# EDGAR Filing Document

**Accession Number:** 0001443836
**File Stem:** 0001104659-25-072763
**Filing Date:** 2025-7
**Character Count:** 3736521
**Document Hash:** 4dd57117a888d6a43853cd94a18f8e43
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-072763.hdr.sgml**: 20250731

**ACCESSION NUMBER**: 0001104659-25-072763

**CONFORMED SUBMISSION TYPE**: SF-3

**PUBLIC DOCUMENT COUNT**: 48

**FILED AS OF DATE**: 20250731

**DATE AS OF CHANGE**: 20250731

**ABS ASSET CLASS**: Auto leases

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** World Omni Auto Leasing LLC
- **CENTRAL INDEX KEY:** 0001439697
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 900399122
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SF-3
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-289150
- **FILM NUMBER:** 251172628

**BUSINESS ADDRESS:**
- **STREET 1:** 250 JIM MORAN BOULEVARD
- **CITY:** DEERFIELD BEACH
- **STATE:** FL
- **ZIP:** 33442
- **BUSINESS PHONE:** 954-429-2200

**MAIL ADDRESS:**
- **STREET 1:** 250 JIM MORAN BOULEVARD
- **CITY:** DEERFIELD BEACH
- **STATE:** FL
- **ZIP:** 33442
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** World Omni LT
- **CENTRAL INDEX KEY:** 0001443836
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 300500335
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SF-3
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-289150-01
- **FILM NUMBER:** 251172629

**BUSINESS ADDRESS:**
- **STREET 1:** 250 JIM MORAN BOULEVARD
- **CITY:** DEERFIELD BEACH
- **STATE:** FL
- **ZIP:** 33442
- **BUSINESS PHONE:** 954-429-2200

**MAIL ADDRESS:**
- **STREET 1:** 250 JIM MORAN BOULEVARD
- **CITY:** DEERFIELD BEACH
- **STATE:** FL
- **ZIP:** 33442

As filed with the Securities and Exchange Commission on July 31, 2025

**Registration Nos. 333- and 333-** 

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM SF-3**

**REGISTRATION STATEMENT**

***UNDER***

***THE SECURITIES ACT OF 1933***

**WORLD OMNI AUTO LEASING LLC**

**(Depositor with respect to the Issuing Entities Described Herein)**

**WORLD OMNI LT**

**(Issuer with respect to the Exchange Note)**

**(Exact name of Registrants as Specified in their Charters)**

---

| | | | |
|:---|:---|:---|:---|
| **Delaware**<br> **Delaware** | **90-0399122**<br> **30-0500335** | **333-**<br> **333-** | **0001439697**<br> **0001443836** |
| **(State or other jurisdiction of<br> incorporation or organization)** | **(I.R.S. Employer<br> Identification No.)** | **(Commission File Number)** | **(Central Index Key Number)** |

---

**World Omni Auto Leasing LLC**

**World Omni LT**

**250 Jim Moran Blvd.**

**Deerfield Beach, Florida 33442**

**(954) 429-2200**

**(Address, including zip code, and telephone number, including<br> area code, of Registrant's principal executive offices)**

**WORLD OMNI FINANCIAL CORP.**

**(Sponsor with respect to the Issuing Entities Described Herein)**

**(Exact name of Sponsor as Specified in its Charters)**

---

| | |
|:---|:---|
| **Delaware** | **0001004150** |
| **(State or other jurisdiction of<br> incorporation or organization)** | **(Central Index Key Number**<br> **of Sponsor)** |

---

**Bryan Romano, Chief Executive Officer and Treasurer**

**World Omni Auto Leasing LLC**

**250 Jim Moran Blvd.**

**Deerfield Beach, Florida 33442**

**(954) 429-2200**

**(Name, address, including zip code, and telephone number,<br> including area code, of agent for service)**

***With Copies To:***

---

| | |
|:---|:---|
| **Rudgee S. Charles<br> Mayer Brown LLP<br> 1221 Avenue of the Americas<br> New York, New York 10020-1001**<br> **(212) 506-2256**<br> **(Counsel to Registrants and Sponsor)** | **Philip W. Russell**<br> **Morgan, Lewis & Bockius LLP**<br> **110 North Wacker Drive, Suite 2800**<br> **Chicago, Illinois 60606-1511**<br> **(312) 324-1743**<br> **(Counsel to Underwriters)** |

---

**Approximate Date of Commencement of Proposed Sale to the Public**: from time to time after the effective date of this Registration Statement as determined in light of market conditions.

If any of the securities being registered on this Form SF-3 are to be offered pursuant to Rule 415 under the Securities Act of 1933, check the following box. ⌧

If this Form SF-3 is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ◻

If this Form SF-3 is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ◻

**The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.**

**The information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. The prospectus is not an offer to sell these securities nor a solicitation of an offer to buy these securities in any jurisdiction where the offer and sale is not permitted.**

SUBJECT TO COMPLETION DATED [·], 20[·]

PROSPECTUS

**$[**·**]<sup>[(1)][(9)]</sup>**

**World Omni Automobile Lease Securitization Trust 20[**·**]-[**·**]**<br> **Issuing Entity**

**(CIK: [**·**])**

*$[·] Class A-1 Asset-Backed Notes, Series 20[·]-[·]<sup>[(2)]</sup>*

*$[·] Class A-2 Asset-Backed Notes, Series 20[·]-[·]<sup>[(2)]</sup>*

*$[·] Class A-3 Asset-Backed Notes, Series 20[·]-[·]<sup>[(2)]</sup>*

*$[·] Class A-4 Asset-Backed Notes, Series 20[·]-[·]<sup>[(2)]</sup>*

*[$[·] Class B Asset-Backed Notes, Series 20[·]-[·]]<sup>[(2)]</sup>*

*[$[·] Class C Asset-Backed Notes, Series 20[·]-[·]]<sup>[(2)]</sup>*

*$[·] Class D Asset-Backed Notes, Series 20[·]-[·]]<sup>[(2)]</sup>*

*[$[·] Class E Asset-Backed Notes, Series 20[·]-[·]]<sup>[(2)]</sup>*

*[$[·] Class F Asset-Backed Notes, Series 20[·]-[·]]<sup>[(2)]</sup>*

**World Omni Auto Leasing LLC**

**Depositor**

**(CIK: 0001439697)**

**World Omni Financial Corp.**

**Servicer and Sponsor**

**(CIK: 0001004150)**

[(1)] [The Issuing Entity will issue asset-backed notes with aggregate initial principal amount of $[·] or an aggregate initial principal amount of $[·]. The following classes of World Omni Automobile Lease Securitization Trust 20[·]-[·] Notes will be issued][The Issuing Entity is offering the following classes of World Omni Automobile Lease Securitization Trust 20[·]-[·] Notes by this prospectus][The Issuing Entity is issuing the following classes of World Omni Automobile Lease Securitization Trust 20[·]-[·] Notes, and only the Class [·] Notes are being offered by this prospectus]:

**You should carefully consider the risk factors beginning on page 26 in this prospectus.**

**The Notes are obligations of the issuing entity, World Omni Automobile Lease Securitization Trust 20[**·**]-[**·**], and are backed indirectly by automobile or light-duty truck leases and the related leased vehicles. The Notes are not obligations of Auto Lease Finance LLC, World Omni LT, World Omni Financial Corp., World Omni Auto Leasing LLC, any of their affiliates or any governmental agency.**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **20[** · **]-[** · **] Asset<br> Backed<br> Notes<sup>[(3)][(4)][(5)]</sup>** | **Class A<br> [-1[a/b]]<br> Notes** | **[Class A-2<br> [a/b]**<br> **Notes]** | **[Class A-3<br> [a/b]<br> Notes]** | **[Class A-4<br> [a/b]<br> Notes]** | **[Class B<br> [a/b]<br> Notes]** | **[Class C<br> [a/b]<br> Notes]** | **[Class D<br> [a/b]<br> Notes]** | **[Class E<br> [a/b]<br> Notes]** | **[Class F<br> [a/b]<br> Notes]** |
| Principal Amount | $[ · ] | $[ · ] | $[ · ] | $[ · ] | $[ · ] | $[ · ] | $[ · ] | $[ · ] | $[ · ] |
| Interest Rate<sup>[(6)]</sup> | [[ · ]%/<br>Benchmark plus<br>[ · ]%] | [[ · ]%/<br>Benchmark plus<br>[ · ]%] | [[ · ]%<br>/Benchmark plus<br>[ · ]%] | [[ · ]%/<br>Benchmark plus<br>[ · ]%] | [[ · ]%/<br>Benchmark plus<br>[ · ]%] | [[ ·] %/<br>Benchmark plus<br>[ · ]%] | [[ · ]%/<br>Benchmark plus<br>[ · ]%] | [[ · ]%/<br>Benchmark plus<br>[ · ]%] | [[ · ]%/<br>Benchmark plus<br>[ · ]%] |
| Payment Dates | [Monthly] | [Monthly] | [Monthly] | [Monthly] | [Monthly] | [Monthly] | [Monthly] | [Monthly] | [Monthly] |
| Initial Payment Date | [ · ] | [ · ] | [ · ] | [ · ] | [ · ] | [ · ] | [ · ] | [ · ] | [ · ] |
| Final Scheduled Payment Date | [ · ]<sup>[(7)]</sup> | [ · ] | [ · ] | [ · ] | [ · ] | [ · ] | [ · ] | [ · ] | [ · ] |
| Price to Public | [ · ]% | [ · ]% | [ · ]% | [ · ]% | [ · ]% | [ · ]% | [ · ]% | [ · ]% | [ · ]% |
| Underwriting Discount | [ · ]% | [ · ]% | [ · ]% | [ · ]% | [ · ]% | [ · ]% | [ · ]% | [ · ]% | [ · ]% |
| Proceeds to Depositor | $[ · ] | $[ · ] | $[ · ] | $[ · ] | $[ · ] | $[ · ] | $[ · ] | $[ · ] | $[ · ] |

---

---

| | |
|:---|:---|
| [(2) | If the aggregate initial principal amount of the Notes is $[·], the Notes will be issued in the following applicable initial principal amounts: $[·] of Class A-1 Notes, $[·] [(aggregate)] of Class A-2 Notes, $[·] of Class A-3 Notes, $[·] of Class A-4 Notes, [and] $[·] of Class B Notes[, and $[·] of Class C Notes][ , and $[·] of Class D Notes][ , and $[·] of Class E Notes][, and $[·] of Class F Notes]. The Depositor will make the determination regarding the initial principal amount of the Notes based on, among other considerations, market conditions at the time of pricing. See "*Risk Factors—Risks Relating to the Notes and Structure of the Transaction—Risks Associated With Unknown Aggregate Initial Principal Amount of the Notes Prior to Pricing*."] |

---

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| | |
|:---|:---|
| [(3) | [On the [Initial] Closing Date the Issuing Entity will also be issuing the Class [·] Notes in the aggregate initial principal amount of $[·], and in the aggregate initial principal amount of $[·] if the aggregate initial principal amount of the Notes is $[·]]. The Class [·] Notes are not being offered under this prospectus and the Depositor or one or more affiliates thereof will initially own the Class [·] Notes.] / [All or a portion of one or more classes of Notes may initially be retained by the Depositor or one or more affiliates thereof on the [Initial] Closing Date.] [As described in *"Credit Risk Retention"* in this prospectus, the Depositor will retain [[·]% of the outstanding principal amount of each class of Notes and the Certificates of the Issuing Entity][a single vertical security] in satisfaction of the risk retention requirements.] |

---

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| | |
|:---|:---|
| [(4) | [*NOTE: If Floating Rate Notes are offered, the applicable prospectus will disclose the terms of the specific Benchmark that will be used to determine interest payments for such Floating Rate Notes.*] [*NOTE: The actual Benchmark in any given transaction may also be a market rate other than as recommended by ARRC or referenced below.*] [The Class [·][-[·] Notes may be issued with a fixed rate tranche and a floating rate tranche.] / [The interest rate for the Class [·]-[·] Notes will be a fixed rate or a combination of a fixed rate and floating rate if that class has both a fixed rate tranche and a floating rate tranche. If the interest rate is a floating rate, the rate will be based on a Benchmark which will initially be the [the applicable Benchmark] plus the applicable spread. However, the Benchmark and the applicable spread may change under certain circumstances. For more information about how the interest rate based on [the applicable Benchmark] is determined and the circumstances under which the Benchmark and the applicable spread may change, see "*Summary of Terms—The Notes*," "*—Interest*" and "*Description of the Notes—Payments of Interest*" in this prospectus.] [The allocation of the principal amount between the Class [·]-[·]a Notes and the Class [·]-[·]b Notes will be determined on the day of pricing of the Notes.] [The Depositor expects that the principal amount of the Class [·]-[·]b Notes will not exceed $[·] [if the aggregate initial principal amount of the Notes is $[·], and $[·], if the aggregate initial principal amount of the Notes is $[·]].] |

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| | |
|:---|:---|
| [(5) | The interest rate for the Class [·] Notes will be a fixed rate, a floating rate or a combination of a fixed rate and floating rate if that class has both a fixed rate tranche and a floating rate tranche. If the interest rate is a floating rate, the rate will be based on a Benchmark which will initially be [the applicable Benchmark] plus the applicable spread. However, the Benchmark and the applicable spread may change under certain circumstances. For more information about how the interest rate based on [the applicable Benchmark] is determined and the circumstances under which the Benchmark and the applicable spread may change, see "*Summary of Terms—The Notes*," "*—Interest*" and "*Description of the Notes—Payments of Interest*" in this prospectus.] [The allocation of the principal amount between the Class [·]-[·]a Notes and the Class [·]-[·]b Notes will be determined on the day of pricing of the Notes.] [If the Issuing Entity issues any Floating Rate Notes, it [may] enter into a corresponding interest rate protection agreement with respect to each class or tranche of Floating Rate Notes.] |

---

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| | |
|:---|:---|
| [(6)] | If the sum of [the applicable Benchmark] plus the applicable spread is less than 0.00% for any interest accrual period, then the interest rate for the Class [·]-[·]b Notes for such interest accrual period will be deemed to be 0.00%. See "*Summary of Terms—The Notes*," "*—Interest*" and "*Description of the Notes—Payments of Interest*" in this prospectus.] |

---

[(7) If any Class A-1 Notes remain outstanding after the [·] Payment Date, then an additional distribution of the outstanding principal of and accrued and unpaid interest on those Notes will be made on [·].]

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| | |
|:---|:---|
| [(8) | The aggregate initial principal amount of the Class A-2 Notes and the Class A-3 Notes will be $[·]. The initial principal amounts of the Class A-2 Notes and the Class A-3 Notes may change but will be determined on or prior to the day of pricing of those classes of Notes. However, the initial principal amount of the Class A-2 Notes is expected to be within the range of $[·] – $[·] and the initial principal amount of the Class A-3 Notes is expected to be within the range of $[·] – $[·].] |

---

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|:---|:---|
| [(9)] | This amount is based on the Statistical Discount Rate used to calculate the assumed Initial Note Value. The aggregate principal amount of the Notes offered hereby will be determined based on the Specified Discount Rate. The final aggregate principal amount of the Notes at the time of issuance will be an amount that is no more than [5]% in excess of, or less than, the amounts stated herein.] |

---

[NOTE: **The number of classes, principal repayment and interest accrual terms are for illustrative purposes only. In a particular transaction, there may be more or fewer classes of Notes offered (including one or more or no subordinated classes), one or more or no floating rate classes, one or more classes of the Notes that pay principal and interest pro rata with another class, and one or more classes may be retained or offered privately**. **Likewise, the timing of the allocation of the initial principal amounts of any Class [·]-[·]a and any Class [·]-[·]b Notes is for illustrative purposes only.**]

Before deducting expenses of $[·] payable by the Depositor, proceeds to the Depositor are estimated to be $[·].

**Payments on the Notes**

The Notes are payable solely from the assets of the Issuing Entity which consist primarily of an Exchange Note backed by a Pool of new [and used] automobile and light-duty truck leases and the related leased vehicles. See "*Fees and Expenses*" in this prospectus for a description of fees and expenses payable on each Payment Date out of Available Funds.

[The Issuing Entity will not pay principal during the Revolving Period, which is scheduled to terminate after the Payment Date occurring on [·], 20[·]. However, if the Revolving Period terminates early as a result of an early amortization event, principal payments may commence prior to that date.]

**Credit Enhancement**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· [If
 the aggregate initial principal amount of the Notes is $[ · ],]
 a [Risk Retention] Reserve Account with an initial balance of at least $[ · ].
 [If the aggregate initial principal amount of the Notes is $[ · ],
 a [Risk Retention] Reserve Account with an initial balance of $[ · ].]
 [$[ ] of the [Risk Retention] Reserve Account Required
 Amount will be satisfied by a letter of credit written by [ · ].]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Overcollateralization
 in an initial amount of $[ · ],
 representing the excess of the Securitization Value of the leases and leased vehicles as
 of the [Initial][Actual] Cutoff Date over the aggregate principal amount of Notes issued
 by the Issuing Entity[, to be built up to a target amount on each Payment Date].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· [Excess
 interest on the leases.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· [Cash
 Deposits]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· [[The
 Class B Notes are subordinated to the Class A Notes.] [The Class C Notes are
 subordinated to the Class A Notes and the Class B Notes.] [The Class D Notes
 are subordinated to the Class A Notes, the Class B Notes and the Class C Notes.]
 [The Class E Notes are subordinated to the Class A Notes, the Class B Notes,
 the Class C Notes and the Class D Notes.] [The Class F Notes are subordinated
 to the Class A Notes, the Class B Notes, the Class C Notes, the Class D
 Notes and the Class E Notes.]]

We will not list the Notes on any national securities exchange or on any automated quotation system of any registered securities association such as NASDAQ.

**Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

No secondary market will exist for a series of Notes prior to its offering. We cannot assure you that a secondary market will develop for the Notes of any series or, if it does develop, that it will continue.

Delivery of the [Offered] Notes, in book-entry form only, will be made through The Depository Trust Company against payment in immediately Available Funds, on or about [·].

**Joint Bookrunners of the Class A Notes**

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| | | |
|:---|:---|:---|
| **[**·**]** | **[**·**]** | **[**·**]** |

---

**Co-Manager[s] of the Class A Notes**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**[**·**]** | &nbsp;&nbsp;**[**·**]** | &nbsp;&nbsp;**[**·**]** |

---

**[Underwriters of the Class B Notes [[,][and] the Class C Notes][[,][and] the Class D Notes[[,][and] the Class E Notes [and the Class F Notes]]**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**[**·**]** | &nbsp;&nbsp;**[**·**]** | &nbsp;&nbsp;**[**·**]** |

---

The date of this Prospectus is [·], 20[·].

**Important Notice about Information Presented in this<br> Prospectus**

You should rely only on the information contained in this prospectus, including information that is incorporated by reference. We have not authorized anyone to provide you with other or different information. The information in this prospectus is accurate only as of the date stated on the cover hereof. We are not offering the securities in any jurisdiction where the offer is not permitted.

This prospectus begins with [two] introductory sections describing the Notes and the Issuing Entity in abbreviated form:

&nbsp;&nbsp;&nbsp;&nbsp;· *Summary of Terms,* which gives a brief introduction of the key features of the Notes and a description
 of the leases and leased vehicles; and

&nbsp;&nbsp;&nbsp;&nbsp;· *Risk Factors,* which describes risks that apply to the Notes issued by the Issuing Entity.

This prospectus includes cross references to sections in this prospectus where you can find further related discussions. The *"**Table of Contents**"* in this prospectus identifies the pages where these sections are located.

*You can also find a listing of the pages where the principal terms are defined under "Index of Principal Terms" in this prospectus.*

**To understand the structure of, and risks related to, these Notes, you must carefully read this prospectus in its entirety.**

If you require additional information, the mailing address of our principal executive offices is World Omni Auto Leasing LLC, 250 Jim Moran Blvd., Deerfield Beach, Florida 33442 and the telephone number is (954) 429-2200. For other means of acquiring additional information about us or a series of securities, see *"Incorporation of Certain Information By Reference"* in this prospectus.

In this prospectus, the terms "Depositor," "we," "us" and "our" refer to World Omni Auto Leasing LLC.

i

**[NOTICE TO INVESTORS: UNITED KINGDOM**

IN THE UNITED KINGDOM (THE "***UK***"), THIS PROSPECTUS MAY ONLY BE COMMUNICATED OR CAUSED TO BE COMMUNICATED TO PERSONS WHO (I) HAVE PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO INVESTMENTS AND WHO QUALIFY AS INVESTMENT PROFESSIONALS WITHIN ARTICLE 19(5) ("***INVESTMENT PROFESSIONALS***") OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005, AS AMENDED (THE "***FINANCIAL PROMOTION ORDER***"), (II) FALL WITHIN ARTICLE 49(2)(A) TO (D) (HIGH NET WORTH COMPANIES, UNINCORPORATED ASSOCIATIONS, ETC.) OF THE FINANCIAL PROMOTION ORDER, OR (III) ARE PERSONS TO WHOM THIS PROSPECTUS MAY OTHERWISE LAWFULLY BE COMMUNICATED OR CAUSED TO BE COMMUNICATED WITHOUT THE NEED FOR SUCH DOCUMENT TO BE APPROVED, MADE OR DIRECTED BY AN "AUTHORISED PERSON" (AS DEFINED BY SECTION 31(2) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000, AS AMENDED (THE "***FSMA***")) UNDER SECTION 21 OF THE FSMA (ALL SUCH PERSONS TOGETHER BEING REFERRED TO AS "***RELEVANT PERSONS***").

NEITHER THIS PROSPECTUS NOR THE [OFFERED] NOTES ARE OR WILL BE AVAILABLE TO PERSONS OTHER THAN RELEVANT PERSONS IN THE UK AND ANY PERSON IN THE UK THAT IS NOT A RELEVANT PERSON MUST NOT RELY ON OR ACT ON ANY INFORMATION IN THIS PROSPECTUS. IN THE UK, ANY INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS PROSPECTUS RELATES, INCLUDING THE [OFFERED] NOTES, IS AVAILABLE ONLY TO RELEVANT PERSONS AND WILL BE ENGAGED IN ONLY WITH RELEVANT PERSONS. THE COMMUNICATION OF THIS PROSPECTUS TO ANY PERSON IN THE UK OTHER THAN A RELEVANT PERSON IS UNAUTHORIZED AND MAY CONTRAVENE THE FSMA.

THIS PROSPECTUS IS NOT A PROSPECTUS FOR THE PURPOSES OF REGULATION (EU) 2017/1129 AS IT FORMS PART OF THE DOMESTIC LAW OF THE UK BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (AS AMENDED, THE "***EUWA***") (AS AMENDED, THE "***UK PROSPECTUS REGULATION***").

THE [OFFERED] NOTES ARE NOT INTENDED TO BE OFFERED, SOLD OR OTHERWISE MADE AVAILABLE TO AND SHOULD NOT BE OFFERED, SOLD OR OTHERWISE MADE AVAILABLE TO ANY UK RETAIL INVESTOR IN THE UK. FOR THESE PURPOSES, A "***UK RETAIL INVESTOR***" MEANS A PERSON WHO IS ONE (OR MORE) OF: (I) A RETAIL CLIENT, AS DEFINED IN POINT (8) OF ARTICLE 2 OF COMMISSION DELEGATED REGULATION (EU) 2017/565 AS IT FORMS PART OF THE DOMESTIC LAW OF THE UK BY VIRTUE OF THE EUWA, AND AS AMENDED; OR (II) A CUSTOMER WITHIN THE MEANING OF THE PROVISIONS OF THE FSMA AND ANY RULES OR REGULATIONS MADE UNDER THE FSMA TO IMPLEMENT DIRECTIVE (EU) 2016/97 (SUCH RULES OR REGULATIONS, AS AMENDED), WHERE THAT CUSTOMER WOULD NOT QUALIFY AS A PROFESSIONAL CLIENT, AS DEFINED IN POINT (8) OF ARTICLE 2(1) OF REGULATION (EU) NO 600/2014 AS IT FORMS PART OF THE DOMESTIC LAW OF THE UK BY VIRTUE OF THE EUWA, AND AS AMENDED; OR (III) NOT A QUALIFIED INVESTOR AS DEFINED IN ARTICLE 2 OF THE UK PROSPECTUS REGULATION.

CONSEQUENTLY, NO KEY INFORMATION DOCUMENT REQUIRED BY REGULATION (EU) NO 1286/2014 AS IT FORMS PART OF THE DOMESTIC LAW OF THE UK BY VIRTUE OF THE EUWA (AS AMENDED, THE "***UK PRIIPS REGULATION***") FOR OFFERING OR SELLING THE [OFFERED] NOTES OR OTHERWISE MAKING THEM AVAILABLE TO UK RETAIL INVESTORS IN THE UK HAS BEEN PREPARED AND THEREFORE OFFERING OR SELLING THE [OFFERED] NOTES OR OTHERWISE MAKING THEM AVAILABLE TO ANY UK RETAIL INVESTOR IN THE UK MAY BE UNLAWFUL UNDER THE UK PRIIPS REGULATION. THIS PROSPECTUS HAS BEEN PREPARED ON THE BASIS THAT ANY OFFER OF THE [OFFERED] NOTES IN THE UK WILL BE MADE PURSUANT TO AN EXEMPTION UNDER THE UK PROSPECTUS REGULATION FROM THE REQUIREMENT TO PUBLISH A PROSPECTUS FOR OFFERS OF NOTES.

EACH PURCHASER OF THE NOTES LOCATED WITHIN THE UK WILL BE DEEMED TO HAVE REPRESENTED, ACKNOWLEDGED AND AGREED THAT IT IS NOT A UK RETAIL INVESTOR. THE ISSUING ENTITY, ITS AFFILIATES AND OTHERS WILL RELY UPON THE TRUTH AND ACCURACY OF THE FOREGOING REPRESENTATION, ACKNOWLEDGEMENT AND AGREEMENT.

ii

ANY PERSON OFFERING, SELLING OR RECOMMENDING ANY [OFFERED] NOTES (A "**DISTRIBUTOR**") THAT IS SUBJECT TO THE FINANCIAL CONDUCT AUTHORITY ("**FCA**") HANDBOOK PRODUCT INTERVENTION AND PRODUCT GOVERNANCE SOURCEBOOK (THE "**UK MIFIR PRODUCT GOVERNANCE RULES**") IS RESPONSIBLE FOR UNDERTAKING ITS OWN TARGET MARKET ASSESSMENT IN RESPECT OF THE [OFFERED] NOTES AND DETERMINING APPROPRIATE DISTRIBUTION CHANNELS. NEITHER THE ISSUING ENTITY NOR ANY UNDERWRITER MAKES ANY REPRESENTATIONS OR WARRANTIES AS TO A DISTRIBUTOR'S COMPLIANCE WITH THE UK MIFIR PRODUCT GOVERNANCE RULES

[The Class A-1 Notes have not been and will not be offered in the UK or to UK persons, and the underwriters will not accept proceeds of their initial sale of the Class A-1 Notes into an account located in the UK].]

iii

**[NOTICE TO INVESTORS: CANADA**

THE [OFFERED] NOTES MAY BE SOLD ONLY TO PURCHASERS IN THE PROVINCES OF ALBERTA, BRITISH COLUMBIA, ONTARIO AND QUEBEC PURCHASING, OR DEEMED TO BE PURCHASING, AS PRINCIPALS THAT ARE ACCREDITED INVESTORS, AS DEFINED IN NATIONAL INSTRUMENT 45-106 *PROSPECTUS EXEMPTIONS* OR SUBSECTION 73.3(1) OF THE *SECURITIES ACT* (ONTARIO), AND ARE PERMITTED CLIENTS, AS DEFINED IN NATIONAL INSTRUMENT 31-103 *REGISTRATION REQUIREMENTS, EXEMPTIONS AND ONGOING REGISTRANT OBLIGATIONS*. ANY RESALE OF THE [OFFERED] NOTES MUST BE MADE IN ACCORDANCE WITH AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE PROSPECTUS REQUIREMENTS OF APPLICABLE SECURITIES LAWS.

SECURITIES LEGISLATION IN CERTAIN PROVINCES OR TERRITORIES OF CANADA MAY PROVIDE A PURCHASER WITH REMEDIES FOR RESCISSION OR DAMAGES IF THIS PROSPECTUS (INCLUDING ANY AMENDMENT THERETO) CONTAINS A MISREPRESENTATION, PROVIDED THAT THE REMEDIES FOR RESCISSION OR DAMAGES ARE EXERCISED BY THE PURCHASER WITHIN THE TIME LIMIT PRESCRIBED BY THE SECURITIES LEGISLATION OF THE PURCHASER'S PROVINCE OR TERRITORY. THE PURCHASER SHOULD REFER TO ANY APPLICABLE PROVISIONS OF THE SECURITIES LEGISLATION OF THE PURCHASER'S PROVINCE OR TERRITORY FOR PARTICULARS OF THESE RIGHTS OR CONSULT WITH A LEGAL ADVISOR.

PURSUANT TO SECTION 3A.3 (OR, IN THE CASE OF SECURITIES ISSUED OR GUARANTEED BY THE GOVERNMENT OF A NON-CANADIAN JURISDICTION, SECTION 3A.4) OF NATIONAL INSTRUMENT 33-105 *UNDERWRITING CONFLICTS* (NI 33-105), THE UNDERWRITERS ARE NOT REQUIRED TO COMPLY WITH THE DISCLOSURE REQUIREMENTS OF NI 33-105 REGARDING UNDERWRITER CONFLICTS OF INTEREST IN CONNECTION WITH THIS OFFERING.]

iv

**[NOTICE TO INVESTORS: EUROPEAN ECONOMIC AREA**

THIS PROSPECTUS IS NOT A PROSPECTUS FOR THE PURPOSES OF Regulation (EU) 2017/1129 (AS AMENDED, THE "***EU PROSPECTUS REGULATION***").

The [OFFERED] NOTES are not intended To be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any EU retail investor in the European Economic Area (THE "***eea***"). For these purposes, aN "***EU retail investor***" means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, "**MiFID II**"); or (ii) a customer within the meaning of Directive (EU) 2016/97 (AS AMENDED), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in ARTICLE 2 OF the EU Prospectus Regulation.

Consequently, no key information document required by Regulation (EU) No 1286/2014 (as amended, the "***EU PRIIPs Regulation***") for offering or selling the [OFFERED] NOTES or otherwise making them available to EU retail investors in the EEA has been prepared and therefore offering or selling the [OFFERED] NOTES or otherwise making them available to any EU retail investor in the EEA may be unlawful under the eu PRIIPS Regulation. THIS PROSPECTUS HAS BEEN PREPARED ON THE BASIS THAT ANY OFFER OF THE [OFFERED] NOTES IN ANY MEMBER STATE OF THE EEA WILL BE MADE PURSUANT TO AN EXEMPTION UNDER THE EU PROSPECTUS REGULATION FROM THE REQUIREMENT TO PUBLISH A PROSPECTUS FOR OFFERS OF NOTES.

EACH PURCHASER OF THE NOTES LOCATED WITHIN A MEMBER STATE OF the EEA WILL BE DEEMED TO HAVE REPRESENTED, ACKNOWLEDGED AND AGREED THAT IT IS NOT AN EU RETAIL INVESTOR. THE ISSUING ENTITY, ITS AFFILIATES AND OTHERS WILL RELY UPON THE TRUTH AND ACCURACY OF THE FOREGOING REPRESENTATION, ACKNOWLEDGEMENT AND AGREEMENT.

ANY PERSON OFFERING, SELLING OR RECOMMENDING ANY [OFFERED] NOTES (A "***DISTRIBUTOR***") THAT IS SUBJECT TO MIFID II IS RESPONSIBLE FOR UNDERTAKING ITS OWN TARGET MARKET ASSESSMENT IN RESPECT OF THE [OFFERED] NOTES AND DETERMINING APPROPRIATE DISTRIBUTION CHANNELS FOR THE PURPOSES OF THE MIFID II PRODUCT GOVERNANCE RULES UNDER COMMISSION DELEGATED DIRECTIVE (EU) 2017/593 (AS AMENDED, THE "***DELEGATED DIRECTIVE***"). Neither the issuing entity NOR ANY underwriter MAKES ANY REPRESENTATIONS OR WARRANTIES AS TO A DISTRIBUTOR'S COMPLIANCE WITH THE DELEGATED DIRECTIVE.]

v

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Important Notice about Information Presented in this Prospectus](#sf3_01) | [i](#sf3_01) |
| [\[NOTICE TO INVESTORS: UNITED KINGDOM](#sf3_02) | [ii](#sf3_02) |
| [\[NOTICE TO INVESTORS: CANADA](#sf3_03) | [iv](#sf3_03) |
| [\[NOTICE TO INVESTORS: EUROPEAN ECONOMIC AREA](#sf3_04) | [v](#sf3_04) |
| [TRANSACTION STRUCTURE AND PARTIES\[**<sup>(1)</sup>**\]](#sf3_05) | [x](#sf3_05) |
| [SUMMARY OF MONTHLY DISTRIBUTIONS OF AVAILABLE FUNDS RECEIVED ON THE EXCHANGE NOTE\*\[†\]](#sf3_06) | [xi](#sf3_06) |
| [SUMMARY OF TERMS](#sf3_07) | [1](#sf3_07) |
| &nbsp;&nbsp;&nbsp;[Parties and Dates](#sf3_08) | [1](#sf3_08) |
| &nbsp;&nbsp;&nbsp;[The Notes](#sf3_09) | [2](#sf3_09) |
| &nbsp;&nbsp;&nbsp;[\[Interest Rate Protection Agreement\]](#sf3_10) | [11](#sf3_10) |
| &nbsp;&nbsp;&nbsp;[Servicing and Administration](#sf3_11) | [11](#sf3_11) |
| &nbsp;&nbsp;&nbsp;[Issuing Entity Property](#sf3_12) | [12](#sf3_12) |
| &nbsp;&nbsp;&nbsp;[Lease Information](#sf3_13) | [12](#sf3_13) |
| &nbsp;&nbsp;&nbsp;[Credit Enhancement](#sf3_14) | [14](#sf3_14) |
| &nbsp;&nbsp;&nbsp;[Tax Status](#sf3_15) | [18](#sf3_15) |
| &nbsp;&nbsp;&nbsp;[ERISA Considerations](#sf3_16) | [18](#sf3_16) |
| &nbsp;&nbsp;&nbsp;[\[Certain Investment Company Act Considerations](#sf3_17) | [18](#sf3_17) |
| &nbsp;&nbsp;&nbsp;[Ratings of the Notes](#sf3_18) | [19](#sf3_18) |
| &nbsp;&nbsp;&nbsp;[\[Eligibility of the Class A-1 Notes for Purchase by Money Market Funds](#sf3_19) | [19](#sf3_19) |
| &nbsp;&nbsp;&nbsp;[Certificates](#sf3_20) | [19](#sf3_20) |
| &nbsp;&nbsp;&nbsp;[\[*Insert for eligible horizontal residual interest:* U.S. Credit Risk Retention](#sf3_21) | [19](#sf3_21) |
| &nbsp;&nbsp;&nbsp;[\[*Insert for eligible vertical interest:* U.S. Credit Risk Retention](#sf3_22) | [20](#sf3_22) |
| &nbsp;&nbsp;&nbsp;[\[*Insert for transactions structured to comply with material net economic interest retention*: EU Securitisation Regulation and UK Securitisation Framework](#sf3_23) | [20](#sf3_23) |
| &nbsp;&nbsp;&nbsp;[\[*Insert for transactions not structured to comply with any aspect of EU or UK Credit Risk Retention*: EU and UK Credit Risk Retention](#sf3_24) | [21](#sf3_24) |
| [Summary of Risk Factors \[Will not exceed two pages on any given transaction\]](#sf3_25) | [23](#sf3_25) |
| [RISK FACTORS](#sf3_26) | [26](#sf3_26) |
| &nbsp;&nbsp;&nbsp;[You Must Rely For Repayment Only Upon the Issuing Entity's Assets, Which May Not Be Sufficient to Make Full Payments On Your Notes.](#sf3_27) | [26](#sf3_27) |
| &nbsp;&nbsp;&nbsp;[\[Class B Notes \[\[,\]\[and\] Class C Notes\[,\]\] \[\[and\] Class D Notes\[,\]\] \[\[and\] Class E Notes\[,\]\] \[and Class F Notes\]\] are Subject to Greater Risk Because of Their Subordination.\]](#sf3_28) | [26](#sf3_28) |
| &nbsp;&nbsp;&nbsp;[Holders of the Class B Notes \[\[,\]\[and\] the Class C Notes\[,\]\] \[\[and\] the Class D Notes\[,\]\] \[\[and\] the Class E Notes\[,\]\] \[and the Class F Notes\]\] May Suffer Losses Because They Have](#sf3_29) |  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Limited Control Over Actions of the Issuing Entity and Conflicts Between Classes of Notes May Occur.\]](#sf3_29) | [29](#sf3_29) |
| &nbsp;&nbsp;&nbsp;[\[The Failure to Pay Interest on the Class B Notes Will Not Be an Event of Default While the Class A Notes Remain Outstanding\[,\] \[\[and\] the Failure to Pay Interest on the Class C Notes Will Not Be an Event of Default While the Class A Notes and the Class B Notes Remain Outstanding\[.\]\[,\]\] \[\[and\] the Failure to Pay Interest on the Class D Notes Will Not Be an Event of Default While the Class A Notes, the Class B Notes and the Class C Notes Remain Outstanding\[.\]\[,\]\] \[\[and\] the Failure to Pay Interest on the Class E Notes Will Not Be an Event of Default While the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes Remain Outstanding\[.\]\[,\]\] \[and the Failure to Pay Interest on the Class F Notes Will Not Be an Event of Default While the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes Remain Outstanding.\]\]](#sf3_30) | [30](#sf3_30) |
| &nbsp;&nbsp;&nbsp;[Payment Priorities May Increase Risk of Loss or Delay in Payment to Certain Notes.](#sf3_31) | [31](#sf3_31) |
| &nbsp;&nbsp;&nbsp;[The Depositor or One or More Affiliates Thereof May Initially Retain All or a Portion of One or More Classes of the Notes on the \[Initial\] Closing Date, Which May Reduce the Liquidity of Your Class \[·\] Notes, as applicable, and Subsequent Sales of any Such Retained Notes May Adversely Affect Their Market Price and Your Voting Power.\]](#sf3_32) | [32](#sf3_32) |
| &nbsp;&nbsp;&nbsp;[\[Risks Associated With Unknown Aggregate Initial Principal Amount of the Notes Prior to Pricing.\]](#sf3_33) | [32](#sf3_33) |
| &nbsp;&nbsp;&nbsp;[\[Risks Associated With Unknown Allocation Between Class \[·\]\[-\[·\]\]a Notes and Class \[·\]\[-\[·\]\]b Notes \[and the Class A-2 Notes and the Class A-3 Notes\] Prior to Pricing.\]](#sf3_34) | [32](#sf3_34) |
| &nbsp;&nbsp;&nbsp;[\[The Issuing Entity May Issue Floating Rate Class \[·\] Notes, but the Issuing Entity Will Not Enter into any Interest Rate \[Swaps\]\[Caps\] and You May Suffer Losses on Your Notes if Interest Rates Rise.\]](#sf3_35) | [33](#sf3_35) |
| &nbsp;&nbsp;&nbsp;[\[Uncertainty About \[the Applicable Benchmark\] May Adversely Affect the Class \[·\]\[-\[·\]\]b Notes.](#sf3_36) | [33](#sf3_36) |
| &nbsp;&nbsp;&nbsp;[\[Effects of the Administration of SOFR and a Benchmark Transition Event May Adversely Affect the \[Offered\] Notes.](#sf3_37) | [34](#sf3_37) |
| &nbsp;&nbsp;&nbsp;[\[Failure by the \[Swap\]\[Cap\] Counterparty to Make Payments to the Issuing Entity and the Seniority of Payments Owed to the Swap Counterparty Could Reduce or Delay Payments on the Notes.\]](#sf3_38) | [36](#sf3_38) |

---

vi

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;[\[A Decrease in \[the Applicable Benchmark\] Rates or the Benchmark Replacement Would Reduce the Rate of Interest on the Class \[·\] Notes.](#sf3_39) | [37](#sf3_39) |
| &nbsp;&nbsp;&nbsp;[\[Failure by the Reserve Account Letter of Credit Bank to Honor a Draw on the Reserve Account Letter of Credit May Result in Delayed Payments or Losses on Your Notes.\]](#sf3_40) | [37](#sf3_40) |
| [\[You May Experience Reduced Returns On Your Notes Resulting From Distribution of Amounts In the \[Pre-Funding Account\]\[Accumulation Account\].\]](#sf3_41) | [37](#sf3_41) |
| [\[Changes in Reference Pool Characteristics From Those of the Initial Reference Pool May Adversely Affect Collections on the Leases and Payments On Your Notes.\]](#sf3_42) | [37](#sf3_42) |
| [\[Availability of Additional Units During the \[Pre-Funding Period\]\[Revolving Period\] Could Shorten the Average Life of the Notes.\]](#sf3_43) | [38](#sf3_43) |
| &nbsp;&nbsp;&nbsp;[\[Risks Associated with the Statistical Discount Rate.](#sf3_44) | [38](#sf3_44) |
| &nbsp;&nbsp;&nbsp;[\[Redemption Upon Optional Purchase.](#sf3_45) | [39](#sf3_45) |
| &nbsp;&nbsp;&nbsp;[You May Experience Reduced Returns and Delays On Your Notes Resulting From Changes in Delinquency Levels and Losses.](#sf3_46) | [40](#sf3_46) |
| &nbsp;&nbsp;&nbsp;[The Timing of Principal Payments Is Uncertain and You May Suffer Losses or Reinvestment Risk if an Event of Default Occurs Under the Indenture.](#sf3_47) | [41](#sf3_47) |
| &nbsp;&nbsp;&nbsp;[The Concentration of Leased Vehicles to Particular Models Could Negatively Affect the Pool Assets.](#sf3_48) | [42](#sf3_48) |
| &nbsp;&nbsp;&nbsp;[Used Car Market Factors May Increase the Risk of Loss on Your Investment.](#sf3_49) | [42](#sf3_49) |
| &nbsp;&nbsp;&nbsp;[Increased Vehicle Turn-in Rates May Increase Losses.](#sf3_50) | [43](#sf3_50) |
| &nbsp;&nbsp;&nbsp;[You May Experience Reduced Returns and Delays on Your Notes Resulting From a Vehicle Recall.](#sf3_51) | [43](#sf3_51) |
| &nbsp;&nbsp;&nbsp;[Inadequate or No Insurance on the Leased Vehicles May Result In a Loss.](#sf3_52) | [43](#sf3_52) |
| &nbsp;&nbsp;&nbsp;[A Bankruptcy of the Depositor, Auto Lease Finance LLC, the Servicer, the QI, or the Titling Trust Could Delay or Limit Payments To You.](#sf3_53) | [44](#sf3_53) |
| &nbsp;&nbsp;&nbsp;[Consolidation or Disregard of Sale Following A Bankruptcy of World Omni May Cause Delays in Payments or Losses on Your Investment.](#sf3_54) | [45](#sf3_54) |
| &nbsp;&nbsp;&nbsp;[Adverse Consequences of the Termination of the Toyota Distribution Agreement.](#sf3_55) | [45](#sf3_55) |
| &nbsp;&nbsp;&nbsp;[Adverse Consequences of A Bankruptcy or Insolvency of the Titling Trust.](#sf3_56) | [45](#sf3_56) |
| &nbsp;&nbsp;&nbsp;[Commingling By the Servicer May Result In Delays and Reductions In Payments On Your Notes.](#prosp3_001) | [46](#prosp3_001) |

---

---

| | |
|:---|:---|
| [A Security Breach or a Cyber-Attack Affecting World Omni Could Adversely Affect World Omni's Business, Results of Operations and Financial Condition, Which Could Have an Adverse Effect on Your Notes.](#prosp3_002) | [46](#prosp3_002) |
| [You May Experience Reduced Return and Delays on Your Notes Resulting from Changes in the Sponsor's Servicing System](#prosp3_003) | [47](#prosp3_003) |
| &nbsp;&nbsp;&nbsp;[The Return on Your Notes May be Reduced Due to Varying Economic Circumstances and/or an Economic Downturn.](#prosp3_004) | [47](#prosp3_004) |
| &nbsp;&nbsp;&nbsp;[The Geographic Concentration and Performance of the Lease Assets May Increase the Risk of Loss on Your Investment.](#prosp3_005) | [48](#prosp3_005) |
| &nbsp;&nbsp;&nbsp;[You May Have Difficulty Selling Your Notes and/or Obtaining Your Desired Price Due to the Absence of, or Illiquidity in, a Secondary Market for Such Notes and Because of General Global Economic Conditions.](#prosp3_006) | [49](#prosp3_006) |
| [\[The \[Offered\] Notes May Not Be Suitable Investments for Certain Environmentally or Sustainability Focused Investors.\]](#prosp3_007) | [50](#prosp3_007) |
| [\[There is no Legal, Regulatory, or Market Definition of or Standardized Criteria for What Constitutes a "Green," "Sustainable," or other Equivalently Labeled Investment or Use of Proceeds, and Any Such Designations Made by Third Parties with Respect to the Notes May Not Be Suitable for The Investment Criteria of an Investor.\]](#prosp3_008) | [50](#prosp3_008) |
| [Climate Change Could Have an Adverse Effect on World Omni's Business and May, Directly or Indirectly, Cause Losses on Your Notes.](#prosp3_009) | [51](#prosp3_009) |
| &nbsp;&nbsp;&nbsp;[\[*Insert for transactions structured to comply with material net economic interest retention*: Requirements for Certain European and United Kingdom Regulated Investors.](#prosp3_010) | [51](#prosp3_010) |
| &nbsp;&nbsp;&nbsp;[\[*Insert for transactions not structured to comply with any aspect of EU or UK Credit Risk Retention*: The Notes May Not Be a Suitable Investment for Investors Subject to the EU Securitisation Regulation or the UK Securitisation Framework.](#prosp3_011) | [61](#prosp3_011) |
| &nbsp;&nbsp;&nbsp;[Existing Legislation and Future Regulatory Reforms Could Have An Adverse Effect On World Omni's Business and Operating Results.](#prosp3_012) | [61](#prosp3_012) |
| &nbsp;&nbsp;&nbsp;[Federal Financial Regulatory Legislation Could Have an Adverse Effect on World Omni, the Titling Trust, the Initial Beneficiary, the Depositor and the Issuing Entity, Which Could Result in Losses or Delays in Payments on Your Notes.](#prosp3_013) | [62](#prosp3_013) |
| &nbsp;&nbsp;&nbsp;[The Return On Your Notes Could Be Reduced By Shortfalls Due To Military Action.](#prosp3_014) | [66](#prosp3_014) |
| &nbsp;&nbsp;&nbsp;[Leases That Fail To Comply With Consumer Protection Laws May Be Unenforceable, Which May Result In Losses On Your Investment](#prosp3_015) | [68](#prosp3_015) |

---

vii

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;[Interests of Other Persons in the Exchange Note, the Leases or the Leased Vehicles Could Reduce Funds Available to Pay Your Notes.](#prosp3_016) | [68](#prosp3_016) |
| &nbsp;&nbsp;&nbsp;[You May Suffer Losses On Your Investment Because the Indenture Trustee Lacks Direct Ownership Interests or Perfected Security Interests In the Leased Vehicles and Interests of Other Persons In the Leases and the Leased Vehicles Could Be Superior To the Closed-End Collateral Agent's Interest.](#prosp3_017) | [70](#prosp3_017) |
| &nbsp;&nbsp;&nbsp;[If the Servicer Does Not Maintain Control of the Leases Evidenced By Electronic Contracts, the Titling Trust May Not Have A Perfected Security Interest In Those Leases.](#prosp3_018) | [70](#prosp3_018) |
| &nbsp;&nbsp;&nbsp;[If ERISA Liens Are Placed On the Titling Trust Assets, You Could Suffer a Loss.](#prosp3_019) | [72](#prosp3_019) |
| &nbsp;&nbsp;&nbsp;[Vicarious Tort Liability May Result In a Loss.](#prosp3_020) | [72](#prosp3_020) |
| &nbsp;&nbsp;&nbsp;[The \[Offered\] Notes Are Not Suitable Investments for All Investors.](#prosp3_021) | [74](#prosp3_021) |
| &nbsp;&nbsp;&nbsp;[Withdrawal or Downgrade of the Initial Ratings of the Notes Will, and the Issuance of Unsolicited Ratings on Your Notes or any Adverse Changes to a Hired Rating Agency, May Affect the Prices for the \[Offered\] Notes Upon Resale.](#prosp3_022) | [74](#prosp3_022) |
| &nbsp;&nbsp;&nbsp;[Because the \[Offered\] Notes Are In Book-Entry Form, Your Rights Can Only Be Exercised Indirectly.](#prosp3_023) | [75](#prosp3_023) |
| &nbsp;&nbsp;&nbsp;[You May Suffer Delays in Payments as a Result of the Manner in Which Principal of and Interest On the \[Offered\] Notes is Paid.](#prosp3_024) | [75](#prosp3_024) |
| &nbsp;&nbsp;&nbsp;[Risk of Non-U.S. Noteholders' Investment in Notes Treated as Being Engaged in a U.S. Trade or Business on Account of Their Own Activities.](#prosp3_025) | [75](#prosp3_025) |
| &nbsp;&nbsp;&nbsp;[There is a Risk of a Taxable Deemed Exchange of Notes if the Transaction Documents are Amended.](#prosp3_027) | [76](#prosp3_027) |
| [THE SERVICER, SPONSOR AND ADMINISTRATOR](#prosp3_028) | [77](#prosp3_028) |
| &nbsp;&nbsp;&nbsp;[General](#prosp3_029) | [77](#prosp3_029) |
| &nbsp;&nbsp;&nbsp;[Corporate Responsibility](#prosp3_030) | [78](#prosp3_030) |
| &nbsp;&nbsp;&nbsp;[Securitization Experience](#prosp3_031) | [78](#prosp3_031) |
| &nbsp;&nbsp;&nbsp;[Repurchases of Leases in Prior Securitized Lease Pools](#prosp3_032) | [78](#prosp3_032) |
| &nbsp;&nbsp;&nbsp;[Origination, Underwriting and Purchasing](#prosp3_033) | [79](#prosp3_033) |
| &nbsp;&nbsp;&nbsp;[Underwriting Standards](#prosp3_034) | [80](#prosp3_034) |
| &nbsp;&nbsp;&nbsp;[Servicing](#prosp3_035) | [82](#prosp3_035) |
| &nbsp;&nbsp;&nbsp;[Like Kind Exchange Program](#prosp3_036) | [85](#prosp3_036) |
| [THE TITLING TRUST](#prosp3_037) | [87](#prosp3_037) |
| &nbsp;&nbsp;&nbsp;[Formation of the Titling Trust](#prosp3_038) | [87](#prosp3_038) |
| &nbsp;&nbsp;&nbsp;[Titling Trustee, Delaware Trustee and Titling Trustee Agent](#prosp3_039) | [88](#prosp3_039) |
| &nbsp;&nbsp;&nbsp;[Titling of Leased Vehicles](#prosp3_040) | [88](#prosp3_040) |
| &nbsp;&nbsp;&nbsp;[Servicing of Leases and Leased Vehicles](#prosp3_041) | [88](#prosp3_041) |
| &nbsp;&nbsp;&nbsp;[Limited Powers of Titling Trust](#prosp3_042) | [89](#prosp3_042) |
| &nbsp;&nbsp;&nbsp;[Allocation of Liabilities of the Titling Trust](#prosp3_043) | [89](#prosp3_043) |
| [THE INITIAL BENEFICIARY](#prosp3_044) | [91](#prosp3_044) |

---

---

| | |
|:---|:---|
| [THE DEPOSITOR](#prosp3_045) | [92](#prosp3_045) |
| [THE ISSUING ENTITY](#prosp3_046) | [93](#prosp3_046) |
| &nbsp;&nbsp;&nbsp;[Capitalization of the Issuing Entity](#prosp3_047) | [93](#prosp3_047) |
| &nbsp;&nbsp;&nbsp;[The Trust Property](#prosp3_048) | [95](#prosp3_048) |
| [THE TRUSTEES OF THE ISSUING ENTITY](#prosp3_049) | [96](#prosp3_049) |
| &nbsp;&nbsp;&nbsp;[The Owner Trustee](#prosp3_050) | [96](#prosp3_050) |
| &nbsp;&nbsp;&nbsp;[The Indenture Trustee, Note Registrar and Paying Agent, and Account Bank](#prosp3_051) | [96](#prosp3_051) |
| [ASSET REPRESENTATIONS REVIEWER](#prosp3_052) | [97](#prosp3_052) |
| [THE EXCHANGE NOTE](#prosp3_053) | [99](#prosp3_053) |
| &nbsp;&nbsp;&nbsp;[General](#prosp3_054) | [99](#prosp3_054) |
| &nbsp;&nbsp;&nbsp;[Transfers of the Exchange Note](#prosp3_055) | [100](#prosp3_055) |
| [THE LEASES](#prosp3_056) | [102](#prosp3_056) |
| &nbsp;&nbsp;&nbsp;[Characteristics of the Leases](#prosp3_057) | [102](#prosp3_057) |
| &nbsp;&nbsp;&nbsp;[Calculation of the Securitization Value](#sp05_001) | [106](#sp05_001) |
| &nbsp;&nbsp;&nbsp;[Characteristics of the Units](#sp05_002) | [106](#sp05_002) |
| &nbsp;&nbsp;&nbsp;[\[The Subsequent Units\]](#sp05_003) | [116](#sp05_003) |
| &nbsp;&nbsp;&nbsp;[\[Revolving Period\]](#sp05_004) | [117](#sp05_004) |
| &nbsp;&nbsp;&nbsp;[Asset-Level Data](#sp05_005) | [119](#sp05_005) |
| &nbsp;&nbsp;&nbsp;[Pool Underwriting](#sp05_006) | [119](#sp05_006) |
| &nbsp;&nbsp;&nbsp;[Review of Leases in Reference Pool](#sp05_007) | [119](#sp05_007) |
| &nbsp;&nbsp;&nbsp;[Representations and Warranties Relating to the Units](#sp05_008) | [120](#sp05_008) |
| &nbsp;&nbsp;&nbsp;[Asset Representations Review](#sp05_009) | [122](#sp05_009) |
| &nbsp;&nbsp;&nbsp;[Dispute Resolution for Reallocation Requests](#sp05_010) | [125](#sp05_010) |
| [DELINQUENCIES, REPOSSESSIONS AND NET LOSSES](#sp05_011) | [127](#sp05_011) |
| [STATIC POOL INFORMATION](#sp05_012) | [132](#sp05_012) |
| [PREPAYMENT AND YIELD CONSIDERATIONS—WEIGHTED AVERAGE LIFE OF THE SECURITIES](#sp05_013) | [133](#sp05_013) |
| [NOTE FACTORS AND OTHER INFORMATION](#B_01) | [147](#B_01) |
| [USE OF PROCEEDS](#B_02) | [148](#B_02) |
| [DESCRIPTION OF THE NOTES](#B_03) | [149](#B_03) |
| &nbsp;&nbsp;&nbsp;[Payments of Interest](#B_04) | [149](#B_04) |
| &nbsp;&nbsp;&nbsp;[Payments of Principal](#B_05) | [155](#B_05) |
| &nbsp;&nbsp;&nbsp;[Redemption Upon Optional Purchase](#B_06) | [157](#B_06) |
| &nbsp;&nbsp;&nbsp;[\[Mandatory Prepayment\]](#B_07) | [157](#B_07) |
| [REGISTRATION OF THE NOTES](#B_08) | [159](#B_08) |
| &nbsp;&nbsp;&nbsp;[Book-Entry Registration](#B_09) | [159](#B_09) |
| &nbsp;&nbsp;&nbsp;[Definitive Notes](#B_10) | [159](#B_10) |
| [DESCRIPTION OF THE TRANSACTION DOCUMENTS](#B_11) | [161](#B_11) |
| &nbsp;&nbsp;&nbsp;[Reallocation \[and Substitution\] Obligations](#B_12) | [161](#B_12) |
| &nbsp;&nbsp;&nbsp;[Accounts](#B_13) | [161](#B_13) |
| &nbsp;&nbsp;&nbsp;[The Servicing Agreement and the Servicing Supplement](#B_14) | [163](#B_14) |
| &nbsp;&nbsp;&nbsp;[Custody of Lease Documents and Certificates of Title](#B_15) | [163](#B_15) |
| &nbsp;&nbsp;&nbsp;[Sale and Disposition of Leased Vehicles](#B_16) | [164](#B_16) |
| &nbsp;&nbsp;&nbsp;[Insurance on Leased Vehicles](#B_17) | [164](#B_17) |
| &nbsp;&nbsp;&nbsp;[Security Deposits](#B_18) | [164](#B_18) |
| &nbsp;&nbsp;&nbsp;[Servicing Compensation](#B_19) | [165](#B_19) |
| &nbsp;&nbsp;&nbsp;[Servicing of Defaulted Leases](#B_20) | [165](#B_20) |
| &nbsp;&nbsp;&nbsp;[Evidence as to Compliance](#B_21) | [165](#B_21) |
| &nbsp;&nbsp;&nbsp;[Noteholder Communication](#B_22) | [165](#B_22) |

---

viii

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;[Servicer Resignation, Servicer Liability and Servicer Indemnification](#a_001) | [166](#a_001) |
| &nbsp;&nbsp;&nbsp;[Servicer Default](#a_002) | [167](#a_002) |
| &nbsp;&nbsp;&nbsp;[Rights upon Exchange Noteholder Servicer Default](#a_003) | [167](#a_003) |
| &nbsp;&nbsp;&nbsp;[Waiver of Past Defaults](#a_004) | [167](#a_004) |
| &nbsp;&nbsp;&nbsp;[Termination](#a_005) | [168](#a_005) |
| &nbsp;&nbsp;&nbsp;[Distributions on the Exchange Note](#a_006) | [168](#a_006) |
| &nbsp;&nbsp;&nbsp;[Distributions on the Securities](#a_007) | [170](#a_007) |
| &nbsp;&nbsp;&nbsp;[\[Risk Retention\] Reserve Account](#a_008) | [177](#a_008) |
| &nbsp;&nbsp;&nbsp;[\[Class \[·\] Reserve Account](#a_009) | [179](#a_009) |
| &nbsp;&nbsp;&nbsp;[\[Pre-Funding Account\]](#a_010) | [179](#a_010) |
| &nbsp;&nbsp;&nbsp;[\[Negative Carry Account\]](#a_011) | [180](#a_011) |
| &nbsp;&nbsp;&nbsp;[Overcollateralization](#a_012) | [180](#a_012) |
| &nbsp;&nbsp;&nbsp;[\[Cash Deposits\]](#a_013) | [181](#a_013) |
| &nbsp;&nbsp;&nbsp;[Indenture](#a_014) | [181](#a_014) |
| &nbsp;&nbsp;&nbsp;[Trust Agreement](#a_015) | [187](#a_015) |
| &nbsp;&nbsp;&nbsp;[Trustee Indemnification and Trustee Resignation and Removal](#a_016) | [188](#a_016) |
| &nbsp;&nbsp;&nbsp;[Amendments](#a_017) | [189](#a_017) |
| &nbsp;&nbsp;&nbsp;[Bankruptcy of the Issuing Entity](#a_018) | [190](#a_018) |
| &nbsp;&nbsp;&nbsp;[\[Interest Rate Protection Agreement\]](#a_019) | [190](#a_019) |
| &nbsp;&nbsp;&nbsp;[\[The \[Swap\]\[Cap\] Counterparty\]](#a_020) | [191](#a_020) |
| &nbsp;&nbsp;&nbsp;[\[Interest Rate Protection Agreement Significance Percentage\]](#a_021) | [192](#a_021) |
| [U.S. CREDIT RISK RETENTION](#a_022) | [193](#a_022) |
| &nbsp;&nbsp;&nbsp;[\[Combination Vertical and Horizontal Interest Option\]](#a_023) | [193](#a_023) |
| &nbsp;&nbsp;&nbsp;[\[Eligible Vertical Interest Option\]](#a_024) | [193](#a_024) |
| &nbsp;&nbsp;&nbsp;[\[Eligible Horizontal Residual Interest Option\]](#a_025) | [193](#a_025) |
| [\[EU SECURITISATION REGULATION AND UK SECURITISATION FRAMEWORK](#sp8_001) | [199](#sp8_001) |
| [CERTAIN PROVISIONS OF THE TITLING TRUST DOCUMENTS AND RELATED AGREEMENTS](#sp8_002) | [201](#sp8_002) |
| &nbsp;&nbsp;&nbsp;[Closed-End Collateral Specified Interest, Reference Pools and Exchange Notes](#sp08_020) | [201](#sp08_020) |
| &nbsp;&nbsp;&nbsp;[Titling Trustee](#sp08_021) | [202](#sp08_021) |
| &nbsp;&nbsp;&nbsp;[Resignation and Removal of the Titling Trustee or Titling Trust Administrator](#sp08_022) | [202](#sp08_022) |
| &nbsp;&nbsp;&nbsp;[Indemnity of Titling Trustees](#sp08_023) | [202](#sp08_023) |
| &nbsp;&nbsp;&nbsp;[Issuing Entity as Third-Party Beneficiary](#sp08_024) | [203](#sp08_024) |
| &nbsp;&nbsp;&nbsp;[Termination](#sp08_025) | [203](#sp08_025) |
| &nbsp;&nbsp;&nbsp;[Securities Owned by the Issuing Entity, the Depositor, the Servicer and their Affiliates](#sp08_026) | [203](#sp08_026) |
| &nbsp;&nbsp;&nbsp;[Information Requests](#sp08_027) | [203](#sp08_027) |
| &nbsp;&nbsp;&nbsp;[Securities Exchange Act Filing](#sp08_028) | [203](#sp08_028) |
| &nbsp;&nbsp;&nbsp;[Exchange Note Default](#sp08_029) | [203](#sp08_029) |
| &nbsp;&nbsp;&nbsp;[Application of Collections on the Reference Pools](#sp08_030) | [204](#sp08_030) |
| [AFFILIATIONS AND RELATIONSHIPS AMONG TRANSACTION PARTIES](#sp8_003) | [205](#sp8_003) |
| [FEES AND EXPENSES](#sp8_004) | [206](#sp8_004) |
| [ADDITIONAL LEGAL ASPECTS OF THE TITLING TRUST AND THE EXCHANGE NOTES](#sp8_005) | [208](#sp8_005) |
| &nbsp;&nbsp;&nbsp;[The Titling Trust](#sp08_031) | [208](#sp08_031) |
| &nbsp;&nbsp;&nbsp;[Qualification of VT Inc. as Fiduciary](#sp08_032) | [208](#sp08_032) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;[Structural Considerations](#sp08_033) | [208](#sp08_033) |
| &nbsp;&nbsp;&nbsp;[Allocation of Titling Trust Liabilities](#sp08_034) | [209](#sp08_034) |
| &nbsp;&nbsp;&nbsp;[Insolvency Related Matters](#sp08_035) | [209](#sp08_035) |
| &nbsp;&nbsp;&nbsp;[Dodd-Frank Act Orderly Liquidation Authority Provisions](#sp08_036) | [212](#sp08_036) |
| [ADDITIONAL LEGAL ASPECTS OF THE LEASES AND THE LEASED VEHICLES](#sp8_006) | [215](#sp8_006) |
| &nbsp;&nbsp;&nbsp;[Security Interests](#sp08_037) | [215](#sp08_037) |
| &nbsp;&nbsp;&nbsp;[Safekeeping of Chattel Paper](#sp08_038) | [215](#sp08_038) |
| &nbsp;&nbsp;&nbsp;[ERISA Liens and Vicarious Tort Liability](#sp08_039) | [216](#sp08_039) |
| &nbsp;&nbsp;&nbsp;[Limitations on Collateral Agent's and Indenture Trustee's Lien](#sp08_040) | [216](#sp08_040) |
| &nbsp;&nbsp;&nbsp;[Vicarious Tort Liability](#sp08_041) | [216](#sp08_041) |
| &nbsp;&nbsp;&nbsp;[Repossession of Leased Vehicles](#sp08_042) | [217](#sp08_042) |
| &nbsp;&nbsp;&nbsp;[Consumer Protection Law](#sp08_043) | [217](#sp08_043) |
| &nbsp;&nbsp;&nbsp;[Other Limitations](#sp08_044) | [220](#sp08_044) |
| [MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES](#sp8_007) | [221](#sp8_007) |
| &nbsp;&nbsp;&nbsp;[Tax Consequences to Holders of the Notes](#sp09_001) | [221](#sp09_001) |
| &nbsp;&nbsp;&nbsp;[Tax Regulations for Acquisition of Notes by Related Parties](#sp09_002) | [226](#sp09_002) |
| &nbsp;&nbsp;&nbsp;[Classification of the Issuing Entity](#sp09_003) | [226](#sp09_003) |
| &nbsp;&nbsp;&nbsp;[Discount and Premium](#sp09_004) | [227](#sp09_004) |
| &nbsp;&nbsp;&nbsp;[Tax Shelter Disclosure and Investor List Requirements](#sp09_005) | [227](#sp09_005) |
| [STATE AND LOCAL TAX CONSEQUENCES](#sp09_006) | [228](#sp09_006) |
| [CERTAIN ERISA AND RELATED CONSIDERATIONS](#sp09_007) | [229](#sp09_007) |
| [UNDERWRITING](#sp09_008) | [231](#sp09_008) |
| [OFFERING RESTRICTIONS](#sp09_009) | [236](#sp09_009) |
| &nbsp;&nbsp;&nbsp;[\[European Economic Area](#sp09_010) | [236](#sp09_010) |
| &nbsp;&nbsp;&nbsp;[United Kingdom](#sp09_011) | [236](#sp09_011) |
| [FORWARD-LOOKING STATEMENTS](#sp09_012) | [237](#sp09_012) |
| [LEGAL PROCEEDINGS](#sp09_013) | [238](#sp09_013) |
| [INCORPORATION OF CERTAIN INFORMATION BY REFERENCE](#sp09_014) | [239](#sp09_014) |
| [LEGAL MATTERS](#sp09_015) | [240](#sp09_015) |
| [INDEX OF PRINCIPAL TERMS](#sp09_016) | [241](#sp09_016) |
| [APPENDIX A: STATIC POOL INFORMATION](#sp09_017) | [A-1](#sp09_017) |
| [APPENDIX B: ASSUMED CASH FLOWS](#sp09_018) | [B-1](#sp09_018) |

---

ix

**TRANSACTION STRUCTURE AND PARTIES[<sup>(1)</sup>]**

The following chart summarizes the structure and parties to the transaction and provides only a simplified overview of their relationships. Please refer to this prospectus for a further description.

![](tm2521876d1_sp3img001.jpg)

[(1) [The Class [·] Notes are not being offered under this prospectus and will initially be retained by the Depositor or one or more affiliates thereof.][All or a portion of one or more classes of Notes may initially be retained by the Depositor or one or more affiliates thereof on the [Initial] Closing Date.] [The Depositor will retain [[·]% of each class of Notes [a single vertical security] and the Certificates of the Issuing Entity].]

x

**SUMMARY OF MONTHLY DISTRIBUTIONS OF AVAILABLE FUNDS RECEIVED ON THE EXCHANGE NOTE\*[†]**

![](tm2521876d1_sp3img002.jpg)

\* This chart provides only a simplified overview of the priority of monthly distributions. The order in which funds will flow each month as indicated above is applicable for so long as no Event of Default has occurred. For more detailed information or information regarding the flow of funds upon the occurrence of an Event of Default, please refer to "*Description of the Transaction Documents—Distributions on the Securities—Allocations and Distributions on the Securities*" in this prospectus.

[† If any of the Class A-1 Notes remain outstanding after the [·] Payment Date, an amount equal to the outstanding principal amount of and accrued and unpaid interest on the Class A-1 Notes will be paid on [·].]

xi

**SUMMARY OF TERMS**

The following summary is a concise description of the main terms of the Notes. For this reason, the summary does not contain all the information that may be important to you. You will find a detailed description of the terms of the Notes following this summary.

**Parties and Dates**

***Issuing Entity***

The Issuing Entity of the Notes is World Omni Automobile Lease Securitization Trust 20[·]-[·], also referred to herein as the *"**Issuing Entity**."*

***Depositor***

The Depositor is World Omni Auto Leasing LLC, a Delaware limited liability company and wholly-owned, special-purpose subsidiary of Auto Lease Finance LLC, a wholly-owned, special-purpose subsidiary of World Omni Financial Corp., a Florida corporation (***"World Omni***").

The address and telephone number of the Depositor is:

250 Jim Moran Blvd.<br> Deerfield Beach, Florida 33442<br> (954) 429-2200

***Initial Beneficiary***

The Initial Beneficiary is Auto Lease Finance LLC, a Delaware limited liability company and wholly-owned, special-purpose subsidiary of World Omni.

***Servicer, Sponsor and Administrator***

The Servicer, Sponsor and Administrator is World Omni*,* which is an indirect wholly-owned subsidiary of JM Family Enterprises, Inc. World Omni was established in 1981 and provides financial services to Toyota dealers in Alabama, Florida, Georgia, North Carolina and South Carolina, referred to herein as the "***Five-State Area****,*" and has operated under the "Southeast Toyota Finance" name since 1996.

Through its subsidiaries, JM Family Enterprises, Inc. provides a full range of automotive-related distribution and financial services to Toyota dealerships in the Five-State Area and provides financial services to other dealerships throughout the United States. Southeast Toyota Distributors, LLC, an indirect wholly-owned subsidiary of JM Family Enterprises, Inc., is the exclusive distributor of

Toyota cars and light-duty trucks, parts and accessories in the Five-State Area and distributes Toyota vehicles pursuant to a distributor agreement with Toyota Motor Sales, U.S.A., Inc., a California corporation, that commenced in 1968 and has been subsequently renewed through [·], 20[·].

