amount, if positive, equal to
(x) the amount on deposit in the Lease Funding Account as of the close of business on the immediately preceding day minus
(y) the Required Lease Funding Account Balance;


 


(iii)            
in the event that the Closed-End Servicer has failed to deposit into the Lease Funding Account either (A) any Required Deposit
Amounts with respect to any Relinquished Vehicles included in any Wind-Down Pool in accordance with Section 5.1(d)
or (B) any other amounts received with respect to such Wind-Down Pool Assets, in each case in accordance with the terms of this Closed-End
Servicing Agreement (and, in either case, such amounts have not been previously applied in reduction of a Closed-End WH Servicer Reimbursement
pursuant to this clause (iii)), the amount of any Closed-End WH Servicer Reimbursement to be made from Wind-Down Pool
Collections with respect to such Wind-Down Pool shall be reduced by the amount of such deficiency;


 


(iv)             
in the event that the Closed-End Servicer has failed to deposit into the Lease Funding Account either (A) any Required Deposit
Amounts with respect to any Relinquished Vehicles included in the Revolving Pool in accordance with Section 5.1(d)
or (B) any other amounts received with respect to any Revolving Pool Assets, in each case in accordance with the terms of this Closed-End
Servicing Agreement (and, in either case, such amounts have not been previously applied in reduction of a Closed-End WH Servicer Reimbursement
pursuant to this clause (iv)), the amount of any Closed-End WH Servicer Reimbursement to be made from Revolving Pool
Collections shall be reduced by the amount of such deficiency;


 


(v)               
in no event shall any Wind-Down Pool Collections be used to make any Closed-End WH Servicer Reimbursement for any Closed-End Warehouse
Servicer Expenses except for Closed-End Warehouse Servicer Expenses described in clauses (y) and (z) of the
definition thereof and incurred in respect of Closed-End Leases and Closed-End Vehicles included in the Wind-Down Pool, and such Closed
End WH Servicer Reimbursement shall only be made on a Payment Date; and


 


(vi)             
in no event shall any Revolving Pool Collections be used to make any Closed-End WH Servicer Reimbursement for any Closed-End Warehouse
Servicer Expenses except for Closed-End Warehouse Servicer Expenses incurred in respect of Closed-End Leases and Closed-End Vehicles included
in the Revolving Pool; provided, however, that following the occurrence of any Termination Event,
no Revolving Pool Collections shall be used to make any Closed-End WH Servicer Reimbursement for any Closed-End Warehouse Servicer Expenses
described in clause (x) of the definition thereof.


 


(e)               
Closed-End Servicer Officers. Coincident with the execution and delivery of this Closed-End Servicing Agreement,
the Closed-End Servicer shall furnish the Titling Trustee, on behalf of the Titling Trust, with an Officer’s Certificate listing any
changes in the officers of the Closed-End Servicer involved in, or responsible for, the administration and servicing of the Closed-End
Assets, which shall include incumbencies and sample signatures for each officer and which list shall from time to time be updated by
the Closed-End Servicer.


 






    	 	 16	Closed-End Servicing Agreement



     


    

 


 


(f)                
Exchange Note Accounts. On or before each Exchange Note Issuance Date, the Closed-End Servicer will establish,
in each case in the name of the Closed-End Collateral Agent or such other entity as may be specified in the applicable Servicing Supplement,
at a Qualified Institution or Qualified Trust Institution:


 


(i)                
a segregated trust account to be designated as the “Exchange Note Collection Account” with respect to the related Reference
Pool, into which an amount equal to Closed-End Collections with respect to such Reference Pool will be deposited from time to time; and


 


(ii)              
if so required under the related Exchange Note Supplement, a segregated trust account to be designated as the “Exchange Note
Reserve Account” with respect to the related Reference Pool.


 


The accounts established pursuant to the foregoing clauses (i)
and (ii) for any Reference Pool are referred to together as the “Exchange Note Accounts.” The right
to make withdrawals from and deposits to, and to exercise other control rights with respect to, the Exchange Note Accounts established
with respect to any Reference Pool will be governed by the terms of the related Servicing Supplement.


 


(g)               
Characterization of Accounts. The Lease Funding Account and each Exchange Note Account will be a “securities
account” (a “Securities Account”) within the meaning of Section 8-501 of the Uniform Commercial Code of the
State of New York (the “New York UCC”). The Company Account will be a “deposit account” (a “Deposit
Account”) within the meaning of Section 9-102(29) of the New York UCC.


 


(h)               
Agreement with Depository Institution. Except as otherwise provided in the related Servicing Supplement, each
Exchange Note Account will only be established at a Qualified Institution or Qualified Trust Institution that agrees in writing that:


 


(i)                
all securities, instruments, cash or other property delivered to it pursuant to the Collateral Agency Agreement, the applicable
Closed-End Exchange Note Supplement, this Closed-End Servicing Agreement or the applicable Servicing Supplement and all investments of
funds held in any such Exchange Note Account will be promptly credited to such Exchange Note Account;


 


(ii)              
all securities, instruments, cash or other property credited to any such Exchange Note Account will be treated as a “financial
asset” within the meaning of Section 8-102(a)(9) of the New York UCC;


 


(iii)            
at all times prior to being notified by the Closed-End Collateral Agent that (x) all of the related Closed-End Exchange Notes have
been repaid or redeemed in full and (y) the applicable Exchange Note Account has been released from the security interest granted pursuant
to Section 2.1 of the Security Agreement, it will comply with “entitlement orders” (as defined in Section
8-102(a)(8) of the New York UCC) originated by the secured party without further consent of the Borrower or any other Person; and


 


(iv)             
the law of the State of New York will govern each such Exchange Note Account.


 


(i)                
 Compliance. If at any time an institution maintaining one or more of the Exchange Note Accounts ceases to
be a Qualified Institution or Qualified Trust Institution, the Closed-End Servicer will give prompt notice thereof to the Closed-End Collateral
Agent, the Closed-End Administrative Agent and the Borrower and, with their assistance as necessary, within 10 Business Days


 






    	 	 17	Closed-End Servicing Agreement



     


    

 





(or such longer period not to exceed 30 calendar
days as to which each Rating Agency may consent), move such Exchange Note Account or Exchange Note Accounts to a Qualified Institution
or Qualified Trust Institution.


 


(j)                
Withdrawal of Funds Not Constituting Closed-End Collections. The Closed-End Servicer may from time to time
direct the Closed-End Collateral Agent, the Titling Trustee or such other Person maintaining control over the Lease Funding Account, or
over the Exchange Note Collection Account with respect to any Reference Pool, to withdraw from such account and pay to the Closed-End
Servicer, or deliver to the appropriate Person for deposit into the Lease Funding Account or into the appropriate Exchange Note Collection
Account, as the case may be, amounts that do not constitute Closed-End Collections for the Asset Pool to which such account relates. In
the case of a withdrawal from the Lease Funding Account, the Closed-End Servicer shall provide at least two Business Days’ notice of such
withdrawal to the Deal Agent. The Closed-End Servicer shall provide to the Closed-End Collateral Agent, the Deal Agent and the Closed-End
Administrative Agent any information reasonably requested by such Person to document any amounts withdrawn from the Lease Funding Account
pursuant to this Section 5.2(j).


 


Section 5.3             
Investment of Amounts in the Accounts.