***Indenture Trustee, Note Registrar and Paying Agent***

The Indenture Trustee, note registrar and paying agent is [·].

***Account Bank***

The Account Bank is [·].

***Owner Trustee***

The Owner Trustee is [·].

***Asset Representations Reviewer***

The Asset Representations Reviewer is [·].

***[[Swap][Cap] Counterparty]***

[The [swap][cap] counterparty is [·].]

***Titling Trust and Issuer of the Exchange Note***

The Titling Trust and issuer of the Exchange Note is World Omni LT, a Delaware statutory trust. Toyota dealerships within the Five-State Area have assigned and will assign closed-end lease contracts and the related leased vehicles to the Titling Trust. Some of the leases and related leased vehicles assigned to the Titling Trust have been allocated to a separate pool of assets of the closed-end collateral specified interest in the Titling Trust, which we call the "***Reference Pool***", cash flow from which is directed to make payments on a note called the "***Exchange Note***." The Issuing Entity will hold the Exchange Note.

***Titling Trustee***

The Titling Trustee is VT Inc., an Alabama corporation and a wholly-owned, special-purpose subsidiary of U.S. Bank National Association.

***Titling Trustee Agent and Administrative Agent***

The Titling Trustee Agent of the Titling Trust is U.S. Bank National Association, a national banking association. The administrative agent of the Titling Trust is U.S. Bank Trust Company, National Association, a national banking association (as successor in interest to U.S. Bank National Association) (the "***Administrative Agent***").

***Delaware Trustee***

The Delaware Trustee is U.S. Bank Trust National Association, a national banking association.

***Closed-End Collateral Agent***

The Closed-End Collateral Agent is AL Holding Corp., a Delaware corporation.

***[Initial][Actual] Cutoff Date***

[·].

***[Initial] Closing Date***

On or about [·].

The lease information in this prospectus is based on the Units related to the Reference Pool as of the [Initial][Actual] Cutoff Date. See "*—Lease Information*" below.

**The Notes**

The Issuing Entity will issue the following Notes:

Class A-1 [[·]%/Fixed Rate][Floating Rate] Asset-Backed Notes [if the aggregate initial principal amount of the Notes is $[·],] in the aggregate initial principal amount of $[·] [, which may be comprised of $[·] Class A-1a [·]% Fixed Rate Asset-Backed Notes and $[·] Class A-1b [the applicable Benchmark] plus [·]% Floating Rate Asset-Backed Notes] [and, if the aggregate initial principal amount of the Notes is $[·], in the aggregate initial principal amount of $[·]] [, which may be comprised of $[·] Class A-1a [·]% Fixed Rate Asset-Backed Notes and $[·] Class A-1b [the applicable Benchmark] plus [·]% Floating Rate Asset-Backed Notes];

Class A-2[[·]%/Fixed Rate][Floating Rate] Asset-Backed Notes [if the aggregate initial principal amount of the Notes is $[·],] in the aggregate initial principal amount of $[·] [, which may be comprised of $[·] Class A-2a [·]% Fixed Rate Asset-Backed

Notes and $[·] Class A-2b [the applicable Benchmark] plus [·]% Floating Rate Asset-Backed Notes] [and, if the aggregate initial principal amount of the Notes is $[·], in the aggregate initial principal amount of $[·]] [, which may be comprised of $[·] Class A-2a [·]% Fixed Rate Asset-Backed Notes and $[·] Class A-2b [the applicable Benchmark] plus [·]% Floating Rate Asset-Backed Notes];

Class A-3[[·]%/Fixed Rate][Floating Rate] Asset-Backed Notes [if the aggregate initial principal amount of the Notes is $[·],] in the aggregate initial principal amount of $[·] [, which may be comprised of $[·] Class A-3a [·]% Fixed Rate Asset-Backed Notes and $[·] Class A-3b [the applicable Benchmark] plus [·]% Floating Rate Asset-Backed Notes] [and, if the aggregate initial principal amount of the Notes is $[·], in the aggregate initial principal amount of $[·]] [, which may be comprised of $[·] Class A-3a [·]% Fixed Rate Asset-Backed Notes and $[·] Class A-3b [the applicable Benchmark] plus [·]% Floating Rate Asset-Backed Notes]; [and]

Class A-4 [[·]%/Fixed Rate][Floating Rate] Asset-Backed Notes [if the aggregate initial principal amount of the Notes is $[·],] in the aggregate initial principal amount of $[·] [, which may be comprised of $[·] Class A-4a [·]% Fixed Rate Asset-Backed Notes and $[·] Class A-4b [the applicable Benchmark] plus [·]% Floating Rate Asset-Backed Notes] [and, if the aggregate initial principal amount of the Notes is $[·], in the aggregate initial principal amount of $[·]] [, which may be comprised of $[·] Class A-4a [·]% Fixed Rate Asset-Backed Notes and $[·] Class A-4b [the applicable Benchmark] plus [·]% Floating Rate Asset-Backed Notes]; [and]

Class B [[·]%/Fixed Rate][Floating Rate] Asset-Backed Notes [if the aggregate initial principal amount of the Notes is $[·],] in the aggregate initial principal amount of $[·] [, which may be comprised of $[·] Class B-a [·]% Fixed Rate Asset-Backed Notes and $[·] Class B-b [the applicable Benchmark] plus [·]% Floating Rate Asset-Backed Notes] [and, if the aggregate initial principal amount of the Notes is $[·], in the aggregate initial principal amount of $[·]] [, which may be comprised of $[·] Class B-a [·]% Fixed Rate Asset-Backed Notes and $[·] Class B-b [the applicable Benchmark] plus [·]% Floating Rate Asset-Backed Notes] [.][; and]

Class C [[·]%/Fixed Rate][Floating Rate] Asset-Backed Notes [if the aggregate initial principal amount of the Notes is $[·],] in the aggregate initial principal amount of $[·] [, which may be comprised of $[·] Class C-a [·]% Fixed Rate Asset-Backed Notes and $[·] Class C-b [the applicable Benchmark] plus [·]% Floating Rate Asset-Backed Notes] [and, if

the aggregate initial principal amount of the Notes is $[·], in the aggregate initial principal amount of $[·]] [, which may be comprised of $[·] Class C-a [·]% Fixed Rate Asset-Backed Notes and $[·] Class C-b [the applicable Benchmark] plus [·]% Floating Rate Asset-Backed Notes].]

Class D [[·]%/Fixed Rate][Floating Rate] Asset-Backed Notes [if the aggregate initial principal amount of the Notes is $[·],] in the aggregate initial principal amount of $[·] [, which may be comprised of $[·] Class D-a [·]% Fixed Rate Asset-Backed Notes and $[·] Class D-b [the applicable Benchmark] plus [·]% Floating Rate Asset-Backed Notes] [and, if the aggregate initial principal amount of the Notes is $[·], in the aggregate initial principal amount of $[·]] [, which may be comprised of $[·] Class D-a [·]% Fixed Rate Asset-Backed Notes and $[·] Class D-b [the applicable Benchmark] plus [·]% Floating Rate Asset-Backed Notes].]

Class E [[·]%/Fixed Rate][Floating Rate] Asset-Backed Notes [if the aggregate initial principal amount of the Notes is $[·],] in the aggregate initial principal amount of $[·] [, which may be comprised of $[·] Class E-a [·]% Fixed Rate Asset-Backed Notes and $[·] Class E-b [the applicable Benchmark] plus [·]% Floating Rate Asset-Backed Notes] [and, if the aggregate initial principal amount of the Notes is $[·], in the aggregate initial principal amount of $[·]] [, which may be comprised of $[·] Class E-a [·]% Fixed Rate Asset-Backed Notes and $[·] Class E-b [the applicable Benchmark] plus [·]% Floating Rate Asset-Backed Notes].]

Class F [[·]%/Fixed Rate][Floating Rate] Asset-Backed Notes [if the aggregate initial principal amount of the Notes is $[·],] in the aggregate initial principal amount of $[·] [, which may be comprised of $[·] Class F-a [·]% Fixed Rate Asset-Backed Notes and $[·] Class F-b [the applicable Benchmark] plus [·]% Floating Rate Asset-Backed Notes] [and, if the aggregate initial principal amount of the Notes is $[·], in the aggregate initial principal amount of $[·]] [, which may be comprised of $[·] Class F-a [·]% Fixed Rate Asset-Backed Notes and $[·] Class F-b [the applicable Benchmark] plus [·]% Floating Rate Asset-Backed Notes].]

[We refer to the Class [·][-[·]]a Notes and the Class [·][-[·]]b Notes collectively in this prospectus as the **"Class** [·][-[·]] **Notes.**" The allocation of the principal amount between any Class [·][-[·]]a Notes and any Class [·][-[·]]b Notes will be determined on the day of pricing of the Notes offered hereunder. The Depositor expects that the principal amount of the Class [·][-[·]]b Notes will not exceed $[·] [if the

aggregate initial principal amount of the Notes is $[·], and will not exceed $[·], if the aggregate initial principal amount of the Notes is $[·]]. See "*Risk Factors—Risks Relating to the Notes and Structure of the Transaction—Risks Associated With Unknown Allocation Between Class [·]-[·] Notes and Class [·]-[·] Notes Prior to Pricing.*"]

[The Depositor will make the determinations regarding the aggregate initial principal amount of the Notes [(including with regard to the Class [·][-[·]]a Notes and the Class [·][-[·]]b Notes)] [and the allocation of the principal balance between the Class A-2 Notes and the Class A-3 Notes] based on, among other considerations, market conditions at the time of pricing. See "*Risk Factors—Risks Relating to the Notes and Structure of the Transaction—Risks Associated With Unknown Aggregate Initial Principal Amount of the Notes Prior to Pricing.*"]

The Class A-1, Class A-2, Class A-3, and Class A-4 Notes are collectively referred to in this prospectus as the "***Class A Notes.****"* [The Class [·] Notes are collectively referred to as the ***"Floating Rate Notes."***] The Class A Notes [[and] [, the Class B Notes,] [[and] the Class C Notes,] [[and] the Class D Notes,] [[and] the Class E Notes] [and the Class F Notes] are collectively referred to in this prospectus as the "***Notes.***"

[The Class [·] Notes are not being offered under this prospectus and will initially be retained by the Depositor or one or more affiliates thereof.][All or a portion of one or more classes of Notes may initially be retained by the Depositor or one or more affiliates thereof on the [Initial] Closing Date ("***Retained Notes***").][The Depositor will retain [[·]% of each class of Notes] [a single vertical security] and the Certificates of the Issuing Entity].] [On or after the [Initial] Closing Date, the Depositor or any such affiliate may sell any such Retained Notes or Certificates [subject to certain limitations as described in *"Credit Risk Retention*"]. The Notes other than the Retained Notes are referred to as the "***Offered Notes.***" in this prospectus.]

[The interest rate for each class of Notes will be a fixed rate, a floating rate or a combination of a fixed rate and floating rate if that class has both a fixed rate tranche and a floating rate tranche. If the interest rate is a floating rate, the rate will be based on [the applicable Benchmark] plus the applicable spread described on the cover page of this prospectus. However, the Benchmark and the applicable spread may change under certain circumstances. For more information about how the interest rate based on [the applicable Benchmark] is determined and the

circumstances under which the Benchmark and the applicable spread may change, see "*Description of the Notes—Payments of Interest*" in this prospectus.] [If the Issuing Entity issues any Floating Rate Notes, it [may] enter into a corresponding interest rate [swap][cap] with respect to each class or tranche of Floating Rate Notes.]

[If the aggregate initial principal amount of the Notes is $[·], the aggregate initial principal amount of the Class A Notes will be $[ ] and the aggregate initial principal amount of the Class B Notes will be $[·] [[,][and] the aggregate initial principal amount of the Class C Notes will be $[·]] [[,][and] the aggregate initial principal amount of the Class D Notes will be $[·]] [[,][and] the aggregate initial principal amount of the Class E Notes will be $[·]] [and the aggregate initial principal amount of the Class F Notes will be $[·]] [and, if the aggregate initial principal amount of the Notes is $[·], the aggregate initial principal amount of the Class A Notes will be $[·] and the aggregate initial principal amount of the Class B Notes will be $[·] [[,][and] the aggregate initial principal amount of the Class C Notes will be $[·]] [[,][and] the aggregate initial principal amount of the Class D Notes will be $[·]] [[,] [and] the aggregate initial principal amount of the Class E Notes will be $[·]] [and the aggregate initial principal amount of the Class F Notes will be $[·]]. The [Offered] Notes will be issued in minimum denominations of $[1,000] and integral multiples of $[1,000] in excess thereof, in book-entry form only, through The Depository Trust Company ("***DTC***") in the United States, or Clearstream Banking, société anonyme ("***Clearstream***"), or Euroclear Bank S.A./N.V. ("***Euroclear***") in Europe. Any Retained Notes will be issued in minimum denominations of $[2,000,000] and integral multiples of $[1,000] in excess thereof, initially in physical form only. For more information, read "*Registration of the Notes—Book-Entry Registration*" in this prospectus. We expect that delivery of the [Offered] Notes will be made on the [Initial] Closing Date.

***Payment Dates***

The Issuing Entity will make payments on the Notes on the [15<sup>th</sup>] day of each month, except that when the [15<sup>th</sup>] day is not a business day, the Issuing Entity will make payments on the Notes on the next business day. We refer to each such date as a "***Payment Date*.**" The initial Payment Date will be [·]. [If any of the Class A-1 Notes remain outstanding after the [·] Payment Date, an amount equal to the outstanding principal amount of and any accrued and unpaid interest on the Class A-1 Notes will be paid on [·] (the ***"Additional Class A-1 Payment Date***").]

The Final Scheduled Payment Date for each class of Notes is listed below. The Depositor expects that each class of Notes will be paid in full prior to its Final Scheduled Payment Date.

---

| | |
|:---|:---|
| Class A-1 Notes | [·] |
| Class A-2 Notes | [·] |
| Class A-3 Notes | [·] |
| Class A-4 Notes | [·] |
| [Class B Notes | [·]] |
| [Class C Notes | [·]] |
| [Class D Notes | [·]] |
| [Class E Notes | [·]] |
| [Class F Notes | [·]] |

---

***Record Dates***

So long as the Notes are in book-entry form, the Issuing Entity will make payments on the Notes to the related holders of record on the business day immediately preceding the related Payment Date. If the Notes are issued in definitive form, the record date will be the Payment Date in the preceding month.

***Interest***

On each Payment Date, the Indenture Trustee will remit to the holders of record of each class of Notes as of the close of business on the related record date, interest at the respective per annum interest rate applicable to that class of Notes on the outstanding principal amount of that class of Notes as of the close of business on the preceding Payment Date. For Notes issued in book-entry form, the record date for a particular Payment Date will be the business day immediately preceding that Payment Date. [On the Additional Class A-1 Payment Date, if any of the Class A-1 Notes remain outstanding, the Indenture Trustee will remit to the holders of record of the Class A-1 Notes as of the related record date, an amount equal to any accrued and unpaid interest on the Class A-1 Notes.]

[Interest due on the Class A-1 Notes [and the Floating Rate Notes] will be calculated on the basis of the actual number of days in the related interest accrual period (which period will be from and including the previous Payment Date to but excluding the related Payment Date, except for the initial interest accrual period, which period will be from and including the [Initial] Closing Date to but excluding the initial Payment Date) and a 360-day year.

This means that the interest due on the Class A-1 Notes [and the Floating Rate Notes, as applicable] on each Payment Date will be the product of:

&nbsp;&nbsp;&nbsp;&nbsp;· the
 aggregate outstanding principal amount of the Class A-1 Notes [or the Floating Rate
 Notes, as applicable];

&nbsp;&nbsp;&nbsp;&nbsp;· the
 related interest rate; and

&nbsp;&nbsp;&nbsp;&nbsp;· the
 actual number of days from and including the previous Payment Date (or, in the case of the
 initial Payment Date, [ · ],
 assuming a[n] [Initial] Closing Date of [ · ])
 to but excluding the current Payment Date, divided by 360.]

[If the sum of [the applicable Benchmark] plus the applicable spread for the Class [·]-[·]b Notes set forth on the cover page of this prospectus is less than 0.00% for any interest accrual period, then the interest rate for the Class [·]-[·]b Notes for such interest accrual period will be deemed to be 0.00%.]

[The Class [·] Notes will not bear an interest rate, and therefore interest will not accrue or be paid with respect to the Class [·] Notes.] [Interest for a related period on each other class of the Notes will be calculated on the basis of a 360-day year consisting of twelve 30-day months, which period will be from and including the [15th] day of the previous calendar month (or, for the initial interest accrual period, from and including the [Initial] Closing Date) to but excluding the [15th] day of the current calendar month. This means that the interest due on these classes of Notes on each Payment Date will be the product of:

&nbsp;&nbsp;&nbsp;&nbsp;· the
 aggregate outstanding principal amount of the related class of Notes;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 related interest rate; and

&nbsp;&nbsp;&nbsp;&nbsp;· 30
 (or, in the case of the initial Payment Date, [ · ],
 assuming a[n] [Initial] Closing Date of [ · ])
 divided by 360.]

[Payments of interest on the Notes generally will be subordinate to net payments by the Issuing Entity to the swap counterparty under the interest rate protection agreement. We refer you to *"Description of the Transaction Documents—Interest Rate Protection Agreement"* in this prospectus.] Interest payments on all classes of the Class A Notes will have the same priority. Interest payments on the Class B Notes will be subordinated to the payment of interest on the Class A Notes. [Interest payments on the Class C Notes will be subordinated to the payment of interest on the Class A Notes and the Class B Notes.] [Interest payments on the Class D Notes will be subordinated to the payment of interest

on the Class A Notes, the Class B Notes and the Class C Notes.] [Interest payments on the Class E Notes will be subordinated to the payment of interest on the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes.] [Interest payments on the Class F Notes will be subordinated to the payment of interest on the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes.] [As described under *"Description of the Transaction Documents—Distributions on the Securities—Allocations and Distributions on the Securities"* in this prospectus, the Class A Notes will be entitled to receive specified payments of principal before payments of interest are made on the Class B Notes[[,] [and] the Class C Notes[,]] [[and] the Class D Notes [,]] [[and] the Class E Notes[,]] [[and] the Class F Notes][,]] [[and] the Class A Notes and the Class B Notes will be entitled to receive specified payments of principal before payments of interest are made on the Class C Notes]] [[,][and] the Class A Notes, the Class B Notes and the Class C Notes will be entitled to receive specified payments of principal before payments of interest are made on the Class D Notes][,]] [[and] the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes will be entitled to receive specified payments of principal before payments of interest are made on the Class E Notes]] [and the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes will be entitled to receive specified payments of principal before payments of interest are made on the Class F Notes]. [In addition, in the event that the Notes are declared to be due and payable after the occurrence of an Event of Default [resulting from the failure to make a payment on the Notes], unless such Event of Default has been waived or rescinded, no interest will be payable on the Class B Notes until all principal of and interest on the Class A Notes have been paid in full [[,][and] no interest will be payable on the Class C Notes until all principal of and interest on the Class A Notes and the Class B Notes have been paid in full] [[,][and] no interest will be payable on the Class D Notes until all principal of and interest on the Class A Notes, the Class B Notes and the Class C Notes have been paid in full] [[,][and] no interest will be payable on the Class E Notes until all principal of and interest on the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes have been paid in full] [and no interest will be payable on the Class F Notes until all principal of and interest on the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes have been paid in full.]

We refer you to *"Description of the Notes—Payments of Interest"* in this prospectus.

***Principal***

[The aggregate amount of principal payable on the Notes on each Payment Date will generally be

equal to the reduction in the note value of the Units during a Collection Period. The note value of the Units on any Payment Date is the present value of the unpaid scheduled payments on the leases, discounted at [·]%. The actual discount rate (the "***Specified Discount Rate***") used to calculate initial aggregate principal amount of the Notes will be established based on, among other things, market interest rates at the time the interest rates on the Notes are determined. As of the [Initial][Actual] Cutoff Date, the initial note value is $[·] (the "***Initial Note Value***"). For purposes of calculating the initial aggregate principal amount of the Notes disclosed in this prospectus, the assumed Initial Note Value is approximately $[·] based on an assumed discount rate of [ ]% (the "***Statistical Discount Rate***").] [During the Amortization Period,] On each Payment Date, from the amounts allocated to the holders of the Notes to pay principal described in clauses [(4)], [(6)] and [(8)] and [(10)] and [(12)] and [(14)] under *"—Priority of Payments"* below, the Issuing Entity will pay principal of the Notes in the following order of priority:

[(1)] [to the Class A Notes, pro rata, based upon the respective unpaid principal amount of each such class of Notes until they are paid in full][to the Class A-1 Notes[, pro rata among any Class A-1a Notes and any Class A-1b Notes, as applicable,] until they are paid in full][to the holders of each class of the Notes, pro rata, based on the outstanding principal amount of each such class, until they are paid in full][; then][.]

[(2) [to the holders of the other Class A Notes[, pro rata among any fixed rate tranche and any floating rate tranche of each such Class of Notes, as applicable], pro rata based upon their respective unpaid principal amounts, until they are paid in full][to the holders of the other Class A Notes[, pro rata among any fixed rate tranche and any floating rate tranche of each such Class of Notes, as applicable], sequentially until they are paid in full][; and then][.]]

[(2) to the Class A-2 Notes[, pro rata among any Class A-2a Notes and any Class A-2b Notes, as applicable,] until they are paid in full[; and then][.]]

[(3) to the Class A-3 Notes[, pro rata among any Class A-3a Notes and any Class A-3b Notes, as applicable,] until they are paid in full[; and then][.]]

[(4) to the Class A-4 Notes[, pro rata among any Class A-4a Notes and any Class A-4b Notes, as applicable,] until they are paid in full][; and then][.]]

[(5) to the Class B Notes[, pro rata among any Class Ba Notes and any Class Bb Notes, as applicable,] until they are paid in full][; and then][.]]

[(6) to the Class C Notes[, pro rata among any Class Ca Notes and any Class Cb Notes, as applicable,] until they are paid in full][; and then][.]]

[(7) to the Class D Notes[, pro rata among any Class Da Notes and any Class Db Notes, as applicable,] until they are paid in full][; and then][.]]

[(8) to the Class E Notes[, pro rata among any Class Ea Notes and any Class Eb Notes, as applicable,] until they are paid in full][; and then][.]]

[(9) to the Class F Notes[, pro rata among any Class Fa Notes and any Class Fb Notes, as applicable,] until they are paid in full.]

If the Notes are declared to be due and payable following the occurrence of an Event of Default, unless such Event of Default has been waived or rescinded, the Issuing Entity will pay principal of the Notes from funds allocated to the holders of the Notes in the following order of priority:

[(1)] [[to the holders of the Class A Notes, pro rata, based upon the respective unpaid principal amount of each such class of Notes until they are paid in full;][to the holders of the Class A-1 Notes[, pro rata among any Class A-1a Notes and any Class A-1b Notes, as applicable,] until they are paid in full][to the holders of each class of the Notes, pro rata, based on the outstanding principal amount of each such class, until they are paid in full][; then][.]

[(2) [to the holders of the other Class A Notes[, pro rata among any fixed rate tranche and any floating rate tranche of each such Class of Notes, as applicable], pro rata based upon their respective unpaid principal amounts, until they are paid in full][to the holders of the other Class A Notes[, pro rata among any fixed rate tranche and any floating rate tranche of each such Class of Notes, as applicable], sequentially until they are paid in full][; and then][.]]

[(2) to the holders of the Class B Notes[, pro rata among any Class Ba Notes and any Class Bb Notes, as applicable,] until they are paid in full[; and then][.]]

[(3) to the holders of the Class C Notes[, pro rata among any Class Ca Notes and any Class Cb Notes, as applicable,] until they are paid in full][; and then][.]

[(4) to the holders of the Class D Notes[, pro rata among any Class Da Notes and any Class Db Notes, as applicable,] until they are paid in full][; and then][.]

[(5) to the holders of the Class E Notes[, pro rata among any Class Ea Notes and any Class Eb Notes, as applicable,] until they are paid in full][; and then][.]

[(6) to the holders of the Class F Notes[, pro rata among any Class Fa Notes and any Class Fb Notes, as applicable,] until they are paid in full.]

[On the Additional Class A-1 Payment Date, if any of the Class A-1 Notes remain outstanding, an amount equal to the outstanding principal amount of the Class A-1 Notes will be paid to the holders of the Class A-1 Notes.] All outstanding principal and interest with respect to a class of Notes will be payable in full on its Final Scheduled Payment Date. We refer you to *"Description of the Transaction Documents—Distributions on the Securities—Payments to Noteholders"* in this prospectus and "*Fees and Expenses*" in this prospectus for a description of fees and expenses payable on each Payment Date out of Available Funds.

***Redemption Upon Optional Purchase***

The Servicer will have the right at its option to exercise a ***"Clean-Up Call***" and to purchase the Exchange Note from the Issuing Entity on any Payment Date following the last day of any Collection Period on which the aggregate outstanding principal amount of the Notes is less than or equal to [5]% of the initial aggregate outstanding principal amount of the Notes on the [Initial] Closing Date. If the Servicer exercises this option to purchase the Exchange Note, any Notes that are outstanding at that time will be prepaid in whole at a redemption price equal to their unpaid principal amount plus accrued and unpaid interest thereon to but excluding the date of redemption, and the purchase price for the Exchange Note shall not be less than [the sum of] the redemption price [and all amounts owing to the swap counterparty under the interest rate protection agreement].

***[Mandatory Prepayment]***

[[If there is a Pre-Funding Period, the Notes will be prepaid in whole or in part on the Payment Date immediately following the Collection Period in which the last day of the Pre-Funding Period occurs if and to the extent any amounts remain on deposit in

the Pre-Funding Account on that Payment Date after giving effect to the allocation of all subsequent Units.] [At the end of a Revolving Period, all or a portion of the Notes will be prepaid if there are amounts on deposit in the Accumulation Account following the end of the Revolving Period, after giving effect to the allocation of all subsequent Units.] This mandatory prepayment will be applied to each class of Notes in accordance with the priorities with respect to distributions of principal described under the first paragraph under "*The Notes—Principal*" above.]

***Priority of Payments***

On each Payment Date, prior to the occurrence of any Event of Default which has resulted in the acceleration of the Notes, any funds available for distribution from the Exchange Note[, the net amount, if any, of funds received by the Issuing Entity under the interest rate protection agreement], funds on deposit in the Trust Collection Account and other specified amounts constituting Available Funds, after the deduction of servicing fees and unpaid servicing fees, paid to or retained by the Servicer, if any, in each case, with respect to that Payment Date, will be distributed in the following amounts and order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to the Administrator, the administration fee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [pro rata (a) to the Swap Counterparty, the Monthly Swap Payment Amount and (b)] to the Asset Representations Reviewer, all fees, expenses and indemnities due to the Asset Representations Reviewer not previously paid by the Servicer, up to a maximum amount of $[·] per calendar year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [pro rata (a)] interest on the Class A Notes [and (b) any Senior Swap Termination Payment amounts owed by the Issuing Entity];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [during the Revolving Period, reinvestments in additional Units and deposits into the Accumulation Account, as applicable, in the amount of the Parity Reinvestment Amount][during the Amortization Period,] principal of the Notes in an amount equal to the amount by which (a) the aggregate outstanding principal amount of the Class A Notes as of the day immediately preceding such Payment Date exceeds (b) the aggregate Securitization Value as of the last day of the related Collection Period[, plus amounts, if any, on deposit in the Pre-Funding Account as of the last day of the prior Collection Period], such amount being the ***"Noteholders' First Priority Principal Distributable Amount"*** [[during the

Amortization Period] to the holders of each class of the Notes, pro rata, based on the outstanding principal amount of each such class, until they are paid in full] *[For the Payment Dates during the Revolving Period, the Noteholders' First Priority Principal Distributable Amount is zero.]*;

[(5) interest on the Class B Notes;]

[(6)] [during the Revolving Period, reinvestments in additional Units and deposits into the Accumulation Account, as applicable, in the amount of the Parity Reinvestment Amount][during the Amortization Period,] principal of the Notes in an amount equal to the amount by which (a) the aggregate outstanding principal amount of the Class A Notes and the Class B Notes as of the day immediately preceding such Payment Date exceeds (b) the aggregate Securitization Value as of the last day of the related Collection Period[, plus amounts, if any, on deposit in the Pre-Funding Account as of the last day of the prior Collection Period] less (c) any amounts allocated to pay principal of the Notes under clause [(4)] above, such amount being the ***"Noteholders' Second Priority Principal Distributable Amount"*** *[For the Payment Dates during the Revolving Period, the Noteholders' Second Priority Principal Distributable Amount is zero.]*;

[(7)] [interest on the Class C Notes;]

[(8)] [during the Revolving Period, reinvestments in additional Units and deposits into the Accumulation Account, as applicable, in the amount of the Parity Reinvestment Amount][during the Amortization Period,] [principal of the Notes in an amount equal to the amount by which (a) the aggregate outstanding principal amount of the Class A Notes, Class B Notes and the Class C Notes as of the day immediately preceding such Payment Date exceeds (b) the aggregate Securitization Value as of the last day of the related Collection Period[, plus amounts, if any, on deposit in the Pre-Funding Account as of the last day of the prior Collection Period] less (c) any amounts allocated to pay principal of the Notes under clauses [(4)] and [(6)] above, such amount being the ***"Noteholders' Third Priority Principal Distributable Amount***";*[For the Payment Dates during the Revolving Period, the Noteholders' Third Priority Principal Distributable Amount is zero.]*]

[(9)] [interest on the Class D Notes;]

[(10)] [during the Revolving Period, reinvestments in additional Units and deposits into the Accumulation Account, as applicable, in the amount of the Parity Reinvestment Amount][during the Amortization Period,] [principal of the Notes in an amount equal to the amount by which (a) the aggregate outstanding principal amount of the Class A Notes, Class B Notes, the Class C Notes and the Class D Notes as of the last day immediately preceding such Payment Date exceeds (b) the aggregate Securitization Value as of the last day of the related Collection Period[, plus amounts, if any, on deposit in the Pre-Funding Account as of the last day of the prior Collection Period] less (c) any amounts allocated to pay principal of the Notes under clauses [(4)], [(6)] and [(8)] above, such amount being the ***Noteholders' Fourth Priority Principal Distributable Amount"***; *[For the Payment Dates during the Revolving Period, the Noteholders' Fourth Priority Principal Distributable Amount is zero.]*]

[(11)] [interest on the Class E Notes;]

[(12)] [during the Revolving Period, reinvestments in additional Units and deposits into the Accumulation Account, as applicable, in the amount of the Parity Reinvestment Amount][during the Amortization Period,] [principal of the Notes in an amount equal to the amount by which (a) the aggregate outstanding principal amount of the Class A Notes, Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes as of the last day immediately preceding such Payment Date exceeds (b) the aggregate Securitization Value as of the last day of the related Collection Period[, plus amounts, if any, on deposit in the Pre-Funding Account as of the last day of the prior Collection Period] less (c) any amounts allocated to pay principal of the Notes under clauses [(4)], [(6)], [(8)] and [(10)] above, such amount being the ***Noteholders' Fifth Priority Principal Distributable Amount"***; *[For the Payment Dates during the Revolving Period, the Noteholders' Fifth Priority Principal Distributable Amount is zero.]*]

[(13)] [interest on the Class F Notes;]

[(14)] [during the Revolving Period, reinvestments in additional Units and deposits into the Accumulation Account, as applicable, in the amount of the Parity Reinvestment Amount][during the Amortization Period,] [principal of the Notes in an amount equal to the amount by which (a) the aggregate outstanding principal amount of the Class A Notes, Class B

Notes, the Class C Notes, the Class D Notes, the Class E Notes and the Class F Notes as of the last day immediately preceding such Payment Date exceeds (b) the aggregate Securitization Value as of the last day of the related Collection Period[, plus amounts, if any, on deposit in the Pre-Funding Account as of the last day of the prior Collection Period] less (c) any amounts allocated to pay principal of the Notes under clauses [(4)], [(6)], [(8)], [(10)] and [(12)] above, such amount being the ***Noteholders' Sixth Priority Principal Distributable Amount"***; *[For the Payment Dates during the Revolving Period, the Noteholders' Sixth Priority Principal Distributable Amount is zero.]*]

[(15)] to the [Risk Retention] Reserve Account, the amount, if any, necessary to fund the [Risk Retention] Reserve Account up to its [Risk Retention] Required Reserve Account Balance [and to reimburse the reserve account letter of credit bank for any unreimbursed draws];

[(16)] [during the Revolving Period, to deposit into the Accumulation Account, an amount equal to the excess, if any, of the Target Reinvestment Amount over the amount deposited into the Accumulation Account pursuant to clause[s] (4) [[,][and] (6)] [[,][and] (8)] [[,][and] (10)] [and (14)] above, which amount will be available for reinvestment in additional Units][during the Amortization Period,] principal of the Notes in an amount equal to the amount by which (a) the aggregate outstanding principal amount of the Notes as of the day immediately preceding such Payment Date exceeds (b) the aggregate Securitization Value as of the last day of the related Collection Period less [(i) with respect to any Payment Date on or prior to the date on which the aggregate principal amount of the Class [·] Notes is paid in full, [·]% of the aggregate [initial] Securitization Value as of the [[Initial][Actual] Cutoff Date] [last day of the related Collection Period] and (ii) with respect to any Payment Date after the date on which the aggregate principal amount of the Class [·] Notes is paid in full,] [·]% of the aggregate [initial] Securitization Value as of the [[Initial][Actual] Cutoff Date] [the last day of the related Collection Period] less (c) any amounts allocated to pay principal of the Notes under clauses[(4)][, (6), (8), (10), (12) and (14)] above, such amount being the ***"Noteholders' Regular Principal Distributable Amount***";*[For the Payment Dates during the Revolving Period, the Noteholders' Regular Principal Distributable Amount is zero.]*

[(17)] [any Subordinate Swap Termination Payment Amounts payable by the Issuing Entity and any other amounts owed by the Issuing Entity to the Swap Counterparty pursuant to the interest rate protection agreement;] [and]

[(18)] [during the Revolving Period, reinvestments in additional Units and deposits into the Accumulation Account, as applicable, in the amount of the Parity Reinvestment Amount] [during the Amortization Period][(A) on any Payment Date prior to the Final Scheduled Payment Date for the Class [·] Notes, if the sum of (i) Available Funds remaining after payment of clauses (1) through (14) above and (ii) the remaining available balance in the Class [·] Reserve Account after payment of all amounts due pursuant to clause [(14)] above, is equal to or greater than the outstanding principal amount of the Class [·] Notes, principal of the Class [·] Notes in an amount equal to the outstanding principal amount of the Class [·] Notes, otherwise, in an amount equal to Available Funds remaining after payment of clauses (1) through [(15)] above; (B) on the Final Scheduled Payment Date for the Class [·] Notes, principal to the Class [·] Notes in an amount equal to the outstanding principal amount of the Class [·] Notes;][and]

[(19)] [to the Asset Representations Reviewer, all fees, expenses and indemnities due to the Asset Representations Reviewer to the extent not paid in clause (2) above; [and]]

[(20)] [to the Servicer, the Servicing Fee and all unpaid Servicing Fees with respect to prior Collection Periods; and]

[(21)] the remainder, if any, as distributions to the Certificateholders.

In the event that Available Funds are not sufficient to make the full amount of payments required by clauses (1) through ([14]) above, in accordance with the instructions of the Servicer (based on information contained in the related Servicer Certificate), the Indenture Trustee will, or will cause the Account Bank to, withdraw funds from the [Risk Retention] Reserve Account [or draw upon the reserve account letter of credit] [*add for eligible horizontal cash reserve account:* (except that amounts withdrawn from the [Risk Retention] Reserve Account will not be used to pay any fees or expenses of World Omni or its affiliates, including the Servicer and the Administrator)] and apply those funds to make the distributions required by those clauses in the priority specified above to the extent funds in the [Risk Retention] Reserve Account [or

draws on the reserve account letter of credit] are available therefor.

For a description of the priority of payments in the event that Notes are declared to be due and payable following the occurrence of an Event of Default under the indenture, we refer you to "*Description of the Transaction Documents—Distributions on the Securities—Allocations and Distributions on the Securities"* in this prospectus. We also refer you to *"Description of the Transaction Documents—Distributions on the Securities—Payments to Noteholders"* in this prospectus.

***Events of Default; Priority and Acceleration***

The occurrence of any one of the following events will be an ***"Event of Default***" under the indenture:

&nbsp;&nbsp;&nbsp;&nbsp;· a
 default for five business days or more in the payment of interest on any note of the Controlling
 Securities when the same becomes due and payable;

&nbsp;&nbsp;&nbsp;&nbsp;· a
 default in the payment of principal of a note when the same becomes due and payable, to the
 extent funds are available therefor, or on the related Final Scheduled Payment Date or the
 redemption date;

&nbsp;&nbsp;&nbsp;&nbsp;· a
 default in the observance or performance of any covenant or agreement of the Issuing Entity,
 subject to notice and cure provisions, which default materially and adversely affects the
 interests of the Noteholders;

&nbsp;&nbsp;&nbsp;&nbsp;· any
 representation or warranty made by the Issuing Entity being materially incorrect as of the
 date it was made, subject to notice and cure provisions, which inaccuracy materially and
 adversely affects the interests of the Noteholders; or

&nbsp;&nbsp;&nbsp;&nbsp;· certain
 events of bankruptcy, insolvency, receivership or liquidation of the Issuing Entity, both
 voluntary and involuntary; provided that any delay in or failure of performance referred
 to in the first three bullet points above for a period of less than 120 days will not constitute
 an Event of Default if that delay or failure was caused by force majeure.

The amount of principal required to be paid to Noteholders under the indenture, however, generally will be limited to amounts available to make such payments in accordance with the priority of

payments. Thus, the failure to pay principal of a class of Notes due to a lack of amounts available to make such a payment will not result in the occurrence of an Event of Default until the Final Scheduled Payment Date for that class of Notes or the redemption date.

Upon any Event of Default, the Indenture Trustee or a majority of the holders of Controlling Securities may immediately declare the unpaid principal amount of the Notes, together with accrued and unpaid interest thereon through the date of acceleration, due and payable. If the Notes are so accelerated, the priority of payments will change.

For further detail, we refer you to "*Description of the Transaction Documents—Distributions on the Securities—Allocations and Distributions on the Securities"* and *"—Payments to Noteholders"* in this prospectus.

***Controlling Securities***

So long as the Class A Notes are outstanding, the Class A Notes will be the Controlling Securities. As a result, holders of each class and subclass of the Class A Notes generally vote together as a single class under the indenture. For additional information about the voting rights of Noteholders, see "*Description of the Transaction Documents—Indenture—Voting Rights; Controlling Securities"* in this prospectus. [Upon payment in full of the Class A Notes, the Class B Notes will be the Controlling Securities[,] [and,] upon payment in full of the Class B Notes, the Class C Notes will be the Controlling Securities[,] [and,] upon payment in full of the Class C Notes, the Class D Notes will be the Controlling Securities[,] [and,] upon payment in full of the Class D Notes, the Class E Notes will be the Controlling Securities [and,] upon payment in full of the Class E Notes, the Class F Notes will be the Controlling Securities].] [See "*Risk Factors—Risks Relating to the Notes and Structure of the Transaction—Holders of the Class B Notes[,] [[and] the Class C Notes[,] [and] the Class D Notes[,] [and] the Class E Notes [and] the Class F Notes] May Suffer Losses Because They Have Limited Control Over Actions of the Issuing Entity and Conflicts Between Classes of Notes May Occur*" in this prospectus.] Notes held by the Depositor or any affiliate thereof will be disregarded and deemed not to be outstanding in determining whether the holders of the requisite outstanding principal amount of the Controlling Securities have given any request, demand, authorization, direction, notice, consent or waiver under any related transaction document.

**[Interest Rate Protection Agreement]**

[The Issuing Entity will enter into one or more interest rate [swap][cap] agreements with [·], as the [swap][cap] counterparty, to hedge its floating rate interest obligations with respect to the Floating Rate Notes.]

*[Add for interest rate swaps:]*

[Under each interest rate swap agreement, on each Payment Date, the swap counterparty will be obligated to make a monthly payment to the Issuing Entity in an amount equal to the product of (i) a notional amount equal to the outstanding aggregate principal amount of the related class of Floating Rate Notes as of the preceding Payment Date or, in the case of the initial Payment Date, the [Initial] Closing Date, and (ii) a floating interest rate based on [the applicable Benchmark] for the related Payment Date plus the applicable spread set forth below, and the Issuing Entity will make a monthly payment to the swap counterparty in an amount equal to the product of (a) that same notional amount and (b) the applicable fixed monthly interest rate set forth below on the basis of a 360-day year of twelve 30-day months.]

[The spread to be used in calculating the swap counterparty's payments under the interest rate swap agreement[s] related to the Class [·][b] Notes will be equal to [·]%] [and the Class [·][b] Notes will be equal to [·]%]. The fixed rate to be used in calculating the Issuing Entity's payments under [the] [each] interest rate swap agreement[s] related to the [Class [·][b] Notes will be equal to [·]% per annum] [and the Class [·][b] Notes will be equal to [·]% per annum].]

[On each Payment Date, the amount that the Issuing Entity is obligated to pay to the swap counterparty will be netted against the amount that the swap counterparty is obligated to pay to the Issuing Entity. Only the net amount payable will be due from the Issuing Entity or the swap counterparty, as applicable. Monthly swap payment amounts payable by the Issuing Entity will rank higher in priority than interest payments due on the Notes.]

[In the event that the swap counterparty's long-term or short-term ratings cease to be at the levels required by the rating agencies hired to rate the Notes, the swap counterparty will be obligated to either obtain a guaranty from or assign its rights and obligations under the interest rate swap agreement to another party with the required rating or post collateral. *[Insert description of any additional rating agency requirements.]* If the swap counterparty has

not taken one of these specified actions within the specified time, the Issuing Entity may terminate the interest rate swap agreement.]

*[Add for interest rate caps:]*

[Under each interest rate cap, the Issuing Entity will be required to pay the purchase price for each interest rate cap on or before the [effective date of such interest rate cap][[Initial] Closing Date] and, following the payment of such purchase price, shall have no further payment obligations with respect to such cap.] [On the business day prior to each Payment Date,] [the cap counterparty will be obligated to pay the Issuing Entity an amount equal to the product of (i) the notional amount of the interest rate cap and (ii) the excess of the interest rate on each class or tranche of Floating Rate Notes over an interest rate equal to a strike price specified in the related interest rate protection agreement, which amount will not be less than zero.]

[In the event that the cap counterparty's long-term or short-term ratings cease to be at the levels required by the rating agencies hired to rate the Notes, the cap counterparty will be obligated to either obtain a guaranty from or assign its rights and obligations under the interest rate caps to another party with the required rating or post collateral. *[Insert description of any additional rating agency requirements.]* If the cap counterparty has not taken one of these specified actions within the specified time, the Issuing Entity may terminate the interest rate caps.]

[See *"Description of the Transaction Documents—Indenture"* and *"—Interest Rate Protection Agreement"* in this prospectus for additional information.]

**Servicing and Administration**

World Omni will service the Titling Trust assets, including the leases and leased vehicles in the related Reference Pool (each lease and the related leased vehicle constitute a "***Unit***," and collectively, the "***Units***"). In addition, World Omni will perform the administrative obligations and additional services required to be performed by the Issuing Entity or the Owner Trustee under the indenture and the trust agreement, and the other transaction documents, as applicable. On each Payment Date, the Servicer will be paid a fee for performing its servicing obligations in an amount equal to one–twelfth of [1.00]% of the aggregate Securitization Value as of the first day of the related Collection Period, which fee will be payable from amounts collected under the leases and amounts realized from sales of the related leased

vehicles, and will be paid to the Servicer prior to the payment of principal of and interest on the Exchange Note. The servicing fee payable to the Servicer on the initial Payment Date with respect to the initial Collection Period will be pro-rated, however, to compensate for the length of the initial Collection Period [not] being [longer than] one month.

On each Payment Date, the Administrator will be paid a fee for performing its administration obligations in an amount equal to one-twelfth of [0.05]% of the aggregate Securitization Value as of the first day of the related Collection Period, which fee will be payable from available amounts received by the Issuing Entity with respect to the Exchange Note, and will be paid to the Administrator prior to the payment of principal of and interest on the Notes. The administration fee payable to the Administrator on the initial Payment Date with respect to the initial Collection Period will be pro-rated, however, to compensate for the length of the initial Collection Period [not] being [longer than] one month.

We refer you to *"Fees and Expenses"* in this prospectus.

**Issuing Entity Property**

The ***"Issuing Entity Property***" will include the following:

&nbsp;&nbsp;&nbsp;&nbsp;· an
 Exchange Note issued by the Titling Trust secured by the Units in the Reference Pool;

&nbsp;&nbsp;&nbsp;&nbsp;· [payments
 made by the [swap][cap] counterparty and rights under the interest rate protection agreement;]

&nbsp;&nbsp;&nbsp;&nbsp;· amounts
 that from time to time may be held in the trust accounts and permitted investments of those
 accounts;

&nbsp;&nbsp;&nbsp;&nbsp;· rights
 under certain transaction documents; and

&nbsp;&nbsp;&nbsp;&nbsp;· the
 proceeds of any and all of the above.

***The Units***

The leased vehicles allocated to the related Reference Pool are new [and used] Toyota-branded automobiles and light-duty trucks titled in the name of the Titling Trust. The leases allocated to the related Reference Pool are closed-end leases that were originated by Toyota dealers in the Five-State Area and were acquired by the Titling Trust. The leases provide for level monthly payments that amortize the adjusted capitalized cost to the Contract

Residual Value of the related leased vehicle established by World Omni at the time of origination of the lease.

**Lease Information**

The lease information in this prospectus is based on the Units related to the Reference Pool as of the [Initial][Actual] Cutoff Date. We refer to that Reference Pool of Units as the ***"Pool*.***"***

For further information about the characteristics of the Units in the Pool as of the [Initial][Actual] Cutoff Date, see "*The Leases*" in this prospectus.

[If the aggregate initial principal amount of the Notes is $[·], as of the close of business on the [Initial][Actual] Cutoff Date, the Units in the Pool described in this prospectus had:

&nbsp;&nbsp;&nbsp;&nbsp;· an
 aggregate Securitization Value of $[ · ],
 of which $[ · ]
 (approximately [ · ]%)
 represented the [discounted] Base Residual Values of the leased vehicles;

&nbsp;&nbsp;&nbsp;&nbsp;· a
 weighted average original term to maturity (based on Securitization Value) of approximately
 [ · ]
 months; and

&nbsp;&nbsp;&nbsp;&nbsp;· a
 weighted average remaining term to maturity (based on Securitization Value) of approximately
 [ · ]
 months.]

[If the aggregate initial principal amount of the Notes is $[·], as of the close of business on the [Initial][Actual] Cutoff Date, the Units in the Pool described in this prospectus had:

&nbsp;&nbsp;&nbsp;&nbsp;· an
 aggregate Securitization Value of $[ · ],
 of which $[ · ]
 (approximately [ · ]%)
 represented the [discounted] Base Residual Values of the leased vehicles;

&nbsp;&nbsp;&nbsp;&nbsp;· a
 weighted average original term to maturity (based on Securitization Value) of approximately
 [ · ]
 months; and

&nbsp;&nbsp;&nbsp;&nbsp;· a
 weighted average remaining term to maturity (based on Securitization Value) of approximately
 [ · ]
 months.]

[All Units in the Pool satisfy the eligibility criteria specified in the transaction documents.] *[To the extent material, insert data regarding the number of leases included in the Pool that have been subject to a waiver, modification or extension, including a description of the type of waiver, modification and extension.]*

[The characteristics of the Units in the final Reference Pool [as of the end of the Pre-Funding Period] may differ from, but will not differ materially from, those of the Units in the [initial] Reference Pool as of the [Initial][Actual] Cutoff Date.] All Units allocated to the Reference Pool must, however, satisfy the eligibility criteria specified under "*The Leases—Characteristics of the Leases—Eligibility Criteria and Portfolio Characteristics*" in this prospectus.]

In connection with the offering of the Notes, the Depositor has performed a review of the leases in the Pool that will be allocated by the Titling Trust on the [Initial] Closing Date and certain disclosure in this prospectus, including certain asset-level data disclosures incorporated by reference into this prospectus, relating to the leases in the related Reference Pool, [and has concluded that it has reasonable assurance that such disclosure is accurate in all material respects ] as described under "*The Leases—Review of Leases in Reference Pool"* in this prospectus.

[World Omni does not consider any of the leases in the Pool to constitute exceptions to World Omni's written underwriting guidelines as described in *"The Servicer, Sponsor and Administrator—Underwriting Standards"* in this prospectus.] *[Insert information on the nature of any exceptions made to the underwriting criteria, if any, and provide data regarding the number of such receivables that represent an exception to the underwriting criteria in the asset Pool.]*

[If on the [Initial] Closing Date Units with an aggregate Securitization Value as of the [Initial][Actual] Cutoff Date at least equal to the aggregate principal amount of the Notes plus an amount equal to the initial overcollateralization are not allocated to the Reference Pool, then, an amount equal to the shortfall shall be deposited into a Pre-Funding Account and the Issuing Entity will have a Pre-Funding Period during which additional Units will be expected to be allocated to the Reference Pool. In that event, amounts will also be deposited into the Negative Carry Account. On the [Initial] Closing Date, $[·] will be deposited into the Pre-Funding Account (the "**Pre-Funding Account Initial Deposit**") and will equal [·]% of the sum of (1) the aggregate Securitization Value as of the [Initial][Actual] Cutoff Date, and (2) the expected aggregate Securitization Value of the subsequent Units.]

[Other than with respect to the allocation of subsequent Units], there is no requirement or ability to add or remove Units from the Reference Pool other

than the right of the Issuing Entity to cause Auto Lease Finance LLC to reallocate [or substitute] Units upon a breach of a representation, warranty or covenant. The sole remedy for such breach shall be repurchase [or substitution] of any such affected Units as described under *"Description of the Transaction Documents—Reallocation [and Substitution] Obligations"* and *"The Leases—Representations and Warranties Relating to the Units—Representations, Warranties and Covenants"* in this prospectus.]

The assets of the Issuing Entity will also include [rights under the interest rate [swaps][caps],] monies on deposit in specific accounts, including the [Risk Retention] Reserve Account [and the Accumulation Account], [the Pre-Funding Account, and the negative carry account], other property and the proceeds thereof. See *"The Issuing Entity—The Trust Property"* in this prospectus for additional information regarding the assets of the Issuing Entity.

***The Exchange Note***

The Titling Trust will issue an Exchange Note on the date the Notes are issued by the Issuing Entity. The Exchange Note will be secured by a Reference Pool within the closed-end collateral specified interest in the Titling Trust and related collateral. The Titling Trust will issue the Exchange Note to the Initial Beneficiary, which will then sell the Exchange Note to the Depositor. The Exchange Note will be transferred by the Depositor to the Issuing Entity at the time the Issuing Entity issues the Notes. The Exchange Note will evidence a debt secured by the Units included in the related Reference Pool. The Issuing Entity as holder of the Exchange Note will not have a beneficial interest in any assets of the Titling Trust. Payments made on or in respect of any other Titling Trust assets will not be available to make payments on the Exchange Note.

For more information regarding the Issuing Entity's property, you should refer to *"The Exchange Note"* and *"The Leases"* in this prospectus.

Any noncompliant Unit will be removed from the Reference Pool in connection with the breach of certain representations and warranties concerning the characteristics of the Units, as described under *"The Leases—Representations and Warranties Relating to the Units—Representations, Warranties and Covenants"* in this prospectus**.**

**Credit Enhancement**

Credit enhancement is intended to provide protection against losses or delays in payments on the Notes. Credit enhancement increases the likelihood of receipt by the holders of the Notes of their full amount of principal and interest and decreases the likelihood that these holders will experience losses. Credit enhancement may not provide protection against all risks of loss and does not guarantee repayment of the entire principal amount of the Notes and interest thereon. If losses on the Units exceed the amount covered by any credit enhancement or are not covered by any credit enhancement, the holders of the Notes will bear their allocable share of such losses, as described in this prospectus. Losses not covered by any credit enhancement or support will be effectively allocated to the classes of Notes in the reverse order of priority of payments on the Notes, such that losses will be first allocated to the excess interest, if any, then to the overcollateralization, if any, [then to the principal amount of the Class F Notes,] [then to the principal amount of the Class E Notes,] [then to the principal amount of the Class D Notes,] [then to the principal amount of the Class C Notes,] then to the principal amount of the Class B Notes and then to the principal amount of the Class A Notes.

The credit enhancement for the Notes is in the form of subordination, overcollateralization, a reserve account and excess interest.

***Subordination of the Class B Notes[,] [and the Class C Notes][,] [and the Class D Notes[,] [and the Class E Notes [and the Class F Notes]***

The subordination in priority of payments of the Class B Notes to the Class A Notes will provide additional credit enhancement to the Class A Notes [[,][and] the subordination in priority of payments of the Class C Notes to the Class A Notes and the Class B Notes will provide additional credit enhancement to the Class A Notes and the Class B Notes][[,][and] the subordination in priority of payments of the Class D Notes to the Class A Notes, the Class B Notes and the Class C Notes will provide additional credit enhancement to the Class A Notes, the Class B Notes and the Class C Notes][[,][and] the subordination in priority of payments of the Class E Notes to the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes will provide additional credit enhancement to

the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes] [and the subordination in priority of payments of the Class F Notes to the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes will provide additional credit enhancement to the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes]. The Class B Notes will be allocated Available Funds only after the Class A Notes have received their applicable portions of Available Funds for a given Payment Date [[,][and] the Class C Notes will be allocated Available Funds only after the Class A Notes and the Class B Notes have received their applicable portions of Available Funds for a given Payment Date][[,][and] the Class D Notes will be allocated Available Funds only after the Class A Notes, the Class B Notes and the Class C Notes have received their applicable portions of Available Funds for a given Payment Date][[,][and] the Class E Notes will be allocated Available Funds only after the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes have received their applicable portions of Available Funds for a given Payment Date][and the Class F Notes will be allocated Available Funds only after the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes have received their applicable portions of Available Funds for a given Payment Date]. The priority of payments is further described in "*Description of the Notes—Payments of Interest,*" "*Description of the Notes—Payments of Principal*" and "*Description of the Transaction Documents—Distributions on the Securities*" in this prospectus.

***Overcollateralization***

Overcollateralization represents the amount by which the aggregate Securitization Value [plus amounts in the Pre-Funding Account, if any,] exceeds the aggregate outstanding principal amount of the Notes (which we refer to as the "***Overcollateralization Amount***"). The overcollateralization is composed of (i) the excess of the aggregate Securitization Value over the balance of the Exchange Note and (ii) the excess of the balance of the Exchange Note over the principal amount of the Notes. Overcollateralization means there will be additional leases and leased vehicles generating collections that will be available to cover losses on the Reference Pool. Initial overcollateralization is approximately [·]% of the aggregate initial Securitization Value as of the [Initial][Actual] Cutoff Date. In addition, the application of funds according to clause [(4)] under *"Description of the Transaction Documents—Distributions on the Exchange Note—Application of Collections on the Reference Pool"* and clause [(15)] under *"Description of the Transaction Documents—Distributions on the Securities—Allocations and Distributions on the Securities"* is designed to increase the amount of overcollateralization as of any Payment Date up to an amount equal to [·]% of the

aggregate [initial] Securitization Value [as of the [Initial][Actual] Cutoff Date] [the last day of the related Collection Period] [, (i) with respect to any Payment Date on or prior to the date on which the aggregate principal amount of the Class [·] Notes is paid in full, [·]% of the aggregate [initial] Securitization Value as of the [[Initial][Actual] Cutoff Date] [last day of the related Collection Period][plus amounts in the Pre-Funding Account, if any,] less the overcollateralization on the Exchange Note as of such Payment Date and (ii) with respect to any Payment Date after the date after which the aggregate principal amount of the Class [·]Notes is paid in full,] [·]% of the aggregate [initial] Securitization Value as of the [[Initial][Actual] Cutoff Date] [last day of the related Collection Period] [plus amounts in the Pre-Funding Account, if any,] less the overcollateralization on the Exchange Note as of such Payment Date. Total target overcollateralization of the Exchange Note and the Notes will equal [(i) with respect to any Payment Date on or prior to the date on which the aggregate principal amount of the Class [·] Notes is paid in full, approximately [·]% of the aggregate [initial] Securitization Value as of the [[Initial][Actual] Cutoff Date] [last day of the related Collection Period] [plus amounts in the Pre-Funding Account, if any,] and (ii) with respect to any Payment Date after the date after which the aggregate principal amount of the Class [·] Notes is paid in full,] approximately [·]% of the aggregate [initial] Securitization Value as of the [[Initial][Actual] Cutoff Date] [last day of the related Collection Period] [plus amounts in the Pre-Funding Account, if any]. [Also, on any date on which subsequent Units are allocated to the Reference Pool during the [Pre-Funding Period][Revolving Period], to the extent necessary to build up to or maintain a certain level of overcollateralization, additional overcollateralization will be added to the Issuing Entity in an amount equal up to approximately [·]% of the aggregate Securitization Value of the subsequent Units allocated to the Reference Pool on that date.]

***[Risk Retention] Reserve Account***

The Servicer, for the benefit of the Noteholders, will establish and maintain with the [Indenture Trustee][Account Bank] and [in the name of the Issuing Entity] [in the name of the Indenture Trustee] [at the Indenture Trustee, in the name of and for the benefit of the Issuing Entity], a [fully-funded] reserve account (the ***"[Risk Retention] Reserve Account***"), bearing a designation clearly indicating that funds deposited therein are held for the benefit of the Noteholders. [If the aggregate initial principal amount of the Notes is $[·], on the [Initial] Closing Date, at least $[·] will be deposited into the [Risk

Retention] Reserve Account [or available under the reserve account letter of credit], which is approximately [·]% of the initial aggregate Securitization Value as of the [[Initial][Actual] Cutoff Date[.][, provided that, with respect to any Payment Date after the date on which the aggregate principal amount of the Class [·] Notes is paid in full,][On any Payment Date,] the amount required to be on deposit in the [Risk Retention] Reserve Account [or available for draw under the reserve account letter of credit] will be $[·][·]% of the [initial] aggregate Securitization Value as of the [[Initial][Actual] Cutoff Date][the last day of the related Collection Period] but not less than [·]% of the initial aggregate Securitization Value.] [If the aggregate initial principal amount of the Notes is $[·], on the [Initial] Closing Date, at least $[·] will be deposited into the [Risk Retention] Reserve Account [or available under the reserve account letter of credit], which is approximately [·]% of the initial aggregate Securitization Value as of the [Initial][Actual] Cutoff Date[.][, provided that, with respect to any Payment Date after the date on which the aggregate principal amount of the Class [·] Notes is paid in full,][On any Payment Date,] the amount required to be on deposit in the reserve account [or available for draw under the reserve account letter of credit] will be $[·][·]% of the [initial] aggregate Securitization Value as of the [[Initial][Actual] Cutoff Date][the last day of the related Collection Period] but not less than [·]% of the initial aggregate Securitization Value. We refer to this amount as the ***"[Risk Retention] Required Reserve Account Balance.***" However, on or prior to the [Initial] Closing Date, the Depositor may, in its sole discretion, increase the amount of the [Risk Retention] Required Reserve Account Balance. In addition, the application of funds according to clause [(15)] under "*—Priority of Payments*" above is designed to maintain the amount on deposit in the [Risk Retention] Reserve Account [or available for draw under the reserve account letter of credit], if necessary, up to the [Risk Retention] Required Reserve Account Balance.

Funds in the [Risk Retention] Reserve Account [or available for draw under the reserve account letter of credit] on each Payment Date (including investment income earned on those amounts) will be available to cover shortfalls in payments on the Notes listed in clauses (1) through [(14)] under "*—Priority of Payments*" above. [On the Additional Class A-1 Payment Date, if any of the Class A-1 Notes remain outstanding, funds in the [Risk Retention] Reserve Account [or drawn on the reserve account letter of credit] will be available to cover shortfalls in the Trust Collection Account for payments on the Class A-1 Notes on such date.] [*add for eligible*

*horizontal cash reserve account:* Amounts withdrawn from the [Risk Retention] Reserve Account will not be used to pay any fees or expenses of World Omni or any of its affiliates, including the Servicer and the Administrator.]

[In addition, on each date during the Pre-Funding Period on which subsequent Units are allocated to the Reference Pool, cash or eligible investments in an amount equal to [·]% of the aggregate Securitization Value as of the related subsequent [Initial][Actual] Cutoff Date will be withdrawn from the Pre-Funding Account and deposited into the[Risk Retention] Reserve Account.]

[The [Risk Retention] Reserve Account is structured to be an "eligible horizontal cash reserve account" meeting the requirements of Regulation RR of the Exchange Act. The Sponsor intends to fund the [Risk Retention] Reserve Account with the deposit of a portion of the purchase price of the Notes on the [Initial] Closing Date, in partial satisfaction of its risk retention obligations.] For more information regarding the [Risk Retention] Reserve Account, you should refer to *"Description of the Transaction Documents—[Risk Retention] Reserve Account"* in this prospectus*.*

***[Class [***·***] Reserve Account***

On the [Initial] Closing Date, $[·] in cash or eligible investments will be deposited into the Class [·] Reserve Account to be used solely for payments on the Class [·] Notes. Available Funds, to the extent available for this purpose, will be added to the Class [·] Reserve Account on each Payment Date, until the amount in the Class [·] Reserve Account equals the required Class [·] Reserve Account Balance. For a description of the Class [·] Reserve Account and the calculation of the required Class [·] Reserve Account Balance, see *"Description of the Transaction Documents—Class [·] Reserve Account*."]

***Excess Interest***

The amount paid by the lessees in respect of the lease charges of the leases in the Reference Pool is expected to be greater than the amount of the related servicing fee, Administrator fee, [amounts payable to the Asset Representations Reviewer, trustee fees and expenses,] and interest on the Notes each month. Any such excess in lease charges from lessees will serve as additional credit enhancement.

*[To be inserted if applicable — in the event a provider of credit enhancement or other support such*

*as a derivative is liable or contingently liable to provide 10% or more of the cash flow for the Notes, additional descriptive and financial information regarding the credit enhancement provider or derivative counterparty, as applicable.]*

***[Cash Deposits]***

[The Depositor may fund accounts or may otherwise provide cash deposits to provide additional funds that may be applied to make payments on the securities issued by the Issuing Entity.]

***[Allocation of Subsequent Units]***

[If on the [Initial] Closing Date Units with an aggregate Securitization Value as of the [Initial][Actual] Cutoff Date at least equal to the aggregate principal amount of the Notes plus an amount equal to the initial overcollateralization are not allocated to the Reference Pool, then, an amount equal to the shortfall shall be deposited into a Pre-Funding Account and the Issuing Entity will have a Pre-Funding Period during which additional Units will be expected to be allocated to the Reference Pool. In that event, amounts will also be deposited into the negative carry account.]

***[Pre-Funding Account]***

[If there is a Pre-Funding Period, on the [Initial] Closing Date, $[·], which equals [·]% of the sum of (1) the aggregate Securitization Value as of the [Initial][Actual] Cutoff Date, and (2) the expected aggregate Securitization Value of the subsequent Units will be deposited into a segregated trust account held by the [Indenture Trustee][Account Bank in the name of the Indenture Trustee] for the benefit of the Noteholders, and will be used to cause subsequent Units to be allocated to the Reference Pool. On each subsequent allocation date during the Pre-Funding Period, the [Depositor] will seek to cause to be allocated to the Reference Pool subsequent Units having an aggregate Securitization Value that is at least equal to the Pre-Funding Account Initial Deposit, and will deposit the required amounts in the [Risk Retention] Reserve Account in connection with that allocation. On each subsequent allocation date during the Pre-Funding Period, (1) an amount equal to [·]% of the Securitization Value of all subsequent Units allocated to the Reference Pool on such subsequent allocation date will be withdrawn from the Pre-Funding Account and (2) from those funds, an amount equal to the related reserve account subsequent transfer deposit will be deposited into the [Risk Retention] Reserve Account and the remainder will be paid to [Auto Lease Finance LLC] as payment for such subsequent Units. The duration of the Pre-Funding Period will not extend beyond [one] year

after the date of issuance of the Notes and the amount of proceeds deposited into the Pre-Funding Account will not exceed [25%] of the offering proceeds.]

[The "***Pre-Funding Period***" will be the period from and including the [Initial] Closing Date until the earliest of (1) the date on which the amount on deposit in the Pre-Funding Account (after giving effect to the allocation of all subsequent Units, including any subsequent Units allocated on that date) is not greater than $[100,000], (2) the occurrence of an Event of Default under the indenture, (3) the occurrence of an Exchange Note Servicer default under the servicing agreement, (4) the occurrence of specified events of insolvency with respect to the Depositor or the Servicer, and (5) the close of business on the last business day of [·].]

[Any amount remaining in the Pre-Funding Account at the end of the Pre-Funding Period will be payable to the Noteholders as a mandatory prepayment as described above. For further information, please see *"The Leases—The Subsequent Units"* in this prospectus.]

***[Negative Carry Account]***

[If there is a Pre-Funding Period, on the [Initial] Closing Date the Depositor will deposit $[·] into a segregated trust account held by the [Indenture Trustee][Account Bank in the name of the Indenture Trustee] for the benefit of the Noteholders. On each Payment Date related to a Collection Period in the Pre-Funding Period, the Indenture Trustee will, or will cause the Account Bank to, withdraw the Negative Carry Amount for that Payment Date and deposit it into the collection account. Such amount shall become part of Available Funds for that Payment Date.]

[The "***Negative Carry Amount***" means, as of any Payment Date, the amount by which the total interest payable to the Noteholders with respect to the pre-funded portion of the Reference Pool exceeds the investment earnings on the Pre-Funded Amount during the preceding Collection Period.]

[On each Payment Date, any amount remaining on deposit in the negative carry account after giving effect to the distribution of the Negative Carry Amount for that Payment Date in excess of the Required Negative Carry Account Balance for that Payment Date will become part of Available Funds for that Payment Date. On the Payment Date following the Collection Period in which the last day of the Pre-Funding Period, if any, occurs, after giving effect to all withdrawals from the negative carry account on that Payment Date, all amounts remaining on deposit in the negative carry account will become part of Available Funds.]

[The "***Required Negative Carry Account Balance***" means, as of any Payment Date, the lesser of (1) the amount then on deposit in the negative carry account and (2) the Maximum Negative Carry Amount for the remainder of the Pre-Funding Period, assuming no further withdrawals from the Pre-Funding Account and investment earnings on amounts on deposit therein at a rate of [·]%. The "***Maximum Negative Carry Amount***" for the [Initial] Closing Date and for any Payment Date is equal to the product of (1) the excess of (a) the weighted average interest rates on the Notes on that date[, assuming the interest rate on the Class [·] Notes are [·]%], over (b) [·]%, multiplied by (2) the amount on deposit in the Pre-Funding Account on that date, and multiplied by (3) the fraction of a year represented by the number of days from that date until, but excluding, the Payment Date immediately following the Collection Period in which the last day of the Pre-Funding Period occurs (calculated on the basis of a 360-day year of twelve 30-day months). The required Negative Carry Amount will be zero for each Payment Date following the Collection Period in which the last day of the Pre-Funding Period occurs.]

***[Revolving Period]***

[The Issuing Entity will not make payments of principal on the Notes on Payment Dates related to the Revolving Period.]

[The **"*Revolving Period*"** consists of the monthly periods from [·] through [·], and the related Payment Dates. We refer to the monthly periods and the related Payment Dates following the Revolving Period as the **"*Amortization Period*.**"**][The Revolving Period may not be longer than [three] years from the date of the issuance of the Notes.]

[If an early amortization event occurs, the Revolving Period will terminate early, and the Amortization Period will begin. See *"Description of the Transaction Documents—Revolving Period"* in this prospectus.]

[On each Payment Date related to the Revolving Period, amounts otherwise available to make principal payments on the Notes will be applied to cause additional Units to be allocated to the Reference Pool. See [*"The Leases—Characteristics of the Leases—Eligibility Criteria and Portfolio Characteristics"* in this prospectus].]

[The amount of additional Units and percentage of Reference Pool will be determined by the amount of cash available from payments and prepayments on existing assets. There are no stated limits on the amount of additional Units allowed to be allocated during the Revolving Period in terms of either dollars

or percentage of the initial Reference Pool. See *"Description of the Transaction Documents —Revolving Period"* in this prospectus.]

[The amount of subsequent Units that may be allocated to the Reference Pool during the Revolving Period will be capped at the amount necessary to achieve the required level of overcollateralization. The amount of subsequent Units that are allocated to the Reference Pool during the Revolving Period will be limited both by the amounts received by the Issuing Entity that it can use to pay for the allocation of such subsequent Units and by the availability of eligible Units to be allocated to the Reference Pool.]

[To the extent that amounts allocated for the allocation of additional Units are not so used on any Payment Date related to the Revolving Period, they will be deposited into the Accumulation Account (the "***Accumulation Account***") and applied on subsequent Payment Dates related to the Revolving Period to cause additional Units to be allocated to the Reference Pool.]

**Tax Status**

Mayer Brown LLP, special U.S. federal tax counsel, will provide an opinion at closing, subject to the qualifications and assumptions therein, that for U.S. federal income tax purposes, the [Class [·]] Notes will be characterized as indebtedness, in each case, to the extent the Notes are treated as beneficially owned by a person other than the Issuing Entity or its affiliates for such purposes, [the [Class [·]] Notes should be characterized as indebtedness (to the extent the Notes are treated as beneficially owned by a person other than the Issuing Entity or its affiliates for such purposes),] [the Class [·] Notes more likely than not should be characterized as indebtedness (to the extent such Notes are treated as beneficially owned by a person other than the Issuing Entity or its affiliates for such purposes),] [the Issuing Entity will be classified as a grantor trust,] and the Issuing Entity will not be characterized as an association (or publicly traded partnership), in either case, taxable as a corporation. In accepting a note [(other than any Notes that are held by the Depositor or one or more affiliates thereof)], each holder of that note will be deemed to agree to treat the notes as indebtedness for U.S. federal, state and local income and franchise tax purposes.

We refer you to *"Material U.S. Federal Income Tax Consequences"* in this prospectus for additional information concerning the application of U.S. federal income tax laws to the Issuing Entity and the Notes and to *"State and Local Tax Consequences"* in this prospectus for additional information concerning

the application of state tax laws to the Issuing Entity and the [Offered] Notes.

We encourage you to consult your own tax advisor regarding the U.S. federal income tax consequences of the purchase, ownership and disposition of the [Offered] Notes and the tax consequences arising under the laws of any state or other taxing jurisdiction. See *"Material U.S. Federal Income Tax Consequences"* and *"State and Local Tax Consequences"* in this prospectus.

**ERISA Considerations**

Subject to the considerations discussed under *"Certain ERISA and Related Considerations"* in this prospectus, the [Class [·]][Offered] Notes are eligible for purchase by pension, profit-sharing or other employee benefit plans, as well as individual retirement accounts.

By its acquisition of a [Class [·]][Offered] Note, each purchaser is deemed to represent either that (i) it is not acquiring and will not hold such [Class [·]][Offered] Note (or beneficial interest therein) on behalf of, or with the assets of any Benefit Plan (as defined below) or any governmental, non-U.S. or church plan or any other employee benefit plan or arrangement that is subject to Similar Law or (ii) its acquisition, holding and disposition of such [Class [·]][Offered] Note (or beneficial interests therein) will not constitute or give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of Similar Law.

The Class [E] Notes and the Class [F] Notes generally are not eligible for purchase by employee benefit plans subject to ERISA and/or Section 4975 of the Code. Subject to the considerations described herein, the Class [E] Notes and Class [F ]Notes may be eligible for purchase by certain insurance company general accounts and certain U.S. governmental, church, and non-U.S. plans.

We refer you to *"Certain ERISA and Related Considerations"* in this prospectus.

**[Certain Investment Company Act Considerations**

The Issuing Entity is not registered or required to be registered as an "investment company" under the Investment Company Act of 1940, as amended (the ***"Investment Company Act***"). In determining that the Issuing Entity is not required to be registered as an investment company, the Issuing Entity is relying on the exemption provided by [Rule 3a-7] under the

Investment Company Act, although there may be additional exclusions or exemptions available to the Issuing Entity. As of the [Initial] Closing Date, the Issuing Entity is being structured so as not to constitute a "covered fund" for purposes of the "Volcker Rule," adopted to implement Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.]

**Ratings of the Notes**

We expect that the [Offered] Notes will receive credit ratings from at least [two] nationally recognized rating agencies hired by the Sponsor to rate the [Offered] Notes.

The rating agencies hired by the Sponsor have discretion to monitor and adjust the ratings on the Notes.

The [Offered] Notes may receive an unsolicited rating from a rating agency not hired by the Sponsor that is different from the ratings provided by the rating agencies hired by the Sponsor to rate the Notes. As of the date of this prospectus, we are not aware of any unsolicited ratings on the [Offered] Notes. Ratings on the [Offered] Notes may be lowered, qualified or withdrawn at any time without notice to the Noteholders. A rating is based on each rating agency's independent evaluation of the related Units and the availability of any credit enhancement for the Notes. A rating, or a change or withdrawal of a rating, by one rating agency will not necessarily correspond to a rating, or a change or a withdrawal of a rating, from any other rating agency. See *"Risk Factors—General Risks Relating to the Transaction—Withdrawal or Downgrade of the Initial Ratings of the Notes Will, and the Issuance of Unsolicited Ratings on Your Notes or any Adverse Changes to a Hired Rating Agency, May Affect the Prices for the [Offered] Notes Upon Resale"* in this prospectus for more information.

**[Eligibility of the Class A-1 Notes for Purchase by Money Market Funds**

The Class A-1 Notes are structured to be eligible for purchase by money market funds under Rule 2a-7 under the Investment Company Act. Rule 2a-7 includes additional criteria for investments by money market funds, including additional requirements relating to portfolio maturity, liquidity and risk diversification. If you are a money market fund contemplating a purchase of Class A-1 Notes, you are encouraged to consult your counsel before making a purchase.]

**Certificates**

The Issuing Entity will also issue certificates (the ***"Certificates***") that represent the equity or residual interest in the Issuing Entity and the right to receive amounts that remain after the Issuing Entity makes full payment of interest on and principal of the Notes payable on a given Payment Date, required deposits to the [Risk Retention] Reserve Account [or reimbursement of the reserve account letter of credit] on that Payment Date and other required payments. The Certificates are not being offered by this prospectus. The Depositor will initially retain the Certificates[.]/ [in satisfaction of the risk retention obligations of the Sponsor. The Depositor may transfer all or a portion of the Certificates to another majority-owned affiliate of the Sponsor on or after the [Initial] Closing Date. The Certificates will not be transferred, financed, pledged or hedged except as permitted under the risk retention regulations. See *"U.S. Credit Risk Retention"* and "*EU Securitisation Regulation and UK Securitisation Framework*" in this prospectus for more information.]

**[*Insert for eligible horizontal residual interest:* U.S. Credit Risk Retention**

Pursuant to the SEC's credit risk retention rules, 17 C.F.R. Part 246 (**"*Regulation RR*"**), World Omni, as Sponsor, is required to retain, either directly or through a majority-owned affiliate, an economic interest in the credit risk of the Units. The Depositor is a wholly-owned affiliate of World Omni and will retain the required economic interest in the credit risk of the Units to satisfy the Sponsor's requirements under Regulation RR. The Depositor may transfer the required Retained Interest to another majority-owned affiliate of World Omni on or after the [Initial] Closing Date in accordance with Regulation RR.

World Omni intends to satisfy its obligation to retain credit risk by causing the Depositor, its wholly-owned affiliate, to retain an "eligible horizontal residual interest" in an amount equal to at least [5]% of the fair value, as of the [Initial] Closing Date, of all of the Notes and Certificates to be issued by the Issuing Entity. The retained eligible horizontal residual interest will take the form of the Issuing Entity's Certificates. The Sponsor expects the Issuing Entity's certificates and the Notes to have a fair value of approximately between $[·] and $[·], and the Issuing Entity's Certificates to have a fair value of approximately between $[·] and $[·], which is approximately between [·]% and [·]% of the fair value, as of the [Initial] Closing Date, of all of the

Notes and Certificates to be issued by the Issuing Entity.

The Sponsor will recalculate the fair value of the Certificates following the [Initial] Closing Date to reflect any changes in the methodology or inputs and assumptions described in this prospectus. The Sponsor or the Depositor will disclose in the first investor report filed on Form 10-D following the [Initial] Closing Date any material differences or changes in the variables used, as well as updated information regarding the fair value of the Certificates. For a description of the valuation methodology used to calculate the fair values of the Notes and Certificates and of the eligible horizontal residual interest set forth in the preceding paragraphs, see "*U.S. Credit Risk Retention*" in this prospectus.

The Sponsor does not intend to transfer or hedge the portion of its retained economic interest that is intended to satisfy the requirements of Regulation RR except as permitted under Regulation RR and in accordance with the Securitisation Rules. See "*U.S. Credit Risk Retention*" and "*EU Securitisation Regulation and UK Securitisation Framework*" in this prospectus for more information.]

**[*Insert for eligible vertical interest:* U.S. Credit Risk Retention**

Pursuant to the SEC's credit risk retention rules, 17 C.F.R. Part 246 ("***Regulation RR***"), World Omni, as Sponsor, is required to retain, either directly or through a majority-owned affiliate, an economic interest in the credit risk of the Units. The Sponsor intends to satisfy its obligations under Regulation RR by retaining or causing the [Depositor] to retain at least [5]% of each class of Notes and the Certificates, which satisfies the requirements for an "eligible vertical interest" under Regulation RR. The Sponsor or the [Depositor] is required to retain this interest until the later of two years from the [Initial] Closing Date, the date the Securitization Value of the Reference Pool is one-third or less of the Securitization Value as of the [Initial][Actual] Cutoff Date, or the date the outstanding principal amount of the Notes is one-third or less of the original outstanding principal amount. The Sponsor, the Depositor, or any of their affiliates may not hedge the credit risk of the Retained Interest during this period. If the percentage of each class of Notes and the Certificates retained by the Depositor on the [Initial] Closing Date is materially different than [·]%, the Sponsor will include the retained percentage in the first investor report.

By retaining the "eligible vertical interest," the [Depositor] will be a Noteholder of [·]% of each

class of Notes and will be entitled to receive [·]% of all payments of interest and principal made on each class of Notes and, if any class of Notes incurs losses, will bear % of those losses. Each class of Notes retained by the [Depositor] as part of the "eligible vertical interest" will have the same terms as all other Notes in that class, except that the Notes retained by the Depositor will not be included for purposes of determining whether a required percentage of any class of Notes have taken any action under the indenture or any other transaction document. For a description of the Notes, and thus of the "eligible vertical interest," and the credit enhancement available for Notes, you should read "*Description of the Notes"* and *"Description of the Transaction Documents."***]**

The Sponsor does not intend to transfer or hedge the portion of its retained economic interest that is intended to satisfy the requirements of Regulation RR except as permitted under Regulation RR. See "*U.S. Credit Risk Retention*" in this prospectus for more information.

**[*Insert for transactions structured to comply with material net economic interest retention*: EU Securitisation Regulation and UK Securitisation Framework**

On the [Initial] Closing Date, the Sponsor will represent and confirm, covenant and agree, with reference to the Securitisation Rules as in effect and applicable on the [Initial] Closing Date, that it will, as "originator" (as such term is defined for the purposes of each of the EU Securitisation Regulation and the UK Securitisation Framework), retain, upon issuance of the Notes continually and on an ongoing basis, for as long as the [Offered] Notes remain outstanding, a material net economic interest (the "***Retained Interest***") in the securitisation transaction described in this prospectus, in the form specified in paragraph (d) of Article 6(3) of the EU Securitisation Regulation and the form specified in each of paragraph (1)(d) of SECN 5.2.8R and paragraph (d) of Article 6(3) of Chapter 2 of the PRASR, in each case for the purposes of the UK Securitisation Framework, by holding and continuing to hold (i) indirectly, all the limited liability company interests in the Depositor (being a special purpose entity and not an operating company), either directly or indirectly through one or more wholly-owned subsidiaries of the Sponsor (each being a special purpose entity and not an operating company), the Depositor in turn retaining the Certificates to be issued by the Issuing Entity, and (ii) the residual interest in the Reference Pool, such Certificates and interest collectively representing at least [5]% of the

aggregate Securitization Value of the Units in the Reference Pool.

However, except as described herein, no party to the transaction described in this prospectus will undertake, or intends, to take or refrain from taking any action with regard to such transaction in a manner prescribed or contemplated by the EU Securitisation Rules or the UK Securitisation Rules, or to take any other action for the purposes of, or in connection with, facilitating or enabling compliance by any person with the EU Investor Due Diligence Requirements, the UK Investor Due Diligence Requirements or any other law or regulation now or hereafter in effect in the EU, the EEA or the UK in relation to risk retention, due diligence and monitoring, credit granting standards, transparency or any other conditions with respect to investments in securitization transactions. In particular, without limitation, no such person will undertake, or intends, to comply with the EU Transparency Requirements or to make available any additional information or reporting in connection with the EU Investor Due Diligence Requirements or the UK Investor Due Diligence Requirements with respect to verification that the originator, sponsor or SSPE has made and/or will make available information in respect of the relevant transaction.

Each prospective investor in the [Offered] Notes that is an EU Affected Investor or a UK Affected Investor should independently assess and determine whether, and to what extent, the agreement by World Omni to retain the Retained Interest as described in this prospectus and the information provided in this prospectus, in the monthly reports to Noteholders or otherwise available to or to be provided to Noteholders, are or will be sufficient for the purposes of such prospective investor's compliance with the applicable Investor Due Diligence Requirements and/or any corresponding national measures that may be relevant and/or with any other applicable legal, regulatory or other requirements.

Any failure by an EU Affected Investor to comply with the EU Investor Due Diligence Requirements or by a UK Affected Investor to comply with the UK Investor Due Diligence Requirements, in either case with respect to an investment in the Notes, may result in the imposition of a penalty regulatory capital charge on that investment or other regulatory sanctions and/or remedial measures being imposed or taken by such investor's regulatory authority. The EU Securitisation Rules, the UK Securitisation Rules and any changes to the regulation or regulatory treatment of the Notes for some or all investors may negatively impact the regulatory position of Noteholders or prospective

investors and have an adverse impact on the value and liquidity of the Notes. Prospective investors are responsible for and should analyze their own, legal and regulatory position, and are encouraged to consult with their own investment and legal advisors, regarding the scope and application of, and compliance with, the EU Investor Due Diligence Requirements or the UK Investor Due Diligence Requirements, as applicable, and any other applicable regulations, and the suitability of the Notes for investment.

See "*Risk Factors—Risks Relating to Certain Regulatory and Other Material Legal Aspects of the Units—Requirements for Certain European Union and United Kingdom Regulated Investors*" and "*EU Securitisation Regulation and UK Securitisation Framework*" in this prospectus for more information.]

**[*Insert for transactions not structured to comply with any aspect of EU or UK Credit Risk Retention*: EU and UK Credit Risk Retention**

None of the Sponsor, the Depositor, the Servicer, the Issuing Entity or the underwriters, their respective affiliates nor any other party to the transactions described in this prospectus makes any representation or agreement that it intends or is required under the transaction documents to retain a material net economic interest in the securitization constituted by the issuance of the [Offered] Notes in a manner that would satisfy the requirements of (i) the EU Securitisation Regulation or (ii) the UK Securitisation Framework.

None of the Sponsor, the Depositor, the Servicer, the Issuing Entity or the underwriters, their respective affiliates nor any other party to the transactions described in this prospectus undertakes to take any other action or refrain from taking any action prescribed or contemplated in, or for purposes of, or in connection with, compliance by any investor with any requirement of, the EU Securitisation Regulation or the UK Securitisation Framework.

The arrangements described under "*U.S. Credit Risk Retention*" have not been structured with the objective of ensuring compliance with the requirements of the EU Securitisation Regulation or the UK Securitisation Framework by any person. Consequently, the [Offered] Notes may not be a suitable investment for investors who are subject to the EU Securitisation Regulation or the UK Securitisation Framework. As a result, the price and liquidity of the [Offered] Notes in the secondary market may be adversely affected.

Prospective investors are responsible for analyzing their own legal and regulatory position and are advised to consult with their own investment and legal advisors regarding the suitability of the Notes for investment and the scope, applicability of, and compliance with the EU Securitisation Regulation, the UK Securitisation Framework and any other existing or future similar regimes in any relevant jurisdictions or other applicable regulations.

For more information regarding the EU Securitisation Regulation and the UK Securitisation Framework, see "*Underwriting*" below.]

**Summary of Risk Factors [Will not exceed two pages on any given transaction]**

The following summary is a concise description of some of the material risks applicable to this transaction. For this reason, the summary does not contain all the information that may be important to you and does not purport to summarize all the risks applicable to your investment. You should carefully read and consider the risk factors set forth under "*Risk Factors*," as well as all other information contained in this prospectus.

***Risks Relating to the Notes and the Structure of the Transaction***

The Notes are subject to certain risks related to the structure of the transaction and characteristics of the Notes as asset-backed securities which may lead to payment delays, shortfalls or losses on your [Offered] Notes, including due to factors such as, but not limited to:

· the
 limited Pool of trust assets and sources of funds available to make payments on the Notes
 constituting the trust property;

· subordination
 of the more junior classes of Notes to the more senior classes of Notes,

· actions
 by the "Controlling Securities" that may be adverse to the interests of the holders
 of the junior classes of Notes;

· the
 failure to pay interest on the junior classes of Notes will not be an Event of Default while
 the Controlling Securities remain outstanding;

· delays
 or losses on your [Offered] Notes due to payment priorities;

· [retention
 by the Depositor of one or more classes of the Notes;][and]

· [the
 unknown allocation of the aggregate initial principal amount of the Notes prior to pricing;][and]

· [the
 unknown allocation of principal amount between any class of Notes with a combination of fixed
 and Floating Rate Notes;][and]

· [uncertainty
 regarding the Benchmark rate;][and]

· [negative
 Benchmark rates;][and]

· [failure
 by the [swap][cap] counterparty to make payments to the Issuing Entity or losses suffered
 under any such agreements;][and]

· [the
 Issuing Entity not entering into any interest rate hedge agreement in connection with any
 Floating Rate Notes;][and]

· [failure
 by the reserve account letter of credit bank to honor a draw on the reserve account letter
 of credit;][and]

· [prepayment
 of principal on your Notes from distributions of amounts in the [Pre-Funding Account][Accumulation
 Account] due to lack of allocation of additional Units;][and]

· [adverse
 characteristics of subsequent Units allocated during the [Pre-Funding Period][Revolving Period][.][;]][and]

· [differences
 between the statistical discount rate and the specified discount rate determined at pricing;]
 and

· redemption
 of the Exchange Note by the Servicer.

***Risks Relating to the Units, the Related Leased Vehicles and the Lessees***

The Notes are subject to certain risks related to the performance of the leases, other trust property, and financial condition of the lessees which may lead to payment delays, shortfalls or losses on your [Offered] Notes, including due to factors such as, but not limited to:

· insufficient
 collections due to poor performance of the leases, deteriorating financial circumstances
 of individual lessees, or other factors;

· unpredictable
 rates of prepayments of the leases or prepayment of the Notes due to an Event of Default;

· the
 concentration of the Reference Pool to certain models of leased vehicles;

· lower
 than expected resale value of previously leased vehicles and other factors in the used car
 market;

· high
 amounts of vehicle turn-ins;

· high
 amounts of vehicle recalls; and

· lack
 of or inadequate insurance on the leased vehicles.

***Risks Relating to the Transaction Parties***

The Notes are subject to certain risks related to the transaction parties involved in the transaction which may lead to payment delays, shortfalls or

losses on your [Offered] Notes, including due to factors such as, but not limited to:

· a
 bankruptcy filing of World Omni, the Depositor, the Initial Beneficiary, the QI or the Titling
 Trust;

· the
 termination of, or the failure to renew, the distributor agreement between Southeast Toyota
 Distributors, LLC and Toyota Motor Sales, U.S.A., Inc.;

· the
 ability of the Servicer to commingle collections with its own funds and use them at its own
 risk and for its own benefit for specified periods of time in accordance with the transaction
 documents; and

· a
 security breach or cyber-attack affecting World Omni's business and ability to perform
 its obligations under the trust documents.

***Risks Relating to Economic Conditions and Other External Factors***

The Notes are subject to certain risks related to general, macroeconomic conditions, and other external factors such as natural catastrophes and pandemics which may lead to payment delays, shortfalls or losses on your [Offered] Notes, adversely affect the resale value of your [Offered] Notes and/or limit your ability to resell your [Offered] Notes, including due to factors such as, but not limited to:

· downturns
 in general economic conditions, including high levels of unemployment, high interest rates,
 high fuel and energy prices and low consumer confidence in the economy;

· the
 geographic concentration of the lessees in certain states which may be more adversely affected
 by natural catastrophes or economic conditions than others;

· the
 absence of a secondary market for your Notes or an insufficiently liquid secondary market
 for your [Offered] Notes[;] [and]

· [the
 failure of the transaction and the Notes to meet the requirements of certain environmentally
 or sustainability focused investors;] and

· the
 impact of climate change and regulatory requirements on World Omni's business.

***Risks Relating to Certain Regulatory and Other Material Legal Aspects of the Units***

The Notes are subject to certain risks related to certain federal, state and local, legal and regulatory developments affecting the transaction parties and the collectability of the leases which may lead to payment delays, shortfalls or losses on your [Offered] Notes, including due to factors such as, but not limited to:

· [while
 the Sponsor will retain a material net economic interest in the transaction, the transaction
 is not structured to comply with the investor due diligence requirements, the reporting requirements
 or any other aspect of either the EU Securitisation Regulation (as defined below) or the
 UK Securitisation Framework (as defined below) and their related rules;]

· the
 Dodd-Frank Wall Street Reform and Consumer Protection Act, other similar legislation or future
 legislation;

· the
 impact of the Servicemembers Civil Relief Act and other similar state legislation on the
 Servicer's ability to collect from lessees engaged in active military duty or other
 covered action;

· federal
 and state consumer protection laws that regulate the creation, collection and enforcement
 of vehicle leases, or that may require termination of the lease or refunded payments to be
 made to the lessee;

· the
 interests of other persons and competing claims in the Exchange Note, the leases and leased
 vehicles that could be superior to the Issuing Entity's, the Titling Trust's
 or the Closed-End Collateral Agent's interests;

· ERISA
 liens that may be superior to the lien of the Closed-End Collateral Agent if its interests
 in the Units and the Exchange Note are not properly perfected; and

· state
 vicarious liability laws that may be held to not be preempted by the federal Transportation
 Act and related judgment liens that may be superior to the lien of the Closed-End Collateral
 Agent if its interests in the Exchange Note and the Units are not properly perfected.

***General Risks Relating to the Transaction***

The Notes are subject to certain general risks applicable to transactions of this nature which may lead to payment delays, shortfalls or losses on your [Offered] Notes, including due to factors such as, but not limited to:

· prepayment,
 reinvestment, the complexity of the transaction structure, default and market risk, the tax
 consequences of an investment and the interaction of these factors;

· a
 withdrawal or downgrade of the initial ratings on the Notes, or any adverse changes to a
 rating agency hired by the Sponsor to rate the Notes, and the issuance of unsolicited ratings
 on your [Offered] Notes;

· limitations
 on your ability to exercise your rights directly due to the lack of a physical note; and

· potential
 delays of your receipt of principal and interest payments from the Indenture Trustee due
 to payments on the Notes being made through DTC.

**RISK FACTORS**

You should carefully consider the following risks for the Notes before making an investment decision. In particular, distributions on your Notes will depend on payments received on and other recoveries with respect to the leases in the Reference Pool. Therefore, you should carefully consider the risk factors relating to the leases and the leased vehicles.

Your investment could be materially and adversely affected if any of the following risks are realized.

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| **risks relating to the Notes and the STRuCture of the transaction** | **risks relating to the Notes and the STRuCture of the transaction** |
| **You Must Rely For Repayment Only Upon the Issuing Entity's Assets, Which May Not Be Sufficient to Make Full Payments On Your Notes.** | Your Notes represent obligations of the Issuing Entity. Your Notes will not represent an interest in or obligation of World Omni Auto Leasing LLC, World Omni LT, Auto Lease Finance LLC, World Omni, the Indenture Trustee, the Owner Trustee or any other person. Distributions on any class of Notes will depend solely on the amount and timing of payments on the Exchange Note held by the Issuing Entity, which payments depend almost exclusively on the amount and timing of payments and other collections in respect of the leases in the related Reference Pool of the Titling Trust and the credit enhancement for the Notes specified in this prospectus. World Omni Auto Leasing LLC cannot assure you that these amounts, together with other payments and collections in respect of the related leases, will be sufficient to make full and timely distributions on the Exchange Note and any Notes. The Notes, the Exchange Note and the leases will not be insured or guaranteed, in whole or in part, by the United States, any other governmental entity, any provider of credit enhancement or by any other person. |
| **[Class B Notes [[,][and] Class C Notes[,]] [[and] Class D Notes[,]] [[and] Class E Notes[,]] [and Class F Notes]] are Subject to Greater Risk Because of Their Subordination.]** | [The Class B Notes bear greater risks than the Class A Notes because payments of interest on and principal of the Class B Notes are subordinated, to the extent described in "*Description of the Notes—Payments of Interest," "Description of the Notes—Payments of Principal" and "Description of the Transaction Documents—Distributions on the Securities–Allocations and Distributions on the Securities*" in this prospectus, to payments of interest on and principal of the Class A Notes.<br>[The Class C Notes bear greater risk than the Class A Notes and the Class B Notes because payments of interest on and principal of the Class C Notes are subordinated, to the extent described in "*Description of the Notes—Payments of Interest," "Description of the Notes—Payments of Principal" and "Description of the Transaction Documents—Distributions on the Securities–Allocations and Distributions on the Securities*" in this prospectus, to payments of interest on and principal of the Class A Notes and the Class B Notes.]<br>[The Class D Notes bear greater risk than the Class A Notes, the Class B Notes and the Class C Notes because payments of interest on and principal of the Class D Notes are subordinated, to the extent described in "*Description of the Notes—Payments of Interest," "Description of the Notes—Payments of Principal" and "Description of the Transaction Documents—Distributions on the Securities–Allocations and Distributions on the Securities*" in this prospectus, to payments of interest on and principal of the Class A Notes, the Class B Notes and the Class C Notes.] |

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[The Class E Notes bear greater risk than the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes because payments of interest on and principal of the Class E Notes are subordinated, to the extent described in "*Description of the Notes—Payments of Interest," "Description of the Notes—Payments of Principal" and "Description of the Transaction Documents—Distributions on the Securities–Allocations and Distributions on the Securities*" in this prospectus, to payments of interest on and principal of the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes.]<br>[The Class F Notes bear greater risk than the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes because payments of interest on and principal of the Class F Notes are subordinated, to the extent described in "*Description of the Notes—Payments of Interest," "Description of the Notes—Payments of Principal" and "Description of the Transaction Documents—Distributions on the Securities–Allocations and Distributions on the Securities*" in this prospectus, to payments of interest on and principal of the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes.]<br>[Interest payments on the Class B Notes on each Payment Date will be subordinated to servicing fees and administration fees due, [payments to the Asset Representations Reviewer, if any,] interest payments on the Class A Notes, and principal payments to the Class A Notes to the extent the aggregate outstanding principal amount of the Class A Notes as of the day immediately preceding the related Payment Date exceeds the aggregate Securitization Value as of the last day of the related Collection Period. [Interest payments on the Class C Notes on each Payment Date will be subordinated to servicing fees and administration fees due, [payments to the Asset Representations Reviewer, if any,] interest payments on the Class A Notes and the Class B Notes, and principal payments to the Class A Notes and the Class B Notes to the extent the aggregate outstanding principal amount of the Class A Notes and the Class B Notes as of the day immediately preceding the related Payment Date exceeds the aggregate Securitization Value as of the last day of the related Collection Period.] [Interest payments on the Class D Notes on each Payment Date will be subordinated to servicing fees and administration fees due, [payments to the Asset Representations Reviewer, if any,] interest payments on the Class A Notes, the Class B Notes and the Class C Notes, and principal payments to the Class A Notes, the Class B Notes and the Class C Notes to the extent the aggregate outstanding principal amount of the Class A Notes, the Class B Notes and the Class Notes immediately preceding the related Payment Date exceeds the aggregate Securitization Value as of the last day of the related Collection Period.] [Interest payments on the Class E Notes on each Payment Date will be subordinated to servicing fees and administration fees due, [payments to the Asset Representations Reviewer, if any,] interest payments on the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes, and principal payments to the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes to the extent the aggregate outstanding principal amount of the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes immediately preceding the related Payment Date exceeds the aggregate Securitization Value as of the last day of the related Collection Period.] [Interest payments on the Class F Notes on each Payment Date will be subordinated to servicing fees and administration fees due, [payments to the Asset Representations Reviewer, if any,] interest<br>

payments on the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes, and principal payments to the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes to the extent the aggregate outstanding principal amount of the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes immediately preceding the related Payment Date exceeds the aggregate Securitization Value as of the last day of the related Collection Period.]<br>In addition, in the event the Notes are declared to be due and payable after the occurrence of an Event of Default [resulting from the failure to make a payment on the Notes], unless such Event of Default has been waived or rescinded, no interest will be payable to the Class B Notes until all principal of and interest on the Class A Notes have been paid in full[,] [[and] no interest will be payable to the Class C Notes until all principal of and interest on the Class A Notes and the Class B Notes have been paid in full[.][,] [[and] no interest will be payable to the Class D Notes until all principal of and interest on the Class A Notes, the Class B Notes and the Class C Notes have been paid in full[.][,]] [[and] no interest will be payable to the Class E Notes until all principal of and interest on the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes have been paid in full[.][,] [and no interest will be payable to the Class F Notes until all principal of and interest on the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes have been paid in full.]<br>[Principal payments on the Class B Notes will be subordinated in priority to the Class A Notes, as described in "Description of the Notes—Payments of Principal" in this prospectus. No principal will be payable on the Class B Notes until all principal of the Class A Notes has been paid in full. In addition, principal payments on the Class B Notes will be subordinated to payments of interest on the Class A Notes and the Class B Notes. See "Description of the Notes—Payments of Principal" in this prospectus.] [Principal payments on the Class C Notes will be subordinated in priority to the Class A Notes and the Class B Notes, as described in "Description of the Notes—Payments of Principal" in this prospectus. No principal will be payable on the Class C Notes until all principal of the Class A Notes and the Class B Notes has been paid in full. In addition, principal payments on the Class C Notes will be subordinated to payments of interest on the Class A Notes, the Class B Notes and the Class C Notes. See "Description of the Notes—Payments of Principal" in this prospectus.] [Principal payments on the Class D Notes will be subordinated in priority to the Class A Notes, the Class B Notes and the Class C Notes, as described in "Description of the Notes—Payments of Principal" in this prospectus. No principal will be payable on the Class D Notes until all principal of the Class A Notes, the Class B Notes and the Class C Notes has been paid in full. In addition, principal payments on the Class D Notes will be subordinated to payments of interest on the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes. See "Description of the Notes—Payments of Principal" in this prospectus.] [Principal payments on the Class E Notes will be subordinated in priority to the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes, as described in "Description of the Notes—Payments of Principal" in this prospectus. No principal will be payable on the Class E Notes until all principal of the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes has been paid in full. In addition, principal payments on the Class E Notes will be subordinated to payments of interest on the Class A Notes, the Class B<br>

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|  | Notes, the Class C Notes, the Class D Notes and the Class E Notes. See "Description of the Notes—Payments of Principal" in this prospectus.] [Principal payments on the Class F Notes will be subordinated in priority to the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes, as described in "Description of the Notes—Payments of Principal" in this prospectus. No principal will be payable on the Class F Notes until all principal of the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes has been paid in full. In addition, principal payments on the Class F Notes will be subordinated to payments of interest on the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes and the Class F Notes. See "Description of the Notes—Payments of Principal" in this prospectus.]<br>[This subordination could result in reduced or delayed payments of principal of and interest on the Class B Notes[,] [[and] the Class C Notes][,]] [[and] the Class D Noes[,]] [[and] the Class E Notes] [and the Class F Notes.]] |
| **Holders of the Class B Notes [[,][and] the Class C Notes[,]] [[and] the Class D Notes[,]] [[and] the Class E Notes[,]] [and the Class F Notes]] May Suffer Losses Because They Have Limited Control Over Actions of the Issuing Entity and Conflicts Between Classes of Notes May Occur.]** | [The Class A Notes will be the "***Controlling Securities***" under the indenture while any Class A Notes are outstanding. Only after the Class A Notes have been paid in full will the Class B Notes be the Controlling Securities[[,] [and] only after the Class A Notes and the Class B Notes have been paid in full will the Class C Notes be the Controlling Securities[.][,]] [[and] only after the Class A Notes, the Class B Notes and the Class C Notes have been paid in full will the Class D Notes be the Controlling Securities[.][,]] [[and] only after the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes have been paid in full will the Class E Notes be the Controlling Securities[.][,]] [and only after the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes have been paid in full will the Class F Notes be the Controlling Securities.]]<br>[The rights of the Controlling Securities will include the following:<br>· following an Event of Default, to direct the Indenture Trustee to exercise one or more of the remedies specified in the indenture relating to the property of the Issuing Entity;<br>· to remove the Indenture Trustee and appoint a successor; and<br>· to consent to certain other actions specified in the indenture.]<br>[In exercising any rights or remedies under the indenture, the Controlling Securities may act solely in their own interests. Therefore, holders of the Class B Notes [[,][and] the Class C Notes[,]] [[and] the Class D Notes[,]] [[and] the Class E Notes[,]] [and the Class F Notes]] that are subordinated to the Controlling Securities will not be able to participate in the determination of any proposed actions that are within the purview of the Controlling Securities, and the Controlling Securities could take actions that would adversely affect the holders of the Class B Notes [[,][and] the Class C Notes[,]] [[and] the Class D Notes[,]] [[and] the Class E Notes[,]] [and the Class F Notes].] |

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| **[The Failure to Pay Interest on the Class B Notes Will Not Be an Event of Default While the Class A Notes Remain Outstanding[,] [[and] the Failure to Pay Interest on the Class C Notes Will Not Be an Event of Default While the Class A Notes and the Class B Notes Remain Outstanding[.][,]] [[and] the Failure to Pay Interest on the Class D Notes Will Not Be an Event of Default While the Class A Notes, the Class B Notes and the Class C Notes Remain Outstanding[.][,]] [[and] the Failure to Pay Interest on the Class E Notes Will Not Be an Event of Default While the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes Remain Outstanding[.][,]] [and the Failure to Pay Interest on the Class F Notes Will Not Be an Event of Default While the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes Remain Outstanding.]]** | [The indenture provides that, while the Class A Notes remain outstanding, failure to pay interest when due on the Class B Notes will not be an Event of Default under the indenture[,] [and, while the Class A Notes and the Class B Notes remain outstanding, failure to pay interest when due on the Class C Notes will not be an Event of Default under the indenture[.][,]] [[and,] while the Class A Notes, the Class B Notes and the Class C Notes remain outstanding, failure to pay interest when due on the Class D Notes will not be an Event of Default under the indenture[.][,]] [[and,] while the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes remain outstanding, failure to pay interest when due on the Class E Notes will not be an Event of Default under the indenture[.][,]] [and, while the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes remain outstanding, failure to pay interest when due on the Class F Notes will not be an Event of Default under the indenture.]] Under these circumstances, the holders of the Class B Notes[,] [[and] the Class C Notes][,] [[and] the Class D Notes][,] [[and] the Class E Notes][,] [and the Class F Notes] will not have any right to declare an Event of Default, to cause the maturity of the Notes to be accelerated or to direct or consent to any action under the indenture.] |

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| **Payment Priorities May Increase Risk of Loss or Delay in Payment to Certain Notes.** | Because the principal of each class of Notes generally will be paid sequentially, (i) classes of Class A Notes that have higher numerical class designations will generally be outstanding longer than classes of Class A Notes that have lower numerical class designations, and, therefore, will be exposed to greater risk of losses on the Units during the period after Class A Notes with lower numerical designations have been receiving most or all amounts payable on such Notes, and after a disproportionate amount of credit enhancement may have been applied and not replenished[,] [and] (ii) Class B Notes will generally be outstanding longer than the Class A Notes, and, therefore, will be exposed to greater risk of losses on the Units during periods after the Class A Notes have been receiving most or all amounts payable on such Notes, and after a disproportionate amount of credit enhancement may have been applied and not replenished[.][,] [and] [(iii) Class C Notes will generally be outstanding longer than the Class A Notes and the Class B Notes, and, therefore, will be exposed to greater risk of losses on the Units during periods after the Class A Notes and the Class B Notes have been receiving most or all amounts payable on such Notes, and after a disproportionate amount of credit enhancement may have been applied and not replenished[.][,] [and] [(iv) Class D Notes will generally be outstanding longer than the Class A Notes, the Class B Notes and the Class C Notes, and, therefore, will be exposed to greater risk of losses on the Units during periods after the Class A Notes, the Class B Notes and the Class C Notes have been receiving most or all amounts payable on such Notes, and after a disproportionate amount of credit enhancement may have been applied and not replenished[.][,] [and] [(v) Class E Notes will generally be outstanding longer than the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes, and, therefore, will be exposed to greater risk of losses on the Units during periods after the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes have been receiving most or all amounts payable on such Notes, and after a disproportionate amount of credit enhancement may have been applied and not replenished[.][,] [ and (vi) Class F Notes will generally be outstanding longer than the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes, and, therefore, will be exposed to greater risk of losses on the Units during periods after the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes and the Class E Notes have been receiving most or all amounts payable on such Notes, and after a disproportionate amount of credit enhancement may have been applied and not replenished.]]<br>Further, even if there is an Event of Default and subsequent acceleration of the Notes, principal payments will be made [first [to the holders of the Class A Notes, pro rata, based upon the respective unpaid principal amount of each such class of Notes until they are paid in full][to the holders of the Class A-1 Notes[, pro rata among any Class A-1a Notes and any Class A-1b Notes, as applicable,] until they are paid in full][to the holders of each class of the Notes, pro rata, based on the outstanding principal amount of each such class, until they are paid in full][, then to the Class B Notes[, pro rata among any Class Ba Notes and any Class Bb Notes, as applicable,] until they have been paid in full][, [and] then to the Class C Notes[, pro rata among any Class Ca Notes and any Class Cb Notes, as applicable,] until they have been paid in full][, [and] then to the Class D Notes[, pro rata among any Class Da Notes and any Class Db Notes, as applicable,] until they have been paid in full][, [and] then to the Class E Notes[, pro rata among any Class Ea Notes and any Class Eb Notes, as applicable,] until they have been paid in full][, and then to the Class F Notes[, pro rata among any Class Fa Notes and any Class Fb |

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|  | Notes, as applicable,] until they have been paid in full.]] As a result, the yields of the [Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes [,][and]] [the Class B Notes[,]] [[and] the Class C Notes[,]] [[and] the Class D Notes[,]] [[and] the Class E Notes[,]] [and the Class F Notes], as compared to the yield on the Class [A][A-1] Notes, will be relatively more sensitive to losses on the Units and the timing of such losses. If the actual rate and amount of losses exceeds historical levels, and if the available overcollateralization and available amounts from the [Risk Retention] Reserve Account [or reserve account letter of credit] are insufficient to cover the resulting shortfalls, the yield to maturity on your Notes may be lower than anticipated, and you could suffer a loss. |
| **The Depositor or One or More Affiliates Thereof May Initially Retain All or a Portion of One or More Classes of the Notes on the [Initial] Closing Date, Which May Reduce the Liquidity of Your Class [**·**] Notes, as applicable, and Subsequent Sales of any Such Retained Notes May Adversely Affect Their Market Price and Your Voting Power.]** | [The amount of each class of [Offered] Notes sold to investors as contemplated by this prospectus, and the amount of the Retained Notes, if any, may not be known until the day of pricing. Therefore, investors should not expect further disclosure of this matter prior to their entering into commitments to purchase Notes of any class. A significant reduction in liquidity in the secondary market for your Class [·] Notes may result if the Depositor or one or more affiliates thereof retain a large principal amount of such Notes. In addition, if any Retained Notes are subsequently sold in the secondary market, the demand for and market price of Notes already in the market could be adversely affected and the voting power of the Noteholders of the outstanding Notes may be diluted.] |
| **[Risks Associated With Unknown Aggregate Initial Principal Amount of the Notes Prior to Pricing.]** | [Whether the Issuing Entity will issue Notes with an aggregate initial principal amount of $[·] or $[·] is not expected to be known until the day of pricing. The Depositor will make the determination regarding the aggregate initial principal amount of the Notes based on, among other considerations, market conditions at the time of pricing. The size of a class of Notes may affect liquidity of that class, with smaller classes potentially being less liquid than a larger class. In addition, if your class of Notes is larger than you expected, then you will hold a smaller percentage of that class of Notes and the voting power of your Notes will be diluted.] |
| **[Risks Associated With Unknown Allocation Between Class [**·**][-[**·**]]a Notes and Class [**·**][-[**·**]]b Notes [and the Class A-2 Notes and the Class A-3 Notes] Prior to Pricing.]** | [The allocation of the principal amount between any Class [·][-[·]]a Notes and any Class [·][-[·]]b Notes [and any Class A-2 Notes and any Class A-3 Notes] may not be determined until the day of pricing. Therefore, investors should not expect disclosure of this allocation prior to their entering into commitments to purchase these classes of Notes.<br>The higher the initial principal amount of the floating rate Class [·][-[·]]b Notes, the greater the Issuing Entity's exposure will be to increases in the floating rate payable on the Class [·][-[·]]b Notes. See *"Risk Factors—Risks Relating to the Notes and Structure of the Transaction—The Issuing Entity May Issue Floating Rate Class [·] Notes, but the Issuing Entity Will Not Enter into any Interest Rate [Swaps][Caps] and You May Suffer Losses on Your Notes if Interest Rates Rise"* in this prospectus.<br>Moreover, a reduction in liquidity in the secondary market for any Class [·][-[·]]a Notes or Class [·][-[·]]b Notes may result if the Class [·][-[·]]a Notes or Class [·][-[·]]b Notes, if any, have a small principal amount as compared to the Class [·][-[·]]b Notes or Class [·][-[·]]a Notes, respectively.] |

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| **[The Issuing Entity May Issue Floating Rate Class [**·**] Notes, but the Issuing Entity Will Not Enter into any Interest Rate [Swaps][Caps] and You May Suffer Losses on Your Notes if Interest Rates Rise.]** | [*NOTE: If Floating Rate Notes are offered, the applicable prospectus will disclose the terms of the specific Benchmark that will be used to determine interest payments for such Floating Rate Notes.*] [*NOTE: The actual Benchmark in any given transaction may also be a market rate other than as recommended by ARRC or referenced below.*] [The Exchange Note held by the Issuing Entity will bear interest at a fixed rate while any Floating Rate Notes will bear interest at a floating rate based on the SOFR Rate (or the then-current Benchmark) plus the applicable spread. The Issuing Entity will not enter into any interest rate swaps or other derivative transactions in connection with the issuance of any Floating Rate Notes.]<br>If the floating rate payable by the Issuing Entity in respect of any Floating Rate Notes is substantially greater than the fixed rate received on the Exchange Note, the Issuing Entity may not have sufficient funds to make payments on the Notes, including such Floating Rate Notes. If the Issuing Entity does not have sufficient funds to make required payments on the Notes, you may experience delays or reductions in the interest and principal payments on your Notes.<br>If the SOFR Rate (or the then-current Benchmark) rises or other conditions change materially after the issuance of the Notes, you may experience delays or reductions in interest and principal payments on your Notes. The Issuing Entity will make payments on any Floating Rate Notes out of its generally Available Funds. Therefore, an increase in the SOFR Rate (or the then-current Benchmark) would reduce the amounts available for distribution to holders of all Notes, not just the holders of any Floating Rate Notes.] |
| **[Uncertainty About [the Applicable Benchmark] May Adversely Affect the Class [**·**][-[**·**]]b Notes.** | [*NOTE: If Floating Rate Notes are offered, the applicable prospectus will disclose the terms of the specific Benchmark that will be used to determine interest payments for such Floating Rate Notes.*] [*NOTE: The actual Benchmark in any given transaction may also be a market rate other than as recommended by ARRC or referenced below.*] [The interest rates to be borne by the Floating Rate Notes are based on a spread over SOFR. SOFR is a relatively new market rate that is still under development and may ultimately not be widely used as a benchmark rate.<br>SOFR is intended to be a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities, and has been published by the FRBNY since April 2018. SOFR is calculated as a volume-weighted median of transaction-level tri-party repo data collected from The Bank of New York Mellon as well as General Collateral Finance Repo transaction data and data on bilateral Treasury repo transactions cleared through The Fixed Income Clearing Corporation's delivery-versus-payment service. The FRBNY notes that it obtains information from DTCC Solutions LLC, an affiliate of DTC. The FRBNY states on its publication page for SOFR that the use of SOFR is subject to important limitations and disclaimers, including that the FRBNY may alter the methods of calculation, publication schedule, rate revision practices or availability of SOFR at any time without notice.<br>SOFR is published by the FRBNY based on data received from sources outside of the Sponsor's, the Issuing Entity's and any other transaction party's control or direction and none of the Sponsor, the Issuing Entity or any other transaction party has control over its determination, calculation or publication. The activities of the FRBNY may directly affect prevailing SOFR rates in ways the Sponsor, the Issuing Entity or any |

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|  | other transaction party is unable to predict. There can be no guarantee that SOFR will not be discontinued or fundamentally altered in a manner that is materially adverse to the interests of the holders of the Floating Rate Notes. Potential investors should not rely on any historical changes or trends in SOFR as an indicator of future changes or trends in SOFR. If the manner in which SOFR is calculated is changed or if SOFR is discontinued, that change or discontinuance may result in a reduction of the amount of interest payable on and the trading prices of the Floating Rate Notes.<br>If market dynamics change such that SOFR is no longer widely used as a benchmark in securities that are similar or comparable to the Floating Rate Notes, the return on and value of the Floating Rate Notes and the trading price of the Floating Rate Notes may be lower than those of securities that are linked to benchmark rates that are more widely used. Similarly, market terms for floating-rate debt securities linked to the return on and value of the Floating Rate Notes may evolve over time, and trading prices of the Floating Rate Notes may be lower than those of later-issued SOFR-based debt securities as a result. Investors in the Floating Rate Notes may not be able to sell the Floating Rate Notes at prices that will provide them with a yield comparable to similar investments that have a developed secondary market, and may consequently suffer from increased pricing volatility and market risk. Ultimately, the most widely used benchmark may be a rate other than the SOFR Rate, as there are competing benchmark developments and the SOFR Rate may prove not to be the predominant or widely used benchmark rate for floating rate notes.<br>Additionally, the composition and characteristics of SOFR are not the same as those of the London interbank offered rate ("***LIBOR***"), which has been discontinued, and other floating interest benchmark rates. SOFR is different from LIBOR in certain respects, including, without limitation, that SOFR is a secured rate, while LIBOR was an unsecured rate and SOFR is an overnight rate, while LIBOR was a forward-looking rate that represents interbank funding over different maturities (e.g., one month). Additionally, since the initial publication of SOFR, daily changes in SOFR have, on occasion, been more volatile than daily changes in other benchmark or market rates, such as LIBOR. Although changes in Compounded SOFR generally are not expected to be as volatile as changes in daily levels of SOFR, the return on and value of the Floating Rate Notes may fluctuate more than floating rate debt securities that are linked to less volatile rates. As a result, there can be no assurance that SOFR will perform in the same way as LIBOR would have at any time, including, without limitation, as a result of changes in interest and yield rates in the market, market volatility or global or regional economic, financial, political, regulatory, judicial or other events.] |
| **[Effects of the Administration of SOFR and a Benchmark Transition Event May Adversely Affect the [Offered] Notes.** | [*NOTE: If Floating Rate Notes are offered, the applicable prospectus will disclose the terms of the specific Benchmark that will be used to determine interest payments for such Floating Rate Notes.*] [*NOTE: The actual Benchmark in any given transaction may also be a market rate other than as recommended by ARRC or referenced below.*] The FRBNY began to publish, in March 2020, compounded averages of SOFR, which are used to determine compounded SOFR. The interest rate on the Floating Rate Notes will initially be based on the SOFR Rate plus the applicable spread. The SOFR Rate will be based on Compounded SOFR. |

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Under certain circumstances, as described under "Description of the Notes — Payments of Interest" in this prospectus, if the Administrator (on behalf of the Issuing Entity) has determined prior to the relevant Reference Time that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, the interest rate of the Floating Rate Notes may cease to be based upon SOFR and instead be based upon the Benchmark Replacement.<br>The alternative rate of interest on the Floating Rate Notes will be determined in the following order: (a) based on the alternative rate of interest that has been selected or recommended by the relevant governmental body, (b) based on an ISDA fallback rate and (c) based on an alternative rate selected by the Administrator (on behalf of the Issuing Entity), in each case, together with any Benchmark Replacement Adjustment. If a particular Benchmark Replacement or related Benchmark Replacement Adjustment cannot, in the sole discretion of the Administrator (on behalf of the Issuing Entity), be determined (including because such Benchmark Replacement or related Benchmark Replacement Adjustment is deemed not to be administratively feasible), then the next-available Benchmark Replacement or related Benchmark Replacement Adjustment will apply.<br>Further, the Administrator (on behalf of the Issuing Entity) may, from time to time, in its sole discretion, make Benchmark Replacement Conforming Changes (i.e., technical, administrative or operational changes) without the consent of Noteholders or any other person, which could change the methodology used to determine the SOFR Rate. The Issuing Entity can provide no assurance that the methodology to calculate Compounded SOFR will not be adjusted as described in the prior sentence and, if so adjusted, that the resulting interest rate will yield the same or similar economic results over the life of the Floating Rate Notes relative to the results that would have occurred had the interest rates been based on Compounded SOFR without such adjustment or that the market value will not decrease due to any such adjustment in methodology. Holders of the [Offered] Notes will not have any right to approve or disapprove of these changes and will be deemed to have agreed to waive and release any and all claims relating to any such determinations.<br>It is possible that there will be limited interest in securities products based on Compounded SOFR, or in the implementations of Compounded SOFR with respect to the Floating Rate Notes. As a result, you should consider whether any future reliance on Compounded SOFR may adversely affect the market values and yields of the Floating Rate Notes due to potentially limited liquidity and resulting constraints on available hedging and financing alternatives.<br>Additionally, the Issuing Entity and the Administrator cannot anticipate how long it will take to develop the systems and processes necessary to adopt a specific Benchmark Replacement, which may delay and contribute to uncertainty and volatility surrounding any benchmark transition.<br>Although it is intended that the replacement of the then-current Benchmark will not be a taxable event for Noteholders of the Floating Rate Notes, we cannot provide any assurances that the IRS will not take a contrary view. There is no targeted IRS tax guidance regarding a possible change in the Benchmark as contemplated herein (as there was<br>

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|  | for transitions from LIBOR to non-LIBOR rates) and hence there is significant uncertainty regarding the U.S. federal income tax consequences of such a change. If the IRS treats a change in the then-current Benchmark of the Floating Rate Notes as a taxable event, Noteholders of the Floating Rate Notes may be required to recognize taxable gain or loss at that time. Holders of the Floating Rate Notes should consult with their own tax advisors regarding the potential consequences of the setting of an alternative Benchmark.] |
| **[Failure by the [Swap][Cap] Counterparty to Make Payments to the Issuing Entity and the Seniority of Payments Owed to the Swap Counterparty Could Reduce or Delay Payments on the Notes.]** | [As described further in the *"Description of the Transaction Documents—Interest Rate Protection Agreement,"* if the Issuing Entity issues any Floating Rate Notes, it [may] enter into one or more interest rate [swaps][caps] because the Exchange Note held by the Issuing Entity will bear interest at a fixed rate while the Floating Rate Notes, if any, will bear interest at a floating rate based on the SOFR Rate (or the then-current Benchmark).]<br>[During any period in which the amount based on the floating [the applicable benchmark]-based rate payable by the swap counterparty is substantially greater than the amount based on the fixed rate payable by the Issuing Entity, the Issuing Entity will be more dependent on receiving payments from the swap counterparty in order to make payments on the Notes. In addition, if the interest rate swaps are terminated, the swap counterparty may be obligated to make a termination payment to the Issuing Entity, which could be substantial.][During any period in which the amount of interest on any class or tranche of floating rate Notes based on the floating [the applicable benchmark]-based rate rise above the strike level on the interest rate cap, the Issuing Entity will be more dependent on receiving payments from the cap counterparty in order to make payments on the Notes. In addition, if the interest rate caps are terminated, the cap counterparty may be obligated to make a termination payment to the Issuing Entity, which could be substantial.] If the [swap][cap] counterparty fails to pay any amount due to the Issuing Entity, you may experience delays and/or reductions in the interest and principal payments on your Notes. [If the [swap][cap] counterparty fails to make a termination payment owing to the Issuing Entity, the Issuing Entity may not be able to enter into replacement interest rate [swaps][caps] [and to the extent that the interest rate on [the Floating Rate Notes] exceeds the fixed rate that the Issuing Entity would have been required to pay the swap counterparty under the interest rate swaps, the amount available to pay principal of and interest on the Notes will be reduced].]<br>[During any period in which the amount based on the floating rate payable by the swap counterparty is less than the amount based on the fixed rate payable by the Issuing Entity, the Issuing Entity will be obligated to make payments to the swap counterparty. In addition, if the interest rate swaps are terminated, the Issuing Entity may be obligated to make a termination payment to the swap counterparty, which could be substantial. The swap counterparty will have a claim on the assets of the Issuing Entity for the monthly swap payment amount due, if any, to the swap counterparty under the interest rate swaps. The swap counterparty's claim other than with respect to termination payments may be higher than or equal in priority to payments on the Notes. If there is a shortage of funds available on any Payment Date, you may experience delays and/or reductions in interest and principal payments on your Notes.] |

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| **[A Decrease in [the Applicable Benchmark] Rates or the Benchmark Replacement Would Reduce the Rate of Interest on the Class [**·**] Notes.** | [*NOTE: If Floating Rate Notes are offered, the applicable prospectus will disclose the terms of the specific Benchmark that will be used to determine interest payments for such Floating Rate Notes.*] [*NOTE: The actual Benchmark in any given transaction may also be a market rate other than as recommended by ARRC or referenced below.*] The interest rates to be borne by the Floating Rate Notes are based on a spread over the secured overnight financing rate ("***SOFR***") as published by the Federal Reserve Bank of New York ("***FRBNY***").<br>Changes in the SOFR Rate (or the then-current Benchmark) will affect the rate at which the Floating Rate Notes accrue interest and the amount of interest payments on the Floating Rate Notes. If the SOFR Rate (or the then-current Benchmark) decreases for an interest accrual period compared to the prior period, the rate at which the Floating Rate Notes accrue interest for such interest accrual period will be reduced by the amount by which the SOFR Rate (or the then-current Benchmark) decreases, provided that the interest rate on the Floating Rate Notes for any interest accrual period will not be less than 0.00%. A negative SOFR Rate (or the then-current Benchmark) rate could result in the interest rate applied to the Floating Rate Notes decreasing to 0.00% for the related interest accrual period.] |
| **[Failure by the Reserve Account Letter of Credit Bank to Honor a Draw on the Reserve Account Letter of Credit May Result in Delayed Payments or Losses on Your Notes.]** | [Rather than funding the [Risk Retention] Reserve Account with cash, the reserve account will be backed by a letter of credit issued by the reserve account letter of credit bank. If Available Funds are insufficient to make all of the distributions required on a Payment Date, under specified circumstances the Indenture Trustee will be entitled to draw on the reserve account letter of credit to funds those shortfalls. If the reserve account letter of credit bank fails to honor a draw on the reserve account letter of credit, you may experience delays and/or reductions in the interest and principal payments on your Notes. |
| **[You May Experience Reduced Returns On Your Notes Resulting From Distribution of Amounts In the [Pre-Funding Account][Accumulation Account].]** | [The Issuing Entity has a [Pre-Funding Account][Accumulation Account]. The [Depositor] will seek to cause additional Units to be allocated to the Reference Pool. The Issuing Entity will pay for the additional Units with funds on deposit in the [Pre-Funding Account][Accumulation Account].]<br>[You will receive as a prepayment of principal to you any amounts remaining in the [Pre-Funding Account][Accumulation Account] that have not been used to cause additional Units to be allocated to the Reference Pool [following the end of the Revolving Period]. This prepayment of principal could have the effect of shortening the weighted average life of your Notes. The inability of the [Depositor] to cause leases meeting the eligibility requirements to be allocated to the Reference Pool will increase the likelihood of a prepayment of principal. In addition, you will bear the risk that you may be unable to reinvest any principal prepayment at yields at least equal to the yield on the Notes.] |
| **[Changes in Reference Pool Characteristics From Those of the Initial Reference Pool May Adversely Affect Collections on the Leases and Payments On Your Notes.]** | [This prospectus describes only the characteristics of the leases in the initial Reference Pool as of the [Initial][Actual] Cutoff Date. If there is a [Pre-Funding Period][Revolving Period], the final Reference Pool as of the end of the [Pre-Funding Period][Revolving Period] will contain leases in addition to those included in the initial Reference Pool. As a result, the characteristics of the leases in the final Reference Pool as of the end of the [Pre-Funding Period][Revolving Period] may differ from |

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|  | those of the initial Reference Pool as of the [Initial][Actual] Cutoff Date.]<br>[Units originated or acquired by the Titling Trust after the [Initial][Actual] Cutoff Date may be acquired or originated based on criteria different from those that were applied to the leases in the initial Reference Pool and may be of a different credit quality and seasoning, which could adversely affect the amount collected on the leases. In addition, following the allocation of additional Units to the Reference Pool, the characteristics of the leases, including the composition of the leases, the distribution by contract rate, and geographic distribution may vary from those of the leases in the initial Reference Pool. We refer you to "*The Reference Pool*" in this prospectus. Since the weighted average life of the Notes will be influenced by the rate at which the lease payments are made, some of these variations will affect the weighted average life of the Notes. We refer you to "*Prepayment and Yield Considerations–Weighted Average Life of the Securities*" in this prospectus.] |
| **[Availability of Additional Units During the [Pre-Funding Period][Revolving Period] Could Shorten the Average Life of the Notes.]** | [[During the Revolving Period, the Issuing Entity will not make payments of principal on the Notes and, instead, the [Depositor] will seek to cause additional Units to be allocated to the Reference Pool.] [During the Pre-Funding Period, the [Depositor] will seek to cause additional Units to be allocated to the Reference Pool.] The allocation of these additional Units will lengthen the average life of the Notes compared to a transaction without a [Pre-Funding Period][Revolving Period]. However, [an unexpectedly high rate of collections on the leases during the Revolving Period,] a significant decline in the number of leases available for allocation to the Reference Pool or the inability of the [Depositor] to cause new leases to be allocated to the Reference Pool could affect the amount of additional leases that are allocated to the Reference Pool. If the Issuing Entity is unable to reinvest the amounts available in the [Pre-Funding Account][Accumulation Account] by the end of the [Pre-Funding Period][Revolving Period], then the average life of the Notes will shorten. You may not be able to reinvest the principal paid to you earlier than you expected at a rate of return that is equal to or greater than the rate of return on the Notes. Any reinvestment risks resulting from a faster or slower incidence of payments on the leases will be borne entirely by you.]<br>[Amounts allocable to principal payments on the Notes that are not used to cause additional Units to be allocated to the Reference Pool during the Revolving Period will be deposited into the Accumulation Account. Among other early amortization events, it will be an early amortization event if for consecutive Payment Dates, the amount in the Accumulation Account on any Payment Date during the Revolving Period is less than the excess of the outstanding principal amount of the Notes plus the overcollateralization target amount over the aggregate Securitization Value as of the last day of the related Collection Period. See *"Description of the Transaction Documents—Revolving Period"* in this prospectus. If an early amortization event happens, the Revolving Period will terminate and the Amortization Period will commence, shortening the average life of the Notes.] |
| **[Risks Associated with the Statistical Discount Rate.** | The initial aggregate principal amount of the Notes listed in this prospectus are based on the Initial Note Value as of the [Initial][Actual] Cutoff Date calculated using the Statistical Discount Rate. The actual aggregate initial principal amount of the Notes will be calculated using the Specified Discount Rate, which is based, in part, on the interest rates |

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|  | of the Notes and therefore may not be available prior to the pricing of the Notes. After determining the Specified Discount Rate and calculating the actual Initial Note Value as of the [Initial][Actual] Cutoff Date, the Issuing Entity may issue an initial aggregate principal amount of Notes that is up to [5]% greater than or less than the initial aggregate principal amount of the Notes set forth in this prospectus, however, the principal amount of a particular class of Notes may vary by more than [5]%.<br>The size of a class of Notes may affect liquidity of that class, with smaller classes being less liquid than a larger class may be. In addition, if your class of Notes is larger than you expected, then you may hold a smaller percentage of that class of Notes and the voting power of your Notes may be diluted. In addition, because the Specified Discount Rate may be different than the Statistical Discount Rate, the actual initial aggregate principal amount of Notes based on the Specified Discount Rate may vary somewhat from the initial aggregate principal amount of Notes described in this prospectus which are based on the Statistical Discount Rate.] |
| **[Redemption Upon Optional Purchase.** | The Servicer may, at its option, purchase the Exchange Note from the Issuing Entity on any Payment Date following the last day of any Collection Period on which the aggregate outstanding principal amount of the Notes is less than or equal to [5]% of the initial aggregate outstanding principal amount of the Notes on the [Initial] Closing Date.<br>On the Servicer's purchase of the Exchange Note, your Notes will be redeemed and paid in full. As a result you may receive principal on your Notes earlier than you expected. An optional redemption will shorten the life of the Notes. Any reinvestment risks resulting from an optional redemption will be borne entirely by you. See *"Prepayment and Yield Considerations—Weighted Average Life of the Securities"* and *"Description of the Notes—Redemption Upon Optional Purchase."]* |

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| **risks relating to the Units, the related leased vehicles and the lessees** | **risks relating to the Units, the related leased vehicles and the lessees** |
| **You May Experience Reduced Returns and Delays On Your Notes Resulting From Changes in Delinquency Levels and Losses.** | There can be no assurance that the historical levels of delinquencies and losses experienced by World Omni on its lease portfolio, or as reflected in the static Pool information attached hereto as Appendix [·], will be indicative of the performance of the leases included in the Reference Pool or that the levels will continue in the future. Delinquencies and losses could increase significantly for various reasons, including changes in the local, regional or national economies or due to other events. For more information, see "*Risk Factors—Risks Relating to Economic Conditions and Other External Factors— The Return on Your Notes May be Reduced Due to Varying Economic Conditions and Other External Factors.*" |

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| **The Timing of Principal Payments Is Uncertain and You May Suffer Losses or Reinvestment Risk if an Event of Default Occurs Under the Indenture.** | The amount of distributions of principal on the Notes and the timing of when you receive those distributions depends on the rate of prepayments, defaults and early terminations relating to the leases, which cannot be predicted with certainty. Each of these early terminations and unscheduled payments will have the effect of shortening the average life of your Notes. In addition, you will bear the risk of slower principal payment due to delinquent payments by lessees.<br>If an Event of Default occurs under the indenture and the maturity dates of the Notes are accelerated, the Indenture Trustee may sell the Exchange Note and prepay the Notes before their respective legal final maturity dates.<br>You will bear any reinvestment risk resulting from a faster or slower rate of payment on the leases. You may not be able to reinvest any principal paid to you earlier than you expected at a rate of return that is equal to or greater than the rate of return on your Notes. You also may not be paid the principal amount of your Notes in full if the assets of the Issuing Entity are insufficient to pay the total principal amount of the Notes.<br>[The acceleration of the maturity dates of the Notes will change the priority of principal payments on the Notes. After an Event of Default [due to the failure to pay interest on or principal of any Notes when due and payable] occurs resulting in an acceleration of the maturity dates of the Notes under the indenture, distributions in respect of principal to holders of the Class A Notes will [not] be paid sequentially. Instead, following the payment of accrued and unpaid interest on the Notes, the Class A-1 Notes will be paid first, and the other classes of the Class A Notes will be paid proportionally, based on the outstanding principal amount of each class. No amounts will be paid on the Class B Notes following an acceleration until all the Class A Notes have been paid in full[,] [[and] no amounts will be paid on the Class C Notes following an acceleration until all the Class A Notes and the Class B Notes have been paid in full[.][,]] [[and] no amounts will be paid on the Class D Notes following an acceleration until all the Class A Notes, the Class B Notes and the Class C Notes have been paid in full[.][,]] [[and] no amounts will be paid on the Class E Notes following an acceleration until all the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes have been paid in full[.][,]] [and no amounts will be paid on the Class F Notes following an acceleration until all the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes have been paid in full.]]<br>For more information about the risks described above, we refer you to "*Prepayment and Yield Considerations—Weighted Average Life of the Securities*" in this prospectus. |

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| **The Concentration of Leased Vehicles to Particular Models Could Negatively Affect the Pool Assets.** | As of the [Initial][Actual] Cutoff Date, [if the aggregate initial principal amount of the Notes is $[·], [·], [·], [·], [·] and [·] represent approximately [·]%, [·]%, [·]%, [·]% and [·]% of the aggregate Securitization Value of the Pool, and the remaining approximately [·]% of the aggregate Securitization Value of the Pool as of the [Initial][Actual] Cutoff Date, represents all other Toyota-branded vehicles, and, if the aggregate initial principal amount of the Notes is $[·], [·], [·], [·], [·] and [·] represent approximately [·]%, [·]%, [·]%, [·]% and [·]% of the aggregate Securitization Value of the Pool, and the remaining approximately [·]% of the aggregate Securitization Value of the Pool, as of the [Initial][Actual] Cutoff Date, represents all other Toyota-branded vehicles]. Any adverse change in the value of a specific model type would reduce the proceeds received at disposition of a related leased vehicle. As a result, you may incur a loss on your investment. |
| **Used Car Market Factors May Increase the Risk of Loss on Your Investment.** | The used car market is affected by supply and demand, consumer tastes, economic factors and manufacturer decisions on pricing of new car models. For instance, introduction of a new model by Toyota or its affiliates may adversely impact the resale value of the existing portfolio of similar model types. In addition, the discontinuation of a model by Toyota or its affiliates may also adversely impact the resale value of that model or similar models. Discount pricing incentives or other marketing incentive programs on new cars by Toyota, its affiliates or by its competitors, or by Southeast Toyota Distributors, LLC or World Omni, that effectively reduce the prices of new cars may have the effect of reducing demand by consumers for used cars. Other factors that are beyond the control of the Issuing Entity, the Depositor and the Servicer could also have a negative impact on the resale value of a vehicle. In particular, changes in the price of gasoline may have the effect of lowering demand for certain vehicle models and may lower the resale value of such models. If the proceeds actually realized upon the sale of the leased vehicles are substantially lower than Base Residual Values of the vehicles, you may suffer a loss on your investment.<br>Reduced demand for certain products such as new vehicles, potential declines in used vehicle sales, disruptions in global supply chains and shutdowns of manufacturing capacity in certain industries, including those of auto manufacturers, and decreases in liquidity of certain secondary markets, could have negative effects on the business of World Omni. Further, decreased or delayed new vehicle production due to epidemics, pandemics, shortage of parts, components or raw materials, supply chain or logistic network disruptions or other events and economic conditions generally may impact World Omni's ability to acquire new Units and impact used vehicle values. |

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| **Increased Vehicle Turn-in Rates May Increase Losses.** | Under each lease, the lessee may elect to purchase the related vehicle at the expiration of the lease for an amount generally equal to the Contract Residual Value established at the inception of the lease. Lessees who decide not to purchase their related vehicles at the Contract Residual Value before or at lease expiration will expose the Issuing Entity to possible losses if the sale prices of those vehicles in the used car market are less than their respective Base Residual Values. The level of vehicle turn-ins at termination of the leases could be adversely affected by lessee views on vehicle quality, the relative attractiveness of new vehicle models available to the lessees, sales and lease incentives offered with respect to other vehicles (including those offered by World Omni), the level of the purchase option prices for the related vehicles compared to new and used vehicle prices and economic conditions generally. The granting of extensions and the early termination of leases by lessees may affect the number of vehicle turn-ins in a particular month. If losses resulting from increased vehicle turn-ins exceed the credit enhancement for your Notes, you may suffer a loss on your investment. |
| **You May Experience Reduced Returns and Delays on Your Notes Resulting From a Vehicle Recall.** | Lessees that lease motor vehicles affected by a vehicle recall may be more likely to be delinquent in, or default on, their lease payments. Significant increases in the inventory of used motor vehicles subject to a recall may also depress the prices at which repossessed motor vehicles or vehicle turn-ins may be sold or delay the timing of those sales in the used car market. If the default rate on the leases in the related Reference Pool increases and the price at which the related vehicles may be sold declines, you may experience losses with respect to your Notes. If any of these events materially affect collections on the Units in the related Reference Pool, you may experience delays in payments or principal losses on your Notes. See also "*—Risks Relating to the Units, the Related Leased Vehicles and the Lessees—Increased Vehicle Turn-in Rates May Increase Losses*" in this prospectus. |
| **Inadequate or No Insurance on the Leased Vehicles May Result In a Loss.** | Each lease contract requires the lessee to obtain and maintain vehicle liability and physical damage insurance on the leased vehicle. The dealer agreements include a requirement that the dealers verify that the lessee has insurance which meets the requirements of the lease contract at the inception of the lease and retain such verification in their records. The amount of insurance required by a lease contract is at least equal to the amount required by applicable state law, subject to customary deductibles. In the event that the leased vehicle is damaged and the physical damage insurance on the leased vehicle has lapsed or is not adequate to cover the entire amount of the damage to the leased vehicle, you could experience delays in payments due to you, or you may ultimately suffer a loss. World Omni does not independently verify the existence of insurance in connection with its acquisition of Units, and performs no ongoing verification of insurance coverage. |

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| **risks relating to the transaction parties** | **risks relating to the transaction parties** |
| **A Bankruptcy of the Depositor, Auto Lease Finance LLC, the Servicer, the QI, or the Titling Trust Could Delay or Limit Payments To You.** | We have structured the transaction described in this prospectus in an effort to minimize the risk that:<br>· Auto Lease Finance LLC, World Omni Auto Leasing LLC, the Titling Trust, the QI and the Issuing Entity might be the subject of a bankruptcy or state insolvency proceeding;<br>· the bankruptcy or insolvency of World Omni might result in the consolidation of the assets and liabilities of any of those entities with those of World Omni; and<br>· the transfer of the Exchange Note from Auto Lease Finance LLC to World Omni Auto Leasing LLC might be recharacterized as a loan rather than a true sale, which could result in the Exchange Note being included in the estate of Auto Lease Finance LLC should it become the subject of a bankruptcy or insolvency proceeding. |
|  | If these efforts are unsuccessful, you could experience delays in payments due on your Notes or may suffer losses on your Notes.<br>Following a bankruptcy or insolvency of World Omni or Auto Lease Finance LLC, a court could conclude that the Exchange Note is owned by World Omni or Auto Lease Finance LLC, respectively, instead of the Issuing Entity. A court could reach this conclusion either because the transfer of the Exchange Note from Auto Lease Finance LLC to World Omni Auto Leasing LLC was not a true sale or because the court concluded that assets and liabilities of World Omni, Auto Lease Finance LLC and World Omni Auto Leasing LLC, or of Auto Lease Finance LLC and World Omni Auto Leasing LLC, should be consolidated and treated as a single estate for bankruptcy purposes. If this were to occur, you could experience delays in payments due to you or may not ultimately receive all interest and principal due to you because of:<br>· the automatic stay which prevents a creditor from exercising remedies against a debtor in bankruptcy without permission from the court; and<br>· the fact that neither the Issuing Entity nor the Indenture Trustee has a perfected security interest in the vehicles or any cash collections of the leases at the time a bankruptcy proceeding begins. |