 


(a)               
Permitted Investments. So long as no Facility Default has occurred and is continuing, amounts from time to
time on deposit in the Lease Funding Account, the Company Account or any Exchange Note Account will, to the extent permitted by Applicable
Law and except (in the case of an Exchange Note Account) to the extent otherwise provided in the related Servicing Supplement, be invested
as directed by the Closed-End Servicer to the Qualified Institution or Qualified Trust Institution maintaining such account, in Permitted
Investments that will not be sold prior to maturity and that mature no later than the Business Day preceding the Closed-End Exchange Note
Payment Date for the Closed-End EN Collection Period to which such amounts relate or, in the case of investments that satisfy the requirements
of clause (v) of the definition of Permitted Investments, that mature no later than the Closed-End Exchange Note Payment
Date for the Closed-End EN Collection Period to which such amounts relate. However, the Closed-End Servicer will not direct the Qualified
Institution or Qualified Trust Institution maintaining such account to make any investment of any funds or to sell any investment held
in such account unless the security interest granted and perfected in such account in favor of the Closed-End Collateral Agent will continue
to be perfected in such investment or the proceeds of such sale, in each case, without any further action by any Person.


 


(b)               
Application of Investment Earnings and Losses. Any investment earnings on Permitted Investments (or any other
investments) on deposit in the Lease Funding Account, the Company Account or any Exchange Note Account will be credited to such account.
Any investment losses on Permitted Investments (or any other investments) on deposit in the Lease Funding Account, the Company Account
or any Exchange Note Account will be withdrawn from (or otherwise will constitute a debit to) such account. None of the Closed-End Servicer,
the Initial Beneficiary, any Holder, the Titling Trustee or the Titling Trust Administrator will be responsible for losses with respect
to any Permitted Investments (or any other investments) on deposit in any of the aforementioned accounts, or any other account of the
Titling Trust.


 


(c)               
Tax Reporting of Investment Income. All investment income on amounts deposited to the Lease Funding Account,
the Company Account or any Exchange Note Accounts established with respect to any Reference Pool will be reported for U.S. federal income
tax purposes as earned by the Titling Trust and will be reported by the Holding Company (or such entity from which the Holding Company
may be disregarded as separate for U.S. federal income tax purposes).




 






    	 	 18	Closed-End Servicing Agreement



     


    

 


ARTICLE
VI.



ADMINISTRATION AND SERVICING OF CLOSED-END LEASES


 


Section 6.1             
Duties of Closed-End Servicer.


 


The Closed-End Servicer will manage, service, administer
and make collections on the Closed-End Assets, together with any Dealer Recourse Rights, if any, and Insurance Policies maintained with
respect to the Collateral, and, to the extent applicable, perform all of its other obligations, and exercise its rights, under this Closed-End
Servicing Agreement, with reasonable care and in accordance with the Credit and Collection Policy. The Closed-End Servicer’s duties will
include:


 


(a)               
collecting and remitting (within the time period specified in Section 5.1(a)) (A) all amounts received from
Closed-End Obligors relating to the Closed-End Leases (including any Security Deposits but only when those amounts are applied to pay
amounts that a Closed-End Obligor fails to pay relating to a Closed-End Lease), (B) all amounts received in respect of Insurance Policies
with respect to the Closed-End Leases, (C) all amounts received on any Closed-End Lease in respect of any Dealer Recourse Rights and (D)
all proceeds realized on the sale or other disposition of the Closed-End Vehicles;


 


(b)               
collecting and remitting state and local taxes relating to the Closed-End Leases and Closed-End Vehicles;


 


(c)               
responding to inquiries of Closed-End Obligors on the Closed-End Leases;


 


(d)               
investigating delinquencies relating to the Closed-End Leases;


 


(e)               
accounting for Closed-End Collections and furnishing statements to the Titling Trust and the Initial Beneficiary with respect to
such Closed-End Collections;


 


(f)                
repossessing or otherwise converting the possession of the Closed-End Vehicle relating to any Closed-End Lease as to which the
Closed-End Servicer has determined eventual payment in full is unlikely;


 


(g)               
selling or otherwise disposing of any Closed-End Vehicle repossessed or returned by the related Closed-End Obligor in connection
with a termination of the related Closed-End Lease;


 


(h)               
collecting any remaining balance on the Closed-End Leases after disposition of any repossessed or returned Closed-End Vehicle;


 


(i)                
acting as agent of the Titling Trust with respect to the borrowing of funds and the taking of certain other actions in connection
with the Warehouse Facilities, to the extent and in the manner set forth in the Receivables Financing Agreements;


 


(j)                
acting as agent of the Closed-End Collateral Agent with respect to holding the Certificates of Title;


 


(k)               
 performing and carrying out on behalf of the Titling Trustee, on behalf of the Titling Trust, all of the obligations on the part
of the lessor under each Closed-End Lease; and


 






    	 	 19	Closed-End Servicing Agreement



     


    

 


(l)                
any other duties of the Closed-End Servicer expressly set forth in this Closed-End Servicing Agreement or the other Basic Documents.


 


Section 6.2             
Collection of Payments.


 


(a)               
The Closed-End Servicer will make commercially reasonable efforts to collect all payments called for under the Closed-End Leases
as and when the same become due. The Closed-End Servicer may grant extensions, waivers, rebates, modifications or adjustments with respect
to any Closed-End Lease. The Closed-End Servicer may waive any late payment charge or any other fees that may be collected in the ordinary
course of servicing a Closed-End Lease. Notwithstanding the foregoing, the Closed-End Servicer may not extend the Maturity Date of a Closed-End
Lease more than a total of five times or by more than five months in the aggregate; provided, however, that
such conditions may be varied from time to time with respect to the Closed-End Leases allocated to any particular Reference Pool by means
of provisions set forth in an Exchange Note Supplement or a Servicing Supplement.


 


(b)               
Allocation of Closed-End Collections. The Closed-End Servicer will apply and allocate amounts received from Closed-End Obligors
and other Persons with respect to the Closed-End Leases and Closed-End Vehicles. Subject to Section 6.3, if a Closed-End
Lessee is obligated under one or more Closed-End Units and also under one or more other assets owned by World Omni or assigned by World
Omni to third parties, then any payment on any such asset received from or on behalf of such Closed-End Obligor will, if identified as
being made with respect to a particular item or asset, be applied to such item or asset, and otherwise will be allocated by World Omni
in accordance with the Credit and Collection Policy.


 


(c)               
Manner Paid. The Closed-End Servicer will cause each Closed-End Obligor or other applicable Person to deposit any Closed-End
Collections into accounts maintained by the Closed-End Servicer.


 


Section 6.3             
Other Authorized Actions with Respect to the Servicing of the Closed-End Leases.


 


The Closed-End Servicer is authorized to execute
and deliver, on behalf of the Titling Trust and the Initial Beneficiary, any and all instruments of satisfaction or cancellation, or partial
or full release or discharge, and all other comparable instruments, with respect to Closed-End Leases or to the related Closed-End Vehicles.
If the Closed-End Servicer commences a legal proceeding to enforce a Closed-End Lease against a Closed-End Obligor, the Titling Trust
will be deemed to have assigned, solely for the purpose of collection, such Closed-End Lease to the Closed-End Servicer. If in any legal
proceeding it is held that the Closed-End Servicer may not enforce a Closed-End Lease on the ground that it is not a real party in interest,
the Titling Trust, will, at the Closed-End Servicer’s expense and direction, take steps to enforce the Closed-End Lease, including bringing
suit in its own name. The Titling Trust will furnish the Closed-End Servicer with any powers of attorney and other documents reasonably
necessary or appropriate to enable the Closed-End Servicer to carry out its servicing and administrative duties hereunder. The Closed-End
Servicer is further authorized to obtain all licenses and make all filings, in each case on behalf of the Titling Trust, as are required
in connection with the performance of its obligations pursuant to Section 3.8(a) and Section 3.8(b).


 


Section 6.4             
Custody of Lease Files; Custodial Duties.


 


(a)               
Appointment of Custodian. The Titling Trust and the Closed-End Collateral Agent each appoints the Closed-End Servicer to
act as the agent of the Titling Trust and the Closed-End Collateral Agent as custodian of the Lease Files, and the Closed-End Servicer
accepts such appointment. 