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| **Consolidation or Disregard of Sale Following A Bankruptcy of World Omni May Cause Delays in Payments or Losses on Your Investment.** | Any amounts paid by World Omni to Auto Lease Finance LLC, World Omni Auto Leasing LLC, the Titling Trust, the QI or the Issuing Entity may be recoverable as preferential transfers if World Omni were to become the subject of a bankruptcy case or proceeding and World Omni had paid those amounts within one year of the commencement of the bankruptcy case.<br>The insolvency of World Omni also could result in its replacement as Servicer, which could temporarily interrupt payments on the Notes. A bankruptcy case or an insolvency case under federal or state law against World Omni also would be an Event of Default under the servicing agreement, which could result in the removal of World Omni as Servicer. Either type of case could delay payment to you on the Notes. If payments previously made by World Omni were to be recovered as preferential transfers, you could experience delays in payment or suffer a loss on your investment in the Notes. See also *"Additional Legal Aspects of the Titling Trust and the Exchange Notes—Insolvency Related Matters"* and *"—Dodd-Frank Act Orderly Liquidation Authority Provisions."* |
| **Adverse Consequences of the Termination of the Toyota Distribution Agreement.** | Termination of, or the failure to renew, the distributor agreement between Southeast Toyota Distributors, LLC, an indirect wholly-owned subsidiary of JM Family Enterprises, Inc., and Toyota Motor Sales, U.S.A., Inc. could materially and adversely affect World Omni's business or financial condition, including its ability to meet its servicing and repurchase [or substitution] obligations, which could result in a Servicer termination event and removal of World Omni as Servicer. |
| **Adverse Consequences of A Bankruptcy or Insolvency of the Titling Trust.** | We have registered the Titling Trust under various states' business trust laws. This means that the Titling Trust may be subject to bankruptcy or state insolvency laws. If, despite the built-in structural protections, the Titling Trust becomes bankrupt or insolvent, then claims against its assets would be subordinate to the perfected security interest in those assets held by the Closed-End Collateral Agent. |
|  | For further discussion of how a bankruptcy proceeding of the Titling Trust, Auto Lease Finance LLC, the Servicer, the QI, World Omni Auto Leasing LLC or other related entities may affect the Issuing Entity and the Notes, we refer you to *"Additional Legal Aspects of the Titling Trust and the Exchange Notes—Insolvency Related Matters"* and *"—Dodd-Frank Act Orderly Liquidation Authority Provisions."* |

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| **Commingling By the Servicer May Result In Delays and Reductions In Payments On Your Notes.** | So long as World Omni is Servicer, if each condition to making monthly deposits as may be required by the servicing agreement (including World Omni receiving notice from each hired rating agency that the cessation of daily deposits will not result in a reduction or withdrawal of the then current rating of the Notes) is satisfied, World Omni, as the Servicer, after identifying the applicable specified interest and Reference Pool, unencumbered pool or warehouse facility pool, may retain all payments on the leases with respect to a Reference Pool received from the related lessees and all proceeds relating to the leases and the leased vehicles collected during a Collection Period until the business day preceding the related Payment Date. During this time, the Servicer may invest such amounts at its own risk and for its own benefit and need not segregate such amounts from its own funds. On or before the business day preceding a date on which payments are due to be made on a series of securities, the Servicer must deposit into the related collection account, all payments on the leases received from the lessees and all proceeds relating to the leases and the leased vehicles collected during the related Collection Period.<br>To the extent the Servicer does not satisfy the monthly remittance conditions, the Servicer is required to deposit the collections into the Exchange Note collection account within two business days of receipt of those collections and identification of the account(s) and obligor(s) to which those collections relate. During such two business days, the Servicer need not segregate such amounts from its own funds.<br>If the Servicer is unable to or does not deposit these amounts into the collection account, you might incur a loss on your securities. [Also, those amounts may be held in accounts of World Omni that are subject to liens of or claims by other creditors of World Omni that would be superior to those of the Series 20[●]-[●] Noteholders.]<br>|
| **A Security Breach or a Cyber-Attack Affecting World Omni Could Adversely Affect World Omni's Business, Results of Operations and Financial Condition, Which Could Have an Adverse Effect on Your Notes.** | World Omni could be the subject of cyber-attacks that may result in slow performance, loss or temporary unavailability of World Omni's data or information systems, including its core systems used to service the leases. Security breaches or cyber-attacks involving World Omni's systems or facilities, or the systems or facilities of third-party providers, including the subcontractors of the third-party custodian hosting the Software as a Service (SaaS)-based/cloud based system storing the electronic contracts, could expose World Omni to a risk of loss of personal information of customers, employees and third parties or other confidential, proprietary or competitively sensitive information, business interruptions, regulatory scrutiny, actions and penalties, litigation, reputational harm, a loss of confidence, and other financial and non-financial costs, all of which could potentially have an adverse impact on World Omni's future business with current and potential customers, results of operations and financial condition.<br>If the security measures employed by World Omni or its third-party providers, including the subcontractors of the third-party custodian hosting the SaaS-based/cloud based system storing the electronic contracts, are circumvented by methods such as hacking, the use of artificial intelligence, fraud, trickery or other forms of deception, World Omni may experience misappropriation of its proprietary information, interruptions of its operations, damage of critical infrastructure, or ransomware demands. |

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World Omni may be required to expend capital and other resources to protect against, or remediate problems caused by, such security breaches or cyber-attacks. Even if a failure of, or interruption in, World Omni's systems or facilities is resolved timely or an attempted cyber incident or other security breach is successfully avoided or thwarted, it may nevertheless require World Omni to expend substantial resources or to take actions that could adversely affect customer satisfaction or behavior and expose World Omni to reputational harm.<br>World Omni may not be able to anticipate or implement effective preventative measures against all security breaches, especially because in recent years perpetrators have been originating such attacks using increasingly sophisticated and frequently changing techniques. The occurrence of any of these events could have a material adverse effect on World Omni's business, results of operations and financial condition, could adversely affect World Omni's ability to service the leases under the servicing agreement and supplement and perform its other obligations under the other transaction documents, and could have an adverse effect on your Notes. <br>

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| **You May Experience Reduced Return and Delays on Your Notes Resulting from Changes in the Sponsor's Servicing System** | The Sponsor intends to implement a new servicing system. In anticipation of the implementation of the new system, the Sponsor intends to modify certain system processes targeted to occur during [December 2025]. Although not anticipated, it is possible that the implementation of the new servicing system could result in certain portions of the servicing system not operating as expected, resulting in a loss of functionality or data delays, which could adversely affect the servicing of the Units. One of the process modifications targeted to occur during [December 2025] (in anticipation of the later implementation of a new servicing system) will result in a change in the reporting of the Delinquency Threshold Amount, the portion of a scheduled payment that a lessee must fail to pay to be classified as delinquent, from $40 to 10% of the applicable scheduled payment. Although the Sponsor does not currently anticipate that the process modification related to the Delinquency Threshold Amount will have a material adverse effect on the number of leases determined to be delinquent or defaulted compared to the number that would have been so determined without the change, no assurance can be given that this change will not have a material adverse effect. |
| **Risks Relating to economic conditions and other external factors** | **Risks Relating to economic conditions and other external factors** |
| **The Return on Your Notes May be Reduced Due to Varying Economic Circumstances and/or an Economic Downturn.** | The United States has experienced, and may in the future experience, periods of economic downturn or recessions which may adversely affect the performance of the leases and the performance and market value of your Notes. A deterioration in economic conditions and certain economic factors could adversely affect the ability and willingness of obligors to meet their payment obligations under the leases. Economic conditions could deteriorate in connection with an economic recession, high interest rates, elevated levels of inflation, volatile fuel and energy prices, housing price declines, tariffs and other trade protection measures, terrorist events, geopolitical unrest or conflict, war, extreme weather conditions, epidemics, pandemics or other public health emergencies or other events. As a result of any deterioration of economic conditions, you may experience payment delays and losses on your Notes. An improvement in economic conditions could result in prepayments by the lessees of their payment obligations under the |

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|  | leases. As a result, you may receive principal payments of your Notes earlier than anticipated.<br>In addition, a general economic downturn may adversely affect the performance of the leases. During periods of economic slowdown or recession (including due to elevated levels of inflation and high interest rates), delinquencies, defaults, repossessions and losses generally increase. High levels of unemployment, low consumer confidence in the economy and a general reduction in the availability of credit may lead to increased delinquencies and defaults by lessees. Further, these periods may also be accompanied by decreased consumer demand for motor vehicles and declining values of leased vehicles, which increases the risk and severity of a loss in the event of default or upon lease maturity. Significant increases in the inventory of used motor vehicles during periods of economic slowdown or recession may also depress the prices at which repossessed motor vehicles or returned leased vehicles may be sold or delay the timing of these sales.<br>New tariffs and evolving trade policy between the United States and other countries could also adversely affect economic conditions and the performance of the leases.<br>No prediction or assurance can be made as to the effect of an economic downturn or economic growth on the rate of delinquencies, prepayments and/or losses on the leases.<br>Further, changes in the availability or cost of the long-term financing necessary to support the acquisition of new Units could adversely affect results of operations of World Omni. World Omni uses securitization programs to fund a substantial portion of the Units acquired by World Omni, through the Titling Trust, from dealers. Changes in the condition of the asset-backed securitization market could lead to higher costs to access funds or require World Omni to seek alternative means to finance its acquisition of Units. In the event that the securitization market ceases to exist and there were no immediate alternative funding sources available, World Omni might be forced to curtail its acquisition of Units for some period of time. The impact of reducing or curtailing World Omni's acquisition of Units could have a material adverse effect on the business, sales, results of operations and financial condition of World Omni.<br>Historical loss experience set forth in this prospectus since fiscal year 2020 under *"Delinquencies, Repossessions and Net Losses"* and *"Static Pool Information"* may not accurately predict the performance of the leases in the Reference Pool due to the unprecedented impact of the COVID-19 pandemic and other market factors. All of the foregoing could have a negative impact on the performance of the leases and, as a result, you may experience delays in payments or losses on your Notes<br>|
| **The Geographic Concentration and Performance of the Lease Assets May Increase the Risk of Loss on Your Investment.** | [If the aggregate initial principal amount of the Notes is $[●], lessees related to leases in the Pool constituting approximately [●]%, [●]%, [●]%, [●]% and [●]% of the Securitization Value as of the [Initial][Actual] Cutoff Date, and, if the aggregate initial principal amount of the Notes is $[●], lessees related to leases in the Pool constituting approximately [●]%, [●]%, [●]%, [●]% and [●]% of the aggregate Securitization Value as of the [Initial][Actual] Cutoff Date] are located in [●], [●], [●], [●] and [●], respectively, based on the billing addresses of the lessees. |

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|  | Adverse economic conditions in a state where a large number of lessees are located could have a disproportionately significant effect on the delinquency, loss or repossession experience of the lease assets. The consequences of a significant economic downturn, including rising unemployment and continued lack of availability of credit, may lead to increased delinquency and default rates by lessees, as well as decreased consumer demand for automobiles and declining market value of the leased vehicles, which could increase the amount of a loss if the leases included in the Reference Pool default. These negative conditions could also have an effect on the timing and amount of principal and interest payments on the Notes and you may suffer a loss. As of the actual Cutoff Date, World Omni's records indicate that the billing addresses of the lessees of the lease assets in the actual pool were concentrated in the Five-State Area. Adverse economic conditions as a result of a recession in the Five-State Area, including a decline in home values, savings and investment portfolios, may affect payments on the leases from lessees residing in those states. The occurrence of epidemics, pandemics, natural disasters, such as hurricanes, tornadoes and wildfires, or geological disasters, such as oil spills or other similar events, in those states may adversely affect lessees and leased vehicles located in those states. In addition, we may be unable to accurately assess the effect of such events on the economy, low consumer confidence in the economy, general market liquidity or on the lease assets in those states. Investors should consider the possible effects on delinquency, default and prepayment experience of the lease assets because any adverse impact as a result of an epidemic, pandemic, recession, hurricane, tornado, wildfire or human-caused event or any similar event may be borne by the Noteholders. We refer you to *"The Leases— Distribution of the Leases by Geographic Location as of the Actual Cutoff Date"* in this prospectus. |
| **You May Have Difficulty Selling Your Notes and/or Obtaining Your Desired Price Due to the Absence of, or Illiquidity in, a Secondary Market for Such Notes and Because of General Global Economic Conditions.** | The Notes will not be listed on any securities exchange. Therefore, in order to sell your Notes, you will need to find a willing purchaser. The underwriters may, but are not obligated to, provide a secondary market for the [Offered] Notes. Disruptions in the global financial markets due to recent pandemics and geopolitical unrest have caused uncertainty and volatility in the secondary market for asset-backed securities. The underwriters may also be unwilling or unable to make a market in the [Offered] Notes due to regulatory developments or otherwise. Periods of illiquidity in the secondary market may adversely affect the market value of your Notes and your ability to locate a willing purchaser. Accordingly, no assurance can be given that a market will develop or, if one does develop, that it will provide you with liquidity of investment or continue for the life of your Notes.<br>Furthermore, the global financial markets have experienced increased volatility due to uncertainty surrounding the level and sustainability of the sovereign debt of various countries. Concerns regarding sovereign debt may spread to other countries at any time. There can be no assurance that this uncertainty related to the sovereign debt of various countries will not lead to disruption of the credit markets in the United States. Accordingly, you may not be able to sell your Notes when you want to do so or you may be unable to obtain the price that you wish to receive for your Notes and, as a result, you could suffer a loss on your investment.  |

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| **[The [Offered] Notes May Not Be Suitable Investments for Certain Environmentally or Sustainability Focused Investors**.]<br>| [World Omni's ability, through the Titling Trust, to acquire or originate new leases of [Toyota-branded] motor vehicles which meet certain eligibility criteria for certain environmentally- or sustainability-related purposes will depend on the availability of such motor vehicles and market conditions, including supply chain disruptions. No assurance is given by the Issuing Entity, the Depositor, the Sponsor, any underwriter or any other party to the transaction described in this prospectus that the Units in the Reference Pool will satisfy (or will continue to satisfy) the eligibility criteria, whether in whole or in part, any present or future investor expectations, requirements, standards, or other investment criteria or guidelines with which such investor or its investments are required to comply, whether by any present or future applicable law or regulation or by its own by-laws or other governing rules or investment portfolio mandates, ratings mandates or criteria, standards, or other independent expectations, including with regard to any direct or indirect environmental, sustainability or social impact of any investment in the Notes or the use of the related net proceeds by World Omni.<br> [It will not be a breach of representation and warranty nor an Event of Default under the indenture or any other transaction document if the Reference Pool fails to meet the investment criteria of any particular investor.] However, the investment requirements of certain environmentally or sustainability focused investors may adversely affect the value and trading price of the Notes, and may have consequences for certain investors with portfolio mandates to invest in securities to be used for a particular purpose.] |
| **[There is no Legal, Regulatory, or Market Definition of or Standardized Criteria for What Constitutes a "Green," "Sustainable," or other Equivalently Labeled Investment or Use of Proceeds, and Any Such Designations Made by Third Parties with Respect to the Notes May Not Be Suitable for The Investment Criteria of an Investor.]** | [There is currently no clear definition (legal, regulatory or otherwise) of, or market consensus as to what constitutes, a "green," "sustainable," or other equivalently labeled investment or use of proceeds, or as to what precise attributes are required for an investment or use of proceeds to be defined as "green," "sustainable," or such other equivalent label, nor can any assurance be given that a clear definition or consensus will develop over time. Therefore, no assurance can be provided to potential investors that the Notes or the use of the net proceeds from the sale of the Notes, as described in this prospectus, will meet any or all investor expectations regarding such "green," sustainable," or other equivalently labeled objectives.<br> No assurance or representation is given as to the suitability or reliability for any purpose whatsoever of any opinion or certification of World Omni or any third-party (whether or not solicited by the Issuing Entity, World Omni or any of its affiliates) in this prospectus. For the avoidance of doubt, any such opinion or certification is not, nor shall be deemed to be, incorporated in and/or form part of this prospectus. Any such opinion or certification is not, nor should be deemed to be, a recommendation by World Omni or any other person to buy, sell or hold the [Offered] Notes. Any such opinion or certification is only current as of the date that opinion or certification was initially issued. Prospective investors must determine for themselves the relevance of any such opinion or certification, the information contained therein, and the provider of such opinion or certification for the purpose of any investment in the Notes. Any withdrawal of any such opinion or certification or any additional opinion or certification may have a material adverse effect on the value of the [Offered] Notes or result in adverse consequences for certain investors with mandates to invest in securities to be used for a particular purpose.] |

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| **Climate Change Could Have an Adverse Effect on World Omni's Business and May, Directly or Indirectly, Cause Losses on Your Notes.** | The effects of climate change and the ongoing efforts to mitigate its impact may have a negative effect on World Omni, including through climate change-related legislation and regulation, adverse changes to the physical environment and public perception of greenhouse gas emissions from petroleum powered vehicles. The auto industry, in particular, is subject to regulations which attempt to address concerns regarding the environment, including global climate change and its impact. The precise implications of those actions, as well as future efforts, are uncertain, but could adversely impact the business operations and financial condition of manufacturers, suppliers and other interdependent market participants in the auto industry, including auto finance companies such as World Omni. World Omni's ability to acquire, through the Titling Trust, new leases of Toyota-branded motor vehicles which meet certain eligibility criteria for certain environmentally- or sustainability-related purposes, or comply with applicable rules and regulations, will depend on the availability of such motor vehicles and market conditions, including supply chain disruptions.<br> Significant physical effects of climate change, such as extreme weather, natural disasters and catastrophes, may affect manufacturers, suppliers and other interdependent market participants in the auto industry, including World Omni and the obligors on the leases. For example, obligors living in areas affected by extreme weather, natural disasters and catastrophes may suffer financial harm, reducing their ability to make timely payments on their leases. The auto dealerships in the Five-State Area and physical auctions that facilitate the origination of the Units and disposition of the leased vehicles are also subject to disruption as a result of extreme weather, natural disasters and catastrophes. In addition, such conditions may have industry- or economy-wide effects due to the interdependence of market actors. For additional information, see "*Risk Factors—Risks Relating to Economic Conditions and Other External Factors— The Geographic Concentration and Performance of the Lease Assets May Increase the Risk of Loss on Your Investment.*"<br> The effects of climate change could adversely affect the performance of the Units, the market value of the leased vehicles, the credit rating of World Omni or the ability of World Omni, as Sponsor, to honor its commitment to repurchase [or substitute] Units due to breaches of representations or warranties, and, as Servicer, to service the leases or purchase Units due to certain Servicer modifications, which could result in losses on your Notes. For information with respect to World Omni's efforts regarding climate change, see "*The Servicer, Sponsor and Administrator—Corporate Responsibility*" in this prospectus. |
| **risks relating to certain regulatory and other material legal aspects of the Units** | **risks relating to certain regulatory and other material legal aspects of the Units** |
| **[*Insert for transactions structured to comply with material net economic interest retention*: Requirements for Certain European and United Kingdom Regulated Investors.** | *European Economic Area*<br> Regulation (EU) 2017/2402 of the European Parliament and of the Council of December 12, 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation and amending certain other EU directives and regulations (as amended, the "***EU Securitisation Regulation***") is directly applicable in member states of the EU and will be applicable in any non-EU states of the EEA in which it is implemented. The EU Securitisation Regulation, together with all relevant implementing |

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regulations in relation thereto, all regulatory and/or implementing technical standards in relation thereto and any relevant guidance and directions published in relation thereto by the European Banking Authority (the "***EBA***"), the European Securities and Markets Authority (the "***ESMA***") and the European Insurance and Occupational Pensions Authority (or, in each case, any predecessor or any other applicable regulatory authority) or by the European Commission, in each case as amended and in effect from time to time, are referred to in this prospectus as the "***EU Securitisation Rules***".<br> Article 5 of the EU Securitisation Regulation places certain due diligence requirements (the "***EU Investor Due Diligence Requirements***") on investments in 'securitisations' (as defined in the EU Securitisation Regulation) by an "institutional investor," defined in the EU Securitisation Regulation to include: (a) an insurance undertaking as defined in Directive 2009/138/EC, as amended, known as Solvency II; (b) a reinsurance undertaking as defined in Solvency II; (c) with certain exceptions, an institution for occupational retirement provision falling within the scope of Directive (EU) 2016/2341, or an investment manager or an authorized entity appointed by such an institution for occupational retirement provision as provided in that Directive; (d) an alternative investment fund manager as defined in Directive 2011/61/EU that manages and/or markets alternative investment funds in the EU; (e) an undertaking for collective investment in transferable securities ("***UCITS***") management company, as defined in Directive 2009/65/EC, as amended, known as the UCITS Directive, or an internally managed UCITS, which is an investment company that is authorized in accordance with that Directive and has not designated such a management company for its management; and (f) a credit institution or an investment firm, as defined in and for the purposes of Regulation (EU) No 575/2013, as amended, known as the Capital Requirements Regulation (the "***EU CRR***"). The EU Investor Due Diligence Requirements also apply to investments by certain consolidated affiliates, wherever established or located, of entities subject to the EU CRR (such affiliates, together with all such institutional investors, the "***EU Affected Investors***").<br> The EU Investor Due Diligence Requirements provide that, prior to investing in (or otherwise holding an exposure to) a "securitisation position" (as defined in the EU Securitisation Regulation), an EU Affected Investor, other than the originator, sponsor or original lender (each as defined in the EU Securitisation Regulation) must, among other things: (1) verify that: (a) where the originator or original lender is established in a third country (that is, not within the EU), the originator or original lender grants all the credits giving rise to the underlying exposures on the basis of sound and well-defined criteria and clearly established processes for approving, amending, renewing and financing those credits and has effective systems in place to apply those criteria and processes to ensure that credit-granting is based on a thorough assessment of the obligor's creditworthiness; (b) if established in such a third country, the originator, sponsor or original lender retains on an ongoing basis a material net economic interest which, in any event, shall not be less than [5]%, determined in accordance with Article 6 of the EU Securitisation Regulation, and discloses the risk retention to institutional investors; and (c) the originator, sponsor or securitisation special purpose entity ("***SSPE***") (i.e., in the case of the transaction described in this prospectus, the Issuing Entity) has, where applicable, made available the information required by Article 7 of the EU Securitisation Regulation (which sets out transparency requirements for originators, sponsors and<br>

SSPEs, including, among other things, quarterly asset level reports and quarterly investor reports, each prepared on the basis of templates prescribed pursuant to the EU Securitisation Rules) in accordance with the frequency and modalities provided for in such Article 7 (the "***EU Transparency Requirements***", as to which see additional information below); and (2) carry out a due-diligence assessment which enables the EU Affected Investor to assess the risks involved, considering at least (a) the risk characteristics of the securitisation position and the underlying exposures, and (b) all the structural features of the securitisation that can materially impact the performance of the securitisation position.<br> The EU Investor Due Diligence Requirements also provide that, while holding a securitisation position, an EU Affected Investor must; (a) establish appropriate and proportionate written procedures in order to monitor, on an ongoing basis, its compliance with the foregoing requirements and the performance of the securitisation position and of the underlying exposures; (b) regularly perform stress tests on the cash flows and collateral values supporting the underlying exposures (or, where there is insufficient data for such purposes, stress tests on loss assumptions); (c) ensure internal reporting to its management body to enable adequate management of material risks; and (d) be able to demonstrate to its regulatory authorities that it has a comprehensive and thorough understanding of the securitisation position and its underlying exposures and has implemented written policies and procedures for managing risks of the securitisation position and maintaining records of the foregoing verifications and due diligence and other relevant information.<br> It remains unclear what is and will be required for EU Affected Investors to demonstrate compliance with certain aspects of the EU Investor Due Diligence Requirements.<br> With regard to World Omni's credit-granting criteria and processes, see "*The Servicer, Sponsor and Administrator*—*Underwriting Standards*" in this prospectus.<br> Article 6 of the EU Securitisation Regulation contains provisions relating to the obligation on the originator, sponsor or original lender of a securitisation to retain a material net economic interest in the securitisation of not less than [5]% (the "***EU Risk Retention Requirements***"). Certain aspects of the EU Risk Retention Requirements are specified in regulatory technical standards set out in Commission Delegated Regulation (EU) 2023/2175 of 7 July 2023 (the "***EU RTS***").<br> The EU Securitisation Regulation is silent as to the jurisdictional scope of the EU Risk Retention Requirements and, consequently, whether, for example, they impose a direct obligation upon U.S. established entities, such as World Omni. However, the explanatory memorandum to the original European Commission proposal for a securitisation regulation implies that the direct obligation would not apply where none of the originator, sponsor or original lender is established in the EU, and this interpretation is supported by the EBA's "Feedback on the public consultation" section of a paper it published on July 31, 2018, where it said: "*The EBA agrees however that a 'direct' obligation should apply only to originators, sponsors and original lenders established in the EU as suggested by the European Commission in the explanatory memorandum*". This interpretation is, however, non-binding and not legally enforceable.<br>

Notwithstanding the above, on the [Initial] Closing Date, the Sponsor will, as "originator" within the meaning of the EU Securitisation Rules, i.e., the entity which itself or through related entities was involved in the original agreement which created the obligations or potential obligations of the debtor or potential debtor giving rise to the exposures being securitized, being the Units, agree to retain, on an ongoing basis while the [Offered] Notes remain outstanding, a material net economic interest in the securitisation transaction described in this prospectus, and to take certain other actions, all in the manner, and on the terms, summarized in "*EU Securitisation Regulation and UK Securitisation Framework*" in this prospectus.<br> The EU Securitisation Regulation provide that an entity shall not be considered an "originator" within the meaning of such rules if it has been established or operates for the sole purpose of securitizing exposures. The EU RTS further provide that *"[a]n entity shall not be considered to have been established or to operate for the sole purpose of securitising exposures… where all of the following applies: (a) the entity has a strategy and the capacity to meet payment obligations consistent with a broader business model that involves material support from capital, assets, fees or other sources of income, by virtue of which the entity does not rely on the exposures to be securitised, on any interests retained or proposed to be retained in accordance with Article 6 of [the EU Securitisation Regulation], or on any corresponding income from such exposures and interests, as its sole or predominant source of revenue; (b) the members of the management body have the necessary experience to enable the entity to pursue the established business strategy, as well as adequate corporate governance arrangements."*<br> On March 31 2025, the Joint Committee of the European Supervisory Authorities published the Report on the implementation and functioning of the Securitisation Regulation (Article 44) (the "***ESAs Report***"). The March ESAs Report includes an interpretation of the term "predominant" in the context of assessing an originator entity's sources of revenue, as used for the purposes of determining whether an originator satisfies the 'sole purpose' test under Article 2(7) of the EU RTS, including statements that "the entity's revenues should correspond to no more than 50% on the exposures to be securitised, risk retained assets or proposed to be retained in accordance with Article 6 of the [EU Securitisation Regulation], or any corresponding income from such exposures and risk retained assets" and "that going forward, any new issuance should apply this interpretation, which should also be used by the supervisors when assessing whether an entity has been established or operates for the sole purpose of securitising exposures." The ESAs Report invited clarification by the European Commission of the term "sole purpose" under Article 6 of the EU Securitisation Regulation or, alternatively through an amendment to the EU RTS. However the European's review and legislative proposals in relation to the European securitization framework, published on June 17, 2025, makes no reference to the 'sole purpose' test or the interpretation out forward in the ESAs Report. Pending further regulatory guidance, additional consideration will need to be given to the factors assessed when looking at compliance with 'sole purpose' test. However, certain elements of the revenue test remain unclear, including whether it applies to all types of "originators" and whether failure to satisfy the revenue test would preclude an entity from complying with the sole purpose test, notwithstanding the other elements of that test set out in the EU RTS. <br>

In this regard, see, in particular, "*The Servicer, Sponsor and Administrator*" in this prospectus for information with regard to the Sponsor's business and related operations.<br> The EU Transparency Requirements in Article 7 of the EU Securitisation Regulation require that the "originator", "sponsor" and "SSPE" (as those terms are defined in the EU Securitisation Regulation), makes certain prescribed information relating to the relevant securitisation available to investors, competent authorities and, upon request, to potential investors. Such prescribed information includes quarterly asset-level reporting and quarterly investor reporting using a specified form of reporting template.<br> The EU Securitisation Rules make no express provision as to whether, and, if so, to what extent, an EU Affected Investor is required to verify compliance with the EU Transparency Requirements in cases where the originator, the sponsor or the SSPE is established outside the EU (as in the transaction described in this prospectus). However, in a report published on October 10, 2022, the European Commission provided guidance to the effect that EU Affected Investors subject to the EU Investor Due Diligence Requirements are required to verify that the EU Transparency Requirements have been fulfilled, including asset level reporting on the templates published by the ESMA, without "*differentiating the scope of information to be provided, depending on whether the securitisation is issued by EU entities or by entities based in third-countries*". With reference to securitisations in which the requirements of the EU Transparency Requirements are not satisfied, the European Commission stated that it "*is aware that the current text of Article 5(1)(e) [of the EU Securitisation Regulation], in conjunction with the rules laid down by Article 7 [of the EU Securitisation Regulation] (and, in turn, in conjunction with the respective technical standard) de facto excludes EU institutional investors from investing in certain third-country securitisations*".<br> EU Affected Investors should be aware that none of World Omni, the Depositor, the Issuing Entity, the underwriters, the Indenture Trustee, the Owner Trustee, the Closed-End Collateral Agent, nor any other party to the transactions described in this prospectus, nor any of their respective affiliates, intends, or will undertake, to comply with or provide the information required under the EU Transparency Requirements.<br> *United Kingdom*<br> With respect to the UK, the framework for the regulation of securitization comprises: (i) the Securitisation Regulations 2024 (SI 2024/102) (as amended, the "**UK Securitisation Regulations**"), (ii) the securitisation sourcebook of the handbook of rules and guidance adopted by the UK Financial Conduct Authority (the "**FCA**") (the "**SECN**"), (iii) the Securitisation Part of the rulebook of published policy of the Prudential Regulatory Authority of the Bank of England (the "**PRA**") (the "**PRASR**") and (iv) relevant provisions of the Financial Services and Markets Act 2000 (as amended, the "**FSMA**") (each as further amended, supplemented or replaced from time to time, the "**UK Securitisation Framework**"). The UK Securitisation Framework, together with (i) all relevant guidance, policy statements and directions relating to the application of the UK Securitisation Framework published by the FCA, the PRA and/or the UK Pensions Regulator (or their successors), (ii) any guidelines relating to the application of the EU<br>

Securitisation Regulation which are applicable in the UK, and (iii) any other applicable laws, acts, statutory instruments, rules, guidance or policy statements published or enacted relating to the UK Securitisation Framework, in each case as amended, supplemented or replaced from time to time, are referred to in this prospectus as the "**UK Securitisation Rules**".<br> Regulations 32B to 32D (inclusive) of the UK Securitisation Regulations, SECN4 and Article 5 of Chapter 2 of the PRASR, as applicable, place certain due diligence requirements (the "**UK Investor Due Diligence Requirements**") on investments in "securitisations" (as defined in the UK Securitisation Regulations) by an "institutional investor", defined in the UK Securitisation Regulations to include: (a) an insurance undertaking as defined in section 417(1) of the FSMA; (b) a reinsurance undertaking as defined in section 417(1) of the FSMA; (c) the trustees or managers of an occupational pension scheme as defined in section 1(1) of the Pension Schemes Act 1993 that has its main administration in the UK; (d) a fund manager of such an occupational pension scheme appointed under section 34(2) of the Pensions Act 1995 that, in respect of activity undertaken pursuant to that appointment, is authorized for the purposes of section 31 of the FSMA; (e) an AIFM (as defined in regulation 4 of the Alternative Investment Fund Managers Regulations 2013 (the "**AIFM Regulations**")) with permission under the FSMA in respect of managing an AIF (as defined in regulation 3 of the AIFM Regulations), and which markets or manages an AIF in the UK; (f) a small registered UK AIFM (as defined in the AIFM Regulations); (g) a management company as defined in section 237(2) of the FSMA; (h) a UCITS as defined in section 236A of the FSMA, which is an authorized open ended investment company as defined in section 237(3) of the FSMA; (i) a CRR firm as defined in Article 4(1)(2A) of Regulation (EU) No 575/2013, as it forms part of the domestic law of the UK by virtue of the EUWA (as amended, the "**UK CRR**"); and (h) an FCA investment firm as defined in Article 4(1)(2AB) of the UK CRR. The UK Investor Due Diligence Requirements also apply to investments by certain consolidated affiliates, wherever established or located, of entities subject to the UK CRR (such affiliates, together with all such institutional investors, "**UK Affected Investors**").<br> The UK Investor Due Diligence Requirements provide that, prior to investing in (or otherwise holding an exposure to) a "securitisation position" (as defined in the UK Securitisation Regulations), a UK Affected Investor, other than the originator, sponsor or original lender (each as defined in the UK Securitisation Regulations) must, among other things: (1) verify that: (a) subject to certain exceptions, where the originator or original lender is established in a third country (i.e. not within the UK), the originator or original lender grants all the credits giving rise to the underlying exposures on the basis of sound and well-defined criteria and clearly established processes for approving, amending, renewing and financing those credits and has effective systems in place to apply those criteria and processes to ensure that credit-granting is based on a thorough assessment of the obligor's creditworthiness; (b) if established in such a third country, the originator, sponsor or original lender retains on an ongoing basis (or, in the case of certain UK Affected Investors, continually retains) a material net economic interest which, in any event, shall not be less than [5]%, determined in accordance with SECN 5 or Article 6 of Chapter 2 and Chapter 4 of the PRASR, as applicable, and discloses the risk retention to institutional investors; and (c) the originator, sponsor or SSPE has made<br>

available sufficient information to enable the institutional investor independently to assess the risks of holding the securitisation position, and has committed to make further information available on an ongoing basis, as appropriate, in each case subject to certain minimum requirements (as to which, see additional information below); and (2) carry out a due-diligence assessment which enables the UK Affected Investor to assess the risks involved, considering at least (a) the risk characteristics of the securitisation position and the underlying exposures, and (b) all the structural features of the securitisation that can materially impact the performance of the securitisation position.<br> The UK Investor Due Diligence Requirements also provide that, while holding a securitisation position, a UK Affected Investor must: (a) establish appropriate and proportionate written procedures in order to monitor, on an ongoing basis, its compliance with the foregoing requirements and the performance of the securitisation position and of the underlying exposures; (b) regularly perform stress tests on the cash flows and collateral values supporting the underlying exposures (or, where there is insufficient data for such purposes, stress tests on loss assumptions); (c) ensure internal reporting to its management body (or equivalent) to enable adequate management of material risks; and (d) be able to demonstrate to its regulatory authority that it has a comprehensive and thorough understanding of the securitisation position and its underlying exposures and has implemented written policies and procedures for managing risks of the securitisation position and maintaining records of the foregoing verifications and due diligence and other relevant information.<br> It remains unclear what is and will be required for UK Affected Investors to demonstrate compliance with certain aspects of the UK Investor Due Diligence Requirements.<br> With regard to World Omni's credit-granting criteria and processes, see "*The Servicer, Sponsor and Administrator*—*Underwriting Standards*" in this prospectus.<br> Under the UK Securitisation Framework, each of SECN 5 and Article 6 of Chapter 2 and Chapter 4 of the PRASR, as applicable, impose a direct obligation on the originator, sponsor or original lender of a securitization to retain a material net economic interest in the securitization of not less than 5 per cent. (the "**UK Risk Retention Requirements**"). The UK Securitisation Framework provides that the UK Risk Retention Requirements apply only to entities established in the UK and, consequently they do not impose a direct obligation upon U.S.-established entities, such as the Sponsor.<br> Notwithstanding the above, on the [Initial] Closing Date, the Sponsor will, as "originator" within the meaning of the UK Securitisation Rules, agree to retain, continually and on an ongoing basis while the [Offered] Notes remain outstanding, a material net economic interest in the securitisation transaction described in this prospectus, and to take certain other actions, all in the manner, and on the terms, summarized in "*EU Securitisation Regulation and UK Securitisation Framework*" in this prospectus.<br> Each of SECN 5.2.5R and Article 6(1) of Chapter 2 of the PRASR provide that an entity shall not be considered an "originator" within the meaning thereof if it has been established or operates for the sole purpose of securitizing exposures. SECN 5.3.6R further provides that "[the]<br>

following must be taken into account when assessing whether an entity has been established or operates for the sole purpose of securitising exposures as referred to in [the relevant section of the SECN]: (1) the entity has a business strategy and the capacity to meet payment obligations consistent with a broader business model and involving material support from capital, assets, fees or other income available to the entity, relying neither on the exposures being securitised, nor on any interests retained or proposed to be retained in accordance with [the relevant section of the SECN], as well as any corresponding income from such exposures and interests; and (2) the members of the management body have the necessary experience to enable the entity to pursue the established business strategy, and the entity has adequate corporate governance arrangements." Article 2(6) of Chapter 4 of the PRASR contains a substantially similar provision, with reference to the relevant provisions of the PRASR. In connection with such requirements, UK Affected Investors may wish to review the information set forth under "*World Omni Financial Corp.*", "*World Omni Financial Corp.'s Automobile Finance Business*" and "*Description of the Trust Documents – The Servicer*" in this prospectus and/or to consult other sources for information with regard to the Sponsor's business and related operations.<br> Pursuant to the UK Investor Due Diligence Requirements, prior to investing in (or otherwise holding an exposure to) a securitization, UK Affected Investors are required to verify that the originator, sponsor or SSPE has made available sufficient information to enable the institutional investor independently to assess the risks of holding the securitization position and has committed to make further information available on an ongoing basis, as appropriate. Each of the UK Securitisation Regulations, the SECN and the PRASR further provides (with minor variations) that such information must include at least: <br> (a) details of the underlying exposures, to be provided on at least a quarterly basis; <br> (b) investor reports providing periodic updates on the credit quality and performance of the underlying exposures, any relevant financial or other triggers contained in the transaction documentation, including information on events which trigger changes to the priority of payments or a substitution of any counterparty to the transaction, data on the cash flows generated by the underlying exposures and by the liabilities of the securitization and the calculation and modality of retention of a material net economic interest in the transaction by the originator, sponsor or original lender, to be provided on at least a quarterly basis; <br> (c) all information on the legal documentation needed to understand the transaction, including detail of the legal provisions governing the structure of the transaction, any credit enhancement or liquidity support features, the cash flows and loss waterfalls, investors' voting rights and any triggers or other events that could result in a material impact on the performance of the securitisation position, to be provided (i) for primary market investments, in draft or initial form before pricing or commitment to invest, and in final form no later than 15 days after closing of the transaction, (ii) for secondary market investments, in final form before a commitment to invest and (iii) for both primary and secondary market investments, an updated version as soon as practicable following any material change; <br>

(d) information describing any changes or events materially affecting the transaction, including breaches of obligations under the transaction documents, to be provided as soon as practicable following the material change or event; and <br> (e) any approved prospectus or other offering or marketing document prepared with the cooperation of the originator or sponsor, to be provided (i) for primary market investments, in draft or initial form before pricing or commitment to invest, and in final form no later than 15 days after closing of the transaction or (ii) for secondary market investments, in final form before a commitment to invest. <br> UK Affected Investors should be aware that none of World Omni, the Depositor, the Issuing Entity, the underwriters, the Indenture Trustee, the Owner Trustee, the other parties to the transactions described in this prospectus, nor any of their respective affiliates, intends, or will undertake, to make available any additional information or reporting specifically in connection with such aspect of the UK Investor Due Diligence Requirements. <br> *General* <br> Except as described herein, no party to the transaction described in this prospectus will undertake, or intends, to take or refrain from taking any action with regard to such transaction in a manner prescribed or contemplated by the EU Securitisation Rules or the UK Securitisation Rules, or to take any other action for the purposes of, or in connection with, facilitating or enabling compliance by any person with the EU Investor Due Diligence Requirements, the UK Investor Due Diligence Requirements or any other law or regulation now or hereafter in effect in the EU, the EEA or the UK in relation to risk retention, due diligence and monitoring, credit granting standards, transparency or any other conditions with respect to investments in securitization transactions. In particular, without limitation, no such person will undertake, or intends, to comply with the EU Transparency Requirements or to make available any additional information or reporting in connection with the EU Investor Due Diligence Requirements or the UK Investor Due Diligence Requirements with respect to verification that the originator, sponsor or SSPE has made and/or will make available information in respect of the relevant transaction. <br> Each prospective investor in the [Offered] Notes that is an EU Affected Investor or a UK Affected Investor should independently assess and determine whether, and to what extent, the agreement by World Omni to retain the Retained Interest as described in this prospectus and the information provided in this prospectus, in the monthly reports to Noteholders or otherwise available to or to be provided to Noteholders, are or will be sufficient for the purposes of such prospective investor's compliance with the EU Investor Due Diligence Requirements, the UK Investor Due Diligence Requirements and/or any corresponding national measures that may be relevant and/or with any other applicable legal, regulatory or other requirements. <br> Prospective investors that are EU Affected Investors or UK Affected Investors should be aware that the interpretation of the EU Investor Due Diligence Requirements and the UK Investor Due Diligence Requirements, respectively, remains uncertain and that supervisory authorities and national and other regulators may have different views as <br>

to how the EU Investor Due Diligence Requirements or the UK Investor Due Diligence Requirements, as applicable, should be interpreted, and those views are still evolving. Furthermore, both the EU Securitisation Rules and the UK Securitisation Rules are expected to change over time and there is no certainty as to the timing or nature of those changes. <br> A legislative procedure is underway in the EU that is expected to result in the adoption of legislation which, if implemented in the terms currently proposed, would (amongst other things) amend certain aspects of the EU Investor Due Diligence Requirements. It is not currently known whether, when, or in what terms such proposed legislation will be implemented. <br> None of World Omni, the Depositor, the Issuing Entity, the underwriters, the Indenture Trustee, the Owner Trustee, the other parties to the transactions described in this prospectus, nor any of their respective affiliates: (a) makes any representation, warranty or guarantee as to the applicability (or otherwise) of the EU Securitisation Rules or the UK Securitisation Rules to an investment in the Notes; (b) makes any representation, warranty or guarantee that the agreement by World Omni to retain the Retained Interest as described in this prospectus or any information provided in this prospectus, in the monthly reports to Noteholders or otherwise available to or to be provided to Noteholders, are or will be sufficient in all circumstances for the purposes of any Noteholder's or prospective investor's compliance with the EU Investor Due Diligence Requirements or the UK Investor Due Diligence Requirements, as applicable, and/or any corresponding national measures that may be relevant, or with any other applicable legal, regulatory or other requirements, or that the structure of the Notes, World Omni (including its agreement to retain the Retained Interest) and the transactions described herein are otherwise compliant with the EU Securitisation Rules or the UK Securitisation Rules; (c) will have any liability to any person with respect to any deficiency in such agreement or any such information, or with respect to any Noteholder's or prospective investor's failure or inability to comply with the EU Investor Due Diligence Requirements or the UK Investor Due Diligence Requirements, as applicable, and/or any corresponding national measures that may be relevant, or with any other applicable legal, regulatory or other requirements (other than, in each case, any liability arising under a transaction document as a result of a breach by such person of that transaction document); or (d) will have any obligation with respect to the EU Securitisation Rules or the UK Securitisation Rules, other than the specific obligations undertaken with respect to the Retained Interest, as described in more detail under "*EU Securitisation Regulation and UK Securitisation Framework*". <br> Any failure by an EU Affected Investor to comply with the EU Investor Due Diligence Requirements or by a UK Affected Investor to comply with the UK Investor Due Diligence Requirements, in either case with respect to an investment in the Notes, may result in the imposition of a penalty regulatory capital charge on that investment or other regulatory sanctions and/or remedial measures being imposed or taken by such investor's regulatory authority. The EU Securitisation Rules, the UK Securitisation Rules and any changes to the regulation or regulatory treatment of the Notes for some or all investors may negatively impact the regulatory position of Noteholders or prospective investors and have an adverse impact on the value and liquidity of the Notes. Prospective investors are responsible for and should analyze their own legal and<br>

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|  | regulatory position and are encouraged to consult with their own investment and legal advisors regarding the scope and application of, and compliance with, the EU Investor Due Diligence Requirements or the UK Investor Due Diligence Requirements, as applicable, and any other applicable regulations, and the suitability of the Notes for investment.] |
| **[*Insert for transactions not structured to comply with any aspect of EU or UK Credit Risk Retention*: The Notes May Not Be a Suitable Investment for Investors Subject to the EU Securitisation Regulation or the UK Securitisation Framework.** | None of the Sponsor, the Depositor, the Servicer, the Issuing Entity or the underwriters, their respective affiliates nor any other party to the transactions described in this prospectus makes any representation or agreement that it intends or is required under the transaction documents to retain a material net economic interest in the securitization constituted by the issuance of the [Offered] Notes in a manner that would satisfy the requirements of (i) the EU Securitisation Regulation or (ii) the UK Securitisation Framework.<br> None of the Sponsor, the Depositor, the Servicer, the Issuing Entity or the underwriters, their respective affiliates nor any other party to the transactions described in this prospectus undertakes to take any other action or refrain from taking any action prescribed or contemplated in, or for purposes of, or in connection with, compliance by any investor with any requirement of, the EU Securitisation Regulation or the UK Securitisation Framework.<br> The arrangements described under "U.S. Credit Risk Retention" have not been structured with the objective of ensuring compliance with the requirements of the EU Securitisation Regulation or the UK Securitisation Framework by any person. Consequently, the Notes may not be a suitable investment for investors who are subject to the EU Securitisation Regulation or the UK Securitisation Framework. As a result, the price and liquidity of the Notes in the secondary market may be adversely affected.<br> Prospective investors are responsible for analyzing their own legal and regulatory position and are advised to consult with their own investment and legal advisors regarding the suitability of the Notes for investment and the scope, applicability of, and compliance with the EU Securitisation Regulation, the UK Securitisation Framework and any other existing or future similar regimes in any relevant jurisdictions or other applicable regulations.<br> For more information regarding the EU Securitisation Regulation and the UK Securitisation Framework, see "Underwriting" below.] |
| **Existing Legislation and Future Regulatory Reforms Could Have An Adverse Effect On World Omni's Business and Operating Results.** | World Omni is subject to federal and state regulation and may see restrictions on pricing and enforcement proceedings through the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ***"Dodd-Frank Act***") and other similar legislation or future legislation. There can be no assurance that new requirements, or any subsequent implementing regulations, bulletins or other guidance, will not have an adverse impact on the servicing of the Units, on World Omni's securitization programs or on the regulation and supervision of World Omni, the Depositor or any Issuing Entity. The potential impact of such legislation and resulting regulations may include increased cost of operations due to greater regulatory oversight, supervision and examination and limitations on World Omni's ability to expand product and service offerings due to stricter consumer protection laws and regulations.<br> Compliance with applicable law is costly and can affect operating results. Compliance requires forms, processes, procedures, controls and |

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|  | the infrastructure to support these requirements. Compliance may create operational constraints and place limits on pricing. Laws in the financial services industry are designed primarily for the protection of consumers. The failure to comply could result in significant statutory civil and criminal penalties, monetary damages, attorneys' fees and costs, possible revocation of licenses and damage to World Omni's reputation, brand and valued customer relationships. |
| **Federal Financial Regulatory Legislation Could Have an Adverse Effect on World Omni, the Titling Trust, the Initial Beneficiary, the Depositor and the Issuing Entity, Which Could Result in Losses or Delays in Payments on Your Notes.** | The Dodd-Frank Act took effect on July 22, 2010. The Dodd-Frank Act, among other things: <br> · created the Consumer Financial Protection Bureau ("***CFPB***"), an agency responsible for administering and enforcing the federal laws and regulations for consumer financial products and services; <br> · created a new framework for the regulation of over-the-counter derivatives activities;<br> · strengthened the regulatory oversight of securities and capital markets activities by the Securities and Exchange Commission (the "***SEC***"); and<br> · created a liquidation framework for the resolution of bank holding companies and other non-bank financial companies defined as "covered financial companies." <br> The Dodd-Frank Act affects the offering, marketing and regulation of consumer financial products and services offered by financial institutions, which includes World Omni or its affiliates. <br> The CFPB has broad supervision, examination and enforcement authority over the consumer financial products and services of certain non-depository institutions. In this capacity, the CFPB can examine such covered entities for compliance with federal consumer financial protection laws and has authority to order remediation of violations in a number of ways, including imposing civil monetary penalties and requiring such entities to provide customer restitution and to improve their compliance management systems. On August 31, 2015, World Omni became subject to the CFPB's supervisory authority when the CFPB's final rule over "larger participants" in the auto finance industry took effect. Such supervisory authority allows the CFPB to conduct comprehensive and rigorous examinations to assess compliance with consumer financial protection laws, which could result in enforcement actions, regulatory fines and mandated changes to World Omni's business products, policies and procedures. <br> Two of the primary purposes of the CFPB are to ensure that consumers receive clear and accurate disclosures regarding financial products and to protect consumers from discrimination and unfair, deceptive and abusive acts or practices (***"UDAAP***"). <br> Shortly after being appointed on February 7, 2025, the Acting Director of the CFPB has substantially restricted the operations of the CFPB, directed dismissals or stays of law enforcement cases pending in court, and withdrawn policy positions taken by the prior administration. It is uncertain whether the current or any future Acting Director or Director will continue to carry out these actions to reduce the CFPB's workforce while still taking certain statutorily-mandated actions. The future of the CFPB's operations is uncertain. Adding to the uncertainty is the pending litigation in federal court challenging the CFPB's actions to reduce its |

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workforce and substantially stop operations. There is also considerable uncertainty as how other federal or state regulators will respond to changes at the CFPB, including with respect to its priorities and focus. CFPB regulation, inquiries and related enforcement actions, including the CFPB's application of UDAAP principles and supervision of World Omni by the CFPB, may increase World Omni's compliance costs, require changes in World Omni's business practices, affect World Omni's competitiveness, impair World Omni's profitability, harm World Omni's reputation or otherwise adversely affect World Omni's business. <br> The CFPB and the Federal Trade Commission (the ***"FTC***") have broad authority to investigate the products, services and operations of credit providers, including banks and other finance companies engaged in auto finance activities. The CFPB may review the actions of indirect auto finance companies with regard to pricing, repossessions and other activities and the CFPB has previously taken action against, and entered into settlements with, several such companies under applicable federal or state consumer protection laws. See *"Additional Legal Aspects of the Leases and the Leased Vehicles—Consumer Protection Law"* in this prospectus. The CFPB has investigated banks and finance companies over the sale and financing of extended warranties and other add-on products, and has indicated a focus on repossession activities of lenders and servicers related to motor vehicles, including the potential application of UDAAP principles to discriminatory practices. Both the CFPB and FTC have previously taken various enforcement actions against lenders and finance companies involving significant penalties, consent orders, cease and desist orders and similar remedies that, if applicable to auto finance providers and the type of products, services and operations offered by World Omni, may require it to cease or alter certain business practices, which could have a material adverse effect on its financial condition, liquidity and results of operations. If any of World Omni's practices were found to violate the Equal Credit Opportunity Act or other laws, the related lease may be required to be transferred from the Reference Pool and Auto Lease Finance LLC would then be obligated to deposit an amount equal to the related repurchase payment in respect of the lease into the Exchange Note collection account. In addition, the Titling Trust, World Omni, Auto Lease Finance LLC, the Depositor or the Issuing Entity could become subject to claims by the obligors on those contracts, and any relief granted by a court could potentially adversely affect the Issuing Entity. <br> On January 4, 2024, the FTC published a final rule, the Combating Auto Retail Scams Trade Regulation Rule ("***CARS Rule***"), that would have (i) prohibited motor vehicle dealers from making certain misrepresentations in the course of selling, leasing, or arranging financing for motor vehicles, (ii) required accurate pricing disclosures in dealers' advertising and sales discussions, (iii) required dealers to obtain consumers' express, informed consent for charges, (iv) prohibited the sale of any add-on product or service that confers no benefit to the consumer, and (v) required dealers to keep records of advertisements and customer transactions. The CARS Rule was originally scheduled to go into effect on July 30, 2024, but the FTC stayed the implementation of the CARS Rule pending the outcome of a legal challenge to the final rule. On January 27, 2025, the U.S. Court of Appeals for the Fifth Circuit held that the final rule was invalid on procedural grounds and vacated the final rule. At this stage, it is unknown whether the final rule will be reproposed. <br>

In December 2024, the FTC issued a final junk fee rule, 16 C.F.R. Part 464; however, such rule is not applicable to World Omni, as it only applies to the live-event ticketing and short-term lodging industries. The FTC noted that the rule should serve as guidance to all marketers on the requirements to avoid deceptive pricing advertisements. Other agencies such as the CFPB have also indicated an intent to potentially engage in similar rulemaking and it is uncertain whether the FTC, CFPB, or another federal or state agency will adopt similar regulations that do apply to World Omni. Legislators and regulatory agencies in several states have also engaged in or indicated an intent to potentially engage in similar rulemaking and/or legislation. <br> [In a recent case, the CFPB successfully asserted the power to investigate and bring enforcement actions directly against securitization vehicles such as the Issuing Entity. On December 13, 2021, in CFPB vs. Nat'l Collegiate Master Student Loan Trust. No. 1:17-cv-1323-SB (D. Del.) ("***Nat'l Collegiate***"), an action brought by the CFPB, the U.S. District Court for the District of Delaware denied a motion to dismiss filed by the securitization trusts holding that the trusts are "covered persons" within the meaning of the Dodd-Frank Act because they engage in the servicing of student loans, even if through third-party servicers and subservicers. On February 11, 2022, the case was stayed pending the defendants' interlocutory appeal to the Third Circuit Court of Appeals and possible consideration of among other matters, whether the securitization trust is a "covered person" within the meaning of the Dodd-Frank Act. On April 29, 2022, the U.S. Court of Appeals for the Third Circuit (the "***Third Circuit***") granted the defendant's petition for an interlocutory appeal, and on March 19, 2024 ruled in favor of the CFPB holding that the securitization trusts are "covered persons" within the meaning of the Dodd-Frank Act and that the CFPB did not need to ratify the action against the securitization trusts before the statute of limitations had run. The Third Circuit and the U.S. Supreme Court denied further review. On January 16, 2025, the CFPB announced a settlement of the action with the defendant trusts, but the proposed order was not entered by the district court. On April 25, 2025, the CFPB agreed to voluntarily dismiss the case with prejudice and the district court dismissed the case on April 28, 2025. <br> In addition, on May 6, 2024, the CFPB filed a separate complaint against the National Collegiate Student Loan Trusts ("***NCSL Trusts***") as well as the Pennsylvania Higher Education Assistance Agency ("***PHEAA***"), the primary student loan servicer for active student loans held by the NCSL Trusts. The CFPB alleged that the defendants failed to respond to borrower requests, failed to provide accurate information to borrowers and incorrectly denied forbearance requests. The CFPB also filed proposed final judgments, to which the NCSL Trusts and PHEAA agreed, that, once entered by the court, would require the NCSL Trusts and PHEAA to pay $400,000 and $1.75 million in penalties, respectively; to pay an additional $3 million in redress to affected borrowers, to be allocated by agreement between PHEAA and the NCSL Trusts; and to correct outstanding requests by borrowers. The proposed orders would also require the NCSL Trusts to modify their servicing guidelines to address the CFPB's allegations. On June 21, 2024, Pacific Investment Management Company LLC ("***PIMCO***"), on behalf of the investment vehicle that holds notes issued by NCSL Trusts, filed a proposed objection to the proposed consent orders and motion to intervene. PIMCO's motion to intervene was granted on September 19, 2024, but the court overruled PIMCO's objection on October 1, 2024. <br>

On January 3, 2025, the court agreed to stay the effectiveness of the settlement pending PIMCO's appeal of its objection. This case has been referred to a circuit mediator and remains pending. <br> Further, federal debt collection rules limit the ability of third-party debt collectors to make debt collection phone calls to consumers. These rules may impact the independent contractors retained by World Omni to perform collection services. The CFPB previously indicated that it intends to address first-party debt collection activities in future rulemakings. World Omni may be required to comply with such future requirements. It is unclear what effect, if any, the debt collection rules, or amendments thereto, will have on the leases or the Servicer's practices, procedures and other servicing activities relating to the leases or if such impact could reduce the associated recoveries. Further, the Nat'l Collegiate case and the decision in CFPB v. Manseth, No. 22-CV-29-LJV, 2023 WL 5400235, at \*1 (W.D.N.Y. Aug. 22, 2023), a case which cited the district court ruling in Nat'l Collegiate, suggests that the Issuing Entity and the Titling Trust may be held vicariously liable for UDAAP violations by World Omni or the third-party debt collectors. In Manseth, the court found that debt brokers who had contracted with third-party debt collectors and retained the right of recovery to some of the proceeds were "covered persons" who could be held vicariously liable for UDAAP violations committed by those debt collectors. The dicta of the case nonetheless suggested that "mere investors," those who do not exercise actual control over the third party or those who do not have knowledge of the prohibited conduct may potentially be differently situated which suggests vicarious liability will be a facts and circumstances inquiry. <br> The CFPB, and state regulators and attorneys general, who have the independent authority to enforce the Dodd-Frank Act, may rely on these cases as precedent in investigating and bringing enforcement actions against other trusts and securitization vehicles in the future. <br> The Dodd-Frank Act increases the regulation of the securitization markets. For example, it requires securitizers or originators to retain an economic interest in a portion of the credit risk for any asset that they securitize or originate. It also gave broader powers to the SEC to regulate credit rating agencies and adopt regulations governing these organizations and their activities. <br> Compliance with the implementing regulations promulgated under the Dodd-Frank Act or the oversight of the SEC or CFPB may impose costs on, create operational constraints for, or place limits on pricing with respect to finance companies such as World Omni or its affiliates. No assurance can be given that these new requirements imposed by the Dodd-Frank Act, or any subsequent implementing regulations, bulletins or other guidance, will not have a significant impact on the servicing of the leases and leased vehicles, on the regulation and supervision of World Omni, as an originator or servicer, the Depositor, the Issuing Entity or their respective affiliates. <br> Additionally, no assurances can be given that the liquidation framework for the resolution of "covered financial companies" would not apply to World Omni or its affiliates, including the Titling Trust, the Initial Beneficiary, the Depositor and the Issuing Entity. See "*Additional Legal Aspects of the Titling Trust and the Exchange Notes—Dodd-Frank Act Orderly Liquidation Authority Provisions—Potential Applicability to World Omni, the Initial Beneficiary, the Depositor and the Issuing* <br>

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|  | *Entity*" in this prospectus. <br> If the Federal Deposit Insurance Corporation (the ***"FDIC***") were appointed receiver of World Omni, the Titling Trust, the Initial Beneficiary, the Depositor or the Issuing Entity under the Orderly Liquidation Authority provisions ("***OLA***") of the Dodd-Frank Act, the FDIC could repudiate contracts deemed burdensome to the estate, including secured debt. World Omni has attempted to structure each of the transfers of the Exchange Note to the Initial Beneficiary, the Depositor and the Issuing Entity as a valid and complete sale under applicable state law and under the Bankruptcy Code to mitigate the risk of the recharacterization of the sale as a security interest to secure debt of the Initial Beneficiary. Any attempt by the FDIC to recharacterize the transfer of the Exchange Note as a security interest to secure debt that the FDIC then repudiates would cause delays in payments or losses on the Notes. In addition, if the Issuing Entity were to become subject to OLA, the FDIC may repudiate the debt of the Issuing Entity and the related Noteholders would have a secured claim in the receivership of the Issuing Entity. Also, if the Issuing Entity were subject to OLA, Noteholders would not be permitted to accelerate the debt, exercise remedies against the collateral or replace the servicer without the FDIC's consent for 90 days after a receiver is appointed. As a result of any of these events, delays in payments on the Exchange Note and the Notes would occur and possible reductions in the amount of those payments could occur. See "*Additional Legal Aspects of the Titling Trust and the Exchange Notes—Dodd-Frank Act Orderly Liquidation Authority Provisions—FDIC's Repudiation Power Under OLA*" in this prospectus. <br> In addition, and also assuming that the FDIC were appointed receiver of World Omni, the Titling Trust, the Initial Beneficiary, the Depositor or the Issuing Entity under OLA, the FDIC could avoid transfers of the leases that are deemed "preferential." If the transfer were voided as a preference under OLA, Noteholders would have only an unsecured claim in the receivership for the purchase price of the note. Although the FDIC has issued a final rule to the effect that the preference provisions of OLA should be interpreted in a manner consistent with those of the Bankruptcy Code, the application of the provisions remains uncertain. See "*Additional Legal Aspects of the Titling Trust and the Exchange Notes—Dodd-Frank Act Orderly Liquidation Authority Provisions—FDIC's Avoidance Power Under OLA*" in this prospectus. |
| **The Return On Your Notes Could Be Reduced By Shortfalls Due To Military Action.** | The effect of any current or future military action by or against the United States, as well as any future terrorist attacks, on the performance of the leases is unclear, but there may be an adverse effect on general economic conditions, consumer confidence in the economy and general market liquidity. Investors should consider the possible effects on delinquency, default and prepayment experience of the leases and the leased vehicles.<br> The Servicemembers Civil Relief Act (as amended, the *"**SCRA***") and similar state laws may provide relief to members of the military, including members of the Army, Navy, Air Force, Space Force, Marines, National Guard, Reservists, Coast Guard, officers of the National Oceanic and Atmospheric Administration and officers of the U.S. Public Health Service assigned to duty with the military, on active duty, and their spouses and dependents, who have entered into an obligation, such as a lease contract for a lease of a vehicle, before entering into military service and provide that under some circumstances the lessor may not |

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terminate the lease contract for breach of the terms of the contract, including non–payment. Furthermore, under the SCRA, a lessee may terminate a lease of a vehicle at any time after the lessee's entry into military service or the date of the lessee's military orders (as described below) if (i) the lease is executed by or on behalf of a person who subsequently enters military service under a call or order specifying a period of not less than 180 days (or who enters military service under a call or order specifying a period of 180 days or less and who, without a break in service, receives orders extending the period of military service to a period of not less than 180 days); (ii) the lessee, while in military service, executes a lease of a vehicle and thereafter receives military orders for (x) a change of permanent station (as defined in the SCRA) from (I) a location in the continental United States to a location outside the continental United States or (II) a location in a State (as defined in the SCRA) outside the continental United States to any location outside that State (as defined in the SCRA) or (y) deployment with a military unit or as an individual in support of a military operation, for a period of not less than 180 days; or (iii) the lessee, while in military service executes a lease upon receipt of military orders described in subclause (x) of clause (ii) above and thereafter receives a stop movement order in response to a local, national, or global emergency, effective for an indefinite period or for a period of not less than 30 days, which prevents the lessee or the lessee's dependents, from using the vehicle for personal or business transportation. No early termination charges (as defined in the SCRA) may be imposed for such termination.<br> On December 20, 2019, the National Defense Authorization Act for Fiscal Year 2020 (the "***2020 NDAA***") was signed into law. The 2020 NDAA amended the SCRA to allow the spouse of a servicemember who died while in military service to terminate a vehicle lease one year from the date of the servicemember's death, as long as that servicemember died while in military service or while performing full-time national guard duty, active guard and reserve duty, or inactive-duty training. In addition, the 2020 NDAA also allows the spouse of a servicemember who sustains a catastrophic injury or illness to terminate a car lease one year from the date of the catastrophic injury or illness, as long as that servicemember sustained the catastrophic injury or illness while in military service or while performing full-time national guard duty, active guard and reserve duty, or inactive-duty training. No early termination charges (as defined in the SCRA) may be imposed for such termination.<br> Further, on January 1, 2021, the William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021 (the "***2021 NDAA***") was signed into law. The 2021 NDAA further amended the SCRA to give dependents and not just spouses of servicemembers who incur a catastrophic injury or illness or die while in military service the right to terminate leases of motor vehicles in the one year time frame described above. However, the 2021 NDAA also clarified that a spouse's or dependent's right to terminate, in cases of catastrophic illness or injury, is only to the extent the servicemember lacks the mental capacity to manage his or her own affairs as a result of such catastrophic illness or injury, otherwise only the servicemember may terminate the lease. No early termination charges (as defined in the SCRA) may be imposed for such termination.<br> On December 27, 2021, President Biden signed the National Defense Authorization Act for Fiscal Year 2022 (the "***2022 NDAA***") into law. Title LXII of the 2022 NDAA otherwise referred to as the Foreign<br>

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|  | Service Families Act of 2021 amends the Foreign Service Act of 1980 and in part applies the terms governing termination of automobile leases in the SCRA provided to servicemembers in the same manner and to the same extent to members of the Foreign Service posted abroad.<br> No information can be provided as to the number of leases that may be affected by these laws. In addition, these laws may impose limitations that would impair the ability of the servicer to repossess a vehicle under a Defaulted Lease during the related lessee's period of active duty and, in some cases, may require the servicer to extend the lease maturity date of the lease contract, lower the monthly payments and readjust the payment schedule for a period of time after the completion of the lessee's military service. It is not clear that the SCRA would apply to leases such as the leases allocated to the Reference Pool. If a lessee's obligation to make lease payments is reduced, adjusted or extended, or if the lease is terminated early and no early termination charge is imposed, the servicer will not be required to advance those amounts. Any resulting shortfalls due to such modification or termination will reduce the amount available for distribution on the Notes. |
|  | For more information regarding the effect of the SCRA and other similar legislation, you should refer to "*Additional Legal Aspects of the Leases and the Leased Vehicles—Consumer Protection Law*" in this prospectus. |
| **Leases That Fail To Comply With Consumer Protection Laws May Be Unenforceable, Which May Result In Losses On Your Investment** | Numerous federal and state consumer protection laws, including the federal Consumer Leasing Act of 1976 and Regulation M promulgated thereunder, regulate the creation, collection, and enforcement of retail lease contracts. The failure by the Titling Trust to comply with these requirements may give rise to liabilities on the part of the Titling Trust (as lessor under the leases). Further, many states have adopted "lemon laws" that provide vehicle users certain rights in respect of substandard vehicles. A successful claim under a lemon law could result in, among other things, the termination of the related lease and/or the requirement that all or a portion of payment previously paid by the lessee be refunded. Auto Lease Finance LLC will make representations and warranties that each lease complies with all requirements of applicable law in all material respects. If any such representation and warranty proves incorrect, has certain material and adverse effects on the Exchange Note, and is not timely cured, Auto Lease Finance LLC will be required to make a reallocation payment in respect of the related lease and leased vehicle and reallocate the affected Unit out of the Reference Pool [or, in its sole discretion, elect to substitute such affected Unit, and allocate a new Unit to such Reference Pool]. To the extent that Auto Lease Finance LLC fails to make such a reallocation payment [or substitution], or to the extent that a court holds the Titling Trust liable for violating consumer protection laws regardless of such a repurchase [or substitution], a failure to comply with consumer protection laws could result in required payments by the Titling Trust. If sufficient funds are not available to make both payments to lessees and on the Exchange Notes, you may suffer a loss on your investment in the Notes.<br> We refer you to "*Additional Legal Aspects of the Leases and the Leased Vehicles—Consumer Protection Law*" in this prospectus. |
| **Interests of Other Persons in the Exchange Note, the Leases or the Leased** | Interests of other persons in the Exchange Note, the leases or the leased vehicles could reduce funds available to pay your Notes if another person acquires an interest in the Exchange Note or in a lease or leased vehicle in the Reference Pool that has priority over the Issuing Entity's interest. |

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| **Vehicles Could Reduce Funds Available to Pay Your Notes.** | Another person could acquire an interest that is superior to the Issuing Entity's interest if:<br> · the Issuing Entity does not have a perfected security interest in the Exchange Note because its security interest was not properly perfected despite the delivery of the Exchange Note to the Indenture Trustee on the [Initial] Closing Date,<br> · the Closed-End Collateral Agent does not have a perfected security interest in the assets in the Reference Pool because its security interest in the leases or leased vehicles was not properly perfected despite the grant of a security interest in the leases and leased vehicles to the Closed-End Collateral Agent on their acquisition by the Titling Trust and the application for a certificate of title for each leased vehicle naming the Closed-End Collateral Agent as secured party,<br> · the Titling Trust does not have proper evidence of its ownership of a leased vehicle in the Reference Pool despite the application for a certificate of title for the leased vehicle naming the related titling company as owner,<br> · the Closed-End Collateral Agent does not have a perfected security interest in the lease in the Reference Pool because World Omni did not maintain physical possession, for a tangible contract, or "control," for an electronic contract, or<br> · the Closed-End Collateral Agent's security interest in a lease or leased vehicle in the Reference Pool is impaired because holders of some types of liens, such as a lien in favor of the Pension Benefit Guaranty Corporation (the "***PBGC***"), tax liens or mechanic's liens, may have priority over the Closed-End Collateral Agent's security interest, or a leased vehicle is confiscated by a government agency.<br> For more information about the security interests in the Exchange Note and the leases and leased vehicles in the Reference Pool, see *"The Titling Trust—Titling of Leased Vehicles"* and *"Additional Legal Aspects of the Leases and the Leased Vehicles—Security Interests."*<br> In addition, the Closed-End Collateral Agent will not have a security interest in sale proceeds from the lease vehicles held by the qualified intermediary under the LKE program, which may result in losses on your Notes if the Servicer becomes insolvent or is subject to a bankruptcy proceeding or defaults in its obligation to deposit an amount equal to those proceeds in the collection account.<br> For more information about the LKE program, see *"The Servicer, Sponsor and Administrator—Like-Kind Exchange Program."]* |