 






    	 	 20	Closed-End Servicing Agreement



     


    

 


The Closed-End Servicer confirms to the Titling
Trust and the Closed-End Collateral Agent that it has received all the documents and instruments necessary to act as the agent of the
Titling Trust and the Closed-End Collateral Agent for the purposes set forth in this Section 6.4, including the Lease
Files.


 


(b)               
Duties of Custodian. Except as permitted by Section 6.4(c), the Closed-End Servicer will hold the Lease
Files on behalf of the Titling Trust and the Closed-End Collateral Agent and will maintain, or cause to be maintained, such accurate and
complete accounts, records and computer systems pertaining to each Lease File as will enable the Closed-End Servicer to comply with this
Closed-End Servicing Agreement and the Titling Trust Agreement. The Closed-End Servicer will perform its duties as custodian of the Lease
Files in such a manner as will enable the Titling Trust and the Closed-End Collateral Agent to verify the accuracy of the Closed-End Servicer’s
record keeping.


 


(c)               
Location of Records. The Closed-End Servicer will maintain each Lease File at one of its offices in the United States or
the offices of one of its custodians specified in Exhibit A of this Closed-End Servicing Agreement, or at such other office
of one of its custodians as specified to the Initial Beneficiary and the Closed-End Collateral Agent by 30 days’ prior written notice.


 


(d)               
Access to the Lease Files and Related Records. The Closed-End Servicer will provide access to the Lease Files, and the related
accounts, records, and computer systems maintained by the Closed-End Servicer, to the Titling Trust, the Titling Trustee, the Initial
Beneficiary, the Closed-End Collateral Agent and the Deal Agent at such times as such Persons direct, but only upon reasonable notice
and during the normal business hours of the respective offices of the Closed-End Servicer. Nothing in this Section 6.4(d)
will affect the obligation of the Closed-End Servicer to observe any Applicable Law prohibiting disclosure of information regarding the
Closed-End Obligors, and the failure of the Closed-End Servicer to provide access to information as a result of such obligation will not
constitute a breach of this Section 6.4(d).


 


(e)               
Release of Documents. Upon instructions from the Closed-End Collateral Agent, the Closed-End Servicer will release or cause
to be released any Certificate of Title to the Closed-End Collateral Agent, at such place or places as the Closed-End Collateral Agent
may designate, as soon thereafter as is practicable. Any document so released will be handled by the Closed-End Collateral Agent (or its
agent or designee) with due care and in compliance with all laws and returned to the Closed-End Servicer for safekeeping as soon as the
Closed-End Collateral Agent (or its agent or designee), as the case may be, has no further need therefor.


 


(f)                
Instructions; Authority to Act. All instructions to the Closed-End Servicer will be signed by an Authorized Officer of the
party delivering such instructions, and the Closed-End Servicer will be deemed to have received proper instructions with respect to the
Lease Files upon its receipt of such instructions.


 


(g)               
Effective Period and Termination. The Closed-End Servicer’s appointment as custodian will become effective as of the date
of this Closed-End Servicing Agreement and will continue in full force and effect until terminated pursuant to this Section 6.4.
If World Omni resigns as Closed-End Servicer in accordance with this Closed-End Servicing Agreement, or if all of the rights and obligations
of the Closed-End Servicer have been terminated under Section 8.1, the appointment of the Closed-End Servicer as custodian
under this Closed-End Servicing Agreement may be terminated by the Titling Trust, and a successor custodian may be appointed, in each
case in the same manner as the Closed-End Servicer may be terminated, and a successor appointed, respectively, under Section 8.1.
As soon as practicable after any termination of such appointment, the Closed-End Servicer will deliver to the Titling Trust or its agents,
as the case may be, the Lease Files (other than the Certificates of Title, which will be 


 






    	 	 21	Closed-End Servicing Agreement



     


    

 





delivered to the Closed-End Collateral Agent) and the related accounts
and records maintained by the Closed-End Servicer at such place or places as such successor custodian.


 


Section 6.5             
Records.


 


(a)               
As to any receipts with respect to any Closed-End Leases, including without limitation monthly lease payments, prepayments, Liquidation
Proceeds and any other payments by or on behalf of any Closed-End Obligor or otherwise with respect to any Closed-End Lease or Closed-End
Vehicle, the Closed-End Servicer shall maintain or cause to be maintained such computer and manual records with respect to all such proceeds
and other receipts in accordance with the customary and usual procedures of institutions which service closed-end automobile and light
duty truck leases and, to the extent more exacting, the procedures used by the Closed-End Servicer in respect of any such leases serviced
by it for its own account or the accounts of its Affiliates.


 


(b)               
The Closed-End Servicer shall retain or cause to be retained the Lease Files. The Closed-End Servicer shall provide or cause to
be provided to the Titling Trustee, on behalf of the Titling Trust, upon its request, copies of all such data and appropriate documentation
at all reasonable times and upon reasonable notice. The Closed-End Servicer shall promptly report to the Titling Trustee, on behalf of
the Titling Trust, any failure on its part to maintain the Lease Files as herein provided and promptly take appropriate action to remedy
any such failure.


 


Section 6.6             
Maintenance of Record Interests in Closed-End Vehicles.


 


(a)               
In accordance with the Titling Trust Agreement, the Closed-End Servicer, on behalf of the Closed-End Collateral Agent, will take
the steps necessary to maintain evidence of the interest of the Titling Trust in each Closed-End Vehicle held by the Titling Trust on
the related Certificate of Title. The Titling Trust authorizes the Closed-End Servicer to take the steps on its behalf necessary to record
the interest of the Titling Trust in the event of the relocation of a Closed-End Vehicle or for any other reason. Neither the Closed-End
Servicer nor the Closed-End Collateral Agent will allow any Closed-End Vehicle to be titled in the name of the Titling Trust unless the
related Certificate of Title has been issued by a state or jurisdiction that is an Eligible State with respect to the Titling Trust.


 


(b)               
The Closed-End Servicer will direct the Titling Trust to distribute to the Initial Beneficiary, and the Titling Trust will distribute
to the Initial Beneficiary (and the Initial Beneficiary, in turn, will distribute to World Omni, as sole member thereof) any Closed-End
Vehicle that the Closed-End Servicer determines, in its sole discretion, the Titling Trust is not authorized to own. However, no distribution
pursuant to this Section 6.6(b) of a Closed-End Vehicle that is included in the Warehouse Facility Pool or, except
as otherwise provided in the related Servicing Supplement, any Reference Pool, shall be made in the event that, after giving effect to
such distribution, (i) in the case of a Closed-End Vehicle that is included in the Revolving Pool, the Aggregate Loan Amount would exceed
the Borrowing Base or (ii) in the case of a Closed-End Vehicle that is included in any Reference Pool or any Wind-Down Pool, the applicable
overcollateralization requirements would not be satisfied, unless, in each case, contemporaneously with such distribution, World Omni
makes a capital contribution to ALF LLC and ALF LLC makes a capital contribution to the Titling Trust, in each case in cash in an amount
equal to the reduction in the Borrowing Base or other measurement of collateralization, as applicable, that would result from the removal
of such Closed-End Lease and Closed-End Vehicle from the calculation thereof. The amount of such capital contribution shall be, in the
case of (1) a Closed-End Vehicle that was included in the Warehouse Facility Pool, deposited into the Lease Funding
Account and designated as being made in respect of the Revolving Pool or applicable Wind-Down Pool, as applicable, in accordance with
Section 5.1(c) and (2) a Closed-End Vehicle that was included in a Reference Pool, deposited into the applicable Exchange
Note Collection Account in accordance with the applicable Servicing 


 






    	 	 22	Closed-End Servicing Agreement



     


    

 





Supplement. In connection with each such distribution, the Closed-End
Servicer will (i) deliver notice of such distribution to the Titling Trust Administrator with respect to the applicable Closed-End Lease
and related Closed-End Vehicle or Closed-End Vehicles and (ii) cause the Certificate of Title with respect to such Closed-End Vehicle
or Closed-End Vehicles to be retitled in the name of the Closed-End Servicer or its designee.


 


Section 6.7             
No Impairment.


 


The Closed-End Servicer may not impair the rights
of the Titling Trust in a Closed-End Lease or Closed-End Vehicle except in accordance with the Credit and Collection Policy and subject
to any restrictions in the Basic Documents.


 


ARTICLE
VII.



SALE OF CLOSED-END VEHICLES


 


Section 7.1             
Return, Repossession and Sale of Closed-End Vehicles.


 


(a)               
The Closed-End Servicer shall use its commercially reasonable efforts (consistent with the customary and usual procedures of institutions
that service closed-end automobile and light duty truck leases and, to the extent more exacting, the procedures used by the Closed-End
Servicer in respect of any such leases serviced by it for its own account or the accounts of its Affiliates) to repossess or otherwise
take possession of the Closed-End Vehicle related to any Closed-End Lease that the Closed-End Servicer shall have determined to be in
default or a Closed-End Lease as to which a Prepayment has been made in connection with an early termination of such Closed-End Lease
but as to which the related Closed-End Vehicle has not been purchased by the Closed-End Obligor or a Dealer.


 


(b)               
With respect to each Closed-End Vehicle that is returned to, or repossessed by, the Closed-End Servicer or its agent or bailee
(whether as a result of early termination, default or the return of such Closed-End Vehicle by the Closed-End Obligor on or around the
Maturity Date), the Closed-End Servicer shall, in accordance with the standards set forth in the immediately preceding paragraph:


 


(i)                
follow such practices and procedures as it shall deem necessary or advisable in its servicing of closed-end automobile and light
duty truck leases, which may include reasonable efforts to realize upon any recourse to Dealers, consigning a Closed-End Vehicle to a
motor dealer for resale or selling a Closed-End Vehicle at public or private sale; and


 


(ii)              
sell or otherwise dispose of each Closed-End Vehicle that is so returned or repossessed (including a Closed-End Lease that has
become part of the Returned Lease Vehicle Inventory), in accordance with the related Closed-End Lease, and, if the Closed-End Lease is
in default, shall commence and prosecute any Proceedings in respect of such Closed-End Lease (and the related Closed-End Vehicle) in its
own name or, if the Closed-End Servicer deems it necessary, in the name of the Titling Trust.


 


(c)               
The obligations of the Closed-End Servicer under this Section 7.1 are subject to the provision that, in the
event of damage to a Closed-End Vehicle from a cause for which the Closed-End Obligor under the related Closed-End Lease was not required
to obtain casualty insurance or maintain such insurance in full force and effect, the Closed-End Servicer shall not be required to expend
its own funds in repairing such Closed-End Vehicle unless it shall reasonably determine that such restoration will increase Liquidation
Proceeds (net of Liquidation Expenses) of the related Closed-End




 






    	 	 23	Closed-End Servicing Agreement



     


    

 


 


Lease by at least an equivalent amount. The Closed-End
Servicer shall only expend funds in connection with the repossession and/or sale of any Closed-End Vehicle to the extent that it reasonably
determines that Liquidation Expenses will not exceed the anticipated Liquidation Proceeds. The Closed-End Servicer shall be responsible
for all other costs and expenses incurred by it in connection with any action taken in respect of a Closed-End Lease or the related Closed-End
Vehicle; provided, however, that, it shall be entitled to reimbursement of such costs and expenses to the
extent they constitute Liquidation Expenses or expenses recoverable under an applicable insurance policy. All Liquidation Proceeds and
Insurance Proceeds shall be deposited and transferred as provided in Article V. The foregoing notwithstanding, prior
to transferring any such funds out of its operating account, the Closed-End Servicer shall first deduct therefrom any unreimbursed Liquidation
Expenses and Insurance Expense. In connection with this Section 7.1, the Titling Trustee, on behalf of the Titling
Trust, shall grant to the Closed-End Servicer a Power of Attorney in the form attached as Exhibit C with regard to
the Closed-End Vehicles, and the Closed-End Servicer, as “Grantee” thereunder, with full power of substitution, shall give
prompt notice to the Titling Trustee upon any such substitution.


 


Section 7.2             
Procedures Upon Sale.


 


In connection with the sale or other disposition
of a Closed-End Vehicle pursuant to Section 7.1, the Closed-End Servicer will, upon receipt of proceeds of such sale:


 


(i)                
on behalf of the Closed-End Collateral Agent, deliver the related Certificate of Title to the purchaser of such Closed-End Vehicle;


 


(ii)              
deliver notice of such sale or other disposition to the Titling Trust Administrator; and


 


(iii)            
change its records to reflect the termination of the Titling Trust’s interest in such Closed-End Lease and Closed-End Vehicle.


 


Section 7.3             
Security Deposits.


 


The Closed-End Servicer shall retain each Security
Deposit remitted to it (or deemed remitted to it) as agent and bailee for the Titling Trust and as proceeds of the Closed-End Leases,
and shall apply the proceeds of such Security Deposits in accordance with Applicable Law, its customary and usual servicing procedures
and the Closed-End Leases, including but not limited to using the Security Deposit in respect of any Closed-End Lease for the payment
of any amount resulting from the related Closed-End Obligor’s default or failure to pay all amounts required to be paid under such Closed-End
Lease or resulting from damage to the related Closed-End Vehicle. In the event that any Closed-End Lease becomes a charged-off lease
or, if earlier, the related Closed-End Vehicle is repossessed, then the related Security Deposit, to the extent permitted by such Closed-End
Lease and Applicable Law, shall thereby become Liquidation Proceeds. On at least a monthly basis or (with respect to a Reference Pool)
as otherwise set forth in an applicable Servicing Supplement, the Closed-End Servicer shall deposit into the appropriate Exchange Note
Collection Account each Security Deposit that became Liquidation Proceeds during the previous month; otherwise, each Security Deposit,
after deduction for amounts applied towards the payment of any amount resulting from the related Closed-End Obligor’s default or failure
to pay any amounts required to be paid under such Closed-End Lease or damage to the related Closed-End Vehicle, shall be returned to
the related Closed-End Obligor by the Closed-End Servicer upon termination of such Closed-End Lease.

 






    	 	 24	Closed-End Servicing Agreement



     


    

 


 


ARTICLE
VIII.



CLOSED-END SERVICER DEFAULT


 


Section 8.1             
Facility Servicer Event of Default.


 


(a)               
The occurrence of an Event of Bankruptcy with respect to the Closed-End Servicer will be a “Facility Servicer Event
of Default.”


 


(b)               
The Closed-End Servicer will notify the Titling Trust, the Initial Beneficiary, the Deal Agent, the Closed-End Administrative Agent,
the Closed-End Collateral Agent and each Exchange Noteholder of any Facility Servicer Event of Default, no later than 5 Business Days
after an Authorized Officer of the Closed-End Servicer obtains actual knowledge of such event.


 


(c)               
If a Facility Servicer Event of Default has occurred, all of the rights and obligations (other than the rights and obligations
of the Closed-End Servicer set forth in Section 3.3) of the Closed-End Servicer under this Closed-End Servicing Agreement
may be terminated by: (i) so long as any Closed-End Exchange Notes remain Outstanding, the Exchange Noteholders representing at least
50% of the aggregate Exchange Note Balance (voting as a single class) or (ii) so long as any Warehouse Facility remains outstanding, the
Deal Agent and (iii) otherwise, the Titling Trust, in each case by notice to the Closed-End Servicer, the Closed-End Administrative Agent,
the Deal Agent, the Closed-End Collateral Agent, the Deal Agent and each Exchange Noteholder.


 


Section 8.2             
Warehouse Facility Servicer Events of Default.