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| **You May Suffer Losses On Your Investment Because the Indenture Trustee Lacks Direct Ownership Interests or Perfected Security Interests In the Leased Vehicles and Interests of Other Persons In the Leases and the Leased Vehicles Could Be Superior To the Closed-End Collateral Agent's Interest.** | Payments on the Notes are ultimately dependent on the payments made under leases and net proceeds from the sale of the related leased vehicles allocated to the Pool of the Titling Trust associated with the Exchange Note held by the Issuing Entity. Neither the Issuing Entity nor World Omni Auto Leasing LLC has a direct ownership interest in any lease or a direct ownership interest or perfected security interest in any leased vehicle. Because the interest of the Indenture Trustee—as pledgee of the Issuing Entity—is in the Exchange Note and not directly in the leases or in the leased vehicles, the Indenture Trustee has no direct rights relating to either the leases or the leased vehicles. If an Event of Default occurs under the indenture, the Indenture Trustee would be limited to exercising its rights relating to the Exchange Note, including selling it, and its rights under the other available credit enhancement. To the extent that the exercise of the Indenture Trustee's rights under the Exchange Note and the other available credit enhancement produces insufficient funds to make all required payments for the Notes, you may experience delays in payments or suffer a loss of all or part of your investment. We refer you to *"The Issuing Entity—The Trust Property" and "Description of the Transaction Documents—Indenture."* |
|  | Even though the Closed-End Collateral Agent for the holders of Exchange Notes and certain other secured parties with respect to the closed-end collateral specified interest have a prior perfected security interest in the Units, events or circumstances could jeopardize the interest, such as: |
|  | · fraud or forgery by the vehicle lessee;<br> · negligence or fraud by the Servicer;<br> · mistakes by governmental agencies;<br> · liens for repairs or unpaid taxes;<br> · the exercise of legal rights of governmental agencies under various criminal statutes;<br> · the application of consumer protection laws;<br> · rights and defenses of lessees made under the vehicle leases; and<br> · bankruptcy of the lessee. |
|  | See "*Additional Legal Aspects of the Leases and the Leased Vehicles—Limitations on Collateral Agent's and Indenture Trustee's Lien"* in this prospectus for other events that could jeopardize that interest. |
| **If the Servicer Does Not Maintain Control of the Leases Evidenced By Electronic Contracts, the Titling Trust May Not Have A Perfected Security Interest In Those Leases.** | As described in *"The Servicer, Sponsor And Administrator—Electronic Contracts and Electronic Contracting"* in this prospectus, World Omni, on behalf of the Titling Trust, may originate leases electronically through a third-party custodian using the third-party custodian's technology system. Such electronic contracts are stored in an electronic vaulting system hosted in a Software as a Service (SaaS)-based/cloud-based system maintained by the third-party custodian and/or certain subcontractors of the third-party custodian on behalf of World Omni, on behalf of the Titling Trust and the Closed-End Collateral Agent. The electronic vaulting system recognizes World Omni, on behalf of the Titling Trust and the Closed-End Collateral Agent, as the party having control of the leases originated electronically by World Omni, on behalf of the Titling Trust, and World Omni, as servicer, is required to maintain control of those leases on behalf of the Titling Trust and its assigns. The |

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electronic vaulting system is designed to enable World Omni to perfect the Titling Trust and the Closed-End Collateral Agent's security interest in the leases evidenced by electronic contracts by satisfying the applicable Uniform Commercial Code's requirements for "control" of electronic chattel paper. For a description of these requirements, see "*Additional Legal Aspects of the Leases and the Leased Vehicles—Security Interests"* and *"Description of the Transaction Documents— Custody of Lease Documents and Certificates of Title"* in this prospectus.<br> World Omni will represent that World Omni, as servicer on behalf of the Titling Trust and the Closed-End Collateral Agent, has "control" (within the meaning of the applicable UCC) of each lease that is evidenced by electronic contracts. However, it is possible that another person could acquire an interest in an electronic contract that is superior to the Titling Trust's interest (and accordingly the Closed-End Collateral Agent's interest). This could occur if World Omni, on behalf of the Titling Trust and the Closed-End Collateral Agent, ceases to have "control" over an electronic contract that is maintained on behalf of World Omni by the third-party custodian and another party purchases that electronic contract (without knowledge that such purchase violates the Titling Trust's or its assigns' rights, as applicable, in the electronic contract) and obtains "control" over the electronic contract. World Omni, on behalf of the Titling Trust and the Closed-End Collateral Agent, also could lose control over an electronic contract if through fraud, forgery, negligence or error, or as a result of a computer virus, a failure of or weakness in the electronic vaulting system or a cybersecurity breach or cyber-attack, a person other than the Titling Trust or the Closed-End Collateral Agent were able to modify or duplicate the authoritative copy of the contract.<br> Although the Closed-End Collateral Agent perfects its security interest in the electronic contracts by filing financing statements, if the interests in the leases that the Titling Trust acquired from the originating dealer were not perfected by control, the priority of the Closed-End Collateral Agent's security interest in the leases could be affected. The Closed-End Collateral Agent's interest in the leases could be junior to another party with a perfected security interest in the inventory of the originating dealer or to judgment creditors who obtain a lien on the leases or to a bankruptcy trustee of a dealer that becomes a debtor in bankruptcy.<br> There can be no assurances that any third-party software employed by World Omni hosted in a Software as a Service (SaaS)-based/cloud-based system will perform as represented to World Omni in maintaining the systems and controls required to provide assurance that World Omni maintains control over, on behalf of the Titling Trust and the Closed-End Collateral Agent, an electronic contract. In that event, there may be delays in obtaining copies of the electronic contract or confirming ownership and control of the electronic contract.<br> From time to time, the leases evidenced by electronic contracts may be amended, including, without limitation, by extensions of the maturity date. An amendment may be evidenced in the form of a new amended electronic contract or as a tangible amendment to an existing electronic contract. To the extent any of those amendments are evidenced in tangible form, World Omni, as servicer, will agree to maintain the perfected security interest in the leases (consisting of the electronic contract and tangible amendment), on behalf of the Titling Trust and the<br>

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|  | Closed-End Collateral Agent, by possession of the tangible amendment and control of the electronic contract.<br> There is a risk that the systems employed by the third-party custodian to maintain control of the electronic contracts may be insufficient under applicable law to give the Closed-End Collateral Agent (and accordingly, the Titling Trust) a perfected security interest in the leases evidenced by electronic contracts.<br> As a result of the foregoing, the Closed-End Collateral Agent (and accordingly, the Titling Trust) may not have a perfected security interest in certain leases or its interest, although perfected, could be junior to that of another party. Either circumstance could affect the Closed-End Collateral Agent's ability on behalf of the Titling Trust to repossess and sell the underlying leased vehicles. Therefore, you may be subject to delays in payment on your Notes and you may incur losses on your investment in the Notes. |
| **If ERISA Liens Are Placed On the Titling Trust Assets, You Could Suffer a Loss.** | Liens in favor of and/or enforceable by the PBGC could attach to the Units owned by the Titling Trust and could be used to satisfy unfunded ERISA obligations of any member of a controlled group that includes World Omni and its affiliates under its defined benefit pension plans. However, because the Closed-End Collateral Agent in connection with the Exchange Note will have a prior perfected security interest in the Units, liens by the PBGC would not have priority over the interest of the Closed-End Collateral Agent in the assets securing the Exchange Note. As of the [Initial] Closing Date, neither World Omni nor any of its affiliates had any material unfunded liabilities with respect to their respective defined benefit pension plans.] |
|  | Moreover, World Omni believes that the likelihood of this liability being asserted against the assets of the Titling Trust or, if so asserted, being successfully pursued, is remote. However, you cannot be sure the Units will not become subject to an ERISA liability. |
|  | We refer you to "*Additional Legal Aspects of the Leases and the Leased Vehicles—ERISA Liens and Vicarious Tort Liability"* in this prospectus. |
| **Vicarious Tort Liability May Result In a Loss.** | Some states permit a party that incurs an injury involving a leased vehicle to recover damages from the owner of the vehicle merely because of that ownership. Most states, however, either prohibit these vicarious liability suits or limit the lessor's liability to the amount of liability insurance that the lessee was required to carry under applicable law but failed to maintain. |
|  | The Safe Accountable, Flexible, and Efficient Transportation Equity Act of 2005 (the ***"Transportation Act***"), Pub. L. No. 109–59, provides that an owner of a motor vehicle that rents or leases the vehicle to a person shall not be liable under the law of a state or political subdivision by reason of being the owner of the vehicle, for harm to persons or property that results or arises out of the use, operation, or possession of the vehicle during the period of the rental or lease, if (i) the owner (or an affiliate of the owner) is engaged in the trade or business of renting or leasing motor vehicles; and (ii) there is no negligence or criminal wrongdoing on the part of the owner (or an affiliate of the owner). This provision of the Transportation Act applies to any action commenced on or after August 10, 2005. The Transportation Act is intended to preempt |

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| state and local laws that impose possible vicarious tort liability on entities owning motor vehicles that are rented or leased. |
| Most state and federal courts considering whether the Transportation Act preempts state laws permitting vicarious liability have generally concluded that such laws are preempted with respect to cases commenced on or after August 10, 2005. One New York lower court, however, had reached a contrary conclusion in a case involving Nissan-Infiniti LT, a titling trust affiliated with another auto finance company. This New York court concluded that the preemption provision in the Transportation Act was an unconstitutional exercise of congressional authority under the Commerce Clause of the United States Constitution and, therefore, did not preempt New York law regarding vicarious liability. New York's appellate court overruled the trial court and upheld the constitutionality of the preemption provision in the Transportation Act. New York's highest court, the Court of Appeals, dismissed the appeal. In a 2008 decision relating to a case in Florida, the U.S. Court of Appeals for the 11th Circuit upheld the constitutionality of the preemption provision in the Transportation Act, and the plaintiffs' petition seeking review of the decision by the U.S. Supreme Court was denied. In 2010, the U.S. Court of Appeals for the 8th Circuit issued a similar decision. While the outcome in these cases upheld federal preemption under the Transportation Act, there are no assurances that future cases will reach the same conclusion. |
| In addition to the protection afforded by the Transportation Act, the Closed-End Collateral Agent has a perfected security interest in and to the leases and related leased vehicles allocated to the closed-end collateral specified interest pursuant to the pledge and security agreement. The Closed-End Collateral Agent's security interest would have priority over the lien of a judgment creditor with respect to a vicarious tort liability claim. We refer you to "*Additional Legal Aspects of the Leases and the Leased Vehicles—Vicarious Tort Liability*" in this prospectus. |
| [World Omni maintains, on behalf of the Titling Trust, contingent liability insurance coverage against third-party claims that provides coverage with no annual or aggregate cap on the number of claims thereunder, providing coverage of $5 million per occurrence.] If World Omni ceases to maintain this insurance coverage or the insurance coverage protecting the Titling Trust is insufficient to cover, or does not cover, a material claim, that claim could be satisfied out of the proceeds of the vehicles and leases allocated to the Reference Pool for your Notes and you could incur a loss on your investment. |
| If vicarious liability imposed on the Titling Trust exceeds the coverage provided by its primary and excess liability insurance policies, or if lawsuits are brought against either the Titling Trust or World Omni involving the negligent use or operation of a leased vehicle, you could experience delays in payments due to you, or you may ultimately suffer a loss. |
| For a discussion of the possible liability of the Titling Trust in connection with the use or operation of the leased vehicles, you should refer to "*Additional Legal Aspects of the Leases and the Leased Vehicles—Vicarious Tort Liability*" in this prospectus. |

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| **general risks relating to the transaction** | **general risks relating to the transaction** |
| **The [Offered] Notes Are Not Suitable Investments for All Investors.** | The [Offered] Notes may not be a suitable investment if you require a regular or predictable schedule of payments or payment on any specific date. The [Offered] Notes are complex investments that should be considered only by investors who, either alone or with their financial, tax and legal advisors, have the expertise to analyze the prepayment, reinvestment, default and market risk, the tax consequences of an investment, and the interaction of these factors. |

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| **Withdrawal or Downgrade of the Initial Ratings of the Notes Will, and the Issuance of Unsolicited Ratings on Your Notes or any Adverse Changes to a Hired Rating Agency, May Affect the Prices for the [Offered] Notes Upon Resale.** | The Depositor expects that the [Offered] Notes will receive ratings from [two] nationally recognized statistical rating organizations, or ***"NRSROs***,***"*** hired by the Sponsor to rate the Notes. A note rating is not a recommendation by a rating agency that you buy, sell or hold Notes. Similar ratings on different types of Notes do not necessarily mean the same thing. You are encouraged to analyze the significance of each rating independently from any other rating. Any rating agency may change its rating of the Notes after the Notes are issued if that rating agency believes circumstances have changed. A rating downgrade may reduce the price that a subsequent purchaser will be willing to pay for the [Offered] Notes.<br> Ratings on the [Offered] Notes will be monitored by the rating agencies hired by the Sponsor while the Notes are outstanding. There is no assurance that a rating will remain for any given period of time, that a rating agency rating the Notes will not lower or withdraw its rating if in its judgment circumstances in the future so warrants or that notice of a lowering, qualification or withdrawal will be provided to the Noteholders.<br> Ratings initially assigned to the Notes will be paid for by the Sponsor. The Sponsor is not aware that any other NRSRO, other than the NRSROs hired by the Sponsor to rate the Notes, has assigned ratings on the Notes. SEC rules state that the payment of fees by the Sponsor, the Issuing Entity or an underwriter to rating agencies to issue or maintain a credit rating on asset-backed securities is a conflict of interest for rating agencies. In the view of the SEC, this conflict is particularly acute because arrangers of asset-backed securities transactions provide repeat business to the rating agencies. Under SEC rules, information provided by the Sponsor or the underwriters to a hired NRSRO for the purpose of assigning or monitoring the ratings on the Notes is required to be made available to each non-hired NRSRO in order to make it possible for such non-hired NRSROs to assign unsolicited ratings on the Notes. An unsolicited rating could be assigned at any time, including prior to the [Initial] Closing Date, and none of the Depositor, the Sponsor, the underwriters or any of their affiliates will have any obligation to inform you of any unsolicited ratings assigned to the Notes even if such parties are aware of such unsolicited ratings. NRSROs, including the hired rating agencies, may have different methodologies, criteria, models and requirements. If any non-hired NRSRO assigns an unsolicited rating on the Notes, there can be no assurance that such rating will not be lower than the ratings provided by the hired rating agencies, which could adversely affect the market value of your Notes and/or limit your ability to resell your Notes. In addition, if the Sponsor fails to make available to the non-hired NRSROs any information provided to any hired rating agency for the purpose of assigning or monitoring the ratings on the Notes, a hired rating agency could withdraw its ratings on the Notes, |

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|  | which could adversely affect the market value of your Notes and/or limit your ability to resell your Notes. |
|  | Furthermore, Congress or the SEC may determine at some point in the future that any NRSRO that assigns ratings to the Notes no longer qualifies as a nationally recognized statistical rating organization for purposes of the federal securities laws and that determination may also have an adverse effect on the market price of the [Offered] Notes. |
|  | Potential investors in the [Offered] Notes are urged to make their own evaluation of the creditworthiness of the lessees on the leases included in the related Reference Pool and the credit enhancement on the Notes, and not to rely solely on the ratings on the [Offered] Notes. |
| **Because the [Offered] Notes Are In Book-Entry Form, Your Rights Can Only Be Exercised Indirectly.** | Because the [Offered] Notes will be issued in book-entry form, you will be required to hold your interest in the [Offered] Notes through DTC in the United States, or Clearstream or Euroclear in Europe. Transfers of interests in the [Offered] Notes within DTC, Clearstream or Euroclear must be made in accordance with the usual rules and operating procedures of those systems. So long as the [Offered] Notes are in book-entry form, you will not be entitled to receive a definitive note representing your interest. The [Offered] Notes will remain in book-entry form except in the limited circumstances described under the caption "*Registration of the Notes—Definitive Notes*."<br> Unless and until the [Offered] Notes cease to be held in book-entry form, the Indenture Trustee will not recognize you as a "Noteholder," or "certificateholder." As a result, you will only be able to exercise the rights of Noteholders indirectly through DTC (if in the United States) and its participating organizations, or Clearstream and Euroclear (in Europe) and their participating organizations. Your ability to pledge your Notes to persons or entities that do not participate in DTC, Clearstream or Euroclear, or to otherwise take other actions relating to your Notes, may be limited due to the lack of a physical note. |
| **You May Suffer Delays in Payments as a Result of the Manner in Which Principal of and Interest On the [Offered] Notes is Paid.** | Payments on the [Offered] Notes will be made to DTC, rather than directly to you, and DTC will then credit payments received from the Indenture Trustee to the accounts of its participants, including Clearstream and Euroclear, which, in turn, will credit those amounts to Noteholders either directly or indirectly through indirect participants. This process may delay your receipt of principal and interest payments from the Indenture Trustee. |
| **Risk of Non-U.S. Noteholders' Investment in Notes Treated as Being Engaged in a U.S. Trade or Business on Account of Their Own Activities.** | As discussed under "*Material U.S. Federal Income Tax Consequences*" in this Prospectus, the U.S. federal income tax treatment of the Notes to a beneficial owner that is a Non-U.S. Noteholder turns on a number of facts, including whether interest on the Notes paid to or accrued by the Non-U.S. Noteholder is effectively connected with the conduct of a trade or business within the United States by the Non-U.S. Noteholder . The determination of whether a Non-U.S. Noteholder is engaged in a trade or business within the United States with respect to its acquisition of debt is based on a highly factual analysis that takes into account all facts and circumstances relating to such Non-U.S. Noteholder , which are necessarily unique to that Non-U.S. Noteholder . No direct guidance expressly addresses which activities constitute being engaged in a trade or business within the United States or whether (or under which circumstances) the acquisition of newly issued debt, such as a Note offered hereby, could give rise to a trade or business or could |

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contribute to such a conclusion when coupled with other facts and circumstances. In addition, certain activities undertaken or performed by or for a Non-U.S. Noteholder through agents and other third parties could be attributed to the Non-U.S. Noteholder in determining whether the Non-U.S. Noteholder is engaged in a trade or business within the United States. Furthermore, the precise contours of the so-called "securities trading safe harbor" under Section 864(b)(2) of the Code is similarly unclear. Nothing herein provides any advice or assurance concerning the tax treatment with respect to any person in this regard or otherwise or considers in any way the facts unique to any particular person that acquires a Note. Therefore, you are urged to consult your own tax advisors to determine your treatment under these rules in respect of the acquisition of a Note and taking into account your own particular facts relating to such acquisition

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| **One or More Classes of Notes May be Issued With Original Issue Discount for Federal Tax Purposes.**<br>| One or more classes of the Notes may be issued with original issue discount ("OID") for U.S. federal income tax purposes. If a Note is issued with OID, a U.S. Noteholder generally will be required to accrue OID with respect to such Note on a current basis as ordinary income and pay tax accordingly, regardless of whether such U.S. Noteholder receives cash attributable to that income and regardless of such U.S. Noteholder's usual method of tax accounting. For further discussion of the computation and reporting of OID, see "*Material U.S. Federal Income Tax Consequences—Tax Consequences to Holders of the Notes—Original Issued Discount.*" |
| **There is a Risk of a Taxable Deemed Exchange of Notes if the Transaction Documents are Amended.** | The transaction documents, under certain circumstances, allow for supplemental indentures and amendments. It is possible that such supplemental indentures or amendments, if they were treated as "significant modifications," could result in a taxable deemed exchange of the Notes for U.S. federal income tax purposes. This could result in gain or loss recognition for Noteholders, and could potentially result in OID with respect to the Notes following such modification.<br>|

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**THE SERVICER, SPONSOR AND ADMINISTRATOR**

**General**

World Omni is a Florida corporation and an indirect wholly-owned subsidiary of JM Family Enterprises, Inc., a Delaware corporation (***"JMFE***"). JMFE, through its subsidiaries, provides a full range of automotive-related distribution and financial services to Toyota dealerships in the Five-State Area. Financial services are also provided to other dealerships throughout the United States. The principal executive offices of World Omni are located at 250 Jim Moran Blvd., Deerfield Beach, Florida 33442 and its telephone number is (954) 429-2200.

World Omni was established in 1981 and provides financial services to Toyota dealers in the Five-State Area, and has operated under the "Southeast Toyota Finance" name since 1996. World Omni provides retail installment sale contract and lease financing to retail customers of these Toyota automobile dealers. World Omni services automobile and light-duty truck retail installment sale contracts and leases for its own account and the account of third parties. World Omni also provides wholesale floorplan financing and capital and mortgage loans to some Toyota dealers, and their affiliates, in the Five-State Area.

Southeast Toyota Distributors, LLC, which is an indirect wholly-owned subsidiary of JMFE and a World Omni affiliate, is the exclusive distributor of Toyota cars and light-duty trucks, parts and accessories in the Five-State Area. Southeast Toyota Distributors, LLC distributes Toyota vehicles pursuant to a distributor agreement with Toyota Motor Sales, U.S.A., Inc., a California corporation, that commenced in 1968 and has been subsequently renewed through [●], 20[●].

As of [●], 20[●], [●], 20[●], [●], 20[●], [●], 20[●] and [●], 20[●], World Omni and its affiliates' portfolio had [●],[●],[●],[●] and [●] leases outstanding, respectively. The aggregate outstanding principal balances of leases at the above dates were approximately $[●] billion, $[●] billion, $[●] billion, $[●] billion and $[●] billion, respectively.

World Omni will service the Titling Trust assets, including the leases and leased vehicles included in the Reference Pool related to the transaction contemplated by this prospectus. World Omni's experience in and overall procedures for servicing of leases are further described under "*—Securitization Experience" and* "*—Servicing"* below*.* For additional information about World Omni's responsibilities as Servicer for this transaction, you should also refer to "*Description of the Transaction Documents".*

World Omni, in its capacity as Administrator under the administration agreement to be dated as of the [Initial] Closing Date (the ***"Administration Agreement***"), will perform the administrative obligations and additional services required to be performed by the Issuing Entity or the Owner Trustee under the Indenture, the Trust Agreement and the other transaction documents, as applicable. Significant duties of the Administrator will be to monitor the performance of the Issuing Entity and to advise the Owner Trustee when action is necessary to comply with the respective duties and obligations of the Issuing Entity and the Owner Trustee under the transaction documents. [Further, on behalf of the Issuing Entity, the Administrator will perform the duties and obligations related to a transition from the then-current Benchmark, including but not limited to the determination of a Benchmark Transition Event and its related Benchmark Replacement Date and any Benchmark Replacement Conforming Changes or SOFR Adjustment Conforming Changes pursuant to the terms of the Indenture.] Except as otherwise noted in the transaction documents, the Administrator will not be obligated to make any payments to the persons in whose name a Note is registered on the note register (***"Noteholders***") under any of the transaction documents. As compensation for the performance of the Administrator's obligations under the Administration Agreement and as reimbursement for its expenses related thereto, the Administrator will be entitled to an administration fee with respect to each Collection Period equal to 1/12 of [0.05]% of the aggregate Securitization Value as of the first day of the related Collection Period. The administration fee payable to the Administrator on the initial Payment Date with respect to the initial Collection Period will be pro-rated, however, to compensate for the length of the initial Collection Period [not] being [longer than] one month. The administration fee in respect of a Collection Period will be paid to the Administrator on the related Payment Date out of collections before any amounts are made available to make payments to the Noteholders.

World Omni is the Sponsor of, and has participated in the structuring of, the securitization transaction contemplated by this prospectus. As Sponsor, World Omni will also be responsible for selecting the trustees and Asset Representations Reviewer party to the transaction described in this prospectus and paying the expenses of

forming the Issuing Entity, legal fees of some transaction parties, rating agency fees for rating the Notes and other transaction expenses. World Omni will select the leases and leased vehicles allocated to the Reference Pool for this securitization transaction using the criteria described in *"The Leases—Characteristics of the Leases—Eligibility Criteria and Portfolio Characteristics."*

*[Provide information regarding the Sponsor's financial condition to the extent required by Item 1104(f) or 1110(c) of Regulation AB].*

**Corporate Responsibility**

JMFE together with World Omni and their affiliates have various Environmental, Social and Governance ("***ESG***") initiatives in place and periodically report on these efforts. These ESG initiatives are underpinned by JMFE's and its affiliates' long standing core principles of consideration, cooperation, communication, innovation and accountability, which have contributed to its standing as a leader in environmental stewardship and a trusted corporate partner in its communities, with strong corporate governance which regulates the decision-making processes and the approach used by JMFE, World Omni and their affiliates. For more information on JMFE's ESG efforts, visit www.jmfamily.com/our-impact. The contents of JMFE's and World Omni's website are not incorporated in, or otherwise to be regarded as part of, this prospectus. For purposes of any electronic version of this prospectus, the preceding link to the uniform resource locator, or URL, is an inactive textual reference only. We have taken steps to ensure that this link to the URL was inactive at the time we created any electronic version of this prospectus.

Further, JMFE, World Omni and their affiliates periodically review sustainability policies and programs, and may make adjustments as appropriate in their sole discretion. These adjustments may include, without limitation, ceasing to participate in a particular program that no longer aligns with or supports JMFE's strategic direction and priorities. No representation is made regarding the applicability of any ESG or other investment criteria to the Notes.

**Securitization Experience**

World Omni has been engaged in the securitization of assets since 1986. World Omni's first public lease securitization transaction in 1992 involved approximately $150 million of lease contracts. From 1994 through [●], World Omni has securitized an aggregate of approximately $[●] billion of lease receivables in term securitization transactions. As of the date of this prospectus, World Omni has also sponsored more than [●] term securitizations of retail installment sale contracts and dealer floorplan receivables. World Omni's most recently completed term lease securitization transaction in [●] involved leases and leased vehicles with an aggregate Securitization Value of approximately $[●] million. World Omni's experience in and overall procedures for originating and underwriting leases are described further under "*—Origination, Underwriting and Purchasing*" and *"—Underwriting Standards"* below in this prospectus. [None of the asset-backed securities offered in the lease securitization program have experienced any losses or events of default and World Omni has never taken any action out of the ordinary in any transaction to prevent losses or events of default.]

**Repurchases of Leases in Prior Securitized Lease Pools**

The transaction documents for prior securitizations of leases and leased vehicles sponsored by World Omni contain covenants requiring the reallocation of an underlying lease and related leased vehicle from the related Reference Pool for the breach of a representation or warranty. World Omni, as securitizer, discloses, in a report on Form ABS-15G, all fulfilled and unfulfilled reallocation requests for securitized leases that were the subject of a demand to reallocate. [In the three-year period ended [●], 20[●], there was no activity to report with respect to any demand to reallocate leases from the Reference Pool under any such prior securitization sponsored by World Omni.] World Omni filed its most recent report on Form ABS-15G with the SEC pursuant to Rule 15Ga-1 on [●]. World Omni's CIK number is 0001004150. For additional information about obtaining a copy of the report on Form ABS-15G, you should refer to "*Incorporation of Certain Information By Reference*" in this prospectus.

*[Note: to the extent the most recent Form ABS-15G filing indicates repurchase [or substitution] activity, a table will be included to illustrate the details disclosed on such filing.]*

**Origination, Underwriting and Purchasing**

***Use of Titling Trust.*** World Omni uses a Titling Trust to facilitate its leasing business. For more information about the Titling Trust, see "*The Titling Trust."* As Servicer, World Omni is responsible for causing the Titling Trust to purchase closed-end leases and leased vehicles from Toyota dealers in the Five-State Area pursuant to existing dealer agreements in the ordinary course of business. Dealers enter into leases using a World Omni supplied or approved form of closed-end lease contract and disclosure statement that provides for the assignment of the leases to the Titling Trust. The leases are originated by dealers in accordance with World Omni's requirements and underwriting standards, which emphasize, among other things, the prospective lessee's ability to make timely payments and creditworthiness*.* For additional information about World Omni's underwriting process, you should refer to "*—Underwriting Standards"* below.

***Vehicle Leasing***. When a lessee leases a vehicle from a dealer, the lessee and the dealer agree on the price of the vehicle and the purchase of service contracts and other related products offered by the dealer. If the lessee elects to lease the vehicle through the dealer, the lessee and the dealer decide on the lease term, mileage allowance, residual value and payment terms for the lease. Leasing terms currently range between [24 and 60] months. The dealer will determine if the lessee is eligible for, and will be using marketing programs that impact the terms of, the lease. Dealers negotiate the terms of the lease with prospective lessees according to guidelines set forth by World Omni.

Each lessee enters into a lease that requires the lessee to make monthly payments, referred to in this prospectus as ***"Base Monthly Payments,"*** which, over the lease term, will cover (i) the difference between the Adjusted Capitalized Cost of the lease and the Contract Residual Value plus (ii) lease (or rent) charges (***"Lease Charges***"). Lease Charges are calculated and determined based on an implicit interest rate referred to in this prospectus as the ***"Lease Rate."*** The ***"Adjusted Capitalized Cost***" for each lease is the difference between (i) the sum of (a) the price of the vehicle agreed upon between the dealer and the lessee, plus (b) the cost of any items that the lessee pays over the lease term, such as taxes, fees, service contracts and other related products, and (ii) the amount of any net trade-in allowance, rebate, non-cash credit or cash paid by the lessee. Each lease sets forth a "***Contract Residual Value,"*** which is the residual value of the leased vehicle at the scheduled termination of the lease as set forth in the lease contract. In addition, each lease requires the lessee to pay any late payment fees or charges, extension fees or charges, sales, use, excise, lease and other taxes and fees due to any government authority, and other similar charges (referred to as ***"Additional Lease Charges***"). These Additional Lease Charges will not be available to make payments on the Exchange Note or on the Notes. The Servicer may waive any late payment charge or any other fees that may be collected in the ordinary course of servicing a lease.

***Determination of Contract Residual Values.*** The Contract Residual Value of a leased vehicle is the estimated value of the vehicle at the end of the lease term and is a major component used to calculate the Base Monthly Payment. The Contract Residual Value impacts the Base Monthly Payment because it represents the amount of the Adjusted Capitalized Cost of the leased vehicle that does not have to be paid for over the lease term by the lessee. The Contract Residual Value is also the basis of the price a lessee would have to pay to purchase a leased vehicle at the end of a lease. As such, the Contract Residual Value impacts return rates to World Omni because a lessee may be less likely to purchase a leased vehicle at the end of the lease if the Contract Residual Value exceeds the actual market value of the leased vehicle.

The Contract Residual Value is calculated by a dealer based on benchmark residual value percentages provided by World Omni from time to time. World Omni publishes benchmark residual value percentages for specific term offerings up to [60] months. If a term and corresponding benchmark residual value percentage are not published, the Contract Residual Value is calculated by interpolating the appropriate residual value using the published benchmark residual value percentages.

World Omni publishes benchmark residual value percentages based on residual value percentage estimates produced by ***"Automotive Lease Guide***" or ***"ALG,"*** an independent publisher of residual value percentages recognized throughout the automotive finance industry for projecting vehicle market values at lease maturity. From time to time, World Omni may establish benchmark residual value percentages that differ from the residual value percentage estimates produced by ALG. Since 1999, World Omni has limited Contract Residual Values of its leased vehicles by requiring dealers to cap the Total Suggested Retail Price (***"TSRP***") used in the residual value calculation at ALG's published Maximum Residualized TSRP (***"MRT***"). The MRT represents the maximum dollar TSRP that

ALG recommends when applying ALG's residual value percentages. The MRT was developed by ALG to ensure that vehicles do not become "over accessorized," thus creating an unreasonable risk of retaining the predicted residual value. World Omni instructs dealers to calculate the Contract Residual Value by multiplying (a) the published benchmark residual value percentage for the appropriate vehicle and term by (b) the lesser of (i) the actual TSRP and (ii) the MRT.

In connection with vehicle marketing programs supported by World Omni's affiliate Southeast Toyota Distributors, LLC, World Omni permits the Contract Residual Value that would otherwise be applicable to a lease to be increased by adding a number of percentage points to the benchmark residual value percentage [or adding a fixed dollar amount to the Contract Residual Value] that would otherwise apply to a lease.

***Dealers' Obligations to Repurchase Units.*** Under agreements between World Omni and the dealers, dealers are contractually obligated to repurchase Units that do not meet the representations and warranties made by those dealers at the time of purchase. These representations and warranties relate primarily to the origination of the leases and the titling of the leased vehicles. Dealers do not normally make representations relating to the creditworthiness of the lessees or the collectability of the leases.

Typically, the dealer agreements do not otherwise provide for recourse to the dealer for unpaid amounts under a Defaulted Lease. World Omni's rights to receive proceeds from any dealer repurchase obligations have been assigned to the Titling Trust and will constitute assets of the Titling Trust. These payments will be available to make payments on the Exchange Note if they relate to the Reference Pool. However, the related dealer agreements are not—and will not be—assets of the Titling Trust.

**Underwriting Standards**

World Omni's underwriting standards are intended to evaluate a prospective lessee's credit standing and repayment ability. In general, the dealer requests a prospective lessee to complete a credit application. Upon receipt of a credit application, either electronically through an online source such as DealerTrack, RouteOne, DocuSign, or in limited cases, via facsimile, World Omni transfers all application data into a centralized computer loan and lease origination system owned and operated by a third-party vendor. The origination system obtains an independent credit bureau report and automatically relays the application and credit bureau data to decision software which has been customized to perform credit evaluations for World Omni. The decision software uses a number of factors in performing the credit evaluation, such as the amount of the monthly payment, the term of the lease, the lessee's monthly income, the amount of monthly rent or mortgage payments, and credit bureau attributes, such as number of trade lines, utilization ratio and number of credit inquiries. As part of this process, the decision software generates an internal risk score that is used in addition to World Omni's credit policy rules to determine a recommended credit decision. This information enables World Omni to review an application and establish the likelihood that the proposed lease will be paid in accordance with its terms. In limited circumstances, World Omni may pre-approve potential and existing customers with established automobile credit histories for new leases without the use of an internal risk score. World Omni may also automatically approve or deny applicants based on other credit criteria.

***Automated Underwriting.*** World Omni has established minimum credit score and risk score requirements. To the extent the decision software's credit evaluation of both score and credit policy rules results in an automatic approval or automatic decline, such results are communicated directly to the dealer. A credit application finalized by the decision software may also be resubmitted or re-evaluated based on information from the dealer. In such cases, the application is re-evaluated by the decision software and may result in an automatic approval, automatic decline or is referred to a World Omni credit analyst to evaluate the application based on the company's underwriting guidelines.

If the applicant is a business, the decision software cannot electronically evaluate the application. In other cases, an application is not automatically rejected but does not meet the criteria for automatic approval, either because of incomplete or inconsistent information or because one or more credit-related terms is not within prescribed automatic approval levels. In all such cases, a credit analyst evaluates the application based on the company's underwriting guidelines. Failure to be automatically approved by the decision software does not mean that an application does not meet World Omni's underwriting guidelines.

***Credit Analyst Underwriting.*** The credit analyst considers information, some of which is evaluated in the decision software, such as the applicant's income, credit bureau report and internal risk score, and weighs other factors, such as the applicant's prior experience with World Omni. To support consistent credit decisions, World Omni establishes credit rules that provide a framework to evaluate specific attributes of an application, including affordability measures like payment-to-income ratios, [FICO<sup>®</sup>][Vantage] score and lease term. These credit policy rules are not strict limits or requirements and the credit analyst evaluating an application may determine whether there may be other factors that, in the credit analyst's judgment, support approval of an application, including demonstrated ability to pay, strong credit history and residency and employment stability. Based on the credit analyst assessment of the strengths and weaknesses of each application, the credit analyst will either approve the application, reject the application or forward the application for review by a World Omni employee with higher approval authority. The credit analyst may work with the dealer to determine acceptable lease terms for applications that cannot be approved as originally submitted. The credit analyst may grant a conditional approval on the addition of a qualified co-lessee or on modifications to the lease terms, such as a higher cash down payment or a less expensive vehicle. If data entry or inconsistent information is the reason a credit application did not receive automatic approval, the credit analyst will contact the dealer if necessary to verify the data in question and to make corrections if necessary or to obtain proof of the inconsistent data. For certain applicants, or if there is a discrepancy in the information provided by the applicant, the credit analyst may verify the identity, employment, income, residency and other applicant information using World Omni's established procedures before making a decision.

***Lease Package and Verification.*** Once World Omni has approved an application and the prospective lessee has agreed to the terms of the lease, the dealer transmits to World Omni a lease package containing, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;· the
 completed standard lease form between the dealer and the lessee; and

&nbsp;&nbsp;&nbsp;&nbsp;· the
 customer's credit application.

World Omni compares the specifics of the lease to the application approved in the underwriting process and verifies, among other items, the rate, truth-in-leasing disclosures and purchase price from the dealer. World Omni also makes efforts to confirm that the dealer has made on a timely basis all filings with state agencies that are necessary to ensure that the vehicle is titled in the name of the Titling Trustee or the Titling Trust and that the Closed-End Collateral Agent is listed as the lienholder on the title to the applicable vehicle.

***Insurance*.** Each lease contract requires the lessee to obtain and maintain vehicle liability and physical damage insurance on the leased vehicle. The dealer agreements include a requirement that the dealers verify that the lessee has insurance which meets the requirements of the lease contract at the inception of the lease and retain such verification in their records. The amount of insurance required by a lease contract is at least equal to the amount required by applicable state law, subject to customary deductibles. The Servicer requires the policy to name the Titling Trust as additional insured with respect to liability and insured and loss payee with respect to physical damage. World Omni does not independently verify the existence of insurance in connection with its acquisition of Units, and performs no ongoing verification of insurance coverage.

Except as described above, World Omni has not had any recurring categories or types of exceptions to its underwriting standards. From time to time, World Omni may, in its sole discretion, adjust its underwriting standards in response to changes in external economic factors, net loss or repossession or delinquency experience, market conditions or other factors to achieve desired goals or objectives.

**Electronic Contracts and Electronic Contracting**

World Omni supports electronic contracting in the Five-State Area, under which the related contracts are evidenced by an electronic record and are electronically signed by the related obligors. World Omni has contracted with a third-party custodian to facilitate the process of creating and storing such electronic contracts in an electronic vault maintained by such third-party custodian on behalf of World Omni. The third-party custodian's technology system permits transmission, storage, access and administration of electronic contracts and is comprised of proprietary and third-party software and other related technology that enable electronic contracting in the automobile retail industry. The vault is hosted in a Software as a Service (SaaS)-based/cloud-based system maintained by the third-party custodian and/or certain subcontractors of the third-party custodian. Through use of the third-party custodian's system, a dealer originates electronic lease contracts and then transfers these electronic contracts to the Titling Trust.

The electronic vaulting system uses a combination of technological and administrative features that are designed to (i) designate a single copy of the record or records comprising an electronic contract as being the single authoritative copy of the lease receivable, (ii) manage access to and the expression of the authoritative copy, (iii) identify World Omni, on behalf of the Titling Trust, as the owner of record of the authoritative copy and (iv) provide a means for transferring record ownership of, and the exclusive right of access to, the authoritative copy from the current owner of record to a successor owner of record.

**Servicing**

Through its service centers located in Mobile, Alabama and Earth City, Missouri, World Omni services the leases following origination. The Mobile and Earth City centers are full-service facilities that collectively handle all collection activities, pro-active lease marketing, remarketing, administrative services, dealer services, operational accounting, and customer and dealer inquiries.

Lessees will generally make payments on the leases by mail for deposit into a lock box account maintained by the Servicer or directly through electronic means. Unless the conditions described under *"Description of the Transaction Documents—Accounts"* are satisfied, the Servicer will deposit all payments it receives on or in respect of the leases included in the Reference Pool into the Exchange Note Collection Account not later than two Business Days after receipt of payment and related payment information regarding where to allocate the payment.

***Customer Service*.** In the normal course of business, World Omni responds to requests for information from both dealers and lessees. Incoming calls are processed through an interactive voice response technology (IVR), which provides automated assistance for routine inquiries and services such as payoff quotes, mailing addresses, pay-by-phone, and last payment information. Customer care representatives are also available during standard business hours to assist those dealers and lessees that are unable to resolve their issues through the IVR. World Omni also provides a customer website providing lessees with the ability to self-service accounts including making payments, obtaining extensions based on compliance with automated guidelines, reviewing payment histories and obtaining monthly statements.

***Collections*.** World Omni makes collection efforts with respect to delinquent accounts. A delinquent account is assigned to a risk group that determines the collection calling and letter strategies and timelines applicable to that account. Risk groups are developed to establish when the first call will be made or the first letter will be sent to that lessee. Accounts are also segregated into specialized call work lists based on legal requirements applicable to the accounts. These specialized work lists generally include active bankruptcies, litigations, confiscations, and accounts protected by the SCRA and similar state laws. Specialized manual account calling is initiated at various stages of delinquency status based on each account's risk category. Calls to lessees are placed by World Omni or by independent contractors retained by World Omni.

[The Servicer has not modified its servicing policies and procedures in any material respect in the last three years with respect to the Units.]

***Lease Maturity*.** At the end of the lease term, the lessee has the option to (1) purchase the leased vehicle "AS IS" at a price equal to the Contract Residual Value *plus* a purchase option fee *plus* any official fees and applicable taxes and other incidental charges due under the lease or (2) return the leased vehicle to World Omni through a dealer or at an agreed upon drop-off location and pay the disposition fee and any applicable charges for excess mileage and excess wear and use. Both the purchase option fee and the disposition fee may be waived in whole or in part by the Servicer. In the case of either a purchase or a return, the lessee must also satisfy any outstanding and unpaid amounts owed by the lessee under the lease and any other fees including actual or estimated property taxes, late charges and parking tickets paid by the lessor on the lessee's behalf. A lessee may request that another party or dealer be permitted to purchase the leased vehicle, provided that the lease obligations, including the obligations described in the preceding sentence, are complied with to World Omni's satisfaction. World Omni may permit or deny such purchase within its sole discretion. Higher than expected lease buyouts or trade ins to dealers may impact vehicle turn-in rates, or may result in prepayments on the leases which may impact the weighted average life of the Notes. In this regard, for more information, see *"Prepayment and Yield Considerations—Weighted Average Life of the Securities*."

***Early Termination by Lessee***. If the lessee returns the vehicle early, the lessee must pay the money owed under the lease, including any remaining Base Monthly Payments and all applicable Additional Lease Charges, plus the disposition fee set forth in the lease, plus any official fees and taxes related to termination, plus any charges for excess mileage and World Omni's reasonable estimate of repairs relating to excess wear and use (all of the foregoing, collectively, the *"**Remaining Payments Charge***"). Alternatively, depending on the form of lease, at the lessee's option, the lessee may pay the Remaining Payments Charge, other than any charges for excess mileage, excess wear and use charges already taken into account in the realized value of the vehicle, plus the Contract Residual Value set forth in the lease, minus the unearned portion of the Lease Charge set forth in the lease, minus, at the lessor's election, either the realized value of the vehicle as determined by the estimated or appraised wholesale value of the vehicle or by the amount the Servicer receives upon disposition of the vehicle at wholesale (the amount determined as provided in this sentence or the immediately preceding sentence is the *"**Early Termination Charge***"). As an alternative, at the lessee's option and at the lessee's expense, the vehicle's realized value may be determined by an appraisal of the vehicle's wholesale value by a qualified independent appraiser selected by the lessee and acceptable to World Omni. If such option is selected by the lessee, the appraiser's determination of the realized value of the vehicle is final and binding on both parties. Lastly, a lessee may request that another party or dealer be permitted to purchase the leased vehicle prior to the maturity of the lease. In such cases, World Omni may, in its sole discretion, permit such purchase, provided that the Remaining Payment Charge or Early Termination Charge, whichever is applicable, is satisfied.

***Early Termination Program***. To encourage new vehicle sales or to pull leased vehicle returns into periods when vehicle resale prices are expected to be higher, World Omni may allow selected lessees to terminate their leases early without making a stated number of remaining monthly payments. These programs are generally offered to lessees based on the vehicle model they lease and the period during which their lease is scheduled to terminate. To be eligible to participate, a lessee must lease or buy a new Toyota vehicle and finance it through World Omni. If a lessee accepts the offer, World Omni will pay or cause to be paid the total of the Base Monthly Payments that are waived under the program. The lessee must pay any other amounts owed under the lease, including any unwaived remaining monthly payments, excess mileage or excess wear and use charges.

***Total Loss***. If a leased vehicle suffers a total loss, the lessee is obligated to notify such lessee's insurance company and to coordinate with such lessee's insurance company for payment to World Omni. If World Omni does not continue the lease by substituting a comparable Replacement Vehicle and the lessee has complied with all other provisions of the lease, then the lease will terminate early. Depending on the form of the lease, one of the following will apply: (1) the lessee will owe nothing more once World Omni has received (i) all of the insurance proceeds due under the insurance policy, (ii) the deductible under such insurance policy and (iii) all amounts due under the lease contract and not paid up to the date the lessor receives the insurance proceeds under such insurance policy, or (2) if World Omni receives all of the insurance proceeds due under the insurance policy and such proceeds reflect payment of a claim for the full value of the vehicle, the lessee will owe the sum of the following amounts: (i) the deductible under the insurance policy, (ii) the total amount of deductions by the insurance company from the value of the vehicle used to compute the insurance proceeds for past due premiums or the condition of the vehicle prior to the total loss and (iii) all amounts due under the lease contract and not paid up to the date of the total loss.

If the insurance proceeds, deductible and other amounts described above are less than the amount of the lessee's obligations under the lease, the shortfall will reduce the amount available to the Administrative Agent for distribution to the Exchange Noteholder in respect of the Exchange Note. Conversely, if the insurance proceeds, deductible and all other amounts described above exceed the amount of the lessee's obligations under the lease, the excess will be refunded to the lessee.

***Default***. The lessor may terminate the lease and repossess a leased vehicle because of a default under the terms of the lease, which defaults may include any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;· failure
 to make any payment when due;

&nbsp;&nbsp;&nbsp;&nbsp;· bankruptcy
 proceeding (voluntary or involuntary) of the lessee or its property;

&nbsp;&nbsp;&nbsp;&nbsp;· incompetency,
 death, or dissolution;

&nbsp;&nbsp;&nbsp;&nbsp;· materially
 false or misleading misrepresentations by the lessee in his or her application;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 vehicle is stolen, lost, destroyed, seized or confiscated or is otherwise rendered unavailable
 or unsuitable for use;

&nbsp;&nbsp;&nbsp;&nbsp;· assignment,
 transfer, sublease, rent, or pledge of the lease or leased vehicle without the Servicer's

&nbsp;&nbsp;&nbsp;&nbsp;· permission,
 or other violation of the terms of the lease governing use and subleasing;

&nbsp;&nbsp;&nbsp;&nbsp;· failure
 of the lessee to comply with any other provision or condition of the lease or failure to
 keep any other promise made under the lease; or

&nbsp;&nbsp;&nbsp;&nbsp;· prohibition
 by applicable sanctions laws, or any federal or state law, rule, regulation or order from
 doing business with the lessee.

In any such case, the lessee will owe the Early Termination Charge (as defined above) plus all collection, repossession, storage, preparation and sale expenses of the vehicle, plus attorney's fees and disbursements incurred after default and referral to an attorney who is not a salaried employee of the lessor, not to exceed [15]% of the amount the lessee owes the lessor or such lesser rate as may be required under applicable law, plus the Servicer may collect simple interest at a rate not to exceed [15]% per annum or such lesser rate as may be required under applicable law on all expenses and fees incurred by the lessor and all obligations that the lessee owes after termination, other than earned but unpaid Lease Charges (all of the foregoing, collectively, the *"**Defaulted Payment Charge***").

The Servicer's right to repossess the vehicle may be limited or delayed by applicable law, including bankruptcy and other insolvency law, in the event a lessee is entitled to relief under the SCRA or similar state laws, and in the event a lessee is identified on the Office of Foreign Assets Control list of Specially Designated Nationals and Blocked Persons.

***Excess Wear and Use.*** At the time the lessee enters into a lease, the lessee may also purchase and enter into an excess wear and use addendum to the lease which serves to waive any excess wear and use charges that may be owed by the lessee upon termination of the lease, up to a specified maximum amount. The cost of such waiver is generally part of the Adjusted Capitalized Cost included in the lease. Upon termination of the lease, the Servicer may in accordance with its standard servicing practices endeavor to collect any excess wear and use charges owed on the related leased vehicle from a third-party vendor providing the related excess wear and use coverage and endeavor to collect any amounts in excess of the maximum amount specified in the addendum from the related lessee.

***The Servicer May Extend the Terms of Leases in Case of Financial Difficulties of the Lessee.*** Occasionally, a lessee may request an extension or become delinquent and be willing but unable to bring his or her account current. Generally an extension requires the payment by the lessee of an extension charge and approval in accordance with pre-determined approval guidelines. In such situations, World Omni may extend the lease. In circumstances deemed appropriate by World Omni, World Omni may reduce or waive the extension charge owed by a lessee.

An extension of a lease as provided above extends the due date of one or more installment(s) without changing the remaining number of installment payments due or the day of the month on which the remaining installments are due. Extended payments are deferred for a set period of time and consequently will defer the original final payment or termination date of the lease by the same period of time. All extensions granted should, unless approved by an authorized employee of World Omni, bring the account current. Consistent with its customary servicing procedures, the Servicer does not consider an extended lease to be delinquent in respect of any scheduled payments that would otherwise have been due during the related extension period.

***Extensions of Leases Are Not Always Associated with Financial Difficulties of the Lessee.*** Occasionally, a lessee may request an extension of the term of the related lease for one or more months from the original specified termination date of the lease near the end of a lease term, if, for example, the lessee has ordered but has not yet received a new vehicle, is in the process of securing outside financing for the purchase of the related leased vehicle or is selling the vehicle to a third party.

In the case of an extension past the lease maturity date not relating to financial difficulty, the annual mileage limit on the lease is increased on a basis proportionate to the length of the extension.

Under the supplement to the Base Servicing Agreement relating to the Exchange Note, if the Servicer extends a lease beyond the month immediately preceding the month in which the Final Scheduled Payment Date of the [Class F] Notes occurs, then the Servicer shall (i) make a reallocation payment with respect to such lease and (ii) reallocate the lease and related leased vehicle to the Warehouse Facility Pool or an unencumbered pool. For extensions that do

not result in a reallocation payment, World Omni does not expect that these extensions will materially affect the cash flows on the Notes.

***Repossession, Auction and Other Disposition of Returned Leased Vehicles.*** Repossessions are conducted by independent contractors who are engaged in the business of repossessing vehicles. Independent repossession contractors utilized by World Omni are required to maintain all state required licenses, bonds, and insurance coverage. World Omni disposes of repossessed and off-lease vehicles through several outlets including traditional auction houses such as Manheim and ADESA and internet sales systems such as OPENLANE, Inc. These entities are unaffiliated with World Omni and are compensated at market rates for their services. World Omni may also make vehicles available for sale to the dealer to which the customer returns the leased vehicle at lease maturity.

***Collection of Defaulted Payment Charges.*** World Omni typically pursues the lessee for any Defaulted Payment Charges. If any balance remains uncollected following internal collection efforts by World Omni, then World Omni typically retains an independent collection service provider.

**Like Kind Exchange Program**

Historically, World Omni utilized a like kind exchange (***"LKE***") program for its lease portfolio. The LKE program was designed to permit World Omni to defer recognition of taxable gain by exchanging vehicles returned to World Omni (***"Relinquished Vehicles***") for new vehicles (***"Replacement Vehicles***"). Changes to the U.S. federal tax laws under the legislation known as the Tax Cuts and Jobs Act (the "***Tax Cuts and Jobs Act***") repealed the availability of tax-deferred like kind exchanges for personal property under the U.S. federal income tax laws effective as of January 1, 2018. Shortly after the effectiveness of that legislation World Omni discontinued utilizing LKEs for tax purposes, but for administrative convenience World Omni retained the operational and administrative procedures that were utilized in the LKE program, which would again be necessary in the event World Omni elected to again utilize LKEs. The remainder of this section describes certain provisions of World Omni's historical LKE program and the likely provisions of a future LKE program in the event World Omni elects to again utilize LKEs, including for the vehicles in the Pool:

&nbsp;&nbsp;&nbsp;&nbsp;· The
 documents governing the LKE program require the actual Net LKE Disposition Proceeds of Relinquished
 Vehicles to be assigned to, and deposited directly with, a qualified intermediary (the  ***"QI*** ")
 rather than being paid directly to World Omni. The QI is currently a wholly-owned subsidiary
 of World Omni, but the QI may need to be independently owned and operated in the future.
 World Omni assumes responsibility for identifying Relinquished Vehicles and Replacement Vehicles
 based on its eligibility criteria. The security interest of the Closed-End Collateral Agent
 in any Net LKE Disposition Proceeds will be automatically released effective on the date
 on which a Relinquished Vehicle is sold to a purchaser under a disposition contract.

&nbsp;&nbsp;&nbsp;&nbsp;· World
 Omni and the QI promptly deposit the Net LKE Disposition Proceeds of the leased vehicles
 into designated accounts in which such proceeds are held as QI funds.

To the extent World Omni was or in the future resumes actually performing LKEs:

&nbsp;&nbsp;&nbsp;&nbsp;· The
 QI, acting on behalf of the Titling Trust, uses the Net LKE Disposition Proceeds, together
 with additional funds, if necessary, to purchase Replacement Vehicles.

&nbsp;&nbsp;&nbsp;&nbsp;· The
 QI is not required to purchase Replacement Vehicles to the extent that the total purchase
 price amounts exceed the amount of available QI funds, unless World Omni makes an LKE advance
 in the amount of the shortfall.

&nbsp;&nbsp;&nbsp;&nbsp;· The
 Replacement Vehicles are then transferred to the Titling Trust and become part of the Titling
 Trust property.

&nbsp;&nbsp;&nbsp;&nbsp;· The
 Titling Trust is then deemed to have exchanged Relinquished Vehicles for the Replacement
 Vehicles and World Omni is not required to recognize any taxable gain.

In the event that any Net LKE Disposition Proceeds are not deposited into the Exchange Note Collection Account, the Servicer must deposit into that account an amount equal to such Net LKE Disposition Proceeds within two Business Days of receiving and identifying such proceeds. This deposit will be treated as equivalent to the deposit into the Exchange Note Collection Account of the actual Net LKE Disposition Proceeds.

***"Net LKE Disposition Proceeds***" means the excess, if any, of the LKE disposition proceeds relating to one or more Relinquished Vehicles over any LKE disposition expenses relating to such Relinquished Vehicles.

***"LKE Disposition Proceeds***" means for any Relinquished Vehicle, the portion of the Liquidation Proceeds received by World Omni on behalf of the Titling Trust from the disposition of that vehicle relating to one or more Relinquished Vehicles.

***"Liquidation Proceeds***" means, for any vehicle, whether or not subject to a lease, (i) the amounts received from the sale or other disposition of that vehicle and (ii) all other gross amounts received by the Servicer, the QI or a depository bank in connection with the realization of the full amounts due or to become due under the related lease, whether from the proceeds of any collection effort, receipt of insurance proceeds, or collection of amounts due under the Base Servicing Agreement, whether in the form of cash or other property, or applied as an offset against amounts owed to a purchaser by World Omni or any of its affiliates and other amounts received in the form of a cancellation of an offsetting obligation and any portion of the security deposit for the related lease that is retained by the Servicer on behalf of the Titling Trust.

**THE TITLING TRUST**

**Formation of the Titling Trust**

World Omni LT is a Delaware statutory trust. We refer to World Omni LT in this prospectus as the *"**Titling Trust**."* The Titling Trust is governed by a second amended and restated trust agreement, dated as of July 16, 2008 (the ***"Titling Trust Agreement***"), and by a fourth amended and restated collateral agency agreement dated as of December 15, 2009 (as amended from time to time, the ***"Collateral Agency Agreement***"), as amended and supplemented from time to time by supplements to that agreement which relate to Exchange Notes issued by the Titling Trust, including the supplement relating to the Exchange Note pledged as Collateral for the Notes (the ***"Exchange Note Supplement***"). In this prospectus, for convenience, we refer to the Titling Trust Agreement, the Collateral Agency Agreement and the Exchange Note Supplement together as the *"**Titling Trust Documents**."*

The parties to the Titling Trust Documents are:

&nbsp;&nbsp;&nbsp;&nbsp;· the
 Titling Trust;

&nbsp;&nbsp;&nbsp;&nbsp;· Auto
 Lease Finance LLC, as *" **Initial Beneficiary*** ";

&nbsp;&nbsp;&nbsp;&nbsp;· World
 Omni, as *" **Titling Trust Administrator*** ";

&nbsp;&nbsp;&nbsp;&nbsp;· VT
 Inc., as "  ***Titling Trustee*** ";

&nbsp;&nbsp;&nbsp;&nbsp;· U.S.
 Bank Trust National Association (which we refer to as *" **U.S. Bank Trust*** "),
 as *" **Delaware Trustee*** ";

&nbsp;&nbsp;&nbsp;&nbsp;· U.S.
 Bank National Association (which we refer to as *" **U.S. Bank***" or *" **Titling Trustee Agent*** ");

&nbsp;&nbsp;&nbsp;&nbsp;· AL
 Holding Corp., as "  ***Closed-End Collateral Agent*** ";

&nbsp;&nbsp;&nbsp;&nbsp;· World
 Omni Lease Finance LLC; and

&nbsp;&nbsp;&nbsp;&nbsp;· Bank
 of America, N.A., as *" **Deal Agent**."* 

***Purposes of the Titling Trust.*** The primary business purpose of the Titling Trust is to take assignments of, and serve as record holder of title to, substantially all of the closed-end and open-end leases and the related leased vehicles purchased by or through World Omni from automobile dealers.

You can find more information about the Titling Trust Documents in this prospectus under the heading *"Certain Provisions of the Titling Trust Documents and Related Agreements."*

***Property of the Titling Trust.*** The assets of the Titling Trust consist of:

&nbsp;&nbsp;&nbsp;&nbsp;· closed-end
 and open-end leases, if any, and the related leased vehicles, including the certificates
 of title, assigned to the Titling Trust by dealers and all collections and proceeds from
 these Units;

&nbsp;&nbsp;&nbsp;&nbsp;· all
 of World Omni's rights (but not its obligations) relating to those Units, including
 the right to receive proceeds from any dealer repurchase obligations;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 right to receive proceeds from physical damage, credit life, disability and any other insurance
 policies covering those leases or leased vehicles or the related lessees;

&nbsp;&nbsp;&nbsp;&nbsp;· all
 security deposits due to the lessor under the leases; and

&nbsp;&nbsp;&nbsp;&nbsp;· the
 Titling Trust's rights under the fifth amended and restated servicing agreement, dated
 as of December 15, 2009 (the  ***"Base Servicing Agreement*** "),
 as amended, and each supplement to the Base Servicing Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;· all
 proceeds of the above.

We refer you to *"The Servicer, Sponsor and Administrator—Origination, Underwriting and Purchasing"* and "*—Underwriting Standards"* for additional discussion of the origination process of Leases and Leased Vehicles.

**Titling Trustee, Delaware Trustee and Titling Trustee Agent**

***Titling Trustee.*** VT Inc., an Alabama corporation, is a wholly-owned, special-purpose subsidiary of U.S. Bank that was organized in 1993 solely for the purpose of acting as Titling Trustee for the Titling Trust.

***Delaware Trustee and Titling Trustee Agent.*** U.S. Bank Trust, a national banking association, is the Delaware Trustee of the Titling Trust. The Delaware Trustee's principal place of business in the State of Delaware is located at Delle Donne Corporate Center, EX-DE-WD2D, 1011 Centre Road, Suite 203, Wilmington, Delaware 19805. U.S. Bank, as Titling Trustee Agent serves as agent for the Titling Trustee to perform specified administrative functions. A corporate trust office of the Titling Trustee Agent is located at 190 South LaSalle Street, 7th Floor, Chicago, IL 60603.

***Purchase of Titling Trustee Stock on Replacement of the Trustee Agent.*** The Titling Trust Documents provide that if U.S. Bank is no longer the Titling Trustee Agent, is no longer able, because of legal or regulatory changes, to own the stock of VT Inc., or the Titling Trustee is no longer eligible to act as Titling Trustee, because it is owned by U.S. Bank and U.S. Bank no longer qualifies as an eligible Titling Trustee, Auto Lease Finance LLC may provide a person or entity the option to purchase the stock of VT Inc. for a nominal amount. That person or entity may not be Auto Lease Finance LLC or any of its affiliates. If the person or entity designated by Auto Lease Finance LLC does not exercise this option timely, then VT Inc. will appoint a new Titling Trustee Agent, and that new Titling Trustee Agent, or the person or entity designated by that Titling Trustee Agent, will next have the option to purchase the stock of VT Inc. If the new Titling Trustee Agent or its designee does not exercise this option in a timely manner, U.S. Bank may sell the stock of VT Inc. to another party or dissolve the Titling Trustee.

The Depositor, Auto Lease Finance LLC, World Omni and their affiliates may maintain normal commercial banking and other business relationships with U.S. Bank Trust, U.S. Bank and their affiliates.

**Titling of Leased Vehicles**

***Leased Vehicles Will Be Titled in the Name of the Titling Trust or Titling Trustee.*** The Servicer will, on behalf of the Titling Trust, originate or acquire Units on an ongoing basis during the term of the Servicing Agreement. Each such Unit will be originated on a form providing for assignment of the related vehicle by the dealer to the Titling Trust, including the Units allocated to the Reference Pool. Under the Base Servicing Agreement, the Servicer causes the certificate of title for each leased vehicle to be issued in the name of "World Omni LT," "VT Inc. as Trustee of World Omni LT" or in a similar name acceptable to the relevant governmental departments or agencies.

***Certificates of Title Do Not Reflect the Issuing Entity's Interest in Leased Vehicles.*** The Servicer will not place any lien on the certificates of title to indicate the Issuing Entity's interest in the leased vehicles. No new certificates of title will be issued. However, the certificates of title to leased vehicles will reflect a first lien recorded in favor of AL Holding Corp. as Closed-End Collateral Agent. This lien exists to assure delivery of the certificates of title for the leased vehicle to the Servicer and to perfect the security interest in and to the leased vehicles and other Titling Trust assets allocated to the Closed-End Collateral Specified Interest granted to the Closed-End Collateral Agent by the Titling Trust under the security agreement. The Servicer will not have any interest in the leased vehicles. For administrative convenience, the Servicer (or, in certain circumstances, a separate custodian) will hold any certificates of title as custodian on behalf of the Titling Trust and the Closed-End Collateral Agent. We refer you to *"Additional Legal Aspects of the Titling Trust and the Exchange Note"* for additional legal discussion on titling of leased vehicles.

**Servicing of Leases and Leased Vehicles**

World Omni services the Units under a Base Servicing Agreement among the Titling Trust, World Omni, as Servicer, and AL Holding Corp., as Closed-End Collateral Agent. To provide for the servicing of the Units in the related Reference Pool, the Titling Trust, World Omni, as Servicer, and AL Holding Corp., as Closed-End Collateral Agent, will enter into a supplement (the ***"Servicing Supplement***") to the Base Servicing Agreement (the Base Servicing Agreement together with the Servicing Supplement, the ***"Servicing Agreement***").

**Limited Powers of Titling Trust**

Except as otherwise described in *"Certain Provisions of the Titling Trust Documents and Related Agreements,"* the Titling Trust will not, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;· engage
 in any activity other than a permitted transaction (as described below);

&nbsp;&nbsp;&nbsp;&nbsp;· create,
 incur or assume any indebtedness, other than pursuant to any Titling Trust debts, including
 the Exchange Note, any enhancement or any transactions entered into in connection therewith,
 in each case in accordance with the Titling Trust Documents;

&nbsp;&nbsp;&nbsp;&nbsp;· become
 or remain liable, directly or contingently, in connection with any indebtedness or other
 liability of Auto Lease Finance LLC or any of its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;· make
 or suffer to exist any loans or advances to, or extend any credit to, or make any investments
 in, any affiliate other than in connection with permitted transactions;

&nbsp;&nbsp;&nbsp;&nbsp;· enter
 into any transaction of merger or consolidation with or into any other entity, or convey
 its properties and assets substantially in their entirety to any entity, other than with
 respect to certain permitted transactions;

&nbsp;&nbsp;&nbsp;&nbsp;· become
 party to, or permit any of its properties to be bound by, any indenture, mortgage, instrument,
 contract, agreement, lease or other undertaking, with the exception of any certificate, any
 notice of registered pledge, any Titling Trust debt, any Titling Trust debt document or any
 other document relating to a permitted transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;· amend,
 modify, alter, change or repeal the provisions of the Titling Trust Agreement that require
 the Titling Trust to be operating as a special-purpose, bankruptcy remote entity; provided,
 however, that, the Titling Trust may amend, alter, change or repeal any provision contained
 in the certificate of trust or the Titling Trust Documents in a manner now or hereafter prescribed
 by the Delaware Statutory Trust Act.

Permitted transactions under the Titling Trust Documents include, among others:

&nbsp;&nbsp;&nbsp;&nbsp;· issuing
 certificates ("  ***Titling Trust Certificates***") representing a separate
 series of beneficial interest in the Titling Trust and the related Titling Trust assets in
 accordance with the terms of the Titling Trust Documents and the related specification notice;

&nbsp;&nbsp;&nbsp;&nbsp;· holding
 title to Titling Trust leases and related vehicles and other Titling Trust assets for the
 benefit of the holders of the related Titling Trust Certificates, all in accordance with
 the terms of the Titling Trust Documents and the Base Servicing Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;· at
 the direction of the holders of any series of Titling Trust Certificates relating to a Titling
 Trust specified interest, issuing one or more Titling Trust debts, including Exchange Notes,
 with respect to such specified interest, entering into the related Titling Trust debt document
 and pledging any or all of the related specified assets to secure such Titling Trust debts;

&nbsp;&nbsp;&nbsp;&nbsp;· assigning
 or otherwise transferring title to Titling Trust leases, Titling Trust vehicles and Titling
 Trust assets to, or to the order of, the related Titling Trust Certificateholders; and

&nbsp;&nbsp;&nbsp;&nbsp;· borrowing
 on a revolving basis or otherwise under one or more Titling Trust debt documents or any other
 arrangements, as from time to time in effect, to finance the purchase of Titling Trust leases
 and related vehicles.

For more information about the permitted and required activities of the Titling Trust, we refer you to *"Certain Provisions of the Titling Trust Documents and Related Agreements."*

**Allocation of Liabilities of the Titling Trust**

The assets of the Titling Trust are divided into several series of specified interests. Currently there are two specified interests: the Closed-End Collateral Specified Interest and the Open-End Collateral Specified Interest.

The Closed-End Collateral Specified Interest is further subdivided into one or more Reference Pools, unencumbered pools and the Warehouse Facility Pool (the **"*Asset Pools***"**)**. The Units allocated to the Closed-End Collateral Specified Interest and not allocated to a Reference Pool will be included in the Warehouse Facility Pool or an unencumbered pool.

The Titling Trust Documents will require the holders from time to time of the Closed-End Collateral Specified Interest certificate, other specified interest certificates, and securities, including Exchange Notes and securities of the issuing entities, evidencing obligations of the Titling Trust or obligations of other entities backed by assets of the Titling Trust, to waive any claim they might otherwise have with respect to any unrelated Titling Trust assets and to fully subordinate any claims to those Titling Trust assets in the event that such waiver is not given effect. Similarly, the holders of any certificates or securities described above, or beneficial interests therein, will be deemed to have waived any claim they might otherwise have with respect to those Titling Trust assets not allocated to their specified interest. See *"Certain Provisions of the Titling Trust Documents and Related Agreements—Closed-End Collateral Specified Interest, Reference Pools and Exchange Notes."*

The Titling Trust is not permitted to grant a security interest in or otherwise encumber any of the Units or other assets allocated to the closed-end specified interest except for the security interest granted to the Closed-End Collateral Agent under the Pledge and Security Agreement to secure the Exchange Notes, warehouse facilities, unencumbered pools and certain other related obligations. Collections on assets allocated to the closed-end specified interests will be distributed to holders of such secured obligations and Auto Lease Finance LLC, as holder of the related Titling Trust Certificate, in accordance with the priority of payments set forth in the Collateral Agency Agreement and the Exchange Note Supplements. Under the Collateral Agency Agreement, beneficiaries of any unencumbered pool and warehouse facility lenders and holders of unrelated Exchange Notes will not receive any collections in respect of a particular Reference Pool.

For a more detailed discussion of the risks relating to potential liabilities of the Titling Trust, we refer you to *"Certain Provisions of the Titling Trust Documents and Related Agreements," "Additional Legal Aspects of the Titling Trust and the Exchange Notes"* and *"Additional Legal Aspects of the Leases and Leased Vehicles"* in this prospectus.

**THE INITIAL BENEFICIARY**

The Initial Beneficiary, Auto Lease Finance LLC, is a Delaware limited liability company and a wholly-owned, special-purpose finance subsidiary of World Omni. Auto Lease Finance LLC was organized in September 1998 solely for the purpose of being grantor and Initial Beneficiary of the Titling Trust, holding and dealing with the Closed-End Collateral Specified Interest, Open-End Collateral Specified Interest, other specified interests in the Titling Trust, and the Titling Trust Certificates representing the Closed-End Collateral Specified Interest and the Open-End Collateral Specified Interest and any such other specified interests; acquiring interests in one or more Exchange Notes; forming securitization entities; and engaging in related transactions.

Auto Lease Finance LLC's limited liability company agreement limits its activities to the purposes described above and to any activities incidental to and necessary for those purposes. World Omni is the sole member of Auto Lease Finance LLC.

The principal office of Auto Lease Finance LLC is located at 250 Jim Moran Boulevard, Deerfield Beach, Florida 33442, and its telephone number is (954) 429-2200.