 


(a)               
The occurrence and continuation of any of the following events will be a “Warehouse Facility Servicer Default”:


 


(i)                
Any failure by the Closed-End Servicer to deliver to the Closed-End Collateral Agent or the Closed-End Administrative Agent, any
Warehouse Facility Lender or any other Indemnified Person (as defined in each Receivables Financing Agreement), or deposit into the Lease
Funding Account with respect to the Warehouse Facility Pool, any proceeds or payment required to be so delivered with respect to the Warehouse
Facility Pool under this Closed-End Servicing Agreement that continues unremedied for 5 Business Days after the earlier of the date on
which (x) notice of such failure is given to the Closed-End Servicer from the Deal Agent or any Warehouse Facility Lender or (y) an Authorized
Officer of the Closed-End Servicer has actual knowledge of such failure; provided, however, that such event
will not be a Warehouse Facility Servicer Default if arising from a Force Majeure; provided, however, that
upon the occurrence of a Force Majeure, the Closed-End Servicer shall not be relieved from using all commercially reasonable efforts to
perform its obligations in a timely manner, and the Closed-End Servicer shall provide to the Titling Trustee and the Deal Agent prompt
notice of such failure or delay, together with a description of its efforts to perform its obligations; or


 


(ii)              
Any failure by the Closed-End Servicer to observe or to perform in any material respect any other covenants or agreements of the
Closed-End Servicer set forth in this Closed-End Servicing Agreement or the other Basic Documents with respect to the Warehouse Facilities
which failure continues unremedied for a period of 30 days after notice of such failure is given to the Closed-End Servicer from the Closed-End Administrative
Agent or any Warehouse Facility Lender; or


 






    	 	 25	Closed-End Servicing Agreement



     


    

  


(iii)            
Any representation, warranty or statement of the Closed-End Servicer made in this Closed-End Servicing Agreement or any other Basic
Document to which it is a party or by which it is bound or any certificate, report or other writing delivered pursuant hereto shall prove
to be incorrect in any material respect as of the time when the same shall have been made and, within 30 days after written notice thereof
shall have been given to the Closed-End Servicer by the Closed-End Administrative Agent, the Deal Agent or any Warehouse Facility Lender,
the circumstance or condition in respect of which such representation, warranty or statement was incorrect shall not have been eliminated
or otherwise cured; or


 


(iv)             
The Closed-End Servicer shall have failed to deliver a report required to be delivered to the Titling Trustee or the Deal Agent
pursuant to this Closed-End Servicing Agreement or any Receivables Financing Agreement within ten (10) Business Days after the date any
such report is due.


 


(b)               
The Closed-End Servicer will notify the Titling Trust, the Initial Beneficiary, the Deal Agent, the Closed-End Administrative Agent,
the Closed-End Collateral Agent and each Exchange Noteholder of any Warehouse Facility Servicer Default, promptly but in no event later
than three Business Days after an Authorized Officer of the Closed-End Servicer obtains actual knowledge of such event.


 


(c)               
The Closed-End Servicer will notify the Deal Agent of any event that, with the giving of notice or lapse of time, or both, would
become a Warehouse Facility Servicer Default promptly but in no event later than three Business Days after an Authorized Officer of the
Closed-End Servicer obtains actual knowledge of such event.


 


(d)               
If a Warehouse Facility Servicer Default occurs, all of the rights and obligations (other than (i) the rights and obligations of
the Closed-End Servicer set forth in Section 3.3 or (ii) any other obligations of the Closed-End Servicer under any
Basic Documents which survive the termination of the Closed-End Servicer by their express terms) of the Closed-End Servicer under this
Closed-End Servicing Agreement, but solely with respect to the servicing of the Warehouse Facility Pool, may be terminated by: (i) if
the Aggregate Loan Amount is greater than zero or the Warehouse Facilities have not been terminated, the Deal Agent, and (ii) otherwise,
the Titling Trust, in each case by notice to the Closed-End Servicer, the Closed-End Administrative Agent, the Closed-End Collateral Agent,
each Warehouse Facility Lender and each Warehouse Facility Agent.


 


Section 8.3             
Exchange Note Servicer Events of Default.


 


(a)               
The occurrence and continuation of any of the following events will be an “Exchange Note Servicer Default”:


 


(i)                
Any failure by the Closed-End Servicer to deliver to the Closed-End Administrative Agent any proceeds or payment required to be
so delivered with respect to a Closed-End Exchange Note under this Closed-End Servicing Agreement or the applicable Servicing Supplement
that continues unremedied for 5 Business Days after the earlier of the date on which (x) notice of such failure is given to the Closed-End
Servicer from the Closed-End Administrative Agent or (y) an Authorized Officer of the Closed-End Servicer has actual knowledge of such
failure; provided, that such event will not be an Exchange Note Servicer Default if (1) such failure is caused by an event
outside the control of the Closed-End Servicer that the Closed-End Servicer could not have avoided through
the exercise of commercially reasonable efforts, (2) such failure does not continue for more than 10 Business Days after the earlier of
the date on which notice of such failure is given to an Authorized Officer of the Closed-


 






    	 	 26	Closed-End Servicing Agreement



     


    

 





End Servicer or an Authorized Officer of the
Closed-End Servicer learns of such failure and (3) during such period the Closed-End Servicer uses all commercially reasonable efforts
to perform its obligations under this Closed-End Servicing Agreement; or


 


(ii)              
Any failure by the Closed-End Servicer to observe or to perform in any material respect any other covenants or agreements of the
Closed-End Servicer with respect to a Closed-End Exchange Note set forth in this Closed-End Servicing Agreement or the applicable Servicing
Supplement which failure (A) materially and adversely affects the rights of the Closed-End Administrative Agent or the related Exchange
Noteholder and (B) continues unremedied for a period of 30 days after notice of such failure is given to the Closed-End Servicer from
the Closed-End Administrative Agent or the related Exchange Noteholder.


 


(b)               
The Closed-End Servicer will notify the Titling Trust, the Initial Beneficiary, the Deal Agent, the Closed-End Administrative Agent,
the Closed-End Collateral Agent and the Exchange Noteholder of the related Closed-End Exchange Note of any event that with the giving
of notice or lapse of time, or both, would become an Exchange Note Servicer Default, no later than 5 Business Days after an Authorized
Officer of the Closed-End Servicer obtains knowledge of such event. However, the Closed-End Servicer is not required to provide such notice
if, during such 5 Business Days (i) such event has been cured or (ii) the Closed-End Servicer is actively pursuing a cure.


 


(c)               
If an Exchange Note Servicer Default occurs with respect to any Closed-End Exchange Note and has not been remedied, all of the
rights and obligations (other than the rights and obligations of the Closed-End Servicer set forth in Section 3.3) of the
Closed-End Servicer under this Closed-End Servicing Agreement, but solely with respect to the servicing of the related Reference Pool,
may be terminated by the Required Secured Parties with respect to such Reference Pool, as set forth in clause (ii) of the
definition of “Required Secured Parties.”


 


Section 8.4             
Appointment of Successor Servicer.


 


(a)               
Upon the receipt by the Closed-End Servicer of a notice of termination pursuant to Section 8.1, Section 8.2
or Section 8.3 (or such later date as may be specified in such notice of termination), all authority and power of the Closed-End
Servicer under this Closed-End Servicing Agreement (in the case of a termination pursuant to Section 8.2 or Section 8.3,
solely to the extent of the rights so terminated) will pass to and be vested in the successor Closed-End Servicer as may be appointed
under this Section 8.4. In such event, the Titling Trust, the Closed-End Administrative Agent and the Closed-End Collateral
Agent are authorized and empowered to execute and deliver, on behalf of the predecessor Closed-End Servicer, as attorney-in-fact or otherwise,
any and all documents and other instruments, and to do or accomplish all other acts or things necessary or appropriate to effect the termination
and replacement of the Closed-End Servicer (in the case of a termination pursuant to Section 8.2 or Section 8.3,
to the extent of the rights so terminated).


 


(b)               
Upon termination of the Closed-End Servicer pursuant to Section 8.1, Section 8.2 or Section
8.3, the predecessor Closed-End Servicer will cooperate with the successor Closed-End Servicer, the Deal Agent, the Closed-End
Administrative Agent, the Closed-End Collateral Agent and the Titling Trust in effecting the termination of the responsibilities and rights
of the predecessor Closed-End Servicer under this Closed-End Servicing Agreement (in the case of a termination pursuant to Section
8.2 or Section 8.3, to the extent of the rights so terminated), including, as soon as practicable, (i) the transfer
to such successor Closed-End Servicer for administration by it of all cash amounts relating to the Collateral (or, in the case of a termination
pursuant to Section 8.2 or Section 8.3, the applicable portion of the Collateral) that are held
by the predecessor Closed-End Servicer for deposit, or thereafter will be received with respect to the Collateral (or such portion thereof,
as the 


 






    	 	 27	Closed-End Servicing Agreement



     


    

 





case may be); (ii) the delivery to such successor Closed-End Servicer
of the related Lease Files, all related Security Deposits and related repossessed Closed-End Vehicles, and the related accounts and records
maintained by the Closed-End Servicer; and (iii) directing the Closed-End Obligors to remit payments to an account or address designated
by the Titling Trust or such successor Closed-End Servicer.


 


(c)               
If the Closed-End Servicer is terminated pursuant to Section 8.1, Section 8.2 or Section 8.3,
it will continue to perform its functions as Closed-End Servicer under this Closed-End Servicing Agreement until the date specified in
the notice of termination. If the Closed-End Servicer resigns pursuant to Section 3.6 or is terminated under this Closed-End
Servicing Agreement, the Closed-End Administrative Agent (so long as the Collateral Agency Agreement is in effect) and, thereafter, the
Titling Trust will (i) in the case of the Closed-End Administrative Agent, provide notice of such termination or resignation to the Titling
Trust, the Closed-End Collateral Agent and the Closed-End Administrative Agent and (ii) as promptly as possible, appoint an established
institution having a net worth of not less than $50,000,000 whose regular business includes the servicing of automotive leases and the
related leased vehicles, as the successor to the Closed-End Servicer under this Closed-End Servicing Agreement (in the case of a termination
pursuant to Section 8.2 or Section 8.3, solely to the extent of the rights so terminated). Such
successor will accept its appointment by (i) entering into a servicing agreement with the Titling Trust and the Closed-End Collateral
Agent having substantially the same provisions as the provisions of this Closed-End Servicing Agreement applicable to the Closed-End Servicer
(as modified, to the extent applicable, by any related Servicing Supplement), in a form acceptable to the Titling Trust and the Closed-End
Collateral Agent and, in the case of a termination pursuant to Section 8.3, the Exchange Noteholder of the related
Closed-End Exchange Note) and (ii) delivering a copy of such servicing agreement to the parties to such agreement, the Closed-End Administrative
Agent and, if applicable, the Exchange Noteholder of any related Outstanding Closed-End Exchange Note.


 


(d)               
If no Person has accepted its appointment as successor Closed-End Servicer when the predecessor Closed-End Servicer ceases to act
as Closed-End Servicer in accordance with this Section 8.4, the Closed-End Administrative Agent will appoint, or petition
a court of competent jurisdiction to appoint, an established institution having a net worth of not less than $50,000,000 whose regular
business includes the servicing of automotive leases and the related leased vehicles, as successor to the Closed-End Servicer under this
Closed-End Servicing Agreement and any applicable Servicing Supplement.


 


(e)               
Upon its acceptance of its appointment as successor Closed-End Servicer, the successor Closed-End Servicer will be the successor
in all respects to the predecessor Closed-End Servicer (and will be the successor in all respects to the Closed-End Collateral Agent Administrator
pursuant to Section 4.2(b) of the Closed-End Administration Agreement), and will be subject to all of the responsibilities,
duties, and liabilities following such successor Closed-End Servicer’s appointment placed on (1) the predecessor Closed-End Servicer relating
to such predecessor Closed-End Servicer’s performance of its duties as Closed-End Servicer (in the case of a termination pursuant to Section 8.2
or Section 8.3, to the extent of the rights so terminated) and (2) the predecessor Closed-End Collateral Agent Administrator,
to the extent and in the manner specified in the Closed-End Administration Agreement.


 


(f)                
In connection with any appointment of a successor Closed-End Servicer, the Closed-End Administrative Agent (so long as the Collateral
Agency Agreement is in effect) and, thereafter, the Titling Trust, may make such arrangements for the compensation of such successor
Closed-End Servicer out of Closed-End Collections and other property constituting a part of the Collateral (but solely to the extent
of the Collateral relating to the rights so terminated) as it and such successor Closed-End Servicer may agree, provided,
however, that, no such compensation will be in excess of the amount paid to the predecessor Closed-End Servicer
under this Closed-End Servicing Agreement. The Closed-


 






    	 	 28	Closed-End Servicing Agreement



     


    

 


End
Administrative Agent (so long as the Collateral Agency Agreement is in effect) and, thereafter, the Titling Trust and the predecessor
Closed-End Servicer will take such action, consistent with this Closed-End Servicing Agreement, as will be necessary to effectuate any
such succession.


 


Section 8.5             
Waiver of Servicer Event of Default.


 


The Closed-End Administrative Agent, on behalf of
the Closed-End Collateral Agent and the Titling Trust, which is entitled to remove the Closed-End Servicer pursuant to Section 8.1,
Section 8.2 or Section 8.3, may waive any related Servicer Event of Default, as the case may be,
and its consequences. Upon any such waiver, the applicable Servicer Event of Default will cease to exist, and will be deemed to have been
remedied for every purpose of this Closed-End Servicing Agreement. No such waiver will extend to any subsequent or other event or impair
any right consequent thereon.


 


ARTICLE
IX.



REPORTING


 


Section 9.1             
Monthly Warehouse Facility Pool Reports.


 


No later than 3:00 p.m., Eastern Time, On the 8th
day of each calendar month (or, if such day is not a Business Day, the next Business Day), the Closed-End Servicer will, if so requested
by the Closed-End Collateral Agent, the Closed-End Administrative Agent or the Titling Trust, deliver to such Persons a servicing report
(the “Monthly Warehouse Facility Pool Report”), in substantially the form of Exhibit B.


 


Section 9.2             
Monthly Reference Pool Reports.


 


Except as otherwise provided in the related Servicing
Supplement, each month, the Closed-End Servicer will deliver to the Closed-End Administrative Agent and each of the other Persons (if
any) listed in the related Servicing Supplement a servicing report (the “Monthly Exchange Note Report”) in the
form provided in such Servicing Supplement.


 


Section 9.3             
Annual Statement as to Compliance.


 


No later than April 30 of each year, the Closed-End
Servicer will deliver to the Titling Trustee an Officer’s Certificate, dated as of December 31 of the preceding calendar year, stating
that (i) a review of the activities of the Closed-End Servicer during the preceding calendar year and of its performance under this Closed-End
Servicing Agreement has been made under the applicable officer’s supervision and (ii) to such officer’s knowledge, based on such review,
the Closed-End Servicer has fulfilled all its obligations under this Closed-End Servicing Agreement throughout such year in all material
respects, or, if there has been a default in the fulfillment of any such obligation in any material respect and such default is continuing,
specifying each such default known to such officer and the nature and status of such default.


 


Section 9.4             
Annual Independent Certified Public Accountants’ Report.