**THE DEPOSITOR**

World Omni Auto Leasing LLC, which was formed as a Delaware limited liability company on June 26, 2008, will be the Depositor for the securitization transaction in which the Notes will be issued. Auto Lease Finance LLC holds all of the outstanding limited liability company interests of the Depositor and is the managing member of the Depositor. The principal executive offices of the Depositor are located at 250 Jim Moran Boulevard, Deerfield Beach, Florida 33442, and its telephone number is (954) 429-2200. The managing member of the Depositor is located at 250 Jim Moran Boulevard, Deerfield Beach, Florida 33442.

The Depositor was organized solely for the purpose of acquiring Exchange Notes, securities and other property, forming one or more securitization trusts, such as the Issuing Entity, and transferring the related property and rights to those trusts and engaging in related transactions. The Depositor's limited liability company agreement limits the activities of the Depositor to the foregoing purposes and to any activities incidental to and necessary, suitable or convenient for these purposes.

In connection with the offering of the Notes, the chief executive officer of the Depositor will make the certifications required under the Securities Act about this prospectus, the disclosures made about the characteristics of the Exchange Note and the structure of this securitization transaction, the risks of owning the Notes and whether the securitization transaction will produce sufficient cash flows to make interest and principal payments on the Notes when due. This certification will be filed by the Depositor with the SEC at the time of filing of the final prospectus. The certification should not be considered to reduce or eliminate the risks of investing in the Notes.

The Depositor has met the registration requirements of General Instruction I.A.1 of Form SF-3 by filing no later than the date of the filing of the final prospectus, and determining that each of its affiliated depositors and issuing entities have filed within the prior 90 days:

&nbsp;&nbsp;&nbsp;&nbsp;· the
 certification of the chief executive officer of the Depositor described above; and

&nbsp;&nbsp;&nbsp;&nbsp;· the
 transaction documents containing the provisions described in *"The Leases—Asset Representations Review,"* and *"The Leases—Dispute Resolution for Reallocation Requests"* and *"Description of the Transaction Documents—Noteholder Communication."* 

The Depositor, a wholly-owned affiliate of World Omni, will initially retain [the Class [●] Notes and] [[●]% of each class of Notes and][a single vertical security and] the Certificates of the Issuing Entity [and will deposit $[●] into, the [Risk Retention] Reserve Account, an "eligible horizontal cash reserve account" meeting the requirements of Regulation RR of the Exchange Act]. The Certificates represent the ownership interest in the Issuing Entity and the right to all funds not needed to make required payments on the Notes, pay fees and expenses of the Issuing Entity or make deposits in the [Risk Retention] Reserve Account. [The Depositor's retention of [●]% of each class of Notes represents a vertical interest in the securitization transaction.] The Certificates are subordinated to the Notes and represent the first-loss interest in the securitization transaction. The Depositor's Retained Interest will not be transferred, financed, pledged or hedged by World Omni, the Depositor or any of their affiliates, except as permitted under Regulation RR. For more information about the required retention of credit risk in the transaction by the Sponsor, see *"U.S. Credit Risk Retention."* and "*EU Securitisation Regulation and UK Securitisation Framework*."

**THE ISSUING ENTITY**

The Issuing Entity is a statutory trust formed under the laws of the State of Delaware pursuant to a Trust Agreement (the ***"Trust Agreement***") between World Omni Auto Leasing LLC, a Delaware limited liability company, and the Owner Trustee. Before the sale and assignment of the trust assets to the Issuing Entity, the Issuing Entity will have no assets, obligations or operating history. The Issuing Entity will not engage in any business other than:

&nbsp;&nbsp;&nbsp;&nbsp;· acquiring,
 financing, owning, pledging and managing the Exchange Note, the other trust assets and any
 proceeds from the Exchange Note and other trust assets;

&nbsp;&nbsp;&nbsp;&nbsp;· issuing
 and making payments on the Notes and Certificates;

&nbsp;&nbsp;&nbsp;&nbsp;· assigning
 and pledging the property of the Issuing Entity to the Indenture Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;· [purchasing
 any interest rate protection agreement requiring up-front payments;] and

&nbsp;&nbsp;&nbsp;&nbsp;· executing,
 delivering and performing or causing to be performed its obligations under the transaction
 documents to which it is a party and entering into contracts with others to accomplish the
 above.

The above is a concise summary of the powers and purposes of the Issuing Entity. Please see *"Description of the Transaction Documents"* and *" —Indenture—Material Covenants"* in this prospectus for further description of the Issuing Entity and its activities.

The requirements that apply to an amendment of the Trust Agreement are described in this prospectus under "*Description of the Transaction Documents—Amendments."* [If the aggregate initial principal amount of the Notes is $[●], the Issuing Entity's initial equity capitalization is expected to be approximately $[●], and, if the aggregate initial principal amount of the Notes is $[●], the Issuing Entity's initial equity capitalization is expected to be approximately $[●]] which, in each case, is the expected aggregate starting principal balance of the Exchange Note as of the [Initial][Actual] Cutoff Date [plus the Pre-Funding Account Initial Deposit, if any,][plus the Negative Carry Amount] less the aggregate initial principal amount of the Notes as of the [Initial] Closing Date, plus the expected amount on deposit in the [Risk Retention] Reserve Account [excluding any amount available for draw under the reserve account letter of credit][plus the expected amount on deposit in the Class [●] Reserve Account], if any. The Certificates represent the equity or residual interest in the Issuing Entity and are not being offered by this prospectus.

**Capitalization of the Issuing Entity**

[If the aggregate initial principal amount of the Notes is $[●], the following table illustrates the expected capitalization of the Issuing Entity as of the [Initial] Closing Date:<sup>[(3)]</sup>]

---

| | | |
|:---|:---|:---|
| Class A-1[a/b] Notes[<sup>(1)</sup>] | $[● | ] |
| Class A-2[a/b] Notes[<sup>(1)</sup>][<sup>(2)</sup>] | $[● | ] |
| Class A-3[a/b] Notes[<sup>(1)</sup>] [<sup>(2)</sup>] | $[● | ] |
| Class A-4[a/b] Notes[<sup>(1)</sup>] | $[● | ] |
| Class B[a/b] Notes[<sup>(1)</sup>] | $[● | ] |
| [Class C[a/b] Notes[<sup>(1)</sup>] | $[● | ]] |
| [Class D[a/b] Notes[<sup>(1)</sup>] | $[● | ]] |
| [Class E[a/b] Notes[<sup>(1)</sup>] | $[● | ]] |
| [Class F[a/b] Notes[<sup>(1)</sup>] | $[● | ]] |
| Series 20[●]-[●] Overcollateralization | $[● | ] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Trust Capitalization | $[● | ] |
| Exchange Note Overcollateralization | $[● | ] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Securitization Value<sup>(4)</sup> | $[● | ] |

---

[(1) The Class [●] Notes are not being offered under this prospectus and will initially be retained by the Depositor.][All or a portion of one or more classes of the Notes may initially be retained by the Depositor or one or more affiliates thereof on the [Initial] Closing Date]. [On or after the [Initial] Closing Date, the Depositor or any such affiliate may sell any such Retained

Notes.] [As described in *"U.S. Credit Risk Retention"* in this prospectus, the Depositor will retain [[●]% of the outstanding principal amount of each class of Notes][a single vertical security] in satisfaction of the risk retention requirements.]]

[(2) The aggregate initial principal amount of the Class A-2 Notes and the Class A-3 Notes will be $[●] as reflected above. The initial principal amount of each of the Class A-2 Notes and the Class A-3 Notes may change but will be determined on or prior to the day of pricing of those classes of Notes. However, the respective initial principal amounts of the Class A-2 Notes and the Class A-3 Notes are expected to be within the applicable ranges set forth on the cover page of this prospectus.]

[(3)] The aggregate initial principal amount of the Notes is based on the Statistical Discount Rate used to calculate the assumed Initial Note Value. The aggregate principal amount of the Notes offered hereby will be determined based on the Specified Discount Rate. The final aggregate principal amount of the Notes at the time of issuance will be an amount that is no more than [5]% in excess of, or less than, the amounts stated herein. On the Closing Date and using the Specified Discount Rate, the initial amount of overcollateralization is expected to be approximately [●]% of the Initial Note Value as of the [Initial][Actual] Cutoff Date.]

(4) Rounded for summing purposes. Numbers may not total due to rounding. The aggregate Securitization Value as of the [Initial][Actual] Cutoff Date is $[●]. Does not take into account the amount on deposit in the [Risk Retention] Reserve Account [or available for draw under the reserve account letter of credit] which is equal to $[●][, [plus the Pre-Funding Account Initial Deposit][plus the Negative Carry Amount][plus the amount on deposit in the Class [●] Reserve Account which is equal to $[●]].

[If the aggregate initial principal amount of the Notes is $[●], the following table illustrates the expected capitalization of the Issuing Entity as of the [Initial] Closing Date:<sup>[(3)]</sup>]

---

| | | |
|:---|:---|:---|
| Class A-1[a/b] Notes[<sup>(1)</sup>] | $[● | ] |
| Class A-2[a/b] Notes[<sup>(1)</sup>][<sup>(2)</sup>] | $[● | ] |
| Class A-3[a/b] Notes[<sup>(1)</sup>] [<sup>(2)</sup>] | $[● | ] |
| Class A-4[a/b] Notes[<sup>(1)</sup>] | $[● | ] |
| Class B[a/b] Notes[<sup>(1)</sup>] | $[● | ] |
| [Class C[a/b] Notes[<sup>(1)</sup>] | $[● | ]] |
| [Class D[a/b] Notes[<sup>(1)</sup>] | $[● | ]] |
| [Class E[a/b] Notes[<sup>(1)</sup>] | $[● | ]] |
| [Class F[a/b] Notes[<sup>(1)</sup>] | $[● | ]] |
| Series 20[●]-[●] Overcollateralization | $[● | ] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Trust Capitalization | $[● | ] |
| Exchange Note Overcollateralization | $[● | ] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Securitization Value<sup>(4)</sup> | $[● | ] |

---

[(1) The Class [●] Notes are not being offered under this prospectus and will initially be retained by the Depositor.][All or a portion of one or more classes of the Notes may initially be retained by the Depositor or one or more affiliates thereof on the [Initial] Closing Date]. [On or after the [Initial] Closing Date, the Depositor or any such affiliate may sell any such Retained Notes.] [As described in *"U.S. Credit Risk Retention"* in this prospectus, the Depositor will retain [[●]% of the outstanding principal amount of each class of Notes][a single vertical security] in satisfaction of the risk retention requirements.]]

[(2) The aggregate initial principal amount of the Class A-2 Notes and the Class A-3 Notes will be $[●] as reflected above. The initial principal amount of each of the Class A-2 Notes and the Class A-3 Notes may change but will be determined on or prior to the day of pricing of those classes of Notes. However, the respective initial principal amounts of the Class A-2 Notes and the Class A-3 Notes are expected to be within the applicable ranges set forth on the cover page of this prospectus.]

[(3)] The aggregate initial principal amount of the Notes is based on the Statistical Discount Rate used to calculate the assumed Initial Note Value. The aggregate principal amount of the Notes offered hereby will be determined based on the Specified Discount Rate. The final aggregate principal amount of the Notes at the time of issuance will be an amount that is no more than [5]% in excess of, or less than, the amounts stated herein. On the Closing Date and using the Specified Discount Rate, the initial amount of overcollateralization is expected to be approximately [●]% of the Initial Note Value as of the [Initial][Actual] Cutoff Date.]

(4) Rounded for summing purposes. Numbers may not total due to rounding. The aggregate Securitization Value as of the [Initial][Actual] Cutoff Date is $[●]. Does not take into account the amount on deposit in the [Risk Retention] Reserve Account [or available for draw under the reserve account letter of credit] which is equal to $[●][, [plus the Pre-Funding Account Initial Deposit][plus the Negative Carry Amount][plus the amount on deposit in the Class [●] Reserve Account which is equal to $[●]].

No expenses incurred in connection with the selection and acquisition of the Exchange Note or the lease assets will be payable from the offering proceeds.

The Issuing Entity's fiscal year ends on December 31.

**The Trust Property**

The primary assets of the Issuing Entity will include the following:

&nbsp;&nbsp;&nbsp;&nbsp;· an
 Exchange Note issued by the Titling Trust secured by the Units in the [related] Reference
 Pool;

&nbsp;&nbsp;&nbsp;&nbsp;· amounts
 that from time to time may be held in the Trust Accounts and permitted investments of those
 accounts;

&nbsp;&nbsp;&nbsp;&nbsp;· [any
 credit enhancement, including any interest rate protection agreement, provided for the benefit
 of holders of the securities of the Issuing Entity;]

&nbsp;&nbsp;&nbsp;&nbsp;· rights
 under certain transaction documents; and

&nbsp;&nbsp;&nbsp;&nbsp;· any
 and all proceeds of the foregoing.

The leases constituting the Reference Pool will be originated by various dealers and acquired by the Titling Trust. The underwriting criteria applicable to the leases included in the Reference Pool are described under *"The Servicer, Sponsor and Administrator—Underwriting Standards."*

**THE TRUSTEES OF THE ISSUING ENTITY**

**The Owner Trustee**

[●] is the Owner Trustee under the Trust Agreement. [●] will also act as the initial certificate registrar under the [Trust Agreement] and for purposes of other transaction documents. [●] is a [●]. The principal offices of [●] are located at [●].

*[Add description of the general character of the Owner Trustee's business, its prior experience as an Owner Trustee for asset-backed securities transactions involving similar pool assets and any other required disclosure]*

The Owner Trustee's liability in connection with the issuance and sale of the Notes is limited solely to the express obligations of the Owner Trustee described in the transaction documents.

**The Indenture Trustee, Note Registrar and Paying Agent, and Account Bank**

[●] will act as Indenture Trustee [and Account Bank] under the Indenture. [●] will also act as the initial Note Registrar and Note Registrar under the Indenture and for purposes of other transaction documents. [●] is a [●] and its corporate trust office is located at [●].

*[Add description of the general character of the Indenture Trustee's business, its prior experience as an Indenture Trustee for asset-backed securities transactions involving similar pool assets and any other required disclosure]*

The Indenture Trustee shall make each monthly statement available to the Noteholders via the Indenture Trustee's internet website at [●]. Noteholders with questions may direct them to [●].

The Indenture Trustee's liability in connection with the issuance and sale of the Notes is limited solely to the express obligations of the Indenture Trustee described in the transaction documents.

**ASSET REPRESENTATIONS REVIEWER**

[●], a [●], will act as the "Asset Representations Reviewer" under the asset representations review agreement (the "***Asset Representations Review Agreement***"), by and among the Issuing Entity, the Servicer, the Administrator and the Asset Representations Reviewer.

*[Insert description of Asset Representations Reviewer, including prior experience as Asset Representations Reviewer for ABS transactions involving similar assets as required by Item 1109(b)(2) of Regulation AB].*

The Asset Representations Reviewer is not affiliated with the Sponsor, the Depositor, the Servicer, the Indenture Trustee, the Owner Trustee or any of their affiliates and none of the Asset Representations Reviewer's affiliates has been hired by the Sponsor or the underwriters to perform pre-closing due diligence work on the leases in the Pool. For so long as the Notes remain outstanding, the Asset Representations Reviewer must satisfy these eligibility criteria.

The Asset Representations Reviewer's main obligations will be:

&nbsp;&nbsp;&nbsp;&nbsp;· reviewing
 each Review Lease following receipt of a review notice from the Indenture Trustee, and

&nbsp;&nbsp;&nbsp;&nbsp;· providing
 a report on the results of the review to the Issuing Entity, the Servicer and the Indenture
 Trustee.

For a description of the Asset Representation Reviewer's duties and responsibilities and the review to be performed by the Asset Representations Reviewer, see *"The Leases—Asset Representations Review."*

[To the extent any fees, expenses and indemnification amounts of the Asset Representations Reviewer are not paid by the Servicer, any such unpaid amounts will be paid by the Issuing Entity from Available Funds on each Payment Date up to the limit of $[●] per calendar year. The Issuing Entity will pay any of these amounts in excess of the limit only after paying in full on that Payment Date all other fees and expenses of the Issuing Entity and all required interest and principal payments on the Notes and after any required deposits in the [Risk Retention] Reserve Account [and the Class [●] Reserve Account] have been made. Following an Event of Default, however, these fees, expenses and indemnities will be paid prior to required interest and principal payments on the Notes. See "*Description of the Transaction Documents—Distributions on the Securities—Allocations and Distributions on the Securities"* in this prospectus.]

[The Asset Representations Reviewer's liability in connection with the asset representations review is limited solely to the express obligations of the Asset Representations Reviewer set forth in the Asset Representations Review Agreement. The Asset Representations Reviewer is not responsible for (a) reviewing the Units for compliance with the representations under the transaction documents, except in connection with a review under the Asset Representations Review Agreement, or (b) determining whether noncompliance with any representation is a breach of the transaction documents or if any Unit is required to be reallocated.]

[The Asset Representations Reviewer will not be liable for any action taken, or not taken, in good faith under the Asset Representations Review Agreement or for errors in judgment. However, the Asset Representations Reviewer will be liable for its willful misconduct, bad faith or negligence in performing its obligations under the Asset Representations Review Agreement. The Issuing Entity will, or will cause the Servicer to, indemnify the Asset Representations Reviewer for all liabilities resulting from the performance of the Asset Representations Reviewer's obligations under the Asset Representations Review Agreement, other than liabilities resulting from the Asset Representations Reviewer's willful misconduct, bad faith or negligence, breach of any of its representations or warranties in the Asset Representations Review Agreement or breach of its obligations related to protecting confidential and personally identifiable information provided to it.]

[The Asset Representations Reviewer may not resign unless it becomes legally unable to act. The Issuing Entity may also remove the Asset Representations Reviewer if the Asset Representations Reviewer (1) ceases to be eligible to continue as an Asset Representations Reviewer, (2) breaches any of its representations, warranties, covenants or obligations contained in the Asset Representations Review Agreement or (3) becomes subject to an insolvency event. Following the resignation or removal of the Asset Representations Reviewer, the Issuing Entity will be obligated to appoint a successor Asset Representations Reviewer. Any resignation or removal of an Asset Representations Reviewer and appointment of a successor Asset Representations Reviewer will not become effective until acceptance of the appointment by the successor Asset Representations Reviewer. As described under *"The Leases—Asset Representations Review—Periodic Reports*," each Form 10-D will contain a description of the date and circumstances surrounding any resignation, removal, replacement or substitution of the Asset

Representations Reviewer that occurred during the related Collection Period. Reasonable expenses associated with the termination of the Asset Representations Reviewer and the appointment of a successor will be borne by the outgoing Asset Representations Reviewer.]

**THE EXCHANGE NOTE**

**General**

The Exchange Note will be issued by the Titling Trust under the Exchange Note Supplement on the date the Notes are issued.

The Exchange Note will be secured by certain Units allocated to the related Reference Pool, which Units are pledged by the Titling Trust to the Closed-End Collateral Agent under the third amended and restated pledge and security agreement dated as of July 16, 2008, as amended and supplemented from time to time (the ***"Pledge and Security Agreement***"). In addition to the Units allocated to the Reference Pool, the Exchange Note will be secured by certain other assets, which include the following (but exclude Additional Lease Charges):

&nbsp;&nbsp;&nbsp;&nbsp;· amounts
 in the Trust Collection Account for the related Reference Pool, received in respect of the
 leases or the sale of the leased vehicles after the [Initial][Actual] Cutoff Date;

&nbsp;&nbsp;&nbsp;&nbsp;· certain
 monies due under or payable in respect of the Units after the [Initial][Actual] Cutoff Date;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 right to receive the proceeds of any dealer repurchase obligations relating to the Units;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 right to receive any insurance proceeds from any insurance policies with respect to the related
 Units and lessees;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 Exchange Note Collection Account;

&nbsp;&nbsp;&nbsp;&nbsp;· all
 other assets of the Titling Trust related to the Units; and

&nbsp;&nbsp;&nbsp;&nbsp;· all
 proceeds of the foregoing, except that actual sales proceeds will not constitute part of
 the Exchange Note security. See *"The Servicer, Sponsor and Administrator—Like-Kind Exchange Program"* in this prospectus.

The Exchange Note will be pledged to the Indenture Trustee to secure the Notes.

The principal balance of the Exchange Note will be less than the aggregate Securitization Value. On each Payment Date, other than a date on which the Exchange Note is redeemed, the principal balance of the Exchange Note will be required to be repaid by the Titling Trust by an amount sufficient to reduce its principal balance to an amount equal to [●]% of the aggregate Securitization Value as of the end of the prior Collection Period. The difference between the principal balance of the Exchange Note and the aggregate Securitization Value serves as overcollateralization for the Exchange Note.

[If the aggregate initial principal amount of the Notes is $[●], the initial principal balance of the Exchange Note will be $[●], and, if the aggregate initial principal amount of the Notes is $[●], the initial principal balance of the Exchange Note will be $[●]. The Final Scheduled Payment Date of the Exchange Note will be [●]. The Exchange Note will bear interest at a rate equal to the [Class [F] Note interest rate].

Overcollateralization represents the amount by which the aggregate Securitization Value exceeds the aggregate outstanding principal amount of the Notes, which is referred to as the Overcollateralization Amount. Initial overcollateralization is approximately [●]% of the aggregate initial Securitization Value as of the [Initial][Actual] Cutoff Date, comprised of overcollateralization on the Exchange Note and overcollateralization on the Notes. Overcollateralization on the Exchange Note as of the [Initial] Closing Date will be approximately [●]% of the aggregate initial Securitization Value as of the [Initial][Actual] Cutoff Date. The Overcollateralization Amount on the Exchange Note as of the [Initial] Closing Date is expected to represent the difference between the aggregate initial Securitization Value as of the [Initial][Actual] Cutoff Date and the principal balance of the Exchange Note. Additional initial overcollateralization on the Notes as of the [Initial] Closing Date is expected to be approximately [●]% of the aggregate initial Securitization Value. This additional initial Overcollateralization Amount of the Notes as of the [Initial] Closing Date is expected to represent the difference between the outstanding principal balance of the Exchange Note and the outstanding principal amount of the Notes. In addition, the application of funds according to clause [(15)] under *"Description of the Transaction Documents—Distributions on the Securities—Allocations and Distributions on the Securities"* is designed to increase the amount of overcollateralization on the Notes as of any Payment Date up to an amount equal to [[●]% of the aggregate [initial] Securitization Value as of

the [[Initial][Actual] Cutoff Date] [last day of the related Collection Period] less the overcollateralization on the Exchange Note as of such Payment Date] [, (i) with respect to any Payment Date on or prior to the date on which the aggregate principal amount of the Class [●] Notes is paid in full, [●]% of the aggregate [initial] Securitization Value as of the [[Initial][Actual] Cutoff Date] [last day of the related Collection Period] less the overcollateralization on the Exchange Note as of such Payment Date and (ii) with respect to any Payment Date after the date after which the aggregate principal amount of the Class [●]Notes is paid in full,] [●]% of the aggregate [initial] Securitization Value as of the [[Initial][Actual] Cutoff Date] [last day of the related Collection Period] less the overcollateralization on the Exchange Note as of such Payment Date. Total target overcollateralization of the Exchange Note and the Notes will equal [(i) with respect to any Payment Date on or prior to the date on which the aggregate principal amount of the Class [●] Notes is paid in full, approximately [●]% of the aggregate [initial] Securitization Value as of the [[Initial][Actual] Cutoff Date] [last day of the related Collection Period] and (ii) with respect to any Payment Date after the date after which the aggregate principal amount of the Class [●] Notes is paid in full,] approximately [●]% of the aggregate [initial] Securitization Value as of the [[Initial][Actual] Cutoff Date] [last day of the related Collection Period].]

None of the Issuing Entity, the Noteholders and the persons in whose name a Certificate is registered on the certificate register (***"Certificateholders***") will have a legal or beneficial interest in any unencumbered pool of the Titling Trust or the Warehouse Facility Pool of the Closed-End Collateral Specified Interest, any Other Reference Pool or any assets of the Titling Trust evidenced by the Closed-End Collateral Specified Interest certificate or any Other Exchange Note. To the extent certain defaults have occurred with respect to Other Exchange Notes related to Other Reference Pools or the Warehouse Facility Pool, the Servicer will deposit into the lease funding account any available amounts up to the aggregate outstanding amount of principal and other amounts due and payable with respect to such Other Exchange Notes and their related Reference Pools, the Warehouse Facility Pool and certain other secured obligations in accordance with the priority of payments for the Exchange Note, as described in *"Description of the Transaction Documents—Distributions on the Exchange Note"* in this prospectus.

On the [Initial] Closing Date, the Titling Trust will issue the Exchange Note to or upon the order of Auto Lease Finance LLC, as Initial Beneficiary. For more information regarding the Titling Trust, the Initial Beneficiary and the Titling Trustee, you should refer to *"The Titling Trust"* in this prospectus.

**Transfers of the Exchange Note**

Upon issuance by World Omni LT to Auto Lease Finance LLC, the Initial Beneficiary, the Exchange Note will be sold by the Initial Beneficiary to the Depositor and then transferred by the Depositor to the Issuing Entity.

Sale of the Exchange Note by Auto Lease Finance LLC to the Depositor will be made pursuant to an Exchange Note Sale Agreement, to be dated as of the [Initial] Closing Date (the ***"Exchange Note Sale Agreement***"). Auto Lease Finance LLC will covenant to treat the conveyance of the Exchange Note to the Depositor as an absolute sale and contribution, rather than a pledge or assignment of only a security interest, for all purposes.

Immediately after the transfer of the Exchange Note to the Depositor, the Depositor will:

&nbsp;&nbsp;&nbsp;&nbsp;· sell,
 transfer and assign to the Issuing Entity, without recourse, all of its right, title and
 interest in and to the Exchange Note, including all collections thereon after the [Initial][Actual]
 Cutoff Date, under an Exchange Note Transfer Agreement, to be dated as of the [Initial] Closing
 Date (the  ***"Exchange Note Transfer Agreement*** "); and

&nbsp;&nbsp;&nbsp;&nbsp;· deliver
 the Exchange Note to the Issuing Entity.

In exchange, the Issuing Entity will transfer to the Depositor the Notes and the certificate. The Depositor will retain the Issuing Entity trust Certificates on the [Initial] Closing Date.

Immediately following the transfer of the Exchange Note to the Issuing Entity, the Issuing Entity will pledge its interest in the Issuing Entity's estate, which includes the Exchange Note [and the interest rate protection agreement], to the Indenture Trustee as security for the Notes.

***Application of Collected Amounts.*** Collected amounts include all of the following amounts that the Servicer receives relating to any lease or leased vehicle (collectively, the ***"Exchange Note Collected Amounts***"):

&nbsp;&nbsp;&nbsp;&nbsp;· Base
 Monthly Payments,

&nbsp;&nbsp;&nbsp;&nbsp;· Liquidation
 Proceeds,

&nbsp;&nbsp;&nbsp;&nbsp;· insurance
 proceeds,

&nbsp;&nbsp;&nbsp;&nbsp;· prepayments
 in full of the outstanding principal balance of the lease, including any related payments
 of interest,

&nbsp;&nbsp;&nbsp;&nbsp;· payments
 remitted by a lessee of one or more scheduled payments (not constituting prepayments) in
 excess of the scheduled payment due under a lease, which the lessee has instructed the Servicer
 to apply to scheduled payments that are due under that lease in one or more immediately following
 calendar months (such payments are referred to in this prospectus as  ***"Payments Ahead*** "),

&nbsp;&nbsp;&nbsp;&nbsp;· released
 intermediary funds,

&nbsp;&nbsp;&nbsp;&nbsp;· proceeds
 from the exercise of dealer recourse rights, and

&nbsp;&nbsp;&nbsp;&nbsp;· all
 other payments made by or on behalf of any lessee (other than Additional Lease Charges).

The Exchange Note Collected Amounts will not include any payments made by lessees representing Additional Lease Charges. The Additional Lease Charges, other than taxes and other amounts owing to any government authority, will be paid to the Servicer as supplemental servicing fees. The Servicer may waive any late payment fee or charge or any other fees or charges that may be collected in the ordinary course of servicing a lease.

In the case of any Relinquished Vehicles included in an Asset Pool, the Servicer and the QI will promptly deposit amounts equal to the Net LKE Disposition Proceeds of the Relinquished Vehicles into the applicable warehouse facility collection account, unencumbered pool collection account or Exchange Note Collection Account. See *"The Servicer, Sponsor and Administrator—Like-Kind Exchange Program"*.

Prior to the required remittance date, the Servicer will identify the Asset Pool to which the Exchange Note collected amounts relate and deposit those amounts (net of reimbursement of any liquidation expenses incurred by the Servicer relating to any vehicle the Liquidation Proceeds of which are included among such funds) into the applicable lease funding account or Exchange Note Collection Account for the related Asset Pool. The Servicer shall from time to time in accordance with the Servicing Agreement and the Titling Trust Agreement, determine respective amounts and recipients, and direct the Titling Trust to pay out of the applicable lease funding account or Exchange Note Collection Account all necessary and appropriate Titling Trust expenses and liabilities allocable to the respective Warehouse Facility Pool, unencumbered pool or Reference Pool. In the case of any Payments Ahead, the Servicer will maintain appropriate records in order to apply the Payments Ahead as a scheduled payment relating to the applicable lease.

**THE LEASES**

The leases allocated to the Reference Pool consist of closed-end leases for new [and used] Toyota vehicles. Some or all of such leases allocated to the Reference Pool may have previously been included in the Warehouse Facility Pool of the Closed-End Collateral Specified Interest and any interest of the warehouse facility lenders in the leases allocated to the Reference Pool shall be released immediately prior to or contemporaneously with such allocation to the Reference Pool.

**Characteristics of the Leases**

[A number of calculations described in this prospectus, and calculations required by the transaction documents, are based upon the Initial Note Value of the receivables. The Initial Note Value with respect to any day is the present value of the unpaid scheduled lease payments, discounted at an annual rate (unless otherwise specified herein) equal to the Specified Discount Rate. The Specified Discount Rate equals [●]%. Where noted herein, the Initial Note Value may be calculated using the Statistical Discount Rate. The Statistical Discount Rate equals [●]%. [For purposes of calculating Initial Note Value, in the case of a [delinquent] lease: (a) prior to the time at which such vehicle is repossessed, becomes a Defaulted Lease or the payment of a reallocation amount in respect of a reallocated Unit is made, the scheduled lease payments on such Unit will be computed based on the amounts that would have been the scheduled lease payments had such lease not become a [delinquent] lease and (b) at the earliest of the time at which such [delinquent] lease becomes a repossessed Unit, a Defaulted Lease and after the payment of a reallocation amount in respect of a reallocated Unit, there shall be deemed to be no scheduled lease payments due on such lease.]

As of the [Initial][Actual] Cutoff Date, the Initial Note Value of the leases (calculated using the Statistical Discount Rate) is $[●]. As of the [Initial][Actual] Cutoff Date, the Initial Note Value of the leases (calculated using the Specified Discount Rate) is $[●].]

[The securitized portfolio information presented in this prospectus is stated as of the [Initial][Actual] Cutoff Date and is calculated based on the Securitization Value. [If the aggregate initial principal balance of the Notes is $[●], as of the [Initial][Actual] Cutoff Date, the Units allocated to the Reference Pool had an aggregate Securitization Value of [approximately] $[●], and, if the aggregate initial principal balance of the Notes is $[●], as of the [Initial][Actual] Cutoff Date, the Units allocated to the Reference Pool had an aggregate Securitization Value of [approximately] $[●]]. For more information regarding how the Securitization Value for each Unit is calculated, you should refer to *"—Calculation of the Securitization Value"* below.]

***Eligibility Criteria and Portfolio Characteristics.*** The leases and related leased vehicles were selected by World Omni from a Pool of eligible leases in the Titling Trust's portfolio of leases and leased vehicles that all met several criteria. The eligibility criteria for the leases include, among others, as of the [Initial][Actual] Cutoff Date, that each lease:

· relates to a Toyota-branded automobile or light-duty truck, of a model year of [●] or later;

· [is written with respect to a leased vehicle that was at the time of the origination of the related lease a new [or used] vehicle or dealer demonstration vehicle driven fewer than [●] miles;]

&nbsp;&nbsp;&nbsp;&nbsp;· was
 originated in the Five-State Area by a dealer (a) for a lessee with a United States
 address[,] [and] (b) in the ordinary course of such dealer's business [and (c) pursuant
 to a dealer agreement that provides for recourse to the dealer in the event of certain defects
 in the lease, but not for default by the lessee];

· has a remaining term to maturity as of the [Initial][Actual] Cutoff Date of less than or equal to [●] months, and had an original lease term greater than or equal to [●] months and less than or equal to [●] months;

· [was originated on or after [●];]

&nbsp;&nbsp;&nbsp;&nbsp;· provides
 for level monthly payments that fully amortize the Adjusted Capitalized Cost of the lease
 at the Lease Rate to the related Contract Residual Value over the lease term [and, in the
 event of a lessee initiated early termination, provides for payment of an Early Termination
 Charge or Remaining Payments Charge];

&nbsp;&nbsp;&nbsp;&nbsp;· is
 not more than 30 days past due as of the [Initial][Actual] Cutoff Date and is not a Defaulted
 Lease;

&nbsp;&nbsp;&nbsp;&nbsp;· is
 owned, and the related leased vehicle is owned, by the Titling Trust, free of all liens (including
 tax liens, mechanics' liens, and other liens other than any lien of the Closed-End
 Collateral Agent or any lien on the certificate of title that arises by operation of law),
 other than any lien upon a certificate of title of any leased vehicle deemed necessary and
 useful by the Servicer solely to provide for delivery of title documentation to the Titling
 Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;· was
 originated in compliance with, and complies in all material respects with, all material applicable
 legal requirements, including, to the extent applicable, the Federal Consumer Credit Protection
 Act, Regulation M of the CFPB, all state leasing and consumer protection laws and all state
 and federal usury laws;

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

&nbsp;&nbsp;&nbsp;&nbsp;· was
 originated in compliance with customary origination practices;

&nbsp;&nbsp;&nbsp;&nbsp;· is
 payable solely in U.S. dollars;

· relates to a Unit that had a Securitization Value as of the [Initial][Actual] Cutoff Date no greater than $[●]; and

&nbsp;&nbsp;&nbsp;&nbsp;· has
 as its lessee a person located in any state within the United States or the District of Columbia
 who is not (a) World Omni or any of its affiliates, or (b) the United States of
 America [or any state or local government or any agency or political subdivision thereof].

[The characteristics of the leases in the final Reference Pool [as of the end of the [Pre-Funding Period][Revolving Period] may differ from those of the Reference Pool as of the [Initial][Actual] Cutoff Date. To the extent any material Pool characteristic of the final Reference Pool at the time of issuance of the Notes differs by [5]% or more from the description of the Reference Pool as of the [Initial][Actual] Cutoff Date disclosed in this prospectus and to the extent required by the rules and regulations of the SEC, information regarding the final Reference Pool will be included in a Form 8-K filed by the Issuing Entity within four Business Days of the [Initial] Closing Date.] [Securityholders will be notified of the allocation of additional Units during the Revolving Period on Form 10-D.]

***General Portfolio Characteristics of the Units.***

The Units have the following characteristics as of the [Initial][Actual] Cutoff Date [if the Aggregate Initial Principal Amount of the Notes is $[●]]:

**Pool Characteristics as of [Initial][Actual] Cutoff Date [if the Aggregate Initial Principal Amount of the Notes is $[●]]** 

---

| | | |
|:---|:---|:---|
| **[Initial][Actual] Cutoff Date** | [● | ] |
| Number of Leases |  |  |
| **Securitization Value** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minimum |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum |  |  |
| **Base Residual** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minimum |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum |  |  |
| **[Base Residual as a Percentage of Securitization Value]** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Average] |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Minimum] |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Maximum] |  |  |
| **Original Term (Months)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted Average<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minimum |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum |  |  |
| **Remaining Term (Months)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted Average<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minimum |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum |  |  |
| **Seasoning (Months)**<sup>(2)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted Average<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minimum |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum |  |  |
| **[FICO®][Vantage] Score**<sup>(3)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted Average [FICO<sup>®</sup>][Vantage] Score<sup>(1)(3)(4)(5)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Range of [FICO<sup>®</sup>][Vantage] scores that represents greater than 90% of all Pool [FICO<sup>®</sup>][Vantage] scores<sup>(3)(4)(5)(6)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum Weighted Average [FICO®][Vantage] score<sup>(1)(3)(4)(7)</sup> |  |  |
| Discounted Base Residual as a % of Securitization Value |  |  |
| Base Residual as a % of lesser of MRT and TSRP |  |  |

---

(1) Weighted average by Securitization Value.

(2) Seasoning refers to the number of months elapsed since origination of
 the leases.

(3) FICO<sup>®</sup> is a federally registered trademark of Fair, Isaac &
 Company. An obligor's FICO<sup>®</sup> score measures the likelihood that such
 obligor will repay his or her obligation as expected. The FICO<sup>®</sup> score for
 each account reflects the first bureau score reviewed (typically Equifax) at time of application.

(4) [FICO<sup>®</sup>][Vantage] scores are calculated excluding accounts for which no [FICO<sup>®</sup>][Vantage] score is available in World Omni's account servicing system. Of the [●] leases in the Reference Pool as of the [Initial][Actual] Cutoff Date, [●] or [●]% of the aggregate number of leases in such Reference Pool are accounts for which [FICO<sup>®</sup>][Vantage] scores are unavailable.

(5) [FICO<sup>®</sup>][Vantage] score is calculated using the primary
 applicant <sup>[</sup>FICO<sup>®</sup>][Vantage] or, if not available, the co-applicant
 [FICO<sup>®</sup>][Vantage] score.

(6) Less than 5% of the lessee [FICO<sup>®</sup>][Vantage] scores (based on the aggregate Securitization Value) exceed [●] and less than 5% of the lessee [FICO<sup>®</sup>][Vantage] scores (based on the aggregate Securitization Value) fall below [●]. Range of [FICO<sup>®</sup>][Vantage] scores represent at least 90% of the aggregate Securitization Value as of origination.

(7) For leases having co-lessees, the maximum weighted average [FICO<sup>®</sup>][Vantage]
 score is determined by using the greater of the two [FICO<sup>®</sup>][Vantage] scores
 between the primary applicant and the co-applicant, weighted by the Securitization Value
 of the related Unit as of the [Initial][Actual] Cutoff Date.

The Units have the following characteristics as of the [Initial][Actual] Cutoff Date [if the Aggregate Initial Principal Amount of the Notes is $[●]]:

**Pool Characteristics as of [Initial][Actual] Cutoff Date [if the Aggregate Initial Principal Amount of the Notes is $[●]]** 

---

| | | |
|:---|:---|:---|
| **[Initial][Actual] Cutoff Date** | [● | ] |
| Number of Leases |  |  |
| **Securitization Value** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minimum |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum |  |  |
| **Base Residual** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minimum |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum |  |  |
| **[Base Residual as a Percentage of Securitization Value]** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Average] |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Minimum] |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Maximum] |  |  |
| **Original Term (Months)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted Average<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minimum |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum |  |  |
| **Remaining Term (Months)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted Average<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minimum |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum |  |  |
| **Seasoning (Months)**<sup>(2)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted Average<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minimum |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum |  |  |
| **[FICO®][Vantage] Score**<sup>(3)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted Average [FICO<sup>®</sup>][Vantage] Score<sup>(1)(3)(4)(5)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Range of [FICO<sup>®</sup>][Vantage] scores that represents greater than 90% of all Pool [FICO<sup>®</sup>][Vantage] scores<sup>(3)(4)(5)(6)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum Weighted Average [FICO®][Vantage] score<sup>(1)(3)(4)(7)</sup> |  |  |
| Discounted Base Residual as a % of Securitization Value |  |  |
| Base Residual as a % of lesser of MRT and TSRP |  |  |

---

(1) Weighted average by Securitization Value.

(2) Seasoning refers to the number of months elapsed since origination of
 the leases.

(3) FICO<sup>®</sup> is a federally registered trademark of Fair, Isaac &
 Company. An obligor's FICO<sup>®</sup> score measures the likelihood that such
 obligor will repay his or her obligation as expected. The FICO<sup>®</sup> score for
 each account reflects the first bureau score reviewed (typically Equifax) at time of application.

(4) [FICO<sup>®</sup>][Vantage] scores are calculated excluding accounts for which no [FICO<sup>®</sup>][Vantage] score is available in World Omni's account servicing system. Of the [●] leases in the Reference Pool as of the [Initial][Actual] Cutoff Date, [●] or [●]% of the aggregate number of leases in such Reference Pool are accounts for which [FICO<sup>®</sup>][Vantage] scores are unavailable.

(5) [FICO<sup>®</sup>][Vantage] score is calculated using the primary
 applicant <sup>[</sup>FICO<sup>®</sup>][Vantage] or, if not available, the co-applicant
 [FICO<sup>®</sup>][Vantage] score.

(6) Less than 5% of the lessee [FICO<sup>®</sup>][Vantage] scores (based on the aggregate Securitization Value) exceed [●] and less than 5% of the lessee [FICO<sup>®</sup>][Vantage] scores (based on the aggregate Securitization Value) fall below [●]. Range of [FICO<sup>®</sup>][Vantage] scores represent at least 90% of the aggregate Securitization Value as of origination.

(7) For leases having co-lessees, the maximum weighted average [FICO<sup>®</sup>][Vantage]
 score is determined by using the greater of the two [FICO<sup>®</sup>][Vantage] scores
 between the primary applicant and the co-applicant, weighted by the Securitization Value
 of the related Unit as of the [Initial][Actual] Cutoff Date.

A FICO<sup>®</sup> score is a measurement determined by Fair, Isaac & Company using information collected by the major credit bureaus to assess credit risk. Data from an independent credit reporting agency, such as [FICO<sup>®</sup>][Vantage] score, is one of several factors that may be used by the originator in its credit scoring system to assess the credit risk associated with each applicant. Additionally, [FICO<sup>®</sup>][Vantage] scores are based on independent third-party information, the accuracy of which cannot be verified. [FICO<sup>®</sup>][Vantage] scores alone may not be a meaningful predictor of the performance of the leases.

**Calculation of the Securitization Value**

Under the Servicing Agreement, the Servicer will calculate a "***Securitization Value***" for each Unit in the related Reference Pool equal to the sum of (i) the present values, calculated using a discount rate equal to the greater of the Securitization Rate and the Lease Rate, of (a) the aggregate scheduled Base Monthly Payments remaining on the lease and (b) the Base Residual Value of the related leased vehicle and (ii) any Base Monthly Payments due but not yet paid, minus any Base Monthly Payments made in advance of the lease's next due date. The Securitization Value of a Terminated Unit is equal to zero.

The "***Base Residual Value***" of the leased vehicle is the lesser of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the [ALG Residual Value]; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Contract Residual Value.

The ***"Securitization Rate***" will equal [●]%.

The [***"ALG Residual Value***" ] is calculated by multiplying (a) the residual value percentage estimate published by [ALG] for the appropriate vehicle and term [as of the [date of origination of related lease] [[Initial][Actual] Cutoff Date] [the most recent date for which the Servicer has obtained updated residual values with respect to the leased vehicles from [ALG]] by (b) the lesser of (i) the actual TSRP and (ii) the MRT published by [ALG], in each case for such vehicle.

For more information on how Contract Residual Values of the leased vehicles are determined, you should refer to *"The Servicer, Sponsor and Administrator—Origination, Underwriting and Purchasing—Determination of Contract Residual Values"* in this prospectus.

A ***"Terminated Unit***" is a lease and related leased vehicle allocated to the Reference Pool for which any of the following has occurred during a Collection Period:

&nbsp;&nbsp;&nbsp;&nbsp;· following the
 scheduled expiration or early termination (including a voluntary early termination by the
 lessee) of the related lease, the related leased vehicle was either (a) sold or otherwise
 disposed of by the Servicer or (b) held in inventory for more than 90 days, whichever
 occurs first;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 related leased vehicle was purchased by a customer or dealer;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 Servicer's records, in accordance with its Customary Servicing Practices, disclose
 that all insurance proceeds expected to be received have been received by the Servicer following
 a casualty or other loss with respect to the related leased vehicle; or

&nbsp;&nbsp;&nbsp;&nbsp;· the
 related lease becoming a Defaulted Lease.

A ***"Defaulted Lease***" means a lease for which any of the following has occurred during a Collection Period:

&nbsp;&nbsp;&nbsp;&nbsp;· any
 payment or part thereof of more than the Delinquency Threshold Amount is past due 120 or
 more days;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 related vehicle has been repossessed and sold or repossessed and held in inventory for more
 than 90 days, whichever occurs first; or

&nbsp;&nbsp;&nbsp;&nbsp;· the
 lease has been charged off in accordance with the Servicer's Customary Servicing Practices.

**Characteristics of the Units**

The following tables show the distribution of the Units in the Reference Pool by geographic location, scheduled year and month of maturity, vehicle model, original term to maturity and remaining term to maturity. The data set forth in the table below entitled *"Distribution of the Leases by Geographic Location as of the [Initial][Actual] Cutoff Date"* are based on the billing addresses of the lessees.

Additionally, as of the [Initial][Actual] Cutoff Date, [[●] Units, having an aggregate Securitization Value of

approximately $[●], constituting approximately [●]% of the aggregate Securitization Value of the Units in the Reference Pool, are evidenced by electronic contracts if the aggregate initial principal amount of the Notes is $[●], and [●] Units, having an aggregate Securitization Value of approximately $[●], constituting approximately [●]% of the aggregate Securitization Value of the Units in the Reference Pool, are evidenced by electronic contracts if the aggregate initial principal amount of the Notes is $[●]].

**Distribution of the Leases by Geographic Location as of the [Initial][Actual] Cutoff Date<br> [if the Aggregate Initial Principal Amount of the Notes is $[●]]**

As of the [Initial][Actual] Cutoff Date, [if the Aggregate Initial Principal Amount of the Notes is $[●],] the composition of the leases by geographic location was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Geographic Location** | **Number of<br> Leases** | **Percentage of<br> Number<br> of Leases<sup>(1)</sup>** | **Percentage of<br> Number<br> of Leases<sup>(1)</sup>** | **Securitization<br> Value<sup>(2)</sup>** | **Percentage of<br> Securitization<br> Value<sup>(1)</sup>** | **Percentage of<br> Securitization<br> Value<sup>(1)</sup>** |
| [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| All others | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| Total | [●] |  | 100.00% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[●] |  | 100.00% |

---

(1) Percentages may not add to total due to rounding.

(2) Based on the greater of the Securitization Rate and the Lease Rate.

**Distribution of the Leases by Geographic Location as of the [Initial][Actual] Cutoff Date<br> [if the Aggregate Initial Principal Amount of the Notes is $[●]]**

As of the [Initial][Actual] Cutoff Date, [if the Aggregate Initial Principal Amount of the Notes is $[●],] the composition of the leases by geographic location was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Geographic Location** | **Number of<br> Leases** | **Percentage of<br> Number<br> of Leases<sup>(1)</sup>** | **Percentage of<br> Number<br> of Leases<sup>(1)</sup>** | **Securitization<br> Value<sup>(2)</sup>** | **Percentage of<br> Securitization<br> Value<sup>(1)</sup>** | **Percentage of<br> Securitization<br> Value<sup>(1)</sup>** |
| [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| All others | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| Total | [●] |  | 100.00% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[●] |  | 100.00% |

---

(1) Percentages may not add to total due to rounding.

(2) Based on the greater of the Securitization Rate and the Lease Rate.

**Distribution of the Leases by Scheduled Year and Month of Maturity as of the [Initial][Actual] Cutoff Date <br> [if the Aggregate Initial Principal Amount of the Notes is $[●]]**

As of the [Initial][Actual] Cutoff Date, [if the Aggregate Initial Principal Amount of the Notes is $[●],] the composition of the leases by scheduled year and month to maturity was as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Scheduled Year and <br> Month<br> of Maturity** | **Number of<br> Leases** | **Percentage of<br> Number<br> of Leases<sup>(1)</sup>** | **Percentage of<br> Number<br> of Leases<sup>(1)</sup>** | **Securitization<br> Value<sup>(2)</sup>** | **Percentage of<br> Securitization<br> Value<sup>(1)</sup>** |  | **Base<br> Residual** | **Percentage of<br> Base Residual<sup>(1)</sup>** | **Percentage of<br> Base Residual<sup>(1)</sup>** |
| 20[●]-[●] | [●] | [●] | [●]% | $[●] | [●] | %\* | $[●] | [●] | [●]% |
| Total | [●] |  | 100.00% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[●] | 100.00 | % | $[●] |  | 100.00% |

---

(1) Percentages may not add to total due to rounding.

(2) Based on the greater of the Securitization Rate and the Lease Rate.

[\*Represents a value that is greater than zero (0.00%) but less than 0.005%.]

**Distribution of the Leases by Scheduled Year and Month of Maturity as of the [Initial][Actual] Cutoff Date<br> [if the Aggregate Initial Principal Amount of the Notes is $[●]]**

As of the [Initial][Actual] Cutoff Date, [if the Aggregate Initial Principal Amount of the Notes is $[●],] the composition of the leases by scheduled year and month to maturity was as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Scheduled Year and <br> Month<br> of Maturity** | **Number of<br> Leases** | **Percentage of<br> Number<br> of Leases<sup>(1)</sup>** | **Percentage of<br> Number<br> of Leases<sup>(1)</sup>** | **Securitization<br> Value<sup>(2)</sup>** | **Percentage of<br> Securitization<br> Value<sup>(1)</sup>** |  | **Base<br> Residual** | **Percentage of<br> Base Residual<sup>(1)</sup>** | **Percentage of<br> Base Residual<sup>(1)</sup>** |
| 20[●]-[●] | [●] | [●] | [●]% | $[●] | [●] | %\* | $[●] | [●] | [●]% |
| Total | [●] |  | 100.00% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[●] | 100.00 | % | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[●] |  | 100.00% |

---

(1) Percentages may not add to total due to rounding.

(2) Based on the greater of the Securitization Rate and the Lease Rate.

[\*Represents a value that is greater than zero (0.00%) but less than 0.005%.]

**Distribution of the Leased Vehicles by Product Segment as of the [Initial][Actual] Cutoff Date<br> [if the Aggregate Initial Principal Amount of the Notes is $[●]]**

As of the [Initial][Actual] Cutoff Date, [if the Aggregate Initial Principal Amount of the Notes is $[●],] the composition of the leased vehicles by product segment was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Product Segment<sup>(1)</sup>** | **Number of<br> Leases** | **Percentage of<br> Number<br> of Leases<sup>(2)</sup>** | **Securitization<br> Value<sup>(3)</sup>** | **Percentage of<br> Securitization<br> Value<sup>(2)</sup>** |
| Passenger Car | [●] | [●]% | $[●] | [●]% |
| Other Truck/Other SUV/Minivan | [●] | [●]% | $[●] | [●]% |
| Large Truck/Large SUV<sup>(4)</sup> | [●] | [●]% | $[●] | [●]% |
| [Other] | [●] | [●]% | $[●] | [●]% |
| All others | [●] | [●]% | $[●] | [●]% |
| Total | [●] | 100.00% | $[●] | 100.00% |

---

(1) [Includes only leases with respect to [ ]
 branded leased vehicles]

(2) Percentages may not add to total due to rounding.

(3) Based on the greater of the Securitization Rate and the Lease Rate.

(4) Consists of [ ], [ ]
 and [ ] leased vehicles.

**Distribution of the Leased Vehicles by Product Segment as of the [Initial][Actual] Cutoff Date <br> [if the Aggregate Initial Principal Amount of the Notes is $[●]]**

As of the [Initial][Actual] Cutoff Date, [if the Aggregate Initial Principal Amount of the Notes is $[●],] the composition of the leased vehicles by product segment was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Product Segment<sup>(1)</sup>** | **Number of<br> Leases** | **Percentage of<br> Number<br> of Leases<sup>(2)</sup>** | **Securitization<br> Value<sup>(3)</sup>** | **Percentage of<br> Securitization<br> Value<sup>(2)</sup>** |
| Passenger Car | [●] | [●]% | $[●] | [●]% |
| Other Truck/Other SUV/Minivan | [●] | [●]% | $[●] | [●]% |
| Large Truck/Large SUV<sup>(4)</sup> | [●] | [●]% | $[●] | [●]% |
| [Other] | [●] | [●]% | $[●] | [●]% |
| All others | [●] | [●]% | $[●] | [●]% |
| Total | [●] | 100.00% | $[●] | 100.00% |

---

(1) [Includes only leases with respect to [ ] branded
 leased vehicles]

(2) Percentages may not add to total due to rounding.

(3) Based on the greater of the Securitization Rate and the Lease Rate.

(4) Consists of [ ], [ ]
 and [ ] leased vehicles.

**Distribution of the Leased Vehicles by Vehicle Model as of the [Initial][Actual] Cutoff Date<br> [if the Aggregate Initial Principal Amount of the Notes is $[●]]**

As of the [Initial][Actual] Cutoff Date, [if the Aggregate Initial Principal Amount of the Notes is $[●],] the composition of the leased vehicles by vehicle model was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Vehicle Model** | **Number of<br> Leases** | **Percentage of<br> Number<br> of Leases<sup>(1)</sup>** | **Securitization<br> Value<sup>(2)</sup>** | **Percentage of<br> Securitization<br> Value<sup>(1)</sup>** |
| [●] | [●] | [●]% | $[●] | [●]% |
| [●] | [●] | [●]% | $[●] | [●]% |
| [●] | [●] | [●]% | $[●] | [●]% |
| [●] | [●] | [●]% | $[●] | [●]% |
| [●] | [●] | [●]% | $[●] | [●]% |
| All others | [●] | [●]% | $[●] | [●]% |
| Total | [●] | 100.00% | $[●] | 100.00% |

---

(1) Percentages may not add to total due to rounding.

(2) Based on the greater of the Securitization Rate and the Lease Rate.

**Distribution of the Leased Vehicles by Vehicle Model as of the [Initial][Actual] Cutoff Date<br> [if the Aggregate Initial Principal Amount of the Notes is $[●]]**

As of the [Initial][Actual] Cutoff Date, [if the Aggregate Initial Principal Amount of the Notes is $[●],] the composition of the leased vehicles by vehicle model was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Vehicle Model** | **Number of<br> Leases** | **Percentage of<br> Number<br> of Leases<sup>(1)</sup>** | **Securitization<br> Value<sup>(2)</sup>** | **Percentage of<br> Securitization<br> Value<sup>(1)</sup>** |
| [●] | [●] | [●]% | $[●] | [●]% |
| [●] | [●] | [●]% | $[●] | [●]% |
| [●] | [●] | [●]% | $[●] | [●]% |
| [●] | [●] | [●]% | $[●] | [●]% |
| [●] | [●] | [●]% | $[●] | [●]% |
| All others | [●] | [●]% | $[●] | [●]% |
| Total | [●] | 100.00% | $[●] | 100.00% |

---

(1) Percentages may not add to total due to rounding.

(2) Based on the greater of the Securitization Rate and the Lease Rate.

**Distribution of the Leases by Original Term to Maturity as of the [Initial][Actual] Cutoff Date<br> [if the Aggregate Initial Principal Amount of the Notes is $[●]]**

As of the [Initial][Actual] Cutoff Date, [if the Aggregate Initial Principal Amount of the Notes is $[●],] the distribution of the leases by original term to maturity was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Original Term to Maturity (Months)** | **Number of<br> Leases** | **Percentage of<br> Number of<br> Leases<sup>(1)</sup>** | **Securitization<br> Value<sup>(2)</sup>** | **Percentage of<br> Securitization<br> Value<sup>(1)</sup>** |
| [●] | [●] | [●]% | $[●] | [●]% |
| [●] | [●] | [●]% | $[●] | [●]% |
| [●] | [●] | [●]% | $[●] | [●]% |
| [●] | [●] | [●]% | $[●] | [●]% |
| Total | [●] | 100.00% | $[●] | 100.00% |

---

(1) Percentages may not add to total due to rounding.

(2) Based on the greater of the Securitization Rate and the Lease Rate.

**Distribution of the Leases by Original Term to Maturity as of the [Initial][Actual] Cutoff Date<br> [if the Aggregate Initial Principal Amount of the Notes is $[●]]**

As of the [Initial][Actual] Cutoff Date, [if the Aggregate Initial Principal Amount of the Notes is $[●],] the distribution of the leases by original term to maturity was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Original Term to Maturity (Months)** | **Number of<br> Leases** | **Percentage of<br> Number of<br> Leases<sup>(1)</sup>** | **Securitization<br> Value<sup>(2)</sup>** | **Percentage of<br> Securitization<br> Value<sup>(1)</sup>** |
| [●] | [●] | [●]% | $[●] | [●]% |
| [●] | [●] | [●]% | $[●] | [●]% |
| [●] | [●] | [●]% | $[●] | [●]% |
| [●] | [●] | [●]% | $[●] | [●]% |
| Total | [●] | 100.00% | $[●] | 100.00% |

---

(1) Percentages may not add to total due to rounding.

(2) Based on the greater of the Securitization Rate and the Lease Rate.

**Distribution of the Leases by [FICO<sup>®</sup>][Vantage] score as of the [Initial][Actual] Cutoff Date<br> [if the Aggregate Initial Principal Amount of the Notes is $[●]]**

As of the [Initial][Actual] Cutoff Date, [if the Aggregate Initial Principal Amount of the Notes is $[●],] the distribution of the leases by [FICO<sup>®</sup>][Vantage] score was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[FICO<sup>®</sup>][Vantage] Score Band** | **Number of<br> Leases** | **Percentage of<br> Number of<br> Leases<sup>(1)</sup>** | **Percentage of<br> Number of<br> Leases<sup>(1)</sup>** | **Securitization<br> Value<sup>(2)</sup>** | **Percentage of<br> Securitization<br> Value<sup>(1)</sup>** | **Percentage of<br> Securitization<br> Value<sup>(1)</sup>** |
| Unavailable | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| Less than [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| [●] - [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| [●] - [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| [●] - [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| [●] - [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| [●] - [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| [●] - [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| [●] - [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| [●] - [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| Total | [●] |  | 100.00% | $[●] |  | 100.00% |

---

(1) Percentages may not add to total due to rounding.

(2) Based on the greater of the Securitization Rate and the Lease Rate.

**Distribution of the Leases by [FICO<sup>®</sup>][Vantage] score as of the [Initial][Actual] Cutoff Date<br> [if the Aggregate Initial Principal Amount of the Notes is $[●]]**

As of the [Initial][Actual] Cutoff Date, [if the Aggregate Initial Principal Amount of the Notes is $[●],] the distribution of the leases by [FICO<sup>®</sup>][Vantage] score was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **[FICO<sup>®</sup>][Vantage] Score Band** | **Number of<br> Leases** | **Percentage of<br> Number of<br> Leases<sup>(1)</sup>** | **Percentage of<br> Number of<br> Leases<sup>(1)</sup>** | **Securitization<br> Value<sup>(2)</sup>** | **Percentage of<br> Securitization<br> Value<sup>(1)</sup>** | **Percentage of<br> Securitization<br> Value<sup>(1)</sup>** |
| Unavailable | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| Less than [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| [●] - [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| [●] - [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| [●] - [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| [●] - [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| [●] - [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| [●] - [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| [●] - [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| [●] - [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| Total | [●] |  | 100.00% | $[●] |  | 100.00% |

---

(1) Percentages may not add to total due to rounding.

(2) Based on the greater of the Securitization Rate and the Lease Rate.

**Distribution of the Leases by Remaining Term to Maturity as of the [Initial][Actual] Cutoff Date<br> [if the Aggregate Initial Principal Amount of the Notes is $[●]]**

As of the [Initial][Actual] Cutoff Date, [if the Aggregate Initial Principal Amount of the Notes is $[●],] the distribution of the leases by remaining term to maturity was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Remaining Term to Maturity (Months)** | **Number of<br> Leases** | **Percentage of<br> Number of<br> Leases<sup>(1)</sup>** | **Percentage of<br> Number of<br> Leases<sup>(1)</sup>** | **Securitization<br> Value<sup>(2)</sup>** | **Percentage of<br> Securitization<br> Value<sup>(1)</sup>** | **Percentage of<br> Securitization<br> Value<sup>(1)</sup>** |
| [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| &nbsp;&nbsp;&nbsp;Total | [●] |  | 100.00% | $[●] |  | 100.00% |

---

(1) Percentages may not add
 to total due to rounding.

(2) Based on the greater
 of the Securitization Rate and the Lease Rate.

**Distribution of the Leases by Remaining Term to Maturity as of the [Initial][Actual] Cutoff Date<br> [if the Aggregate Initial Principal Amount of the Notes is $[●]]**

As of the [Initial][Actual] Cutoff Date, [if the Aggregate Initial Principal Amount of the Notes is $[●],] the distribution of the leases by remaining term to maturity was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Remaining Term to Maturity (Months)** | **Number of<br> Leases** | **Percentage of<br> Number of<br> Leases<sup>(1)</sup>** | **Percentage of<br> Number of<br> Leases<sup>(1)</sup>** | **Securitization<br> Value<sup>(2)</sup>** | **Percentage of<br> Securitization<br> Value<sup>(1)</sup>** | **Percentage of<br> Securitization<br> Value<sup>(1)</sup>** |
| [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| &nbsp;&nbsp;&nbsp;Total | [●] |  | 100.00% | $[●] |  | 100.00% |

---

(1) Percentages may not add
 to total due to rounding.

(2) Based on the greater
 of the Securitization Rate and the Lease Rate.

**Distribution of the Leases by Powertrain as of the [Initial][Actual] Cutoff Date<br> [if the Aggregate Initial Principal Amount of the Notes is $[●]]**

As of the [Initial][Actual] Cutoff Date, [if the Aggregate Initial Principal Amount of the Notes is $[●],] the distribution of the leases by powertrain was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Vehicle Powertrain** | **Number of<br> Leases** | **Percentage of<br> Number of<br> Leases<sup>(1)</sup>** | **Percentage of<br> Number of<br> Leases<sup>(1)</sup>** | **Securitization<br> Value<sup>(2)</sup>** | **Percentage of<br> Securitization<br> Value<sup>(1)</sup>** | **Percentage of<br> Securitization<br> Value<sup>(1)</sup>** |
| [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| &nbsp;&nbsp;&nbsp;Total | [●] |  | 100.00% | $[●] |  | 100.00% |

---

(1) Percentages may not add
 to total due to rounding.

(2) Based on the greater
 of the Securitization Rate and the Lease Rate.

**Distribution of the Leases by Powertrain as of the [Initial][Actual] Cutoff Date<br> [if the Aggregate Initial Principal Amount of the Notes is $[●]]**

As of the [Initial][Actual] Cutoff Date, [if the Aggregate Initial Principal Amount of the Notes is $[●],] the distribution of the leases by powertrain was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Vehicle Powertrain** | **Number of<br> Leases** | **Percentage of<br> Number of<br> Leases<sup>(1)</sup>** | **Percentage of<br> Number of<br> Leases<sup>(1)</sup>** | **Securitization<br> Value<sup>(2)</sup>** | **Percentage of<br> Securitization<br> Value<sup>(1)</sup>** | **Percentage of<br> Securitization<br> Value<sup>(1)</sup>** |
| [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| [●] | [●] | [●] | [●]% | $[●] | [●] | [●]% |
| &nbsp;&nbsp;&nbsp;Total | [●] |  | 100.00% | $[●] |  | 100.00% |

---

(1) Percentages may not add
 to total due to rounding.

(2) Based on the greater
 of the Securitization Rate and the Lease Rate.

**[The Subsequent Units]**

[*Include for revolving transaction:* During the Revolving Period, the [Depositor] will seek to cause additional Units to be allocated to the Reference Pool in an aggregate amount equal to the Target Reinvestment Amount, to the extent of the funds available in the Accumulation Account. Noteholders will be notified of the allocation of additional Units on Form 10-D. Each additional Unit allocated to the Reference Pool during the Revolving Period must at the time of its addition satisfy the eligibility criteria specified in the transaction documents, pursuant to which the additional Units are allocated to the Reference Pool and the Exchange Note is transferred to the Issuing Entity, and described in this prospectus. The additional Units, however, need not satisfy any other eligibility criteria. Additional Units originated or acquired by World Omni, through the Titling Trust, will satisfy the same underwriting criteria in all material respects as the Units in the initial Reference Pool. In addition, following the allocation of additional Units to the Reference Pool, the characteristics of the leases, including the composition of the leases, the distribution by contract rate, and geographic distribution, may vary from those of the leases in the initial Reference Pool. Since the weighted average life of the Notes will be influenced by the rate the lease payment are made, some of these variations may affect the weighted average life of each class of Notes.]

[*Include for pre-funded transaction:* On the [Initial] Closing Date, the Pre-Funding Account Initial Deposit will be deposited into the Pre-Funding Account. During the Pre-Funding Period, the [Depositor] is expected to seek to cause additional Units with an aggregate Securitization Value equal to at least the Pre-Funding Account Initial Deposit to be allocated to the Reference Pool. Any such pre-funded amounts on deposit in the Pre-Funding Account after the [Initial] Closing Date (the "***Pre-Funded Amounts***"). Any allocation of subsequent Units to the Reference Pool is subject to the satisfaction, on or before the related subsequent allocation date, of the conditions precedent described in this prospectus. Each subsequent Unit must at the time of its addition satisfy the eligibility criteria specified in the transaction documents, pursuant to which the subsequent Units are allocated to the Reference Pool and the Exchange Notes is transferred to the Issuing Entity, and described in this prospectus. The subsequent Units, however, need not satisfy any other eligibility criteria. Subsequent Units originated or acquired by World Omni, through the Titling Trust, will satisfy the same underwriting criteria in all material respects as the leases in the initial Reference Pool. In addition, following the allocation of subsequent Units to the Reference Pool, the characteristics of the leases, including the composition of the leases, the distribution by contract rate, and geographic distribution, may vary from those of the leases in the initial Reference Pool. Since the weighted average life of the Notes will be influenced by the rate at which the lease payments are made, some of these variations may affect the weighted average life of each class of Notes. To the extent required by the rules and regulations of the SEC, information regarding the characteristics of the subsequent Units and the Reference Pool will be included in a Form 8-K filed by the Issuing Entity upon the allocation of subsequent Units to the Reference Pool and information regarding distribution and Pool performance will be included in a Form 10-D filed by the Issuing Entity for each related Collection Period following such transfer.]

[The Depositor will perform a review of the leases in [potential] subsequent Reference Pools and the disclosure regarding those Units that is required to be included in a Form 10-D by Item 1111 of Regulation AB in order to provide reasonable assurance that the information contained in the Form 10-D related to the end of the [Pre-Funding Period][Revolving Period] and the Form 10-D related to the last monthly period of the Issuing Entity's fiscal year regarding the subsequent Reference Pools is accurate in all material respects. World Omni may engage a third party to assist with portions of the review. The Depositor will use procedures similar to the procedures used in the review for the initial leases described under "*The Leases—Review of Leases in Reference Pool."* The Depositor will disclose the results of the Pool review related to the subsequent Units in the Form 10-D related to the end of the [Pre-Funding Period][Revolving Period] and the Form 10-D related to the last monthly period of the Issuing Entity's fiscal year.]

[Other than with respect to the allocation of subsequent Units during the [Revolving Period][Pre-Funding Period], there is no requirement or ability to add or remove Units from the Reference Pool other than the right of the Issuing Entity to cause Auto Lease Finance LLC to reallocate [or substitute] a Unit from the Reference Pool upon a breach of a representation, warranty or covenant. The sole remedy for such breach shall be the reallocation [or substitution] of the related Unit as described under *"Description of the Transaction Documents—Reallocation [and Substitution] Obligations"* in this prospectus.]

**["*Target Reinvestment Amount*"** means, as of any Payment Date during the Revolving Period, the excess, if any, of the aggregate principal amount of all the Notes as of the preceding Payment Date or the [Initial] Closing

Date, as applicable, plus the overcollateralization target amount over the Securitization Value as of the related Collection Period[, plus amounts, if any, on deposit in the Pre-Funding Account,] for that Payment Date.]

**[Revolving Period]**

[During the Revolving Period, Noteholders will not receive principal payments. Instead, on each Payment Date during the Revolving Period, the [Depositor] will seek to reinvest the Parity Reinvestment Amount.] [The Revolving Period may not be longer than [three] years from the date of the issuance of the Notes.]

[The [Depositor] will seek to cause additional Units meeting requirements substantially similar to the eligibility requirements described in "*The Leases—Characteristics of the Leases—Eligibility Criteria and Portfolio Characteristics*" to be allocated to the Reference Pool. The purchase price for each additional Unit will be the [Securitization Value] of such Unit as of the applicable [[Initial][Actual] Cutoff Date]. The [Depositor] will seek to cause additional Units in an aggregate amount equal to the Target Reinvestment Amount to be allocated to the Reference Pool, to the extent of the funds available in the Accumulation Account. The [Depositor] will seek to cause additional Units to be allocated to the Reference Pool in an amount approximately equal to the amount of the funds available in the Accumulation Account, but it is possible that the Titling Trust will not have sufficient additional Units for this purpose. Any portion of the funds available in the Accumulation Account which is not used to purchase additional Units on a Payment Date during the Revolving Period will be re-deposited into the Accumulation Account and applied on subsequent Payment Dates in the Revolving Period to cause additional Units to be allocated to the Reference Pool. Securityholders will be notified of the allocation of additional Units on Form 10-D.]

[The amount of additional Units and percentage of Reference Pool will be determined by the amount of cash available from payments and prepayments on the existing leases in the Reference Pool. There are no stated limits on the amount of additional Units allowed to be allocated during the Revolving Period in terms of either dollars or percentage of the initial Reference Pool. Further, there are no requirements regarding minimum amounts of additional Units that can be purchased during the Revolving Period.]

[The amount of subsequent Units that may be allocated to the Reference Pool during the Revolving Period will be capped at the amount necessary to achieve the required level of overcollateralization. The amount of subsequent Units that are allocated to the Reference Pool during the Revolving Period will be limited both by the amounts received by the Issuing Entity that it can use to pay for the allocation of such subsequent Units and by the availability of eligible Units to be allocated to the Reference Pool.]