 


No later than April 30 each year, the Closed-End
Servicer will cause a firm of Independent certified public accountants to deliver to the Titling Trustee and the Initial Beneficiary,
a report with respect to the preceding calendar year addressed to the
board of directors of the Closed-End Servicer, the Titling Trustee and the Initial Beneficiary, stating that such Independent accountants
have examined the annual financial statements of the Closed-End Servicer in accordance with generally 


 






    	 	 29	Closed-End Servicing Agreement



     


    

 





accepted auditing standards, which
examination included such tests of the accounting records and such other auditing procedures as they considered necessary in the circumstances,
and that as a part of that examination, certain documents and records of the Closed-End Servicer relating to the servicing of the Closed-End
Leases were reviewed and tested and nothing came to the attention of such Independent accountants that caused them to believe that the
provisions of this Closed-End Servicing Agreement were not being complied with, except for (a) such exceptions as such firm believes to
be immaterial and (b) such other exceptions as are set forth in such report.


 


Section 9.5             
Other Notices.


 


(a)               
Notice of Merger or Consolidation of, or Assumption of the Obligations of, Closed-End Servicer. The Closed-End Servicer
will notify the Titling Trust, the Initial Beneficiary, the Deal Agent, the Closed-End Administrative Agent, the Closed-End Collateral
Agent and each Exchange Noteholder of any merger, consolidation or succession pursuant to Section 3.4 (other than in
the case of a corporate reorganization involving only World Omni and/or one or more of its Affiliates) within 15 Business Days after any
such event.


 


(b)               
Notice of Third Party Claims. The Closed-End Servicer will notify the Titling Trust, the Initial Beneficiary, the Deal Agent,
the Closed-End Administrative Agent, the Closed-End Collateral Agent and each Exchange Noteholder within 15 Business Days following the
date on which an Authorized Officer of the Closed-End Servicer becomes aware of a claim by a third party with respect to any Closed-End
Asset, which claim could reasonably be expected to have a material adverse effect on the Titling Trust, the Deal Agent, the Closed-End
Administrative Agent, the Closed-End Collateral Agent, any Exchange Noteholder or any trust established by an Exchange Noteholder.


 


(c)               
Tax Reporting. To the extent required by law, the Closed-End Servicer will deliver to each Exchange Noteholder or, if applicable,
the holders of debt securities issued by any Exchange Noteholder and secured by a Closed-End Exchange Note, information for the preparation
of the Exchange Noteholder’s U.S. federal income tax returns.


 


ARTICLE
X.



MISCELLANEOUS


 


Section 10.1          
Amendments.


 


This Closed-End Servicing Agreement may be amended
by the Titling Trust, the Closed-End Collateral Agent and the Closed-End Servicer. Any such amendment will not, as evidenced by an Opinion
of Counsel, cause the Titling Trust to be classified as an association (or publicly traded partnership) taxable as a corporation for U.S.
federal income tax purposes.


 


Section 10.2          
No Legal Title to Closed-End Assets.


 


The Closed-End Servicer will not have legal title
to any Closed-End Assets. Legal title to the Closed-End Assets will remain with the Titling Trust.


 


Section 10.3          
Notices.


 


Any and all notices and other communications provided
for under this Closed-End Servicing Agreement shall, unless otherwise stated herein, be delivered in accordance with, and shall be



 






    	 	 30	Closed-End Servicing Agreement



     


    

 


deemed delivered in accordance with, the Notice
Requirements, which are hereby incorporated into this Closed-End Servicing Agreement.


 


Section 10.4          
Third-Party Beneficiaries.


 


This Closed-End Servicing Agreement will inure to
the benefit of and be binding upon the parties to this Closed-End Servicing Agreement and their assigns and for the benefit of any owner
trustee or indenture trustee and each Registered Pledgee with respect to debt obligations issued to an Exchange Noteholder and secured
by a Closed-End Exchange Note or other party that may be specified in the Servicing Supplements, each of which will be considered to be
a third-party beneficiary of this Closed-End Servicing Agreement. Except as otherwise provided in this Closed-End Servicing Agreement,
no other Person will have any right or obligation under this Closed-End Servicing Agreement.


 


Section 10.5          
No Petition.


 


The Closed-End Servicer and the Closed-End Collateral
Agent each covenants that for a period of one year and one day (or, if longer, any applicable preference period) after payment in full
of all Trust-Related Obligations, and all distributions to all holders of any other securities the payments on which are derived in any
material part from amounts received with respect to any Titling Trust Assets, it will not institute against, or join any Person in instituting
against, the Initial Beneficiary or the Titling Trust any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings,
or other proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to
this Closed-End Servicing Agreement or any of the other Basic Documents.


 


Section 10.6          
GOVERNING LAW; SUBMISSION TO JURISDICTION.


 


(a)               
THIS CLOSED-END SERVICING AGREEMENT WILL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.


 


(b)               
Each party to this Closed-End Servicing Agreement submits to the nonexclusive jurisdiction of the United States District Court
for the Southern District of New York and of any New York State Court sitting in New York, New York for purposes of all legal proceedings
arising out of or relating to this Closed-End Servicing Agreement or the transactions contemplated by this Closed-End Servicing Agreement
or by the other Basic Documents. Each party to this Closed-End Servicing Agreement irrevocably waives, to the fullest extent it may do
so, any objection that it may now or hereafter have to the laying of the venue of any such proceeding brought in such a court and any
claim that any such proceeding brought in such a court has been brought in an inconvenient forum.


 


Section 10.7          
WAIVER OF JURY TRIAL.


 


EACH PARTY TO THIS CLOSED-END SERVICING AGREEMENT
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING
OUT OF OR RELATING TO THIS CLOSED-END SERVICING AGREEMENT OR ANY OTHER BASIC DOCUMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS CLOSED-END
SERVICING AGREEMENT OR ANY SUCH OTHER BASIC DOCUMENT.


 






    	 	 31	Closed-End Servicing Agreement



     


    

 


Section 10.8          
Severability.


 


If any one or more of the covenants, agreements,
provisions or terms of this Closed-End Servicing Agreement is held invalid, illegal or unenforceable, then such covenants, agreements,
provisions or terms will be deemed severable from the remaining covenants, agreements, provisions or terms of this Closed-End Servicing
Agreement and will in no way affect the validity, legality or enforceability of the other provisions of this Closed-End Servicing Agreement.


 


Section 10.9          
Counterparts.


 


This Closed-End Servicing Agreement may be executed
in any number of counterparts, each of which will be an original, and all of which will together constitute one and the same instrument.


 


Section 10.10      
Headings.


 


The various headings in this Closed-End Servicing
Agreement are included for convenience only and will not affect the meaning or interpretation of any provision of this Closed-End Servicing
Agreement.


 


Section 10.11      
Further Assurances.


 


The Closed-End Servicer agrees to do and perform
any and all acts and to execute any and all further instruments required or reasonably requested by the other parties or by the Initial
Beneficiary to more fully effect the purposes of this Closed-End Servicing Agreement, including the execution of any financing statements
or continuation statements relating to the Collateral for filing under the UCC.


 


Section 10.12      
Agent for Service.


 


So long as World Omni remains the Closed-End Servicer,
the agent for service of the Closed-End Servicer and the Titling Trust in respect of this Closed-End Servicing Agreement will be the person
holding the office of the Treasurer of the Closed-End Servicer at:


 


World Omni Financial Corp.

190 Jim Moran Boulevard

Deerfield Beach, FL 33442

Attention: Treasurer

Fax: 954-429-2685


 


Section 10.13      
Limitation of Recourse to Titling Trustee.


 


It is expressly understood and agreed by the parties
to this Closed-End Servicing Agreement that (a) this Closed-End Servicing Agreement is executed and delivered by VT Inc., not individually
or personally but solely as Titling Trustee with respect to the Borrower, in the exercise of the powers and authority conferred and vested
in it under the Titling Trust Agreement and otherwise, (b) each of the representations, undertakings and agreements herein made on the
part of the Borrower are made and intended not as personal representations, undertakings and agreements by VT Inc. (or by U.S. Bank),
but are made and intended for the purpose of binding only World Omni LT, as Borrower, (c) nothing contained in this Closed-End Servicing
Agreement shall be construed as creating any liability on the part of VT Inc. or U.S. Bank, individually or personally, to perform any
covenant, either expressed or implied, contained herein, all such liability, if any, being expressly waived by the parties hereto and
by any person


 






    	 	 32	Closed-End Servicing Agreement



     


    

 





claiming by, through or under the parties to this Agreement and (d)
under no circumstances shall VT Inc. or U.S. Bank be personally liable for the payment of any indebtedness or expenses of World Omni LT,
as Borrower or otherwise, under this Closed-End Servicing Agreement, any other Basic Document or any other related document.


 


Section 10.14      
Waiver of Opinion


 


Each Warehouse Facility Agent, each Warehouse Facility
Lender, the Closed-End Servicer, the Titling Trust and the Closed-End Collateral Agent each hereby waives the requirement set forth in
Section 10.1 of this Closed-End Servicing Agreement that an opinion of counsel with respect to certain U.S. federal tax
matters be delivered solely in connection with the execution and delivery of this amendment and restatement of this Closed-End Servicing
Agreement.


 


[SIGNATURE PAGE FOLLOWS]


 






    	 	 33	Closed-End Servicing Agreement



     


    

 





	Executed:	 
	 	 
	 	WORLD OMNI FINANCIAL CORP.,
	 	as Closed-End Servicer
	 	 
	 	 
	 	 
	 	By:    	/s/ Ben Miller
	 	 	Name: Ben Miller
	 	 	Title: Assistant Treasurer




 


[Signature Page to Closed-End Servicing Agreement Page 1 of 3]


 






    	 	 	Closed-End Servicing Agreement



     


    

 





	 	WORLD OMNI LT,
	 	as Titling Trust
	 	 
	 	By:	VT INC.,
	 	 	as Titling Trustee
	 	 
	 	By:    	/s/ Patricia M. Child
	 	 	Name: Patricia M. Child
	 	 	Title: President



 


[Signature Page to Closed-End Servicing Agreement Page 2 of 3]


 







    	 	 	Closed-End Servicing Agreement



     


    

 


	 	AL HOLDING CORP.,
	 	as Closed-End Collateral Agent
	 	 
	 	By:    	/s/ Philip A. Martone
	 	 	Name: Philip A. Martone
	 	 	Title: Vice President







 


[Signature Page to Closed-End Servicing Agreement Page 3 of 3]


 






    	 	 	Closed-End Servicing Agreement



     


    

 


Exhibit A


 


LOCATION OF LEASE FILES


 


 


 


[to be provided electronically]


 






    	 	 	Closed-End Servicing Agreement



     


    

 





Exhibit B


 


FORM OF MONTHLY WAREHOUSE FACILITY POOL REPORT


 









    	 	 	Closed-End Servicing Agreement



     


    

 


Exhibit C


 


FORM OF CLOSED-END POWER OF ATTORNEY


 


	STATE OF ILLINOIS	}
	 	}
	COUNTY OF COOK	}




 


 


Reference is made to the Third Amended and Restated
Pledge and Security Agreement (as amended, the “Security Agreement”), dated as of July 16, 2008, between the WORLD
OMNI LT, a Delaware statutory trust, as Borrower (the “Borrower”), and AL HOLDING CORP., a Delaware corporation
(“ALHC”), as collateral agent (the “Closed-End Collateral Agent”), as amended, supplemented
or otherwise modified from time to time. Pursuant to the Security Agreement, the Closed-End Collateral Agent will hold a security interest
in assets of the Borrower allocated to the Specified Interest designated as the “Closed-End Collateral Specified Interest” and
certain related assets for the benefit of the Secured Parties specified therein.


 


ALHC, having an office and place of business at 209
South LaSalle Street, Suite 300, Chicago, Illinois 60604, appoints:


 


1.       World
Omni Financial Corp., a Florida corporation (“World Omni”), having an office and place of business at 190 Jim
Moran Boulevard, Deerfield Beach, FL 33442 , its employees, contractors, attorneys and agents, to act as ALHC’s true and lawful attorneys-in-fact
to Execute all Documents that may be required to (A) reflect the lien of ALHC on any Certificate of Title or (B) remove ALHC as lienholder
from any Certificate of Title upon termination of ALHC’s lien on the related motor vehicle; and


 


2.       World
Omni and its attorneys to act as ALHC’s true and lawful attorneys-in-fact to (A) execute a power of attorney on behalf of ALHC in favor
of any Dealer or Auction and any employee or agent thereof appointing any such person or entity as ALHC’s attorney-in-fact to Execute
all Documents that may be required to (i) reflect the lien of ALHC on any Certificate of Title or (ii) remove ALHC as lienholder from
any Certificate of Title upon termination of ALHC’s lien in the related motor vehicle and (B) otherwise convey the authority to Dealers
or Auctions and their employees or agents to take such actions on behalf of ALHC with respect to the Leases and Vehicles.


 


As used herein, (i) “Auction” means
[Manheim Auctions, Inc.], [Auto Trade Center] and any other physical or electronic auction house, motor vehicle disposition agent, consignor
or vendor, (ii) “Execute” means to prepare, execute, submit, deliver and/or file, in each case on behalf of ALHC, as
Collateral Agent under the Security Agreement, (iii) “Document” means any document, instrument, certificate or application
and (iv) all other capitalized terms not defined herein have the meaning given to such terms under the Security Agreement.


 






    	 	 	Closed-End Servicing Agreement



     


    

 





This power of attorney will remain in full force
and effect until notice of revocation in writing is delivered by ALHC to World Omni.


 


EXECUTED this ____ day of [       ], 20__.


  


	 	AL HOLDING CORP.
	 	 
	 	By:     	 	 
	 	 	Name:
	 	 	Title:




 





	STATE OF ILLINOIS	}
	 	}
	COUNTY OF COOK	}


 


 


Before me, the undersigned authority, on this day
personally appeared ________________, known to me to be the person whose name is subscribed to the foregoing instruments, and acknowledged
to me that he/she signed the same for the purposes and considerations therein expressed.


 


Sworn to before me this _____


day of [          ],
20__.


 


	Notary Public - State of Illinois	 	 	[seal]




 


________________________________


Name: __________________________


Commission Expires: ______________


 






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Exhibit D


 


DEALER ARRANGEMENT


 






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Exhibit E


 


Authorized Officers of U.S. Bank Trust National
Association


 


	Name	 	Title
	Patricia M. Child	 	Vice President
	Melissa A. Rosal	 	Vice President
	Nancie J. Arvin	 	Vice President
	Julia Linian	 	Assistant Vice President
	Erika Forshtay	 	Trust Officer
	Mary Ann Turbak	 	Trust Officer



 






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Exhibit F


 


Authorized Officers of U.S. Bank National
Association


 


	Name	 	Title
	Patricia M. Child	 	Vice President
	Melissa A. Rosal	 	Vice President
	Nancie J. Arvin	 	Vice President
	Julia Linian	 	Assistant Vice President
	Erika Forshtay	 	Trust Officer
	Mary Ann Turbak	 	Trust Officer






 






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Exhibit G


 


Authorized Officers of World Omni, as


Servicer and as Titling Trust Administrator


 


	Name	 	Title
	Eric M. Gebhard	 	Treasurer
	Alan J. Browdy	 	Assistant Treasurer
	Ben Miller	 	Assistant Treasurer
	Brick A. Toifel	 	Vice President
	Peter J. Sheptak	 	Vice President, General Counsel & Secretary
	Stephen P. Artusi	 	Assistant Secretary



 








    	 	 	Closed-End Servicing Agreement