[The Revolving Period consists of the monthly periods beginning with the [●] monthly period and ending with the [●] monthly period and the related Payment Dates. Reinvestments in additional Units will be made on each Payment Date related to those monthly periods. The Revolving Period will terminate sooner if an Early Amortization Event occurs in one of those monthly periods, in which case the Amortization Period will begin and no reinvestment in additional Units will be made on the related Payment Date. During the Amortization Period, Noteholders will be entitled to receive principal payments in accordance with the priorities set forth in "*—Allocations and Distributions on the Securities*" in this prospectus.]

[An **"*Early Amortization Event*"** will occur if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 amount on deposit in the [Risk Retention] Reserve Account is less than the [Risk Retention]
 Required Reserve Account Balance on [two] consecutive Payment Dates following the application
 of funds on such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 amount on deposit in the Accumulation Account is less than the Target Reinvestment Amount
 on [two] consecutive Payment Dates following the application of funds on such date;

· the amount on deposit in the Accumulation Account exceeds [●]% of the aggregate Securitization Value as of the [Initial][Actual] Cutoff Date on [three] consecutive Payment Dates following the application of funds on such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· an
 Event of Default occurs; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· an
 Exchange Note Servicer Default occurs.]

The occurrence of an Early Amortization Event is not necessarily an Event of Default under the Indenture.]

**["*Parity Reinvestment Amount*"** means, as of any Payment Date during the Revolving Period, the excess, if any, of the outstanding principal amount of the Notes as of the preceding Payment Date or the [Initial] Closing Date, as applicable, over the aggregate Securitization Value for that Payment Date.]

**Asset-Level Data**

The Depositor prepared [an] asset-level data file(s) for the Units for the Pool disclosed in this prospectus for a hypothetical reporting period commencing on [●], [●], and ending on [●], [●] and has filed this information with the SEC on Form ABS-EE. The asset-level data files contain detailed information for each Unit in the Pool about its identification, origination, lease terms, leased vehicle, lessee, lease activity, servicing and status during the hypothetical reporting period. As described in this prospectus, the Issuing Entity has the right to receive payments made on the Units after the [Initial][Actual] Cutoff Date and will otherwise not receive any other payments described in such asset-level data files during the hypothetical reporting period. The information contained in each asset-level data file is not a prediction of the future performance of any Units. Each such Form ABS-EE is incorporated by reference into this prospectus. Investors should carefully review the asset-level data.

The Servicer will also prepare asset-level data about the Units for this securitization transaction for each Collection Period and file it with the SEC as an exhibit to Form ABS-EE at or before the time of filing the related Form 10-D. Such Form ABS-EE, and any information attached as exhibits to [the][each] form, will be incorporated by reference into the related Form 10-D. [The asset data file will contain detailed information for each Unit about its identification, origination, lease terms, leased vehicle, lessee, lease activity, servicing and status.]

**Pool Underwriting**

As described in *"The Servicer, Sponsor and Administrator—Underwriting Standards"* in this prospectus, under World Omni's origination process, credit applications are evaluated when received and are either automatically approved, automatically rejected or forwarded and reviewed by a World Omni associate with appropriate approval authority. [If the aggregate initial principal amount of the Notes is $[●],] [●] leases in such Reference Pool, having an aggregate Securitization Value [as of the [Initial][Actual] Cutoff Date of $[●] (approximately [●]% of the aggregate Securitization Value [as of the [Initial][Actual] Cutoff Date]) were automatically approved by World Omni's computer-based evaluation software, while [●] leases in such Reference Pool, having an aggregate Securitization Value [as of the [Initial][Actual] Cutoff Date] of $[●] (approximately [●]% of the aggregate Securitization Value [as of the [Initial][Actual] Cutoff Date)] were evaluated and approved by a World Omni associate in accordance with World Omni's written underwriting guidelines. [If the aggregate initial principal amount of the Notes is $[●],] [●] leases in such Reference Pool, having an aggregate Securitization Value [as of the [Initial][Actual] Cutoff Date of $[●] (approximately [●]% of the aggregate Securitization Value [as of the [Initial][Actual] Cutoff Date]) were automatically approved by World Omni's computer-based evaluation software, while [●] leases in such Reference Pool, having an aggregate Securitization Value [as of the [Initial][Actual] Cutoff Date] of $[●] (approximately [●]% of the aggregate Securitization Value [as of the [Initial][Actual] Cutoff Date) were evaluated and approved by a World Omni associate in accordance with World Omni's written underwriting guidelines. [As described in this prospectus, World Omni does not consider any of the leases in the Reference Pool to constitute exceptions to World Omni's written underwriting guidelines.] [*For Units allocated to the Reference Pool during the [Pre-Funding Period][Revolving Period], the Issuing Entity will disclose on the Form 10-D related to the end of the [Pre-Funding Period][Revolving Period] and the Form 10-D related to the last monthly period of the Issuing Entity's fiscal year any additional Units allocated to the Reference Pool after the initial [Initial] Closing Date that constitute exceptions to the underwriting criteria of World Omni.*]

**Review of Leases in Reference Pool**

In connection with the offering of the Notes, the Depositor has performed a review of the leases in the Reference Pool to be allocated by the Titling Trust on the [Initial] Closing Date and the disclosure regarding those leases, including information incorporated by reference from the Form ABS-EE filed in connection herewith, required to be included in this prospectus by Item 1111 of Regulation AB (such disclosure, the *"**Rule 193 Information***"). This review was designed and effected to provide the Depositor with reasonable assurance that the Rule 193 Information is accurate in all material respects. The Depositor consulted with, and was assisted by, responsible personnel of World Omni in performing the review. In addition, World Omni has engaged third parties to assist with portions of the review. World Omni determined the nature, extent and timing of the review and the sufficiency of the assistance provided by the third parties for purposes of its review. The Depositor had ultimate authority and control over, and assumes all responsibility for, the review and the findings and conclusions of the review. The Depositor attributes all findings and conclusions of the review to itself.

As part of the review, World Omni identified the Rule 193 Information to be covered and identified the review

procedures for each portion of the Rule 193 Information. Descriptions consisting of factual information, such as business practices and contract terms, were reviewed with responsible personnel of World Omni, who approved those descriptions as accurate in all material respects. World Omni, assisted by external counsel, also reviewed the Rule 193 Information consisting of descriptions of portions of the transaction documents and compared that Rule 193 Information to the related transaction documents to provide reasonable assurance that the descriptions were accurate in all material respects. Members of World Omni's treasury group also consulted with internal regulatory personnel and counsel, as well as external counsel, with respect to the description of the legal and regulatory provisions that may materially and adversely affect the performance of the leases and the leased vehicles in the Reference Pool or payments on the Notes.

The Depositor used information from internal databases and other management information systems to assemble an electronic data tape containing relevant data on leases in the Reference Pool (the ***"Data Tape***"). From this Data Tape, the Depositor constructed the Pool composition and stratification tables in *"The Leases—Characteristics of the Units"* in this prospectus. The Depositor also used such databases and other management information systems to assemble the asset-level data file for the Units that was filed with the SEC on Form ABS-EE (the ***"Asset-Level Data File***").

The Depositor designed procedures to test the accuracy of the transmission of individual lease data from information databases maintained by World Omni to the Data Tape and the Asset-Level Data File. Through a random process, [[●] leases (the ***"Sample***") were selected from the leases in the Reference Pool if the aggregate initial principal amount of the Notes is $[●]. [●] of such sampled leases were selected from the leases in the Reference Pool if the aggregate initial principal amount of the Notes is $[●]]. World Omni made available to responsible personnel of World Omni and third parties that assisted World Omni with its review electronic copies of the pertinent underlying documentation, including data records, for each lease in the Sample. A variety of numerical values and data points for each lease in the Sample were either compared to the corresponding information in the Data Tape or Asset-Level Data File, as applicable, or evaluated for compliance with an eligibility criterion or representation and warranty, to determine whether any inaccuracies existed. [No variances were found between the data points reviewed and the Data Tape.]

The Depositor's review also evaluated the eligibility criteria that pertain to standard terms of leases and standard business practices, such as the criteria related to each lease providing for level monthly payments that fully amortize the Adjusted Capitalized Cost of the lease. The Depositor confirmed with responsible personnel of World Omni that its systems would not permit the selection of leases for inclusion in the Reference Pool that fail to meet these types of eligibility criteria. [The Depositor found no discrepancies in this review.]

Another aspect of the Depositor's review consisted of a comparison of selected data contained in this prospectus describing the leases in the Reference Pool to data in, or derived from, the Data Tape. The review consisted of a recalculation from the data in the Data Tape of the number of leases, monetary amounts, amounts and percentages displayed in this prospectus. Differences due to rounding or that were *de minimis* were not considered exceptions. [This comparison found no exceptions within the specified parameters.]

World Omni monitors internal reports and developments with respect to processes and procedures that are designed to maintain and enhance the quality of decision-making, the quality of originated assets and the accuracy, efficiency and reliability of lease systems and operations. Internal control processes used by World Omni include reviews of lease documentation and other origination functions. Internal control audits are performed regularly on key business functions.

[After undertaking the review described above, the Depositor has found and concluded that it has reasonable assurance that the Rule 193 Information in this prospectus is accurate in all material respects.]

**Representations and Warranties Relating to the Units**

***Schedule of Leases.*** The Servicer will prepare a schedule describing the Units, which will be attached as an exhibit to the Exchange Note Supplement. This schedule will identify each lease by its identification number and each leased vehicle by its vehicle identification number. The schedule will also include the following information for each lease:

&nbsp;&nbsp;&nbsp;&nbsp;· date
 of origination;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 lease maturity date, which is the payment due date in the month after the final scheduled
 payment by the lessee;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 Base Monthly Payment;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 Securitization Value; and

&nbsp;&nbsp;&nbsp;&nbsp;· the
 Base Residual Value.

***Representations, Warranties and Covenants.*** In the Exchange Note Sale Agreement, Auto Lease Finance LLC will make representations and warranties to the Depositor with respect to each lease and related leased vehicle in the Reference Pool, including, that as of the [Initial][Actual] Cutoff Date:

&nbsp;&nbsp;&nbsp;&nbsp;· the
 information provided with respect to each Unit in the schedule described above is correct
 in all material respects as of the [Initial][Actual] Cutoff Date;

&nbsp;&nbsp;&nbsp;&nbsp;· relates
 to a new [or used] Toyota-branded automobile or light duty truck;

&nbsp;&nbsp;&nbsp;&nbsp;· provides
 for level monthly payments that fully amortize the Adjusted Capitalized Cost of the lease
 at a Lease Rate to the related Contract Residual Value over the lease term;

&nbsp;&nbsp;&nbsp;&nbsp;· is
 not more than 30 days past due as of the [Initial][Actual] Cutoff Date and is not a Defaulted
 Lease;

&nbsp;&nbsp;&nbsp;&nbsp;· is
 owned, and the related leased vehicle is owned, by the Titling Trust, free of all liens (including
 tax liens, mechanics' liens, and other liens other than any lien of the Closed-End
 Collateral Agent or any lien on the certificate of title that arise by operation of law),
 other than certain permitted lien;

&nbsp;&nbsp;&nbsp;&nbsp;· was
 originated in compliance with, and complies in all material respect with, all material applicable
 legal requirements; and

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

On the [Initial] Closing Date, the Depositor will assign all of its rights under the Exchange Note Sale Agreement to the Issuing Entity. The Exchange Note Sale Agreement will also provide that if Auto Lease Finance LLC or the Depositor discovers a breach of certain representations or warranties with respect to a lease or the related leased vehicle made by Auto Lease Finance LLC in the Exchange Note Sale Agreement that materially and adversely affects the Issuing Entity's interest in the related Unit, which breach is not cured in all material respects on or before the end of the Collection Period in which Auto Lease Finance LLC discovers such incorrectness (either pursuant to notice or otherwise), then the applicable Unit will be removed [substituted] from the Reference Pool for the Exchange Note on the Payment Date related to that Collection Period. In connection with this reallocation, Auto Lease Finance LLC will be required to deposit into the collection account a reallocation payment for the applicable Unit in an amount specified in this prospectus [or, in its sole discretion, elect to substitute such affected Unit, and allocate a new Unit to such Reference Pool]. The reallocation payment must be made by Auto Lease Finance LLC as of the Payment Date immediately following the day on which the related cure period ended. Upon making that payment, the related Unit will no longer be included in the Reference Pool for the Exchange Note. The obligation of Auto Lease Finance LLC to deposit such reallocation payment [or, in its sole discretion, make such substitution] will constitute the sole remedy respecting such breach.

Pursuant to the Indenture, the Issuing Entity will assign its rights in such representations and warranties to the Indenture Trustee for the benefit of the Noteholders.

None of the Titling Trust, the Titling Trustee, the Titling Trustee Agent, the Initial Beneficiary, Indenture Trustee, the Owner Trustee, the Asset Representations Reviewer, the Servicer or any other person has any obligation to investigate the accuracy of such representations and warranties of Auto Lease Finance LLC or whether any Unit may be an ineligible Unit.

Upon discovery by or notice to Auto Lease Finance LLC of a breach of any representation or warranty with respect to certain characteristics of the Units, including by receipt of a review report from the Asset Representations

Reviewer indicating that a test was failed for a lease, Auto Lease Finance LLC will investigate the lease or leases to confirm the breach and determine if it has materially and adversely affected the lease or leases. A Noteholder or beneficial owner of a Note may make a request or demand that a lease be reallocated due to a breach of a representation made about the leases. Any request or demand that a Unit be reallocated must be provided to the Indenture Trustee in writing and provide sufficient detail so as to allow Auto Lease Finance LLC to reasonably investigate the alleged breach of the representations and warranties related to such Unit. The Indenture Trustee will provide any such request or demand to World Omni, Auto Lease Funding LLC and the Depositor.

The Depositor will report any requests or demands to repurchase leases and related activity and status on Form ABS-15G.

[[Auto Lease Finance LLC][the Depositor][the Servicer] [will be required, on a mandatory basis, to][may, in [its][their] sole discretion, elect to] substitute a comparable Unit (each, a "**Substitute Unit**") for an affect Unit [if the related breach is discovered within the first [●] years after the [Initial] Closing Date]. [The aggregate Securitization Value of all Substitute Units cannot be greater than [●]% of the [initial] Securitization Value of the leases in the Reference Pool.] In the event that a breach of a representation or warranty is discovered and [Auto Lease Finance LLC][the Depositor][the Servicer] has already substituted Units with an aggregate Securitization Value of up to [●]% of the [initial] Securitization Value of the leases in the Reference Pool or if the related breach is discovered after the [●] anniversary of the [Initial] Closing Date, [Auto Lease Finance LLC][the Depositor][the Servicer] will be required to [cause the reallocation][reallocate] the related Unit. On the date that such Unit is replaced with a Substitute Unit, the related Substitute Unit will be allocated to the Reference Pool securing the Exchange Note.]

[Each Substitute Unit will meet the criteria discussed in ["*The Leases—Characteristics of the Leases—Eligibility Criteria and Portfolio Characteristics*"], except for the following: [a*pplicable exclusions, if any to be described*] [and the additional criteria set for below: *add additional criteria as applicable*].]

[Even though each Substitute Unit must satisfy the eligibility criteria set forth under ["*The Leases—Characteristics of the Leases—Eligibility Criteria and Portfolio Characteristics*"], the Substitute Unit may not be of the same credit quality as the Unit it replaced because, among other things, such Substitute Unit may not have been part of World Omni's portfolio on the [Initial][Actual] Cutoff Date. The Substitute Unit may have been originated at a different time using credit criteria different from those applied to the replaced Unit.]

[These reallocation [or substitution] obligations constitute the sole remedies available to the Issuing Entity, the Indenture Trustee, the Owner Trustee and investors for any uncured breaches with respect to the Units.]

**Asset Representations Review**

If two triggers are met, the Asset Representations Reviewer will perform a review of leases to test for compliance with the representations made by Auto Lease Finance LLC about the leases and leased vehicles. The first trigger occurs if the Delinquency Percentage for any Payment Date exceeds the Delinquency Trigger for that Payment Date, as described in *"— Delinquency Trigger"* below. If the Delinquency Trigger occurs, it will be reported in the Form 10-D for the month in which such trigger occurs. The second trigger is a voting trigger that will be met if, following the occurrence of a Delinquency Trigger, the Noteholders (including beneficial owners of Notes) of at least 5% of the outstanding principal amount of Notes demand a vote and, subject to a 5% voting quorum, the Noteholders of a majority of the outstanding principal amount of the Notes that are voted vote for a review. The review fees will be $[●] for each lease tested in the review.

*Delinquency Trigger*

A delinquent lease is defined as a lease with more than the Delinquency Threshold Amount past due, including leases with bankrupt lessees but excluding Defaulted Leases.

On or prior to each Payment Date, the Servicer will calculate the Delinquency Percentage for the related Collection Period. The *"**Delinquency Percentage***" for each Payment Date and the related Collection Period is an amount equal to the ratio (expressed as a percentage) of (i) the aggregate Securitization Value of all delinquent leases in the Pool that are more than 60 days delinquent to (ii) the aggregate Securitization Value of all leases in the Pool, in each case, as of the last day of such Collection Period.

The *"**Delinquency Trigger***" for any Payment Date and the related Collection Period is [●]%. World Omni developed the Delinquency Trigger by considering the monthly greater than 60-day delinquency rate observed in its prior securitizations of leases in this program from [●]. Such delinquency rate (rounded to the nearest 0.05%) is calculated as (i) the aggregate Securitization Value of all delinquent leases within the Pool that are more than 60 days delinquent as a percentage of (ii) the aggregate Securitization Value of all leases within the Pool as of the last day of the Collection Period preceding the related Payment Date. The Delinquency Trigger was calculated as a multiple of [●] times the previous historical peak Delinquency Percentage of its prior securitizations of leases in this program from [●] through [●], rounded to the nearest 0.05%. [This multiple corresponds generally to the multiple used for calculating expected cumulative net losses before the Notes would realize a loss.] The amount of the Delinquency Trigger has been set at a level in excess of the historical peak Delinquency Percentage to assure that the Delinquency Trigger is not breached due to ordinary fluctuations in the economy.

World Omni believes that the Delinquency Trigger is appropriate based on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· its experience with delinquency in its prior securitized pools of leases, and in its portfolio of leases; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· its assessment of the amount of net cumulative losses that would likely result in a loss to Noteholders of the most junior Notes in its prior securitized pools.

For more information regarding greater than [60] day delinquent lease statistics for World Omni's prior securitized pools, see Appendix A to this prospectus.

"***Conversion Date***" means a date in the future on which the Sponsor begins using a threshold of 10% of the applicable scheduled lease payment rather than $40 for determining if a scheduled lease payment is delinquent. As of the date of this registration statement, the Conversion Date is targeted to occur during [December 2025].

"***Delinquency Threshold Amount***" means $40 prior to the Conversion Date, and 10% of the applicable scheduled lease payment after the Conversion Date.

*Voting Trigger*

If the Delinquency Trigger occurs on the last day of a month, a Noteholder may demand that the Indenture Trustee call a vote of all Noteholders on whether to direct the Asset Representations Reviewer to perform a review. For purposes of this demand, if the demanding Noteholder is the record holder of any Notes, no verification procedures will be required. If the requesting party is not the record holder of any Notes and is instead a beneficial owner of Notes, the Indenture Trustee may require no more verification than a written certification from the Noteholder that it is a beneficial owner of a Note, together with at least one form of documentation such as a trade confirmation, an account statement, a letter from a broker or dealer verifying ownership or other similar document evidencing ownership of a Note, upon which the Indenture Trustee may conclusively rely.

If Noteholders of at least 5% of the outstanding principal amount of the Notes demand a vote within [90] days after the filing of the Form 10-D reporting the occurrence of the Delinquency Trigger, the Issuing Entity's Form 10-D for the Collection Period in which the demand requirement was met will include a statement that sufficient Noteholders are requesting a full Noteholder vote to commence a review by the Asset Representations Reviewer. The Form 10-D will also specify the applicable voting procedures and will also specify the voting deadline that will be used to calculate whether the requisite amount of Noteholders have cast affirmative votes to direct the Asset Representations Reviewer to commence a review. Any beneficial owner of Notes may act through their respective DTC participants and the Form 10-D referenced in the prior sentence will include applicable voting procedures for any such beneficial owner of Notes acting through a DTC participant. The vote will remain open until the 150th day after the filing of the Form 10-D reporting the occurrence of the Delinquency Trigger. Assuming a voting quorum of Noteholders holding at least 5% of the outstanding principal amount of the Notes is reached, if the Noteholders of a majority of the outstanding principal amount of the Notes that are voted vote to direct a review, the Indenture Trustee will notify the Asset Representations Reviewer and the Servicer to start the review. The Issuing Entity's Form 10-D for the Collection Period in which the Asset Representations Reviewer received the notice to start the review will specify that the requisite Noteholders have directed the Asset Representations Reviewer to perform a review. If the requirements of the voting trigger are not met within these time periods, no asset representations review will occur for that occurrence of the Delinquency Trigger.

For the purpose of the voting described above, Notes held by the Sponsor or Servicer, or any affiliates thereof, are not included in the calculation of determining whether the Noteholders have elected to initiate a vote.

*Asset Representations Review Process*

The review will be performed on each lease that is 60 days or more delinquent at the end of the prior month (the ***"Review Leases***"***)***. Within 60 days of the receipt of a review notice, the Servicer will give the Asset Representations Reviewer access to the lease files and other information necessary for the review of all of the Review Leases. Upon receiving access to the review materials, the Asset Representations Reviewer will start its review of the Review Leases and complete its review within 60 days after receiving access to all review materials. The review period may be extended by up to an additional 30 days if the Asset Representations Reviewer detects missing review materials that are subsequently provided within the 60-day period or requires clarification of any review materials or testing procedures. The review will consist of performing specific tests for each representation and each Review Lease and determining whether each test was passed or failed. If the Servicer notifies the Asset Representations Reviewer that a Review Lease was paid in full or reallocated from the Pool before the review report is delivered, the Asset Representations Reviewer will terminate the tests of that Review Lease and the review of that Review Lease will be considered complete.

The tests were designed by World Omni to determine whether a Review Lease was not in compliance with the representations made about it in the transaction documents at the relevant time, which is usually at origination of the lease or as of the [Initial][Actual] Cutoff Date or [Initial] Closing Date. There may be multiple tests for each representation. The review is not designed to determine why the lessee is delinquent or the creditworthiness of the lessee, either at the time of the review or at origination. The review is not designed to determine whether the lease was serviced in compliance with the Servicing Agreement after the [Initial][Actual] Cutoff Date. The review is not designed to establish cause, materiality or recourse for any failed test. The review is not designed to determine whether World Omni's origination, underwriting and purchasing policies and procedures are adequate, reasonable or prudent.

*Review Report*

Within five days after completion of the review, the Asset Representations Reviewer will provide a report to the Issuing Entity, the Servicer and the Indenture Trustee on the test results for each Review Lease and each representation, including any Review Lease for which the tests were considered complete and the related reason. The Asset Representations Reviewer is not responsible for determining whether noncompliance with any representation is a breach of the transaction documents or if any lease is required to be reallocated. The Servicer will investigate any findings of non-compliance contained in any report of the Asset Representations Reviewer and any reallocation request received from the Indenture Trustee, any Noteholder or any other party to any of the transaction documents and make a determination regarding whether any such non-compliance constitutes a breach of any representation or warranty requiring that a reallocation payment or a reallocation of any lease is required. If the Servicer determines that a breach has occurred, it will provide notice to Auto Lease Finance LLC that it is obligated to pay the reallocation payment or reallocate the lease pursuant to the Exchange Note Sale Agreement. The Exchange Note Sale Agreement requires that any breach of the representations and warranties must materially and adversely affect the lease before Auto Lease Finance LLC would be required to make a reallocation payment or reallocate the lease.

On receipt of the report, the review fee will be paid to the Asset Representations Reviewer by [the Servicer, and to the extent not paid by the Servicer, according to the priority of payments as described under *"Description of the Transaction Documents—Distributions on the Securities."*] A summary of the report of the asset representations review, including a description of each test that failed, will be included in the Form 10-D for the Issuing Entity in the next month.

For more information about the Asset Representations Reviewer, see *"The Asset Representations Reviewer."*

*Periodic Reports*

The Depositor will file a Form 10-D for the Issuing Entity with the SEC within 15 days after each Payment Date which will include the investor report for that Payment Date and the following information, if applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a
 description of the events that triggered a review of the Review Leases by the Asset Representations

Reviewer during the prior month;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if
 the Asset Representations Reviewer delivered its review report during the prior month, a
 summary of the report; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if
 the Asset Representations Reviewer resigned or was removed, replaced or substituted, or if
 a new Asset Representations Reviewer was appointed during the prior month, the identity and
 experience of the new Asset Representations Reviewer, the date the change occurred and the
 circumstances surrounding the change.

**Dispute Resolution for Reallocation Requests**

If a request is made for the reallocation of a lease due to a breach of a representation made about the leases and leased vehicles, and the reallocation is not resolved within 180 days after receipt by Auto Lease Finance LLC of notice of the reallocation request, the requesting party, including a Noteholder and any beneficial owner of Notes, will have the right to refer the matter, in its discretion, to either mediation (including non-binding arbitration) or binding third-party arbitration. This right is not a mechanism for requesting reallocation or other relief from losses resulting from changes in the credit quality of a lease or other market conditions. Auto Lease Finance LLC will not reallocate a lease with respect to which the related breach of a representation or warranty did not materially adversely affect the lease. If a lease is paid off, satisfied or reallocated, no demands to reallocate are permitted, and there is no further right to mediation or arbitration regarding that lease. None of the representations and warranties related to the leases relate to the performance of the leases or to any credit losses that may occur as a result of a default by the related lessee on the lease. Furthermore, the dispute resolution procedures described below apply only to the specific leases that are related to the dispute. Dispute resolution to resolve reallocation requests will be available regardless of whether the Noteholders voted to direct an asset representations review or whether the Delinquency Trigger occurred. However, if the lease subject to a reallocation request was part of an asset representations review and the findings and conclusions of the Asset Representations Reviewer state that no tests were failed for the lease, the reallocation request for the lease will be deemed to be resolved.

The requesting party must start the mediation (including non-binding arbitration) or arbitration proceeding according to the applicable rules of the mediation or arbitration organization within 90 days after the end of the 180-day period. The Administrator will direct the Indenture Trustee to, and the Indenture Trustee will, notify the requesting party at the end of the 180-day period if a reallocation demand is unresolved. Auto Lease Finance LLC must agree to participate in the selected resolution method.

A mediation or arbitration will be administered by *[insert name of nationally-recognized alternative dispute resolution facilitator]* using its mediation or arbitration rules in effect at the time of the proceeding. If *[insert name of nationally-recognized alternative dispute resolution facilitator]* no longer exists, or if its rules would no longer permit mediation or arbitration of the dispute, the matter will be administered by another nationally recognized mediation or arbitration organization selected by Auto Lease Finance LLC, using its relevant rules then in effect. However, if any rules of the mediation or arbitration organization are inconsistent with the procedures for the mediation or arbitration stated in the transaction documents, the procedures in the transaction documents will control. Any mediation or arbitration will be held in New York City at the offices of the mediator or arbitrator or, if mediation or arbitration in New York City at the offices of the mediator or arbitrator is unavailable, the mediator or arbitrator will select another location in a major metropolitan area in the continental United States. Any party or witness may appear by teleconference or video conference.

A single mediator or arbitrator will be selected by the mediation or arbitration organization from a list of neutrals maintained by it according to its mediation or arbitration rules then in effect. The mediator or arbitrator must be impartial, an attorney admitted to practice in the state of New York and have at least [15] years of experience in commercial litigation and, if possible, consumer finance or asset-backed securitization matters.

For a mediation, the proceeding will start within [15] days after the selection of the mediator and conclude within [30] days after the start of the mediation. The expenses of the mediation will be allocated among the parties as mutually agreed by the parties as part of the mediation. If the parties fail to agree at the completion of the mediation, the requesting party may refer the reallocation request to arbitration or court adjudication.

For an arbitration, the arbitrator will have the authority to schedule, hear and determine any motions, including dispositive and discovery motions, according to New York law, and will do so at the motion of any party. Discovery will be completed with [30] days of selection of the arbitrator and will be limited for each

party to [two] witness depositions not to exceed five hours, [two] interrogatories, [one] document request and [one] request for admissions. However, the arbitrator may grant additional discovery on a showing of good cause that the additional discovery is reasonable and necessary. Briefs will be limited to no more than [ten] pages each, and will be limited to initial statements of the case, discovery motions and a pre-hearing brief. The evidentiary hearing on the merits will start no later than [60] days after the selection of the arbitrator and will proceed for no more than [six] consecutive Business Days with equal time allocated to each party for the presentation of direct evidence and cross examination. The arbitrator may allow additional time on a showing of good cause or due to unavoidable delays.

The arbitrator will make its final determination in writing no later than [90] days after its selection. The arbitrator will resolve the dispute according to the transaction documents, and may not modify or change the transaction documents in any way or award remedies not consistent with the transaction documents. The arbitrator will not have the power to award punitive or consequential damages. In its final determination, the arbitrator will determine and award the costs of the arbitration to the parties in its reasonable discretion. The final determination of the arbitrator will be final and non-appealable, except for actions to confirm or vacate the determination permitted under federal or state law, and may be entered and enforced in any court with jurisdiction over the parties and the matter. By selecting binding arbitration, the requesting party is giving up its right to sue in court, including the right to a trial by jury.

Auto Lease Finance LLC will not be required to produce personally identifiable customer information for purposes of any mediation or arbitration. Each party will agree to keep the details of the reallocation request and the dispute resolution confidential, except as required by law, regulatory requirement or court order.

**DELINQUENCIES, REPOSSESSIONS AND NET LOSSES**

Set forth below in the following tables is information concerning World Omni's experience with respect to its entire portfolio of new Toyota closed-end leases, which includes leases owned by the Titling Trust. The dollar amount of the leases outstanding reflects World Omni's book value.

We have not provided similar delinquency, repossession and net loss data on the leases allocated to the Reference Pool, because none of those leases was more than 30 days delinquent in payments as of the [Initial][Actual] Cutoff Date. See *"The Leases—Characteristics of the Leases—Eligibility Criteria and Portfolio Characteristics"* in this prospectus. [T*o be updated as necessary at time of transaction*: Further, due to the COVID-19 pandemic and other market factors, the historical delinquency, repossession and net loss information included in the tables below since fiscal year 20[●] is unlikely to accurately predict the performance of World Omni's portfolio of closed-end leases or particular pools of closed-end leases in the near future.]

[In recent years World Omni's portfolio has experienced a decrease in vehicle turn-ins. Certain factors such as declines in and shortages of new vehicle availability as a result of disruptions in global supply chains and decrease in manufacturing capacity in certain industries, including those of auto manufacturers, may have contributed to higher than expected used car values during certain periods which may have influenced lessee decisions and vehicle return rates. In periods where average residual losses are lower (or average residual gains are higher), return rates tend to decrease, because in those periods lessees at the end of their term have a greater equity position if they purchase the vehicle rather than return it. Auction values remain variable, can be seasonal and can sometimes be subject to historically uncharacteristic volatility, such as the sharp increase in 20[●]. This sharp increase is primarily attributable to a supply chain constraint resulting in curtailed new vehicle production, fewer new vehicles available for sale and corresponding increased and substituted relative consumer demand for used vehicles. Used car values that exceed the Contract Residual Value of the lease may incentivize lessees to purchase or trade in the vehicle in lieu of turning it in. Higher than expected lease buyouts or trade ins to dealers may impact vehicle turn-in rates, or may result in prepayments on the leases which may impact the weighted average life of the Notes. In this regard, for more information, see *"Prepayment and Yield Considerations—Weighted Average Life of the Securities."*]

The data presented in the following tables are for illustrative purposes only. Delinquency, repossession and loss experience may be influenced by a variety of economic, social and geographic conditions and other factors beyond World Omni's control. There is no assurance that World Omni's delinquency, repossession and loss experience with respect to its leases and the related leased vehicles in the future will be similar to that set forth below. The percentages in the tables below have not been adjusted to eliminate the effect of the growth of World Omni's originated portfolio. Accordingly, the repossession and net loss percentages would be expected to be higher than those shown if a group of contracts were isolated for a period of time and the repossession and net loss data showed the activity only for that isolated group over the periods indicated.

**Delinquency Experience**

**(Dollars in Thousands)**

---

| | |
|:---|:---|
|  | **As of [●],** |
|  | **20[●]** |
| Dollar Amount of Lease Contracts Outstanding <sup>(1)</sup> | $[●] |
| Number of Lease Contracts Outstanding | [●] |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Unit** | **%** | **Unit** | **%** | **Unit** | **%** | **Unit** | **%** | **Unit** | **%** |
| Number of Delinquent Lease Contracts<sup>(2)</sup> |  |  |  |  |  |  |  |  |  |  |
| 31-60 Days | [●] | [●] | [●] | [●] | [●] | [●] | [●] | [●] | [●] | [●] |
| 61-90 Days | [●] | [●] | [●] | [●] | [●] | [●] | [●] | [●] | [●] | [●] |
| 91-120 Days | [●] | [●] | [●] | [●] | [●] | [●] | [●] | [●] | [●] | [●] |
| 121 Days or More | [●] | [●] | [●] | [●] | [●] | [●] | [●] | [●] | [●] | [●] |
| &nbsp;&nbsp;&nbsp;Total 31 days or more<sup>(3)</sup> | [●] | [●] | [●] | [●] | [●] | [●] | [●] | [●] | [●] | [●] |

---

---

| | |
|:---|:---|
|  | $**%** |
| Dollar Amount of Delinquent Lease Contracts<sup>(1)</sup> |  |
| 31-60 Days | [●] |
| 61-90 Days | [●] |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of [●],** | **As of [●],** | **As of [●],** | **As of [●],** | **As of [●],** | **As of [●],** | **As of [●],** | **As of [●],** | **As of [●],** | **As of [●],** |
|  | **20[●]** |  | **20[●]** |  | **20[●]** |  | **20[●]** |  | **20[●]** |  |
| 91-120 Days | $[●] | [●] | $[●] | [●] | $[●] | [●] | $[●] | [●] | $[●] | [●] |
| 121 Days or More | $[●] | [●] | $[●] | [●] | $[●] | [●] | $[●] | [●] | $[●] | [●] |
| &nbsp;&nbsp;&nbsp;Total 31 days or more<sup>(3)</sup> | $[●] | [●] | $[●] | [●] | $[●] | [●] | $[●] | [●] | $[●] | [●] |

---

(1) The dollar amount of the leases outstanding represents the sum of (i) the present value of the remaining monthly payments payable under the leases and (ii) the present value of the Contract Residual Value of the leased vehicles. The present value calculation is based on the Lease Rate.

(2) World Omni considers a payment to be past due or delinquent when a lessee owes more than the Delinquency Threshold Amount after the related due date. The period of delinquency is based on the number of days that more than the Delinquency Threshold Amount is contractually past due.

(3) Balances and percentages may not add to total due to rounding.

[\*Represents a value that is greater than zero (0.00%) but less than 0.005%.]

**Net Credit (Gain)/Loss And Repossession Experience<sup>(1)</sup>**

**(Dollars in Thousands)**

---

| | |
|:---|:---|
|  | **As of and For the [●] Months Ended [●],** |
|  | **20[●]** |
| Dollar Amount of Lease Contracts Outstanding<sup>(2)</sup> | $[●] |
| Dollar Amount of Average Lease Contracts Outstanding<sup>(2)(3)</sup> | $[●] |
| Number of Lease Contracts Outstanding | [●] |
| Average Number of Lease Contracts Outstanding<sup>(3)</sup> | [●] |
| Number of Repossessions | [●] |
| Number of Repossessions as a Percentage of the Average Number of Lease Contracts Outstanding | [●]% |
| Charge-offs<sup>(4)(6)</sup> | $[●] |
| Recoveries<sup>(5)</sup> | $[●] |
| Net (Gains)/Loss | $[●] |
| Net (Gains)/Loss as a Percentage of Average Dollar Amount of Lease Contracts Outstanding<sup>[(7)]</sup> | [●]% |

---

(1) For credit loss terminations,
 World Omni charges off the account balance of a lease upon the related vehicle's sale
 date or at the time the account balance is deemed uncollectible under the Customary Servicing
 Practices. Gains or losses associated with the sale of off-lease inventory are recorded upon
 the vehicle sale date. Collections of end-of-term charges such as excess wear and use and
 excess mileage charges are credited when proceeds are received.

(2) The dollar amount of the
 leases outstanding represents the sum of (i) the present value of the remaining monthly
 payments payable under the leases and (ii) the present value of the Contract Residual
 Value of the leased vehicles. The present value calculation is based on the Lease Rate.

(3) Averages are computed by
 taking a simple average of the month end outstanding amounts for each period presented.

(4) Charge–offs generally
 represent the total aggregate net outstanding balance of the lease contracts determined to
 be uncollectible in the period less proceeds from disposition of the related leased vehicles,
 other than recoveries described in Note (5).

(5) Recoveries generally include
 the net amount received with respect to lease contracts previously charged off.

(6) Net of subvention dollars.
 Subvention dollars refer to the dollar value of special marketing programs in the form of
 enhanced residual value offered and subsidized by Southeast Toyota Distributors, LLC or World
 Omni to the Lessee at the inception of the lease.

[(7) Numbers have been annualized for any period less than one year.]

[\*Represents a value that is greater than zero (0.00%) but less than 0.005%.]

***Residual Value (Gain)/Loss Experience.*** Set forth below is information concerning residual value loss experience and return rates for [new] Toyota vehicles at termination. The residual value loss rates are indicated as the difference between the [ALG Residual Value] at origination and the actual amounts received for the off-lease vehicles. *See "The Servicer, Sponsor and Administrator—Origination, Underwriting and Purchasing—Determination of Contract Residual Values" and "The Leases—Calculation of the Securitization Value"* in this prospectus for a description of [ALG Residual Value,] TSRP and MRT.

**Residual Value (Gain)/Loss Experience<sup>(1)</sup>**

**(Dollars in Thousands)**

---

| | |
|:---|:---|
|  | **For the [●] Months Ended [●],** |
|  | **20[●]** |
| Total Number of Vehicles Scheduled to Terminate | [●] |
| Number of Vehicles Returned to World Omni <sup>(2)</sup> | [●] |
| Vehicles Returned to World Omni Ratio | [●]% |
| Total [ALG Residual] on Vehicles Scheduled to Terminate<sup>(3)</sup> | $[●] |
| Total (Gain)/Loss on [ALG Residuals] on Vehicles Returned to World Omni <sup>(4)</sup> | $([●]) |
| Average (Gain)/Loss on [ALG Residuals] on Vehicles Returned to World Omni<sup>(5)</sup>. | $([●]) |
| Total [ALG Residual] on Vehicles Returned to World Omni | $[●] |
| Total (Gain)/Loss on [ALG Residuals] on Vehicles Returned to World Omni as a Percentage of [ALG Residuals] of Returned Vehicles Sold by World Omni | ([●])% |
| Total (Gain)/Loss on [ALG Residuals] on Vehicles Returned to World Omni as a Percentage of [ALG Residuals] of Vehicles Scheduled to Terminate | ([●])% |
| Average Contract Residual Value Percentage of lesser of MRT or TSRP | [●]% |
| Average [ALG Residual Percentage] of lesser of MRT or TSRP | [●]% |
| Percentage Difference<sup>(6)</sup> | ([●])% |

---

---

| | |
|:---|:---|
| [(1) | For credit loss terminations, World Omni charges off the account balance of a lease upon the related vehicle's sale date or at the time the account balance is deemed uncollectible under the Customary Servicing Practices. Gains or losses associated with the sale of off-lease inventory are recorded upon the vehicle sale date. Collections of end-of-term charges such as excess wear and use and excess mileage charges are credited when proceeds are received.] |

---

(2) Excludes repossessions and
 vehicles in inventory. Includes lessee initiated early terminations and vehicles purchased
 by lessees or other parties for less than World Omni's Contract Residual Value.

(3) [ALG residual] is calculated
 as the [ALG residual] percentage multiplied by the lesser of TSRP or the MRT at the time
 of origination of the lease.

(4) (Gain)/Loss calculated as
 the sum of (i) gross sales proceeds plus (ii) excess wear and use and excess mileage
 charges paid by lessees minus the [ALG Residual Value] at the time of origination of the
 lease.

(5) Not stated in thousands.

(6) Percentages may not total
 due to rounding.

[\*Represents a value that is greater than zero (0.00%) but less than 0.005%.]

**STATIC POOL INFORMATION**

Appendix A to this prospectus sets forth in tabular [and graphical] format static pool information of the static pool performance of previous, recent securitizations of the Sponsor. All of the information is incorporated by reference into, and deemed to be part of, this prospectus and the registration statement to which this prospectus relates.

The characteristics of leases included in the static pool data discussed above, as well as the social, economic and other conditions existing at the time when those leases were originated and repaid, may vary materially from the characteristics of the leases in the securitized pool described in this prospectus and the social, economic and other conditions existing at the time when the leases in the securitized pool described in this prospectus were originated and those that will exist in the future when the leases in the securitized pool described in this prospectus are required to be repaid. There is no assurance that World Omni's delinquency, loss and repossession and residual value experience with respect to the leases included in the securitized pool described in this prospectus will be similar to that described in Appendix A to this prospectus.

*[Insert any specific terms showing material differences between the leases in the securitized pool described in this prospectus and the static pools.]*

**PREPAYMENT AND YIELD CONSIDERATIONS—WEIGHTED AVERAGE LIFE OF THE SECURITIES**

The following information is provided solely to illustrate the effect of prepayments of the Units on the unpaid principal amounts of the Notes and the weighted average life of the Notes under the assumptions stated below, and is not a prediction of the prepayment rates that might actually be experienced with respect to the leases. The rate of payment of principal of the Notes will depend on the rate of payments on the related Units allocated to the Reference Pool (including scheduled monthly payments on and prepayments and liquidations of the leases) and losses on the Units, which cannot be predicted with certainty. [The weighted average life of the Notes will also be influenced by the ability of the [Depositor] to [cause subsequent Units to be allocated to the Reference Pool during the Pre-Funding Period][reinvest collections on the leases during the Revolving Period.] [In addition, the Notes will be prepaid in whole or in part at the end of the Pre-Funding Period, to the extent amounts in the Pre-Funding Account are not fully utilized to cause subsequent Units to be allocated to the Reference Pool. This mandatory prepayment will be applied to each class of Notes in accordance with the priorities with respect to distributions of principal described under *"Description of the Notes—Payments of Principal"*.] [In addition, the Notes may be prepaid in whole or in part at the end of the Revolving Period, to the extent amounts in the Accumulation Account are not fully utilized to cause subsequent Units to be allocated to the Reference Pool. This mandatory prepayment will be applied to each class of Notes in accordance with the priorities with respect to distributions of principal described under *"Description of the Notes—Payments of Principal"* below.]

The weighted average life of each Note is uncertain because it generally will be determined by the rate at which principal payments on the Exchange Note are made, which will be determined based on the rate at which the leases in the Reference Pool are paid and the rate at which returned or repossessed leased vehicles in the Reference Pool are sold. "Prepayments" on the leases will occur in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;· *Prepayments* — proceeds may be received on the sale of leased vehicles because lessees may return
 or purchase their leased vehicles at any time after paying the money due under their leases,
 including in connection with an early termination.

&nbsp;&nbsp;&nbsp;&nbsp;· *Defaults* — proceeds may be received on the sale of a leased vehicle following a default by the
 lessee, including rebates on cancelled service contracts, insurance and similar products
 financed over the term of the lease.

&nbsp;&nbsp;&nbsp;&nbsp;· *Early termination program* s — proceeds may be received on the sale of leased vehicles
 returned by lessees participating in early termination programs.

&nbsp;&nbsp;&nbsp;&nbsp;· *Insurance proceeds* — proceeds may be received from claims on any insurance policies covering
 the lessees, the leases or the leased vehicles.

&nbsp;&nbsp;&nbsp;&nbsp;· *Reallocation of leases and leased vehicles by Auto Lease Finance LLC* — Auto Lease Finance LLC
 may be required to reallocate ineligible and other leases and leased vehicles from the Reference
 Pool as described in *"The Leases—Representations and Warranties Relating to the Units—Representations, Warranties and Covenants."* 

&nbsp;&nbsp;&nbsp;&nbsp;· *Reallocation of leases and leased vehicle by the Servicer* — the Servicer may be required to
 reallocate leases and leased vehicles from the Reference Pool if the Servicer grants certain
 extensions as described under *"The Servicer, Sponsor and Administrator —Servicing—Extensions of leases are not always associated with financial difficulties of the lessee.* "

&nbsp;&nbsp;&nbsp;&nbsp;· *Exchange Note acceleration* — proceeds may be received on the liquidation of the Reference
 Pool following an Exchange Note Default under the Collateral Agency Agreement and the Exchange
 Note Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;· *Clean up call option* — the Servicer will have the option to purchase the Exchange Note
 from the Issuing Entity following the last day of any Collection Period on which the aggregate
 outstanding principal amount of the Notes is less than or equal to [5]% of the initial aggregate
 outstanding principal amount of the Notes on the [Initial] Closing Date.

In World Omni's experience, prepayments on its leases occur primarily when lessees decide to purchase or lease new vehicles, lessees participate in early termination programs, defaulted contracts are liquidated or insurance proceeds are received after a leased vehicle is determined to be a total loss.

The rate of prepayment on the leases may be influenced by a variety of economic, social and other factors, including the availability of competing lease programs and the conditions in the used motor vehicle market. In general, prepayments of leases will shorten the weighted average life of the Notes, which is the average amount of time during which each dollar of the principal amount or certificate balance, as applicable, of a security is outstanding. As the rate of payment of principal on (or the certificate balance of) the securities of any series will depend primarily on the rate of payment—including prepayments—of the related leases, the final payment of principal of (or the final distribution on) a class of a series of securities could occur significantly earlier than the applicable Final Scheduled Payment Date. If lease prepayments cause the principal of, or certificate balance on, the related class of securities to be paid earlier than anticipated, the related securityholders will bear the risk of being able to reinvest principal payments at interest rates at least equal to the applicable interest rate.

Historical levels of lease delinquencies and defaults, leased vehicle repossessions and losses and residual value losses are discussed under *"Delinquencies, Repossessions and Net Losses."* World Omni can give no assurances that the leases will experience the same rate of prepayment or default as World Omni's historical prepayment and default rates, or that the residual value loss experience of leased vehicles related to leases that are scheduled to reach their lease maturity dates will be the same as World Omni's historical residual value loss experience for all of the leases in its portfolio. Further, due to the COVID-19 pandemic and other market factors, the historical delinquency, repossession and net loss information included in such section since fiscal year 2020 is unlikely to accurately predict the performance of World Omni's portfolio of closed-end leases or particular pools of closed-end leases in the near future.

The effective yield on, and average life of, the Notes will depend upon, among other things, the amount of scheduled and unscheduled payments on or in respect of the related leases and related leased vehicles and the rate at which those payments are paid to the holders of the Notes. In the event of prepayments of the leases, related securityholders who receive those amounts may be unable to reinvest the related payments received on their Notes at yields as high as the related interest rate on the Notes. The timing of changes in the rate of prepayments on the leases and payments in respect of the related leased vehicles may also significantly affect an investor's actual yield to maturity and the average life of the Notes. A substantial increase in the rate of payments on or in respect of the leases and related leased vehicles (including prepayments and liquidations of the leases) may shorten the final maturity of, and may significantly affect the yield on, the Notes.

The yield to an investor who purchases Notes in the secondary market at a price other than par will vary from the anticipated yield if the actual rate of prepayment on the leases is different than the rate the investor anticipated at the time it purchased those Notes.

In sum, the following factors will affect an investor's expected yield:

&nbsp;&nbsp;&nbsp;&nbsp;· the
 price the investor paid for the Notes;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 rate of prepayments, including losses, in respect of the leases and the related leased vehicles;
 and

&nbsp;&nbsp;&nbsp;&nbsp;· the
 investor's assumed reinvestment rate.

These factors do not operate independently, but are interrelated. For example, if the rate of prepayments on the leases and the related leased vehicles is slower than anticipated, the investor's yield will be lower if interest rates exceed the investor's expectations and higher if interest rates fall below the investor's expectations. Conversely, if the rate of prepayments on or in respect of the leases and the related leased vehicles is faster than anticipated, the investor's yield will be higher if interest rates exceed the investor's expectations and lower if interest rates fall below the investor's expectations.

In addition, any Notes outstanding will be paid in full if and when the Servicer elects to purchase the Exchange Note from the Issuing Entity on any related Payment Date when the aggregate Securitization Value is less than or equal to a threshold percentage of the initial aggregate Securitization Value, as identified in *"Description of the Notes—Redemption Upon Optional Purchase."* Any Notes then outstanding at that time will be prepaid in whole at a redemption price equal to their unpaid principal amount plus accrued and unpaid interest.

Prepayments on motor vehicle leases may be measured by a prepayment standard or model. The prepayment model used in this prospectus is expressed in terms of percentages of ***"ABS,"*** which means a prepayment model that assumes a constant percentage of the original number of leases in the Pool prepay each month. The base prepayment

assumption, which we refer to in this prospectus as the ***"100% Prepayment Assumption,"*** assumes that the original principal balance of the leases will prepay as follows:

· In month one, prepayments will occur at [●]% ABS and increase by [●]% ABS each month until reaching [●]% ABS in the [●]<sup>th</sup> month of the life of the lease.

· In month [●], prepayments will increase by [●]% ABS each month until reaching [●]% ABS in the [●]<sup>th</sup> month of the life of the lease.

· In months [●] through [●], prepayments remain at [●]% ABS.

· In month [●], prepayments decrease to [●]% ABS and remain at that level until the original outstanding principal balance of the contract has been paid in full.

No ABS rate purports to be a historical description of the prepayment experience or a prediction of the anticipated rate of prepayment of the leases. We cannot assure you that the leases will prepay at the levels of the Prepayment Assumption or at any other rate.

The tables below were prepared on the basis of certain assumptions, including that:

· as of the [Initial][Actual] Cutoff Date, [●] months have elapsed since the inception of each lease;

&nbsp;&nbsp;&nbsp;&nbsp;· all
 monthly payments are timely received and no lease is ever delinquent;

&nbsp;&nbsp;&nbsp;&nbsp;· all
 monthly payments are made according to the schedule set forth in Appendix B to this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;· each
 fiscal month of World Omni is equivalent to a calendar month;

&nbsp;&nbsp;&nbsp;&nbsp;· no
 repurchase payment is required to be made by Auto Lease Finance LLC or the Servicer in respect
 of any lease included in the Reference Pool;

&nbsp;&nbsp;&nbsp;&nbsp;· there
 are no losses in respect of the leases;

· each lease payment is made on the [●]day of each calendar month starting [●]; [and no prepayments occur for the month of [●];]

&nbsp;&nbsp;&nbsp;&nbsp;· payments
 on the Notes are made on the [15<sup>th</sup>] day of each month, whether or not that day
 is a Business Day;

&nbsp;&nbsp;&nbsp;&nbsp;· [there
 are no termination payments due to the Issuing Entity or to the Swap Counterparty as a result
 of the termination of the interest rate protection agreement];

&nbsp;&nbsp;&nbsp;&nbsp;· the
 servicing fee is [1.00]% per annum[, provided that, for the first Payment Date, the
 servicing fee will be based on 60 days];

&nbsp;&nbsp;&nbsp;&nbsp;· [the
 administration fee payable to the Administrator with respect to a Collection Period is 1/12
 of [0.05]% of the aggregate Securitization Value as of the first day of the related Collection
 Period[, provided that, for the first Payment Date, the administration fee will correspond
 to a two month initial Collection Period];][there is no administration fee;]

&nbsp;&nbsp;&nbsp;&nbsp;· all
 prepayments on the leases are prepayments in full (and the residual values of the related
 leased vehicles are paid in full);

· [if the aggregate initial principal amount of the Notes is $[●], the [Risk Retention] Reserve Account is funded [or funds are available for draw under the reserve account letter of credit] in an [aggregate] amount equal to $[●], and, if the aggregate initial principal amount of the Notes is $[●], the [Risk Retention] Reserve Account is funded [or funds are available for draw under the reserve account letter of credit] in an [aggregate] amount equal to $[●];]

· [if the aggregate initial principal amount of the Notes is $[●], the aggregate Securitization Value as of the [Initial][Actual] Cutoff Date is $[●], and, if the aggregate initial principal amount of the Notes is $[●], the aggregate Securitization Value as of the [Initial][Actual] Cutoff Date is $[●];]

· the [Initial] Closing Date (the  ***"[Initial] Closing Date***") is assumed to be [●];

· [[If the aggregate initial principal amount of the Notes is $[●],] the Issuing Entity issues Class A-1 Notes with an initial principal amount of $[●] [(consisting of Class A-1a Notes with an initial principal amount of $[●] and Class A-1b Notes with an initial principal amount of $[●])], Class A-2 Notes with an initial principal amount of $[●] [(consisting of Class A-2a Notes with an initial principal amount of $[●] and Class A-2b Notes with an initial principal amount of $[●])], Class A-3 Notes with an initial principal amount of $[●] [(consisting of Class A-3a Notes with an initial principal amount of $[●] and Class A-3b Notes with an initial principal amount of $[●])], Class A-4 Notes with an initial principal amount of $[●] [(consisting of Class A-4a Notes with an initial principal amount of $[●] and Class A-4b Notes with an initial principal amount of $[●])][,] [and] [Class B Notes with an initial principal amount of $[●] [(consisting of Class Ba Notes with an initial principal amount of $[●] and Class Bb Notes with an initial principal amount of $[●])][,] [and] [Class C Notes with an initial principal amount of $[●] [(consisting of Class Ca Notes with an initial principal amount of $[●] and Class Cb Notes with an initial principal amount of $[●])][,] [and] [Class D Notes with an initial principal amount of $[●] [(consisting of Class Da Notes with an initial principal amount of $[●] and Class Db Notes with an initial principal amount of $[●])][,] [and] [Class E Notes with an initial principal amount of $[●] [(consisting of Class Ea Notes with an initial principal amount of $[●] and Class Eb Notes with an initial principal amount of $[●])] [and Class F Notes with an initial principal amount of $[●] [(consisting of Class Fa Notes with an initial principal amount of $[●] and Class Fb Notes with an initial principal amount of $[●])[,] [and if the aggregate initial principal amount of the Notes is $[●], the Issuing Entity issues Class A-1 Notes with an initial principal amount of $[●] [(consisting of Class A-1a Notes with an initial principal amount of $[●] and Class A-1b Notes with an initial principal amount of $[●])], Class A-2 Notes with an initial principal amount of $[●] [(consisting of Class A-2a Notes with an initial principal amount of $[●] and Class A-2b Notes with an initial principal amount of $[●])], Class A-3 Notes with an initial principal amount of $[●] [(consisting of Class A-3a Notes with an initial principal amount of $[●] and Class A-3b Notes with an initial principal amount of $[●])], Class A-4 Notes with an initial principal amount of $[●] [(consisting of Class A-4a Notes with an initial principal amount of $[●] and Class A-4b Notes with an initial principal amount of $[●])][,] [and] [Class B Notes with an initial principal amount of $[●] [(consisting of Class Ba Notes with an initial principal amount of $[●] and Class Bb Notes with an initial principal amount of $[●])][,] [and] [Class C Notes with an initial principal amount of $[●] [(consisting of Class Ca Notes with an initial principal amount of $[●] and Class Cb Notes with an initial principal amount of $[●])][,] [and] [Class D Notes with an initial principal amount of $[●] [(consisting of Class Da Notes with an initial principal amount of $[●] and Class Db Notes with an initial principal amount of $[●])][,] [and] [Class E Notes with an initial principal amount of $[●] [(consisting of Class Ea Notes with an initial principal amount of $[●] and Class Eb Notes with an initial principal amount of $[●])] [and Class F Notes with an initial principal amount of $[●] [(consisting of Class Fa Notes with an initial principal amount of $[●] and Class Fb Notes with an initial principal amount of $[●])];]

· [the Issuing Entity will pay principal to the Class [●]-[●] Notes, pro rata between the Class [●]-[●]a Notes and the Class [●]-[●]b Notes, until they are paid in full];

· interest accrues on the Class A-1[a/b] Notes at [●]% based on [an actual/360 day count][ a 30/360 day count], the Class A-2[a/b] Notes at [●]% based on [an actual/360 day count][ a 30/360 day count], the Class A-3[a/b] Notes at [●]% based on [an actual/360 day count][ a 30/360 day count], [the Class A-4[a/b] Notes at [●]% based on [an actual/360 day count][ a 30/360 day count][,] [and] the Class B[a/b] Notes at [●]% [an actual/360 day count][ a 30/360 day count] [and] the Class C[a/b] Notes at [●]% [an actual/360 day count][ a 30/360 day count][[,][and] the Class D[a/b] Notes at [●]% based on [an actual/360 day count][a 30/360 day count][,][and] the Class E[a/b] Notes at [●]% based on [an actual/360 day count][a 30/360 day count][,][and] the Class F Notes at [●]% based on [an actual/360 day count][a 30/360 day count];

&nbsp;&nbsp;&nbsp;&nbsp;· [no
 Benchmark Transition Event has occurred;]

· the Initial Note Value is equal to $[●] (using a [Statistical][Specified] Discount Rate of [●]%);

· [following the Payment Date after which the aggregate principal amount of the Class [●] Notes is paid in full, total overcollateralization on the Exchange Note and the Notes will decrease to [●]% of the aggregate [initial] Securitization Value as of the [[Initial][Actual] Cutoff Date] [last day of the related Collection Period][.][; and]

&nbsp;&nbsp;&nbsp;&nbsp;· [no
 amounts will be owed by the Issuing Entity to the Asset Representations Reviewer[.][; and]

&nbsp;&nbsp;&nbsp;&nbsp;· [all
 payments are made as scheduled under the Interest Rate [Swaps][Caps]][.][;] [and]

· [amounts on deposit in the Pre-Funding Account were fully applied to purchase subsequent Units on [●], 20[●][.] [;] [and]

&nbsp;&nbsp;&nbsp;&nbsp;· [no
 Early Amortization Event occurs;][and]

&nbsp;&nbsp;&nbsp;&nbsp;· [during
 the Revolving Period, the Issuing Entity invests all amounts available to cause additional
 Units to be allocated to the Reference Pool up to the Target Reinvestment Amount on each
 Payment Date, based on the [[Initial][Actual] Cutoff Date] of such Units being the beginning
 of the related month.]

No representation is made as to what the actual levels of losses and delinquencies on the leases will be. Because payments on the leases and the leased vehicles will differ from those used in preparing the following tables, distributions of principal of the Notes may be made earlier or later than as set forth in the tables. Investors are urged to make their investment decisions on a basis that includes their determination as to anticipated prepayment rates under a variety of the assumptions discussed herein.

The following tables set forth the percentages of the unpaid principal amount of each class of the Notes that would be outstanding after each of the dates shown, based on a rate equal to 0%, 50%, 75%, 100% and 125% of the prepayment assumption. As used in the table, "0% Prepayment Assumption" assumes no prepayments on a lease, "50% Prepayment Assumption" assumes that a lease will prepay at 50% of the prepayment assumption and so forth.

[With respect to the Class A-2 Notes, separate tables are presented for a minimum principal balance of $[●], a maximum principal balance of $[●] and a base case principal balance of $[●]. In the case of the Class A-3 Notes, separate tables are presented for a minimum principal balance of $[●], a maximum principal balance of $[●] and a base case principal balance of $[●]. The tables for the other classes of Notes were prepared using the base case principal balances of the Class A-2 Notes and the Class A-3 Notes.]

[The information included in the following tables represents forward-looking statements and involves risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. The actual characteristics and performance of the leases will differ from the assumptions used in constructing the tables on pages [●] and [●]. The assumptions used are hypothetical and have been provided only to give a general sense of how the principal cash flows might behave under varying prepayment scenarios. For example, the Specified Discount Rate used to determine the Initial Note Value may be different from the Statistical Discount Rate and as a result the principal balance of the Notes issued may vary (although not by more than [5]%), thereby possibly affecting the prepayment speed of the Notes. Additionally, it is highly unlikely that the leases will prepay at a constant Prepayment Assumption until maturity or that all of the leases will prepay at the same Prepayment Assumption. Moreover, the diverse terms of leases could produce slower or faster principal distributions than indicated in the tables at the various Prepayment Assumptions specified. Any difference between such assumptions and the actual characteristics and performance of the leases will affect the percentages of initial balances outstanding over time and the weighted average lives of the Notes.]

**Percentage of Class A-1[a/b] Note Balance Outstanding to Optional Purchase at Various Absolute <br> Prepayment Model Percentages [if the Aggregate Initial Principal Amount of the Notes is $[●]]:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** |
| <br>**Payment Date** | **0%** | **50%** | **75%** | **100%** | **125%** |
| [Initial] Closing Date | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
| Weighted Average Life to Optional Purchase (years)<sup>(1)</sup> |  |  |  |  |  |
| Weighted Average Life to Maturity (years)<sup>(1)</sup> |  |  |  |  |  |

---

(1) The weighted average life of the Class A-1[a/b] Notes is determined by (a) multiplying
 the amount of each distribution in reduction of principal amount by the number of years from the [Initial]
 Closing Date to the date indicated, (b) adding the results and (c) dividing the sum by the aggregate
 distributions in reduction of principal amount referred to in clause (a).

**Percentage of Class A-1[a/b] Note Balance Outstanding to Optional Purchase at Various Absolute <br> Prepayment Model Percentages [if the Aggregate Initial Principal Amount of the Notes is $[●]]:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** |
| <br>**Payment Date** | **0%** | **50%** | **75%** | **100%** | **125%** |
| [Initial] Closing Date | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
| Weighted Average Life to Optional Purchase (years)<sup>(1)</sup> |  |  |  |  |  |
| Weighted Average Life to Maturity (years)<sup>(1)</sup> |  |  |  |  |  |

---

(1) The weighted average life of the Class A-1[a/b] Notes is determined by (a) multiplying
 the amount of each distribution in reduction of principal amount by the number of years from the [Initial]
 Closing Date to the date indicated, (b) adding the results and (c) dividing the sum by the aggregate
 distributions in reduction of principal amount referred to in clause (a).

**Percentage of Class A-2[a/b] Note Balance Outstanding to Optional Purchase at Various Absolute <br> Prepayment Model Percentages [if the Aggregate Initial Principal Amount of the Notes is $[●]]:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** |
| <br>**Payment Date** | **0%** | **50%** | **75%** | **100%** | **125%** |
| [Initial] Closing Date | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
| Weighted Average Life to Optional Purchase (years)<sup>(1)</sup> |  |  |  |  |  |
| Weighted Average Life to Maturity (years)<sup>(1)</sup> |  |  |  |  |  |

---

(1) The weighted average life of the Class A-2[a/b] Notes is determined by (a) multiplying
 the amount of each distribution in reduction of principal amount by the number of years from the [Initial]
 Closing Date to the date indicated, (b) adding the results and (c) dividing the sum by the aggregate
 distributions in reduction of principal amount referred to in clause (a).

---

| | |
|:---|:---|
| [(2)] | The initial principal amount of the Class A-2 Notes may change but will be determined on or prior to the day of pricing of such Notes. The information provided above is based on the expected [minimum initial] [maximum initial] [base case] principal balance of the Class A-2 Notes. However, the actual initial principal amount of the Class A-2 Notes may be [greater] [less] [greater or less] than the [minimum] [maximum] [base case] shown, in which case the Weighted Average Lives may be different than those shown above.] |

---

**Percentage of Class A-2[a/b] Note Balance Outstanding to Optional Purchase at Various Absolute <br> Prepayment Model Percentages [if the Aggregate Initial Principal Amount of the Notes is $[●]]:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** |
| <br>**Payment Date** | **0%** | **50%** | **75%** | **100%** | **125%** |
| [Initial] Closing Date | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
| Weighted Average Life to Optional Purchase (years)<sup>(1)</sup> |  |  |  |  |  |
| Weighted Average Life to Maturity (years)<sup>(1)</sup> |  |  |  |  |  |

---

(1) The weighted average life of the Class A-2[a/b] Notes is determined by (a) multiplying
 the amount of each distribution in reduction of principal amount by the number of years from the [Initial]
 Closing Date to the date indicated, (b) adding the results and (c) dividing the sum by the aggregate
 distributions in reduction of principal amount referred to in clause (a).

---

| | |
|:---|:---|
| [(2)] | The initial principal amount of the Class A-2 Notes may change but will be determined on or prior to the day of pricing of such Notes. The information provided above is based on the expected [minimum initial] [maximum initial] [base case] principal balance of the Class A-2 Notes. However, the actual initial principal amount of the Class A-2 Notes may be [greater] [less] [greater or less] than the [minimum] [maximum] [base case] shown, in which case the Weighted Average Lives may be different than those shown above.] |

---

**Percentage of Class A-3[a/b] Note Balance Outstanding to Optional Purchase at Various Absolute <br> Prepayment Model Percentages [if the Aggregate Initial Principal Amount of the Notes is $[●]]:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** |
| <br>**Payment Date** | **0%** | **50%** | **75%** | **100%** | **125%** |
| [Initial] Closing Date | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
| Weighted Average Life to Optional Purchase (years)<sup>(1)</sup> |  |  |  |  |  |
| Weighted Average Life to Maturity (years)<sup>(1)</sup> |  |  |  |  |  |

---

(1) The weighted average life of the Class A-3[a/b] Notes is determined by (a) multiplying
 the amount of each distribution in reduction of principal amount by the number of years from the [Initial]
 Closing Date to the date indicated, (b) adding the results and (c) dividing the sum by the aggregate
 distributions in reduction of principal amount referred to in clause (a).

---

| | |
|:---|:---|
| [(2)] | [The initial principal amount of the Class A-3 Notes may change but will be determined on or prior to the day of pricing of such Notes. The information provided above is based on the expected [minimum initial] [maximum initial] [base case] principal balance of the Class A-3 Notes. However, the actual initial principal amount of the Class A-3 Notes may be [greater] [less] [greater or less] than the [minimum] [maximum] [base case] shown, in which case the Weighted Average Lives may be different than those shown above.] |

---

**Percentage of Class A-3[a/b] Note Balance Outstanding to Optional Purchase at Various Absolute <br> Prepayment Model Percentages [if the Aggregate Initial Principal Amount of the Notes is $[●]]:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** |
| <br>**Payment Date** | **0%** | **50%** | **75%** | **100%** | **125%** |
| [Initial] Closing Date | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
| Weighted Average Life to Optional Purchase (years)<sup>(1)</sup> |  |  |  |  |  |
| Weighted Average Life to Maturity (years)<sup>(1)</sup> |  |  |  |  |  |

---

(1) The weighted average life of the Class A-3[a/b] Notes is determined by (a) multiplying
 the amount of each distribution in reduction of principal amount by the number of years from the [Initial]
 Closing Date to the date indicated, (b) adding the results and (c) dividing the sum by the aggregate
 distributions in reduction of principal amount referred to in clause (a).

---

| | |
|:---|:---|
| [(2)] | [The initial principal amount of the Class A-3 Notes may change but will be determined on or prior to the day of pricing of such Notes. The information provided above is based on the expected [minimum initial] [maximum initial] [base case] principal balance of the Class A-3 Notes. However, the actual initial principal amount of the Class A-3 Notes may be [greater] [less] [greater or less] than the [minimum] [maximum] [base case] shown, in which case the Weighted Average Lives may be different than those shown above.] |

---

**Percentage of Class A-4[a/b] Note Balance Outstanding to Optional Purchase at Various Absolute <br> Prepayment Model Percentages [if the Aggregate Initial Principal Amount of the Notes is $[●]]:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** |
| <br>**Payment Date** | **0%** | **50%** | **75%** | **100%** | **125%** |
| [Initial] Closing Date | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
| Weighted Average Life to Optional Purchase (years)<sup>(1)</sup> |  |  |  |  |  |
| Weighted Average Life to Maturity (years)<sup>(1)</sup> |  |  |  |  |  |

---

(1) The weighted average life of the Class A-4[a/b] Notes is determined by (a) multiplying
 the amount of each distribution in reduction of principal amount by the number of years from the [Initial]
 Closing Date to the date indicated, (b) adding the results and (c) dividing the sum by the aggregate
 distributions in reduction of principal amount referred to in clause (a).

**Percentage of Class A-4[a/b] Note Balance Outstanding to Optional Purchase at Various Absolute <br> Prepayment Model Percentages [if the Aggregate Initial Principal Amount of the Notes is $[●]]:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** |
| <br>**Payment Date** | **0%** | **50%** | **75%** | **100%** | **125%** |
| [Initial] Closing Date | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
| Weighted Average Life to Optional Purchase (years)<sup>(1)</sup> |  |  |  |  |  |
| Weighted Average Life to Maturity (years)<sup>(1)</sup> |  |  |  |  |  |

---

(1) The weighted average life of the Class A-4[a/b] Notes is determined by (a) multiplying
 the amount of each distribution in reduction of principal amount by the number of years from the [Initial]
 Closing Date to the date indicated, (b) adding the results and (c) dividing the sum by the aggregate
 distributions in reduction of principal amount referred to in clause (a).

**[Percentage of Class B[a/b] Note Balance Outstanding to Optional Purchase at Various Absolute <br> Prepayment Model Percentages [if the Aggregate Initial Principal Amount of the Notes is $[●]]:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** |
| <br>**Payment Date** | **0%** | **50%** | **75%** | **100%** | **125%** |
| [Initial] Closing Date | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
| Weighted Average Life to Optional Purchase (years)<sup>(1)</sup> |  |  |  |  |  |
| Weighted Average Life to Maturity (years)<sup>(1)</sup> |  |  |  |  |  |

---

(1) The weighted average life of the Class B[a/b] Notes is determined by (a) multiplying
 the amount of each distribution in reduction of principal amount by the number of years from the [Initial]
 Closing Date to the date indicated, (b) adding the results and (c) dividing the sum by the aggregate
 distributions in reduction of principal amount referred to in clause (a).

**[Percentage of Class B[a/b] Note Balance Outstanding to Optional Purchase at Various Absolute <br> Prepayment Model Percentages [if the Aggregate Initial Principal Amount of the Notes is $[●]]:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** |
| <br>**Payment Date** | **0%** | **50%** | **75%** | **100%** | **125%** |
| [Initial] Closing Date | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
| Weighted Average Life to Optional Purchase (years)<sup>(1)</sup> |  |  |  |  |  |
| Weighted Average Life to Maturity (years)<sup>(1)</sup> |  |  |  |  |  |

---

(1) The weighted average life of the Class B[a/b] Notes is determined by (a) multiplying
 the amount of each distribution in reduction of principal amount by the number of years from the [Initial]
 Closing Date to the date indicated, (b) adding the results and (c) dividing the sum by the aggregate
 distributions in reduction of principal amount referred to in clause (a).

**[Percentage of Class C[a/b] Note Balance Outstanding to Optional Purchase at Various Absolute <br> Prepayment Model Percentages [if the Aggregate Initial Principal Amount of the Notes is $[●]]:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** |
| <br>**Payment Date** | **0%** | **50%** | **75%** | **100%** | **125%** |
| [Initial] Closing Date | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
| Weighted Average Life to Optional Purchase (years)<sup>(1)</sup> |  |  |  |  |  |
| Weighted Average Life to Maturity (years)<sup>(1)</sup> |  |  |  |  |  |

---

(1) The weighted average life of the Class C[a/b] Notes is determined by (a) multiplying
 the amount of each distribution in reduction of principal amount by the number of years from the [Initial]
 Closing Date to the date indicated, (b) adding the results and (c) dividing the sum by the aggregate
 distributions in reduction of principal amount referred to in clause (a).

**[Percentage of Class C[a/b] Note Balance Outstanding to Optional Purchase at Various Absolute <br> Prepayment Model Percentages [if the Aggregate Initial Principal Amount of the Notes is $[●]]:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** |
| <br>**Payment Date** | **0%** | **50%** | **75%** | **100%** | **125%** |
| [Initial] Closing Date | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
| Weighted Average Life to Optional Purchase (years)<sup>(1)</sup> |  |  |  |  |  |
| Weighted Average Life to Maturity (years)<sup>(1)</sup> |  |  |  |  |  |

---

(1) The weighted average life of the Class C[a/b] Notes is determined by (a) multiplying
 the amount of each distribution in reduction of principal amount by the number of years from the [Initial]
 Closing Date to the date indicated, (b) adding the results and (c) dividing the sum by the aggregate
 distributions in reduction of principal amount referred to in clause (a).

**[Percentage of Class D[a/b] Note Balance Outstanding to Optional Purchase at Various Absolute <br> Prepayment Model Percentages [if the Aggregate Initial Principal Amount of the Notes is $[●]]:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** |
| <br>**Payment Date** | **0%** | **50%** | **75%** | **100%** | **125%** |
| [Initial] Closing Date | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
| Weighted Average Life to Optional Purchase (years)<sup>(1)</sup> |  |  |  |  |  |
| Weighted Average Life to Maturity (years)<sup>(1)</sup> |  |  |  |  |  |

---

(1) The weighted average life of the Class D[a/b] Notes is determined by (a) multiplying
 the amount of each distribution in reduction of principal amount by the number of years from the [Initial]
 Closing Date to the date indicated, (b) adding the results and (c) dividing the sum by the aggregate
 distributions in reduction of principal amount referred to in clause (a).

**[Percentage of Class D[a/b] Note Balance Outstanding to Optional Purchase at Various Absolute <br> Prepayment Model Percentages [if the Aggregate Initial Principal Amount of the Notes is $[●]]:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** |
| <br>**Payment Date** | **0%** | **50%** | **75%** | **100%** | **125%** |
| [Initial] Closing Date | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
| Weighted Average Life to Optional Purchase (years)<sup>(1)</sup> |  |  |  |  |  |
| Weighted Average Life to Maturity (years)<sup>(1)</sup> |  |  |  |  |  |

---

(1) The weighted average life of the Class D[a/b] Notes is determined by (a) multiplying
 the amount of each distribution in reduction of principal amount by the number of years from the [Initial]
 Closing Date to the date indicated, (b) adding the results and (c) dividing the sum by the aggregate
 distributions in reduction of principal amount referred to in clause (a).

**[Percentage of Class E[a/b] Note Balance Outstanding to Optional Purchase at Various Absolute <br> Prepayment Model Percentages [if the Aggregate Initial Principal Amount of the Notes is $[●]]:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** |
| <br>**Payment Date** | **0%** | **50%** | **75%** | **100%** | **125%** |
| [Initial] Closing Date | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
| Weighted Average Life to Optional Purchase (years)<sup>(1)</sup> |  |  |  |  |  |
| Weighted Average Life to Maturity (years)<sup>(1)</sup> |  |  |  |  |  |

---

(1) The weighted average life of the Class E[a/b] Notes is determined by (a) multiplying
 the amount of each distribution in reduction of principal amount by the number of years from the [Initial]
 Closing Date to the date indicated, (b) adding the results and (c) dividing the sum by the aggregate
 distributions in reduction of principal amount referred to in clause (a).

**[Percentage of Class E[a/b] Note Balance Outstanding to Optional Purchase at Various Absolute <br> Prepayment Model Percentages [if the Aggregate Initial Principal Amount of the Notes is $[●]]:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** |
| <br>**Payment Date** | **0%** | **50%** | **75%** | **100%** | **125%** |
| [Initial] Closing Date | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
| Weighted Average Life to Optional Purchase (years)<sup>(1)</sup> |  |  |  |  |  |
| Weighted Average Life to Maturity (years)<sup>(1)</sup> |  |  |  |  |  |

---

(1) The weighted average life of the Class E[a/b] Notes is determined by (a) multiplying
 the amount of each distribution in reduction of principal amount by the number of years from the [Initial]
 Closing Date to the date indicated, (b) adding the results and (c) dividing the sum by the aggregate
 distributions in reduction of principal amount referred to in clause (a).

**[Percentage of Class F[a/b] Note Balance Outstanding to Optional Purchase at Various Absolute <br> Prepayment Model Percentages [if the Aggregate Initial Principal Amount of the Notes is $[●]]:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** |
| <br>**Payment Date** | **0%** | **50%** | **75%** | **100%** | **125%** |
| [Initial] Closing Date | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
| Weighted Average Life to Optional Purchase (years)<sup>(1)</sup> |  |  |  |  |  |
| Weighted Average Life to Maturity (years)<sup>(1)</sup> |  |  |  |  |  |

---

(1) The weighted average life of the Class F[a/b] Notes is determined by (a) multiplying
 the amount of each distribution in reduction of principal amount by the number of years from the [Initial]
 Closing Date to the date indicated, (b) adding the results and (c) dividing the sum by the aggregate
 distributions in reduction of principal amount referred to in clause (a).

**[Percentage of Class F[a/b] Note Balance Outstanding to Optional Purchase at Various Absolute <br> Prepayment Model Percentages [if the Aggregate Initial Principal Amount of the Notes is $[●]]:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** |
| <br>**Payment Date** | **0%** | **50%** | **75%** | **100%** | **125%** |
| [Initial] Closing Date | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
| Weighted Average Life to Optional Purchase (years)<sup>(1)</sup> |  |  |  |  |  |
| Weighted Average Life to Maturity (years)<sup>(1)</sup> |  |  |  |  |  |

---

(1) The weighted average life of the Class F[a/b] Notes is determined by (a) multiplying
 the amount of each distribution in reduction of principal amount by the number of years from the [Initial]
 Closing Date to the date indicated, (b) adding the results and (c) dividing the sum by the aggregate
 distributions in reduction of principal amount referred to in clause (a).

**NOTE FACTORS AND OTHER INFORMATION**

The note factor with respect to any class of Notes is a seven-digit decimal which the Servicer will compute each month indicating the outstanding principal amount of that class of Notes, as of the applicable Payment Date, as a fraction of the initial principal amount of that class of Notes. The note factor will be 1.0000000 as of the [Initial] Closing Date; thereafter, the note factor will decline to reflect reductions in the principal amount of the applicable class of Notes. Therefore, if you are a holder of Class A-1 Notes, your principal amount of the Class A-1 Notes outstanding is the product of (1) the original denomination of your Note and (2) the note factor.

Under the Indenture, the Indenture Trustee will receive and transmit to DTC and any successor clearing agency selected by the Administrator monthly reports from the Servicer (the "***Servicer Certificate***") concerning the payments received on the leases, the note factors and various other items of information. DTC will supply these reports to Noteholders (other than the Depositor, if applicable) in accordance with its procedures. The Indenture Trustee will make available to the Noteholders of record during any calendar year information for tax reporting purposes not later than the latest date permitted by law. We refer you to *"Description of the Transaction Documents—Indenture—Reports to Noteholders"* in this prospectus.

**USE OF PROCEEDS**

The Depositor will use the net proceeds from the sale of the [Offered] Notes to (1) acquire the Exchange Note from Auto Lease Finance LLC, [(2) purchase any interest rate protection agreement requiring up-front payments][,] [and] ([3]) fund the initial deposit into the [Risk Retention] Reserve Account [and ([4]) deposit $[●] into the Risk Retention Reserve Account][and the Class [●] Reserve Account] [(5) to deposit the Pre-Funding Account Initial Deposit into the Pre-Funding Account, (6) to deposit the Negative Carry Account Initial Deposit into the Negative Carry Account]. As discussed in *"Certain Provisions of the Titling Trust Documents and Related Agreements—Closed-End Collateral Specified Interest, Reference Pools and Exchange Notes"* in this prospectus, the Exchange Note issued by the Titling Trust will [replace indebtedness of the Titling Trust owed to an affiliate of the Titling Trust under a financing facility provided by such affiliate] [and represent the amount of any funds advanced by the Initial Beneficiary to the Titling Trust pursuant to the Collateral Agency Agreement.] Auto Lease Finance LLC will use the purchase price proceeds received from the Depositor to [pay to such affiliate the purchase price for any replaced indebtedness acquired from them by Auto Lease Finance LLC] [and to advance funds to the Titling Trustee pursuant to the Collateral Agency Agreement.] [Such affiliate will use such net proceeds to pay debt secured by the leases in the Pool prior to their reallocation to the Pool. Any such debt may be owed to the Indenture Trustee, the Owner Trustee or one or more of the underwriters or their affiliates or entities for which their affiliates act as Administrator or provide liquidity lines.] Auto Lease Finance LLC will use any remaining proceeds for general corporate purposes.

**DESCRIPTION OF THE NOTES**

The Notes will be issued under the terms of an Indenture (the ***"Indenture***") among the Issuing Entity, the Indenture Trustee and the Account Bank. We have filed forms of the Indenture and the Trust Agreement as exhibits to the registration statement, but the form agreements do not describe the specific terms of the Notes. A copy of the final form of the Indenture and the Trust Agreement will be filed with the SEC no later than the date of the filing of the final prospectus. This is a summary of the material terms of the Notes; it may not contain all the information that may be important to you. You should read the transaction documents in their entirety to understand their contents.

The [Offered] Notes will be issued in minimum denominations of $[1,000] and integral multiples of $[1,000] in excess thereof, and any Retained Notes will be issued in minimum denominations of $[2,000,000] and integral multiples of $[1,000] in excess thereof. The [Offered] Notes will be issued in book-entry form only, through DTC, Clearstream or Euroclear. Any Retained Notes will initially be issued in physical form only. For more information, read "*Registration of the Notes—Book-Entry Registration*" in this prospectus. Each class of Notes will evidence debt of the Issuing Entity secured by the trust assets. Neither the Notes nor the underlying leases will be guaranteed or insured by any governmental agency or instrumentality or any other person. Payments in respect of principal and interest of any class of Notes will be made on a pro rata basis among all the Noteholders of the class.

**Payments of Interest**

Interest on the principal amounts of the classes of the Notes will accrue at the Notes' respective per annum interest rates and will be payable to the Noteholders monthly on each Payment Date, commencing [●]. Payments will be made to the Noteholders of record as of the Business Day immediately preceding such Payment Date or, if definitive Notes are issued, as of the last Business Day of the preceding month. Interest will accrue on the outstanding principal amount of the Notes as of the previous Payment Date at the applicable interest rate during the related interest accrual period, which is from and including the previous Payment Date to, but excluding, the current Payment Date. [On the Additional Class A-1 Payment Date, if any of the Class A-1 Notes remain outstanding, an amount equal to any accrued and unpaid interest on the Class A-1 Notes will be payable to the holders of the Class A-1 Notes.]

[The Class [●] Notes will not bear an interest rate.][The interest rate for the [Offered] Notes[Class [●] Notes] will be a fixed rate as set forth on the cover page of this prospectus.]

[*NOTE: If Floating Rate Notes are offered, the applicable prospectus will disclose the terms of the specific Benchmark that will be used to determine interest payments for such Floating Rate Notes.*] [*NOTE: The actual Benchmark in any given transaction may also be a market rate other than as recommended by ARRC or referenced below.*] [Interest on the Floating Rate Notes will be calculated based on [the applicable benchmark] plus the applicable spread set forth on the cover page of this prospectus. However, if the sum of [the applicable benchmark] plus the applicable spread is less than 0.00% for any interest accrual period, then the interest rate for the Floating Rate Notes for such interest accrual period will be deemed to be 0.00%.

[The "***SOFR Rate***" will be determined by the Administrator for each interest accrual period on the second U.S. Government Securities Business Day before the first day of such interest accrual period ("***SOFR Adjustment Date***") as of 3:00 p.m. (New York time) on such U.S. Government Securities Business Day, at which time Compounded SOFR is published on the FRBNY's Website (the "***SOFR Determination Time***") (or, if the Benchmark is not SOFR, the time determined by the Administrator (on behalf of the Issuing Entity) after giving effect to the Benchmark Replacement Conforming Changes) (the "***Reference Time***") and, except as provided below following a determination by the Administrator (on behalf of the Issuing Entity) that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, shall mean, with respect to the Floating Rate Notes as of any SOFR Adjustment Date, a rate equal to Compounded SOFR. However, the Administrator (on behalf of the Issuing Entity) will have the right, in its sole discretion, to make applicable SOFR Adjustment Conforming Changes. For the purposes of computing interest on the Notes the following terms will have the following respective meanings:

"***Compounded SOFR***" with respect to any U.S. Government Securities Business Day, shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the applicable compounded average of SOFR for the Corresponding Tenor of 30 days as published on such U.S. Government Securities Business Day at the SOFR Determination Time; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) if the rate specified in (1) above does not so appear, the applicable compounded average of SOFR for the Corresponding Tenor as published in respect of the first preceding U.S. Government Securities Business Day for which such rate appeared on the FRBNY's Website.

The specific Compounded SOFR rate is referred to by its tenor. For example, "30-day Average SOFR" refers to the compounded average SOFR over a rolling 30-calendar day period as published on the FRBNY's Website.

"***FRBNY's Website***" shall mean the website of the FRBNY, currently at https://www.newyorkfed.org/markets/reference-rates/sofr-averages-and-index or at such other page as may replace such page on the FRBNY's website.

"***SOFR Adjustment Conforming Changes***" shall mean, with respect to any SOFR Rate, any technical, administrative or operational changes (including changes to the interest accrual period, timing and frequency of determining rates and making payments of interest, rounding of amounts or tenors, and other administrative matters) that the Administrator (on behalf of the Issuing Entity) decides, from time to time, may be appropriate to adjust such SOFR Rate in a manner substantially consistent with or conforming to market practice (or, if the Administrator (on behalf of the Issuing Entity) decides that adoption of any portion of such market practice is not administratively feasible or if the Administrator (on behalf of the Issuing Entity) determines that no market practice exists, in such other manner as the Administrator (on behalf of the Issuing Entity) determines is reasonably necessary).

"***U.S. Government Securities Business Day***" shall mean any day except for a Saturday, a Sunday or a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. government securities.

All percentages resulting from any calculation on the Notes will be rounded to the nearest one hundred-thousandth of a percentage point, with five-millionths of a percentage point rounded upwards (e.g., 9.8765445% (or 0.098765445) would be rounded to 9.87655% (or 0.0987655)), and all dollar amounts used in or resulting from that calculation on the Notes will be rounded to the nearest cent (with one-half cent being rounded upwards).

Notwithstanding the foregoing, if the Administrator (on behalf of the Issuing Entity) determines prior to the relevant Reference Time that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to the determination of the then-current Benchmark, the Benchmark Replacement determined by the Administrator (on behalf of the Issuing Entity) will replace the then-current Benchmark for all purposes relating to the Notes in respect of such determination on such date and all such determinations on all subsequent dates. In connection with the implementation of a Benchmark Replacement, the Administrator (on behalf of the Issuing Entity), in its sole discretion, will have the right to make Benchmark Replacement Conforming Changes from time to time.

The Administrator will deliver written notice (including by email) to each rating agency hired by the Sponsor to rate the Notes, the Indenture Trustee and the Servicer on any SOFR Adjustment Date if, as of the applicable Reference Time, the Administrator (on behalf of the Issuing Entity) has determined with respect to the related interest accrual period that there will be a change in the SOFR Rate or the terms related thereto since the immediately preceding SOFR Adjustment Date due to a determination by the Administrator (on behalf of the Issuing Entity) that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred. The determination of a Benchmark Replacement and the making of any Benchmark Replacement Conforming Changes will be given to the Indenture Trustee and the Servicer, and included in the Servicer Certificate. Notwithstanding anything in the trust documents to the contrary, upon the receipt of such notice by the rating agencies hired by the Sponsor to rate the Notes, the Indenture Trustee and the Servicer, and inclusion of such information in the Servicer Certificate, the relevant trust documents will be deemed to have been amended to reflect the new Unadjusted Benchmark Replacement, Benchmark Replacement Adjustment and/or Benchmark Replacement Conforming Changes without further compliance with the amendment provisions of the relevant trust documents.

Any determination, decision or election that may be made by the Issuing Entity in connection with a Benchmark Transition Event or a Benchmark Replacement as described above, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error, may be made in the Issuing Entity's sole discretion, and, notwithstanding anything to the contrary in the trust documents, will become effective without consent from any other party. None of the Issuing Entity, the Owner Trustee, the Administrative Agent, the Delaware Trustee, the Titling Trustee Agent, the Indenture Trustee, the Account Bank, the securities intermediary, the Administrator, the Sponsor, the Depositor, the Servicer, the Closed-End Collateral Agent or their respective affiliates will have any liability for any determination made by or on behalf of the Issuing Entity in connection with a Benchmark Transition Event or a Benchmark Replacement as described above, and each Noteholder, by its acceptance of a Note or a beneficial interest in a Note, will be deemed to waive and release any and all claims against the Issuing Entity, the Owner Trustee, the Administrative Agent, the Delaware Trustee, the Titling Trustee Agent, the Indenture Trustee, the Account Bank, the securities intermediary, the Administrator, the Sponsor, the Depositor, the Servicer, the Closed-End Collateral Agent or their respective affiliates relating to any such determinations.

With respect to a Benchmark Transition Event, the following terms will have the following respective meanings:

"***Benchmark***" means, initially, the SOFR Rate; provided that if the Administrator (on behalf of the Issuing Entity) determines prior to the relevant Reference Time that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to the SOFR Rate or the then-current Benchmark, then "Benchmark" means the applicable Benchmark Replacement.

"***Benchmark Replacement***" means the first alternative set forth in the order below that can be determined by the Administrator (on behalf of the Issuing Entity) as of the Benchmark Replacement Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the sum of: (a) the alternate rate of interest that has been selected or recommended by the Relevant Governmental Body as the replacement for the then-current Benchmark and (b) the Benchmark Replacement Adjustment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the sum of: (a) the ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the sum of: (a) the alternate rate of interest that has been selected by the Administrator (on behalf of the Issuing Entity) as the replacement for the then-current Benchmark giving due consideration to any industry-accepted rate of interest as a replacement for the then-current Benchmark for U.S. dollar-denominated floating rate securities at such time and (b) the Benchmark Replacement Adjustment.

"***Benchmark Replacement Adjustment***" means the first alternative set forth in the order below that can be determined by the Administrator (on behalf of the Issuing Entity) as of the Benchmark Replacement Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the spread adjustment (which may be a positive or negative value or zero), or method for calculating or determining such spread adjustment, that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, the ISDA Fallback Adjustment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the spread adjustment (which may be a positive or negative value or zero) that has been selected by the Administrator (on behalf of the Issuing Entity) giving due consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated floating rate securities at such time.

"***Benchmark Replacement Conforming Changes***" means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the interest accrual period, timing and frequency of determining rates and making payments of interest, rounding of amounts or tenors, and other

administrative matters) that the Administrator (on behalf of the Issuing Entity) decides may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially consistent with market practice (or, if the Administrator (on behalf of the Issuing Entity) decides that adoption of any portion of such market practice is not administratively feasible or if the Administrator (on behalf of the Issuing Entity) determines that no market practice for use of the Benchmark Replacement exists, in such other manner as the Administrator (on behalf of the Issuing Entity) determines is reasonably necessary).

"***Benchmark Replacement Date***" means the earliest to occur of the following events with respect to the then-current Benchmark (including the daily published component used in the calculation thereof):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) in the case of clause (1) or (2) of the definition of "Benchmark Transition Event," the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the Benchmark permanently or indefinitely ceases to provide the Benchmark (or such component); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) in the case of clause (3) of the definition of "Benchmark Transition Event," the date of the public statement or publication of information referenced therein.

For the avoidance of doubt, if the event that gives rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination.

"***Benchmark Transition Event***" means the occurrence of one or more of the following events with respect to the then-current Benchmark (including the daily published component used in the calculation thereof):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a public statement or publication of information by or on behalf of the administrator of the Benchmark (or such component) announcing that such administrator has ceased or will cease to provide the Benchmark (or such component), permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark (or such component); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark (or such component), the central bank for the currency of the Benchmark (or such component), an insolvency official with jurisdiction over the administrator for the Benchmark (or such component), a resolution authority with jurisdiction over the administrator for the Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for the Benchmark, which states that the administrator of the Benchmark (or such component) has ceased or will cease to provide the Benchmark (or such component) permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark (or such component); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark announcing that the Benchmark is no longer representative.

"***Corresponding Tenor***" means, with respect to a Benchmark Replacement, a tenor (including overnight) having approximately the same length (disregarding any business day adjustment) as the applicable tenor for the then-current Benchmark.

"***ISDA Definitions***" means the [●] ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time.

"***ISDA Fallback Adjustment***" means the spread adjustment (which may be a positive or negative value or zero) that would apply for derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark.

"***ISDA Fallback Rate***" shall mean the rate that would apply for derivatives transactions referencing the ISDA Definitions to be effective upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment.

"***Relevant Governmental Body***" shall mean the Federal Reserve Board and/or the FRBNY, or a committee officially endorsed or convened by the Federal Reserve Board and/or the FRBNY or any successor thereto.

"***Unadjusted Benchmark Replacement***" shall mean the Benchmark Replacement excluding the Benchmark Replacement Adjustment.

None of the Owner Trustee, the Administrative Agent, the Delaware Trustee, the Tiling Trustee Agent or the Indenture Trustee will be under any obligation to (i) monitor, determine or verify the unavailability or cessation of the SOFR Rate (or other applicable Benchmark), or whether or when there has occurred, or to give notice to any other transaction party of the occurrence of, any Benchmark Transition Event or Benchmark Replacement Date, (ii) select, determine or designate any Benchmark Replacement, or other successor or replacement benchmark index, or whether any conditions to the designation of such a rate have been satisfied, (iii) select, determine or designate any Benchmark Replacement Adjustment, or other modifier to any replacement or successor index, or (iv) determine whether or what Benchmark Replacement Conforming Changes are necessary or advisable, if any, in connection with any of the foregoing. The foregoing obligations will be performed by the Administrator, on behalf of the Issuing Entity, pursuant to the Administration Agreement.

None of the Owner Trustee, the Administrative Agent, the Delaware Trustee, the Tiling Trustee Agent or the Indenture Trustee will be liable for any inability, failure or delay on its part to perform any of its duties set forth in the indenture as a result of the unavailability of the SOFR Rate (or other applicable Benchmark) and absence of a designated replacement Benchmark, including as a result of any inability, delay, error or inaccuracy on the part of any other party, including without limitation the Administrator or the Issuing Entity, in providing any direction, instruction, notice or information required or contemplated by the terms of the indenture and reasonably required for the performance of such duties. The Owner Trustee and the Indenture Trustee shall be entitled to rely conclusively upon any determination made, and any instruction, notice, officer's certificate or other instrument or information provided by the Administrator, Servicer or Depositor without independent verification, investigation or inquiry of any kind by the Owner Trustee or the Indenture Trustee.

None of the Owner Trustee, the Administrative Agent, the Delaware Trustee, the Tiling Trustee Agent or the Indenture Trustee will have any liability for any interest rate published by any publication that is the source for determining the interest rates of the Notes, including but not limited to the FRBNY's Website (or any successor source), for any rates compiled by the FRBNY or any successor thereto, or for any rates published on any publicly available source, or in any of the foregoing cases for any delay, error or inaccuracy in the publication of any such rates, or for any subsequent correction or adjustment thereto.]

Interest due on the Class A-1 Notes [and Floating Rate Notes] will be calculated on the basis of the actual number of days in the related interest accrual period (which period will be from and including the previous Payment Date to but excluding the related Payment Date, except for the initial interest accrual period, which period will be from and including the [Initial] Closing Date to but excluding the initial Payment Date) and a 360-day year. This means that the interest due on the Class A-1 Notes [and the Floating Rate Notes] on each Payment Date will be the product of:

&nbsp;&nbsp;&nbsp;&nbsp;· the
 aggregate outstanding principal amount of the Class A-1 Notes [or the Floating Rate
 Notes, as applicable];

&nbsp;&nbsp;&nbsp;&nbsp;· the
 related interest rate; and

· the actual number of days from and including the previous Payment Date (or, in the case of the initial Payment Date, [●], assuming a[n] [Initial] Closing Date of [●]) to but excluding the current Payment Date, divided by 360.

[[The Class [●] Notes will not bear an interest rate, and therefore interest will not accrue or be paid with respect to the Class [●] Notes.] Interest for a related period on each other class of the Notes will be calculated on the basis of a 360-day year consisting of twelve 30-day months, which period will be from and including the [15th] day of the previous calendar month (or, for the initial interest accrual period, from and including the [Initial] Closing Date) to but excluding the [15th] day of the current calendar month. This means that the interest due on these classes of Notes on each Payment Date will be the product of:

&nbsp;&nbsp;&nbsp;&nbsp;· the
 aggregate outstanding principal amount of the related class of Notes;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 related interest rate; and

· 30 (or, in the case of the initial Payment Date, [●], assuming a[n] [Initial] Closing Date of [●]) divided by 360.]

On each Payment Date, in accordance with the instructions of the Servicer (based on information contained in the related Servicer Certificate), the Indenture Trustee will, or will cause the Account Bank to, generally apply the Available Funds [and any withdrawals from the [Risk Retention] Reserve Account][and any draws on the reserve account letter of credit] to make interest payments on the Notes. We refer you to *"Description of the Transaction Documents—Distributions on the Securities—Allocations and Distributions on the Securities"* in this prospectus.

[Payments of interest on the Class A Notes will be subordinate to Monthly Swap Payment Amounts and equal in priority to Senior Swap Termination Payment Amounts, if any.][Other than on the Additional Class A-1 Payment Date,] interest payments on each class of the Class A Notes will have the same priority. Interest payments on the Class B Notes will be subordinated to the payment of interest on the Class A Notes[,] [[and] interest payments on the Class C Notes will be subordinated to the payment of interest on the Class A Notes and the Class B Notes][,] [[and] interest payments on the Class D Notes will be subordinated to the payment of interest on the Class A Notes, the Class B Notes and the Class C Notes][,] [[and] interest payments on the Class E Notes will be subordinated to the payment of interest on the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes][,] [[and] interest payments on the Class F Notes will be subordinated to the payment of interest on the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes]. As described under *"Description of the Transaction Documents—Distributions on the Securities—Allocations and Distributions on the Securities"* in this prospectus, the Class A Notes will be entitled to receive specified payments of principal before payments of interest are made on the Class B Notes[[,] [and] the Class C Notes[,]] [[and] the Class D Notes [,]] [[and] the Class E Notes[,]] [[and] the Class F Notes][,]] [[and] the Class A Notes and the Class B Notes will be entitled to receive specified payments of principal before payments of interest are made on the Class C Notes]] [[,][and] the Class A Notes, the Class B Notes and the Class C Notes will be entitled to receive specified payments of principal before payments of interest are made on the Class D Notes][,]] [[and] the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes will be entitled to receive specified payments of principal before payments of interest are made on the Class E Notes]] [and the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes will be entitled to receive specified payments of principal before payments of interest are made on the Class F Notes]. In addition, in the event that the Notes are declared to be due and payable due to the occurrence of an Event of Default [resulting from the failure to make a payment on the Notes], unless such Event of Default has been waived or rescinded, no interest will be payable on the Class B Notes until all principal of and interest on the Class A Notes have been paid in full [[,][and] no interest will be payable on the Class C Notes until all principal of and interest on the Class A Notes and the Class B Notes have been paid in full] [[,][and] no interest will be payable on the Class D Notes until all principal of and interest on the Class A Notes, the Class B Notes and the Class C Notes have been paid in full] [[,][and] no interest will be payable on the Class E Notes until all principal of and interest on the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes have been paid in full] [and no interest will be payable on the Class F Notes until all principal of and interest on the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes have been paid in full.] Under some circumstances, the amount available for interest payments on the Notes could be less than the amount of interest payable on the Notes on any Payment Date. In this instance, each holder of Class A Notes will receive its ratable share*—*based upon the aggregate amount of interest due to the holders of all Class A Notes*—*of the aggregate amount available to be distributed in respect of interest on the Notes until interest on the Class A Notes has been paid in full and certain allocations of principal of the Class A Notes have been made [and then each holder of Class B Notes will receive its ratable share of any remaining amount available to be distributed in respect of interest on the Notes until interest on the Class B Notes has been paid in full[,] [[and] then each holder of Class C Notes will receive its ratable share of any remaining amount available to be distributed in respect of interest on the Notes until interest on the Class C Notes has been paid in full][,] [[and] then each holder of the Class D Notes will receive its ratable share of any remaining amounts available to be distributed in respect of interest on the Notes until interest on the Class D Notes has been paid in full][,] [[and] then each holder of the Class E Notes will receive its ratable share of any remaining amounts available to be distributed in respect of interest on the Notes until interest on the Class E Notes has been paid in full][,] [and then each holder of F Notes will receive its ratable share of any remaining amount available to be distributed in respect of interest on the Notes until interest on the Class F Notes has been paid in full]. The failure to pay interest when due on the Class B Notes will not be an Event of Default under the Indenture unless and until the Class A Notes have been paid in full][,] [[and] the failure to pay interest when due on the Class C Notes will not be an Event of Default under the Indenture unless and until the Class A Notes and the Class B Notes have been paid in full][,] [[and] the failure to pay interest when due on the Class D Notes will not be

an Event of Default under the Indenture unless and until the Class A Notes, the Class B Notes and the Class C Notes have been paid in full][,] [[and] the failure to pay interest when due on the Class E Notes will not be an Event of Default under the Indenture unless and until the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes have been paid in full] [and the failure to pay interest when due on the Class F Notes will not be an Event of Default under the Indenture unless and until the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class F Notes have been paid in full].

[***"Monthly Swap Payment Amount***" means, with respect to any Payment Date, the amount, if any, payable by the trust under the interest rate protection agreement other than swap termination payment amounts.]

[***"Senior Swap Termination Payment Amount***" means, any Swap Termination Payment Amount other than a Subordinate Swap Termination Payment Amount. ]

[***"Subordinate Swap Termination Payment Amount***" means, any Swap Termination Payment Amount resulting from a termination where the Swap Counterparty is the defaulting party or the sole affected party (as defined in the interest rate protection agreement) other than terminations arising from a tax event or illegality (as defined in the interest rate protection agreement). ]

[***"Swap Termination Payment Amount***" means, any amount due to the Swap Counterparty from the Issuing Entity in respect of an early termination date of the interest rate protection agreement.]

**Payments of Principal**

[***Revolving Period****]*

[Principal payments will not be made on the Notes during the Revolving Period. If an Early Amortization Event occurs, the Revolving Period will end and Noteholders will receive payments of principal earlier than expected. See "*Description of the Transaction Documents—Revolving Period"* in this prospectus.]

[***Amortization Period****]*

On each Payment Date, in accordance with the instructions of the Servicer (based on information contained in the related Servicer Certificate), the Indenture Trustee will, or will cause the Account Bank to, remit principal payments to the Noteholders in an amount generally equal to the excess, if any, of:

&nbsp;&nbsp;&nbsp;&nbsp;· the
 aggregate outstanding principal amount of the Notes as of the day immediately preceding that
 Payment Date, over

· the aggregate Securitization Value as of the last day of the related Collection Period less [●]% of the aggregate [initial] Securitization Value as of the [[Initial][Actual] Cutoff Date] [last day of related Collection Period].

[Other than on the Additional Class A-1 Payment Date,] the Indenture Trustee generally will remit principal payments on the Notes from Available Funds, if any, remaining after the payment of the administration fee[, Monthly Swap Payment Amounts, Senior Swap Termination Payment Amounts] and interest on the Notes. We refer you to *"Description of the Transaction Documents—Distributions on the Securities—Allocations and Distributions on the Securities"* in this prospectus.

We refer to the calendar month immediately preceding each Payment Date as a ***"Collection Period."*** The Collection Period for the initial Payment Date shall be from, but excluding, the [Initial][Actual] Cutoff Date to and including [●], 20[●]. A ***"Business Day***" is a day other than a Saturday, a Sunday or a day on which banking institutions or trust companies in the State of New York, the State of Florida, the State of Delaware and the states in which the servicing offices of the Servicer are located or the state in which the corporate trust office of the Indenture Trustee is located are required or authorized by law, regulation or executive order to be closed.

[One][Two] Business Day[s] immediately preceding each Payment Date, the Servicer shall determine the amount in the Exchange Note Collection Account for the applicable Collection Period. On each Payment Date, from the amounts allocated to the holders of the Notes to pay principal described in clauses [(4)], [(6)], [(8)], [(10)], [(12)]

and [(14)] in *"Description of the Transaction Documents—Distributions on the Securities—Allocations and Distributions on the Securities,"* the Issuing Entity will pay principal of the Notes in the following order of priority:

[(1)] [to the Class A Notes, pro rata, based upon the respective unpaid principal amount of each such class of Notes until they are paid in full][to the Class A-1 Notes[, pro rata among any Class A-1a Notes and any Class A-1b Notes, as applicable,] until they are paid in full][to the holders of each class of the Notes, pro rata, based on the outstanding principal amount of each such class, until they are paid in full][; then][.]

[(2) to the holders of the other Class A Notes[, pro rata among any fixed rate tranche and any floating rate tranche of each such Class of Notes, as applicable], pro rata based upon their respective unpaid principal amounts, until they are paid in full][to the holders of the other Class A Notes[, pro rata among any fixed rate tranche and any floating rate tranche of each such Class of Notes, as applicable], sequentially until they are paid in full][; and then][.]]

[(2) to the Class A-2 Notes[, pro rata among any Class A-2a Notes and any Class A-2b Notes, as applicable] until they are paid in full][; and then][.]]

[(3) to the Class A-3 Notes[, pro rata among any Class A-3a Notes and any Class A-3b Notes, as applicable] until they are paid in full][; and then][.]]

[(4) to the Class A-4 Notes[, pro rata among any Class A-4a Notes and any Class A-4b Notes, as applicable] until they are paid in full][; and then][.]]

[(5) to the Class B Notes[, pro rata among any Class Ba Notes and any Class Bb Notes, as applicable] until they are paid in full][; and then][.]]

[(6) to the Class C Notes[, pro rata among any Class Ca Notes and any Class Cb Notes, as applicable] until they are paid in full][; and then][.]]

[(7) to the Class D Notes[, pro rata among any Class Da Notes and any Class Db Notes, as applicable] until they are paid in full][; and then][.]]

[(8) to the Class E Notes[, pro rata among any Class Ea Notes and any Class Eb Notes, as applicable] until they are paid in full][; and then][.]]

[(9) to the Class F Notes[, pro rata among any Class Fa Notes and any Class Fb Notes, as applicable] until they are paid in full.]

If the Notes are declared to be due and payable following the occurrence of an Event of Default, unless such Event of Default has been waived or rescinded, the Issuing Entity will pay principal of the Notes from funds allocated to the holders of the Notes in the following order of priority:

[(1)] [to the holders of the Class A Notes, pro rata, based upon the respective unpaid principal amount of each such class of Notes until they are paid in full;][to the holders of the Class A-1 Notes[, pro rata among any Class A-1a Notes and any Class A-1b Notes, as applicable,] until they are paid in full][to the holders of each class of the Notes, pro rata, based on the outstanding principal amount of each such class, until they are paid in full][; then][.]

[(2) [to the holders of the other Class A Notes[, pro rata among any fixed rate tranche and any floating rate tranche of each such Class of Notes, as applicable], pro rata, based upon their respective unpaid principal amounts, until they are paid in full][to the holders of the other Class A Notes[, pro rata among any fixed rate tranche and any floating rate tranche of each such Class of Notes, as applicable], sequentially until they are paid in full][; and then][.]]

[(2) to the holders of the Class B Notes[, pro rata among any Class Ba Notes and any Class Bb Notes, as applicable,] until they are paid in full][; and then][.]]

[(3) to the holders of the Class C Notes[, pro rata among any Class Ca Notes and any Class Cb Notes, as applicable,] until they are paid in full][; and then][.]]

[(4) to the holders of the Class D Notes[, pro rata among any Class Da Notes and any Class Db Notes, as applicable,] until they are paid in full[; and then][.]]

[(5) to the holders of the Class E Notes[, pro rata among any Class Ea Notes and any Class Eb Notes, as applicable,] until they are paid in full[; and then][.]]

[(6) to the holders of the Class F Notes[, pro rata among any Class Fa Notes and any Class Fb Notes, as applicable,] until they are paid in full.]

On the Final Scheduled Payment Date for a class of Notes, the principal amount of that class of Notes, to the extent not previously paid, will be due. The Final Scheduled Payment Dates for each class of Notes are as follows:

· the principal amount of the Class A-1 Notes, to the extent not previously paid, will be due on the Payment Date of [●];

· the principal amount of the Class A-2 Notes, to the extent not previously paid, will be due on the Payment Date of [●];

· the principal amount of the Class A-3 Notes, to the extent not previously paid, will be due on the Payment Date of [●]; [and]

· the principal amount of the Class A-4 Notes, to the extent not previously paid, will be due on the Payment Date of [●][; and]

· [the principal amount of the Class B Notes, to the extent not previously paid, will be due on the Payment Date of [●]][.] [;and]

· [the principal amount of the Class C Notes, to the extent not previously paid, will be due on the Payment Date of [●]][.] [;and]

· [the principal amount of the Class D Notes, to the extent not previously paid, will be due on the Payment Date of [●]][.] [;and]

· [the principal amount of the Class E Notes, to the extent not previously paid, will be due on the Payment Date of [●]][.] [;and]

· [the principal amount of the Class F Notes, to the extent not previously paid, will be due on the Payment Date of [●].]

The actual date on which the aggregate outstanding principal amount of any class of Notes is paid in full may be earlier than the Final Scheduled Payment Date for that class. [On the Additional Class A-1 Payment Date, if any of the Class A-1 Notes remain outstanding, an amount equal to the outstanding amount of the Class A-1 Notes will be paid to the holders of the Class A-1 Notes.]

**Redemption Upon Optional Purchase**

The Servicer may, at its option, purchase the Exchange Note from the Issuing Entity on any Payment Date following the last day of any Collection Period on which the aggregate outstanding principal amount of the Notes is less than or equal to [5]% of the initial aggregate outstanding principal amount of the Notes on the [Initial] Closing Date. The purchase price for the Exchange Note will, as calculated by the Servicer, be equal to the aggregate of the unpaid principal balance of the Exchange Note plus accrued and unpaid interest as of such last day [plus all amounts owing to the Swap Counterparty under the interest rate protection agreement]. Exercise of this right to purchase the Exchange Note will result in the redemption of the Notes at a price equal to the aggregate outstanding principal amount of the Notes plus accrued and unpaid interest to but excluding the date of redemption. The Servicer or the Issuing Entity will notify the Indenture Trustee of an election to purchase the Exchange Note not later than the close of business on the first business day of the month in which the applicable redemption date occurs. Notice of redemption under the Indenture must be given by the Indenture Trustee not later than 10 days prior to the redemption date to each holder of Notes. In addition, the Servicer or the Issuing Entity will notify each rating agency hired by the Sponsor to rate the Notes upon redemption of the Notes. The final distribution to any Noteholder will be made only upon surrender and cancellation of each Noteholder's Note at the office or agency of the Indenture Trustee specified in the notice of termination.

**[Mandatory Prepayment]**

[[At the end of the Pre-Funding Period, all or a portion of the Notes will be prepaid on the Payment Date immediately following the Collection Period in which the last day of the Pre-Funding Period occurs if and to the extent any amount remains on deposit in the Pre-Funding Account on that Payment Date, after giving effect to the allocation of all subsequent Units.] [At the end of a Revolving Period, all or a portion of the Notes will be prepaid if

there are amounts on deposit in the Accumulation Account following the end of the Revolving Period, after giving effect to the allocation of all subsequent Units.] All mandatory prepayments will be made in accordance with the priorities described under "*Description of the Notes—Payments of Principal*" above.]

**REGISTRATION OF THE NOTES**

**Book-Entry Registration**

The [Offered] Notes will be available only in book-entry form except in the limited circumstances described below under "*—Definitive Notes*." All book-entry Notes will be held by DTC, in the name of Cede & Co. as nominee of DTC. Noteholders' interests in the [Offered] Notes will be represented through financial institutions acting on their behalf as direct and indirect participants in DTC, including Clearstream and Euroclear. Investors may hold their Notes through DTC, Clearstream or Euroclear, which will hold positions on behalf of their customers or participants through their depositories, which in turn will hold positions in accounts as DTC participants.

The [Offered] Notes will be traded as home market instruments in both the U.S. domestic and European markets. Initial settlement and all secondary trades will settle in same-day funds. Noteholders electing to hold interests in the [Offered] Notes through DTC will follow the settlement practices applicable to U.S. corporate debt obligations. Investors electing to hold global securities through Clearstream or Euroclear accounts will follow the settlement procedures applicable to conventional Eurobonds, except that there will be no temporary global notes and no "lock-up" or restricted period. Investors should review the procedures of DTC, Clearstream and Euroclear for clearing, settlement and withholding tax procedures applicable to their purchase of the [Offered] Notes.

Actions of Noteholders under the Indenture will be taken by DTC on instructions from its participants and payments, notices, reports and statements to be delivered to Noteholders will be delivered to DTC or its nominee as the registered holder of the book-entry Notes for distribution to the Noteholders according to DTC's rules and procedures.

Noteholders may experience delays in receiving payments since distribution will initially be made to DTC and must be transferred through the chain of intermediaries to the beneficial owner's account. The ability of a Noteholder to pledge Notes to persons or entities that do not participate in the DTC system, or otherwise take actions with respect to the [Offered] Notes, may be limited due to the lack of a physical Note.

None of the Sponsor, the Depositor, the Issuing Entity, the Administrator, the Servicer, the Indenture Trustee, the Owner Trustee or the Note Registrar will have any liability for any aspect of the records relating to or payments made on account of beneficial interests in the [Offered] Notes held by DTC, Clearstream or Euroclear, or for maintaining, supervising or reviewing any records relating to the beneficial ownership interests in the [Offered] Notes.

**Definitive Notes**

The [Offered] Notes will be issued in fully registered, certificated form as definitive securities to the securityholders of the Notes or their nominees, only if:

&nbsp;&nbsp;&nbsp;&nbsp;· the
 Administrator advises the Indenture Trustee in writing that DTC is no longer willing or able
 to properly discharge its responsibilities as depository with respect to the [Offered] Notes,
 and the Administrator is unable to locate a qualified successor; or

&nbsp;&nbsp;&nbsp;&nbsp;· the
 Administrator at its option advises the Indenture Trustee, in writing, that it elects to
 terminate the book-entry system through DTC; or

&nbsp;&nbsp;&nbsp;&nbsp;· after
 the occurrence of an Event of Default under the Indenture, securityholders representing at
 least a majority of the outstanding principal amount of the Notes, voting together as a single
 class, advise the Indenture Trustee through DTC in writing that the continuation of a book-entry
 system through DTC or its successor is no longer in the securityholders' best interest.

&nbsp;&nbsp;&nbsp;&nbsp;· Upon
 the occurrence of any event described in the immediately preceding paragraph, the Indenture
 Trustee will be required to notify all the Noteholders through participants of the availability
 of definitive securities. Upon surrender to the Indenture Trustee by DTC of the definitive
 notes representing the [Offered] Notes and receipt of instructions for re-registration, the
 Indenture Trustee will reissue the [Offered] Notes as definitive securities to the Noteholders.

Distributions of principal of, and interest on, the [Offered] Notes will thereafter be made by the Indenture Trustee in accordance with the procedures set forth in this prospectus, and as described in the Indenture, Exchange Note Sale Agreement, Exchange Note Transfer Agreement, Servicing Agreement or Trust Agreement directly to holders of definitive Notes in whose names the definitive Notes were registered at the close of business on the applicable record date.

The distributions will be made by check or wire transfer to the address or designated account of the holder as it appears on the register maintained by the Note Registrar or by other means to the extent provided in the Indenture. The final payment or distribution on any Note, however, will be made only upon presentation and surrender of such Note at the office or agency specified in the notice of final distribution to the applicable Noteholders.

Definitive securities in respect of the Notes will be transferable and exchangeable at the offices of the Indenture Trustee or Note Registrar named in a notice delivered to holders of the definitive Notes. No service charge will be imposed for any registration of transfer or exchange, but the Indenture Trustee or Issuing Entity or Note Registrar may require payment of a sum sufficient to cover any tax or other governmental charge imposed in connection therewith.

**DESCRIPTION OF THE TRANSACTION DOCUMENTS**

The following summary describes the material terms of the Titling Trust Documents and transaction documents, which consist of the Exchange Note Supplement, the Exchange Note Sale Agreement, the Exchange Note Transfer Agreement, the Servicing Agreement, the Indenture, the Trust Agreement and the Administration Agreement. We have filed forms of the transaction documents as exhibits to the registration statement, but the form agreements do not describe the specific terms of the Notes. A copy of the final forms of the transaction documents will be filed with the SEC no later than the date of the filing of the final prospectus. This is a summary of the material terms of the transaction documents; it does not contain all the information that may be important to you. You should read the transaction documents in their entirety to understand their contents.

On the [Initial] Closing Date, the Titling Trust will issue the Exchange Note to Auto Lease Finance LLC, the Initial Beneficiary, pursuant to the procedures outlined in *"The Exchange Note"* in this prospectus, and World Omni Auto Leasing LLC, the Depositor, will purchase from Auto Lease Finance LLC under the Exchange Note Sale Agreement, without recourse (other than to the extent described in *"The Leases—Representations and Warranties Relating to the Units—Representations, Warranties and Covenants"*), Auto Lease Finance LLC's entire interest in the Exchange Note. At the time of issuance of the Notes, the Depositor will sell and assign to World Omni Automobile Lease Securitization Trust 20[●]-[●], the Issuing Entity, under the Exchange Note Transfer Agreement, without recourse, except as provided in the Exchange Note Transfer Agreement, its entire interest in the Exchange Note, assign to the Issuing Entity all of its rights under the Exchange Note Sale Agreement and deliver the Exchange Note to the Issuing Entity. The Owner Trustee will, concurrently with such sale and assignment, execute on behalf of the Issuing Entity, and the Indenture Trustee, upon receipt of an order from the Issuing Entity, will authenticate and deliver to the Depositor, the Notes and the Certificates in exchange for the Exchange Note. Immediately following the transfer of the Exchange Note to the Issuing Entity, the Issuing Entity will pledge its interest in the Issuing Entity Property, which includes the Exchange Note, to the Indenture Trustee as security for the Notes. Upon the execution of the transaction documents and the issuance of the Notes as described in this paragraph, the Indenture Trustee, on behalf of the related securityholders, will hold a first priority perfected security interest in the Exchange Note and all identifiable proceeds thereof.

Upon delivery to the Depositor of the Notes and Certificates, the Depositor will then sell the [Offered] Notes to the underwriters. We refer you to *"Underwriting"* in this prospectus.

[During the Pre-Funding Period, the [Depositor] will seek to cause subsequent Units with an aggregate Securitization Value equal to at least the Pre-Funding Account Initial Deposit to be allocated to the Reference Pool.] [During the Revolving Period, the [Depositor] may [also] seek to cause Units to be allocated to the Reference Pool on each Payment Date during the Revolving Period.] [The Initial Beneficiary][Auto Lease Finance LLC] may [allocate][cause] those additional Units to [be allocated to] the Reference Pool on substantially the same terms as under the Exchange Note Sale Agreement on the [Initial] Closing Date.]

**Reallocation [and Substitution] Obligations**

In the Exchange Note Sale Agreement, Auto Lease Finance LLC will make certain representations and warranties, including that each lease complies with all requirements of law in all material respects. If certain of such representations and warranties prove to be incorrect with respect to any lease, the result has certain material adverse effects and the breach is not timely corrected or cured, such Unit will be transferred out of the Reference Pool and Auto Lease Finance LLC will be required under the Exchange Note Sale Agreement to deposit an amount equal to the repurchase payment in respect of the lease into the Exchange Note Collection Account [or, in its sole discretion, Auto Lease Finance LLC may elect to substitute such Unit, and allocate a new Unit to such Reference Pool]. See *"The Leases—Representations and Warranties Relating to the Units—Representations, Warranties and Covenants"* in this prospectus.

**Accounts**

The Servicer will establish and maintain, on behalf of the related securityholders, with the [Indenture Trustee][Account Bank] and in the name of the Issuing Entity, one or more accounts, which shall include the Trust Collection Account, the [Risk Retention] Reserve Account [,][and] the Principal Distribution Account[, [the Pre-Funding Account][the Negative Carry Account][the Class [●] Reserve Account][[and] the Accumulation Account]]

(the ***"Trust Accounts***"), bearing a designation clearly indicating that funds deposited therein are held for the benefit of the related securityholders.

The Servicer will establish and maintain an Exchange Note collection account (the ***"Exchange Note Collection Account***") in the name of the Closed-End Collateral Agent on behalf of the Exchange Noteholder. Within two Business Days of receipt and identification of funds related to the leases in the Reference Pool, the Servicer will deposit collections into the Exchange Note Collection Account. Notwithstanding the foregoing requirement, for so long as the three conditions listed below are satisfied, World Omni need not deposit collections into the Exchange Note Collection Account on the day indicated in the preceding sentence but may use for its own benefit all of those collections until the Business Day immediately preceding the Payment Date (whether or not such funds will be distributed to the Exchange Noteholder, retained in the Exchange Note Collection Account or deposited in another account on such Payment Date), at which time World Omni will make the deposits in an amount equal to the net amount of the deposits and withdrawals which would have been made had the conditions of this sentence not applied.

The three conditions that must be satisfied are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;· World
 Omni remains the Servicer under the Servicing Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;· no
 default by the Servicer has occurred and is continuing; and

&nbsp;&nbsp;&nbsp;&nbsp;· World
 Omni's unsecured debt obligations rating by any rating agency hired by the Sponsor
 to rate the Notes is acceptable to such rating agency.

The Administrative Agent will deposit amounts released from the Exchange Note Collection Account for distribution to the Exchange Noteholder, which distribution will be deposited into the ***"Trust Collection Account."*** The Servicer, on behalf of the Noteholders, will establish and maintain with the [Indenture Trustee][Account Bank] and in the name of the Issuing Entity, the Trust Collection Account bearing a designation clearly indicating that funds deposited therein are held for the benefit of the Noteholders. The Indenture Trustee, in accordance with the instructions of the Servicer (based on information contained in the related Servicer Certificate), will, or will cause the Account Bank to, deposit amounts released from the Trust Collection Account and the [Risk Retention] Reserve Account [or drawn on the reserve account letter of credit] for distribution to Noteholders into an Eligible Account designated as the principal distribution account (the ***"Principal Distribution Account***"). The Servicer, on behalf of the Noteholders, will establish and maintain with the [Indenture Trustee][Account Bank] and in the name of the Issuing Entity, the Principal Distribution Account bearing a designation clearly indicating that funds deposited therein are held for the benefit of the Noteholders. The Indenture Trustee, in accordance with the instructions of the Servicer (based on information contained in the related Servicer Certificate), will, or will cause the Account Bank to, make distributions to the Noteholders from the Principal Distribution Account as described under *"—Distributions on the Securities—Allocations and Distributions on the Securities"* below.

So long as no Event of Default shall have occurred and be continuing, funds in the Trust Accounts will be invested in eligible investments upon direction from the Administrator. Absent such direction, such funds will be invested or remain uninvested in accordance with the indenture. Eligible investments are generally limited to investments acceptable to the rating agencies hired by the Sponsor to rate the securities as being consistent with the rating of the Notes. [In addition, funds in the [Risk Retention] Reserve Account may only be invested in eligible investments that satisfy the requirements of Regulation RR.] In addition, eligible investments must generally be high quality, highly liquid, short-term investments that mature before the related Payment Date. No such investment will be sold prior to maturity. Thus, the amount of cash in any Trust Account at any time may be less than the balance of the Trust Account. If required withdrawals from any Trust Account exceed the amount of cash in the Trust Account, a temporary shortfall in the amounts distributed to the related securityholders could result. The average life of the securities could then increase. The Indenture Trustee will, or will cause the Account Bank to, deposit investment earnings on funds in the Trust Accounts in the Trust Collection Account. Eligible investments may be purchased by or through an affiliate of the Indenture Trustee or the Account Bank.

The Trust Accounts may be maintained as either (***"Eligible Accounts***"):

&nbsp;&nbsp;&nbsp;&nbsp;· a
 segregated account with an Eligible Institution; or

&nbsp;&nbsp;&nbsp;&nbsp;· a
 segregated trust account with an Eligible Trust Account Institution.

"***Eligible Institution***" means a depository institution or trust company (which may be the Owner Trustee, the Indenture Trustee or any of their respective affiliates) organized under the laws of the United States of America or any one of the states thereof or the District of Columbia (or any domestic branch of a foreign bank), (i) which has either (A) an issuer credit rating of "[●]" or better by Fitch and "[●]" or better by [●], (B) a short-term unsecured debt rating or deposit rating of "[●]" or better by Fitch and "[●]" or better by [●] or (C) such other rating that is acceptable to each rating agency hired by the Sponsor to rate the Notes and (ii) whose deposits are insured by the FDIC.

"***Eligible Trust Account Institution***" means the corporate trust department of a depository institution organized under the laws of the United States of America or any one of the states thereof or the District of Columbia (or any domestic branch of a foreign bank), having corporate trust powers and acting as trustee for funds deposited in such account, so long as such depository institution has either a (i) an issuer credit rating of "[●]" or better by Fitch and "[●]" or better by [●], (ii) a short-term unsecured debt rating or deposit rating of "[●]" or better by Fitch and "[●]" or better by [●] or (iii) such other rating that is acceptable to each rating agency hired by the Sponsor to rate the Notes. So long as such institution qualifies, the Eligible Trust Account Institution may be the Owner Trustee, the Indenture Trustee, the Account Bank or any of their respective affiliates.

The Depositor expects that the Trust Accounts will be maintained with the [Indenture Trustee][Account Bank] so long as it satisfies the requirements above.

**The Servicing Agreement and the Servicing Supplement**

Under the Base Servicing Agreement, the Servicer will manage the Titling Trust as agent for, and subject to the supervision, direction and control of, the Titling Trust and Closed-End Collateral Agent. The obligations of the Servicer include, among other things, acquiring vehicles and originating leases on behalf of the Titling Trust, collecting and posting payments, responding to inquiries of lessees, investigating delinquencies, sending payment statements to lessees, disposing of returned vehicles, commencing legal proceedings to enforce leases and servicing the leases, including accounting for collections, remitting 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 leases and vehicles in accordance with its customary credit and collection policies, collecting and remitting state and local taxes relating to the leases and vehicles and, to the extent required by law, delivering to each holder of an Exchange Note information for the preparation of the holder's U.S. federal income tax returns. In this regard, the Servicer will make reasonable efforts to collect all amounts due on or in respect of the leases. The Servicer will apply for and maintain all licenses and make all filings required to be held or filed by the Titling Trust in connection with the ownership of Units and to take all necessary steps to evidence the Titling Trust's ownership on the certificates of title to the leased vehicles. The Servicer will be obligated to service the leases in accordance with the customary servicing practices of the Servicer with respect to the Units held by the Titling Trust, without regard to whether those Units have been allocated into a Reference Pool, as those practices may be changed from time to time (the ***"Customary Servicing Practices***"), using the same degree of skill and attention that the Servicer exercises with respect to all comparable retail automotive leases that it services for itself or others.

The Servicer will be responsible for filing all periodic sales and use tax or property tax reports, periodic renewals of licenses and permits, periodic renewals of qualifications to act as a statutory trust and a business trust and other governmental filings, registrations or approvals arising with respect to or required of the Titling Trust.

The Servicer will also enter into the Servicing Supplement with respect to the Reference Pool related to the Notes. As holder and pledgee of the Exchange Note, the Issuing Entity and the Indenture Trustee, respectively, will be third-party beneficiaries of the Servicing Supplement. The Servicing Supplement will require the Servicer to collect and post payments with respect to the related Reference Pool to the Exchange Note Collection Account.

**Custody of Lease Documents and Certificates of Title**

To reduce administrative costs and facilitate servicing of the leases, the Titling Trust and the Closed-End Collateral Agent have appointed the Servicer as their agent and bailee of the leases, the certificates of title relating to the leased vehicles and any other related items that from time to time come into possession of the Servicer (or, with respect to leases represented by an electronic lease contract, the control of the Servicer, on behalf of the Titling Trust

and the Closed-End Collateral Agent). Such documents will not be physically segregated from other leases, certificates of title or other documents related to other leases and vehicles owned or serviced by the Servicer. The Servicer may delegate specific custodian duties to sub-contractors who are in the business of performing those duties. (For example, the Servicer may hire a third-party to hold original certificates of title for vehicles that it services.) The accounting records and certain computer systems of Auto Lease Finance LLC will reflect the allocation of the Units to the related Reference Pool. Upon instructions from the Closed-End Collateral Agent, the Servicer will release or cause to be released any certificate of title to the Closed-End Collateral Agent, at the place or places designated by the Closed-End Collateral Agent. [As part of each origination of a lease represented by a tangible lease contract, the original lease contract is scanned (typically by a third-party service provider) into World Omni's imaging system to facilitate access and record retention. World Omni has implemented controls to identify any new financial transactions that do not have an original lease contract in the imaged file.]

**Sale and Disposition of Leased Vehicles**

Under the Servicing Agreement for the Issuing Entity and in accordance with the Servicer's Customary Servicing Practices, the Servicer on behalf of the Issuing Entity will use commercially reasonable efforts to enforce the provisions of the leases included in the Reference Pool and to repossess or otherwise take possession of the leased vehicle related to any lease included in the Reference Pool that may have terminated or expired or that the Servicer may have determined (in accordance with its Customary Servicing Practices) to be in default. See "*The Servicer, Sponsor and Administrator*" and "*Additional Legal Aspects of the Leases and the Leased Vehicles—Repossession of Leased Vehicles*."

**Insurance on Leased Vehicles**

Each lease will require the related lessee to maintain in full force and effect during the related lease term a liability and physical damage insurance policy naming the Titling Trust as loss payee. See "*The Servicer, Sponsor and Administrator—Underwriting Standards—Insurance*" for more information regarding insurance requirements. The Servicer does not independently verify the existence of insurance with respect to any lease, and performs no ongoing verification of insurance coverage during the term of any lease.

**Security Deposits**

The Titling Trust's rights related to the leases will include all rights under the leases to any refundable security deposits which may be paid by the lessees at the time the leases are originated. As part of its general servicing obligations, the Servicer will retain possession of each security deposit remitted by the lessees and will apply the proceeds of these security deposits in accordance with the terms of the leases, its Customary Servicing Practices and applicable law, including applying a security deposit in respect of any related lessee's default or failure to pay all amounts required to be paid under the related lease or resulting from excess mileage or unreasonable wear to the related leased vehicle. However, in the event that any lease is written off by the Servicer in connection with its Customary Servicing Practices or, if earlier, the related leased vehicle is repossessed, the related security deposit will, to the extent provided by applicable law and that lease, constitute Liquidation Proceeds. On the Payment Date related to the Collection Period in which the security deposit becomes Liquidation Proceeds, the Servicer will deposit those amounts in accordance with the provision summarized in *"The Servicer, Sponsor and Administrator—Like Kind Exchange Program"* in this prospectus. The Titling Trust may not have an interest in the security deposits that is enforceable against third parties until they are deposited into the Exchange Note Collection Account. Each security deposit, after deduction for amounts applied towards the payment of any amount resulting from the related lessee's default or failure to pay any amounts required to be paid under that lease or damage to the related leased vehicle, will be returned to the related lessee by the Servicer; provided, however, that the Servicer may retain a security deposit (including any interest thereon) until the related lessee has repaid all other charges owed under that lease. Unless required by applicable law, the Servicer will not be required to segregate security deposits from its own funds. Any income earned from any investment on the security deposits by the Servicer will be for the account of the Servicer as additional servicing compensation (to the extent permitted by law and the applicable lease, and to the extent investment earnings are not required to be paid to the applicable lessee).

**Servicing Compensation**

The servicing fee payable to the Servicer with respect to a Collection Period will be 1/12 of [1.00]% of the aggregate Securitization Value as of the first day of the related Collection Period. With respect to the initial Payment Date, the servicing fee will be based on the aggregate Securitization Value as of the [Initial][Actual] Cutoff Date. The servicing fee payable to the Servicer on the initial Payment Date with respect to the initial Collection Period will be pro-rated, however, to compensate for the initial Collection Period [not] being [longer than] one month. As long as World Omni believes that sufficient collections will be available from collections on one or more future Payment Dates to pay the servicing fee, World Omni may, as Servicer, elect to defer all or a portion of the servicing fee with respect to the related Collection Period, without interest. If World Omni elects to defer all of the servicing fee, the servicing fee for the related Collection Period will be deemed to equal zero for all purposes of the transaction documents.

The servicing fee in respect of a Collection Period, together with any portion of the servicing fee that remains unpaid from prior Payment Dates, will be paid to the Servicer on the related Payment Date out of collections before any amounts are made available to make payments to the Noteholders.

The Servicer will also collect and retain, as additional servicing compensation, any late fees, prepayment charges, and other administrative fees or similar charges allowed by applicable law with respect to the leases included in the Reference Pool. The Servicer will also be entitled to reimbursement from the Issuing Entity for certain liabilities.

**Servicing of Defaulted Leases**

The Servicing Agreement provides that the Servicer is to exercise discretion, consistent with its customary servicing procedures and the terms of the Servicing Agreement, to service Defaulted Leases in a manner intended to maximize the Issuing Entity's realization of Defaulted Leases. The Servicing Agreement provides the Servicer with complete discretion to choose to sell, or not to sell, any of the Defaulted Leases.

**Evidence as to Compliance**

Annually, the Servicer will make available to the Issuing Entity, the rating agencies hired by the Sponsor to rate the Notes and the Indenture Trustee, an officer's certificate stating that to the best of such officer's knowledge the Servicer has complied with the servicing criteria set forth in the relevant SEC regulations for asset-backed securities transactions, including Item 1122 of Regulation AB, throughout the preceding twelve months or such shorter period as shall have elapsed since the [Initial] Closing Date. If there has been a default in the fulfillment of any of these obligations, the officer's certificate will describe the default. The Servicer also will agree to give the Indenture Trustee notice of defaults by the Servicer under the Servicing Agreement.

The Servicer will also furnish to the Depositor, the Indenture Trustee and the rating agencies hired by the Sponsor to rate the related securities, a statement from a firm of independent public accountants that attests to, and reports on, the assessment made by the Servicer of compliance with the specified servicing criteria described above, during the preceding twelve months, relating to the servicing of leases.

Securityholders may obtain copies of the statements and certificates by written request addressed to the Indenture Trustee.

**Noteholder Communication**

A beneficial owner of Notes may send a written request to the Issuing Entity or to the Servicer, on behalf of the Issuing Entity, stating that such beneficial owner is interested in communicating with other beneficial owners of Notes about the possible exercise of rights under the transaction documents. A beneficial owner of Notes should send its request to *[add address for receipt of written requests]*. The requesting beneficial owner must include in the request a description of the method by which other beneficial owners of Notes may contact the requesting beneficial owner. The Issuing Entity will promptly deliver any such request to the Servicer. On receipt of a communication request, the Servicer will include in the Form 10-D related to the Collection Period in which the communication request is received the following information:

&nbsp;&nbsp;&nbsp;&nbsp;· a statement that the Issuing Entity received a communication
 request;

· the date the request was received;

· the name of the requesting beneficial owner of Notes;

· a statement that the requesting beneficial owner of
 Notes is interested in communication with other beneficial owners of Notes about the possible exercise of rights under the transaction
 documents; and

· a description of the method by which the other beneficial
 owners of Notes may contact the requesting beneficial owner of Notes.

The Servicer will bear any costs associated with including the above information in the Form 10-D. The beneficial owners of Notes will pay any costs associated with communicating with other beneficial owners, and no other transaction party, including the Issuing Entity, will be responsible for such costs. The beneficial owners of Notes will not be required to indemnify any transaction party, including the Issuing Entity, in connection with exercising the communication right described under this *"—Noteholder Communication"* heading.

In order to make a request or demand or to provide notice to the Issuing Entity, the Owner Trustee, the Indenture Trustee, the Depositor, the Sponsor or the Servicer under the transaction documents, the requesting party must either be a Noteholder of record or must provide a written certification stating that it is a beneficial owner of a Note, together with at least one form of documentation such as a trade confirmation, an account statement, a letter from a broker or dealer verifying ownership or another similar document evidencing ownership of a Note, upon which the Indenture Trustee may conclusively rely.

**Servicer Resignation, Servicer Liability and Servicer Indemnification**

Neither the Servicer nor any of its directors, officers, employees or agents will be liable to the Issuing Entity or the securityholders for taking any action or for refraining from taking any action pursuant to the Base Servicing Agreement or Servicing Supplement, or for errors in judgment. This provision will not protect the Servicer or any of these persons against any liability imposed by reason of negligence, willful misconduct or bad faith. The Servicer is under no obligation to appear in, prosecute, or defend any legal action that is not incidental to its servicing responsibilities under the Base Servicing Agreement or Servicing Supplement and that, in its opinion, may cause it to incur any expense or liability.

The Servicer may not resign from its obligations and duties under the Base Servicing Agreement or Servicing Supplement unless it determines that its duties are no longer permissible under applicable law or regulations. No resignation will become effective until the Indenture Trustee or a successor Servicer has assumed the Servicer's obligations and duties under the Base Servicing Agreement or Servicing Supplement. The Servicer may not assign the Base Servicing Agreement or Servicing Supplement or any of its rights, powers, duties or obligations under the Base Servicing Agreement or Servicing Supplement except as otherwise provided or except in connection with a permitted consolidation, merger, conveyance or transfer of its properties and assets.

Any entity into which the Servicer may be merged or consolidated, or any entity resulting from a merger or consolidation, or any entity succeeding to the business, property and assets of the Servicer will succeed the Servicer under the Base Servicing Agreement or Servicing Supplement.

Upon a termination of the Servicer under the Base Servicing Agreement, U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association) as Administrative Agent (so long as the Collateral Agency Agreement is in effect), and thereafter, the Titling Trust will select and appoint a successor Servicer to perform the outgoing Servicer's duties and undertake its responsibilities and liabilities. The appointed successor Servicer must be an established institution with a net worth of at least $[50,000,000] whose regular business includes the servicing of automotive leases and the related leased vehicles. The successor Servicer will hold all the rights of the outgoing Servicer under the transaction documents and will receive compensation mutually agreed upon between the successor Servicer and the Administrative Agent. The successor Servicer shall receive compensation not to exceed that of the outgoing Servicer, but in no case will the Indenture Trustee be liable for any difference in compensation between the outgoing Servicer and the successor Servicer. No successor Servicer appointed in accordance with the transaction documents may resign from its duties unless the law prohibits it from continuing to perform such duties.

Upon the termination or resignation of the Servicer, the outgoing Servicer shall transfer all cash amounts that are to be held by the successor Servicer to the successor Servicer and shall provide the successor Servicer with all information regarding the lease files that is required for the proper servicing of the leases. All reasonable and documented costs, expenses and fees incurred in connection with the transfer of lease files to the successor Servicer under the provisions described in this paragraph will be paid by the outgoing Servicer. The Owner Trustee and the Indenture Trustee will provide prompt written notice of any resignation or termination of the Servicer to the Certificateholders and Noteholders, respectively, upon either occurrence.

**Servicer Default**

An *"**Exchange Note Servicer Default***" under the transaction documents will include, among others:

&nbsp;&nbsp;&nbsp;&nbsp;· any
 failure by the Servicer to deliver to the Administrative Agent any required proceeds or payment
 required to be delivered with respect to the Exchange Note, which failure continues unremedied
 for more than five Business Days after the earlier of notice from the Administrative Agent
 is received by the Servicer or an authorized officer of the Servicer obtains actual knowledge
 of such failure; provided, that if such delay in or failure of performance referred to in
 this clause is caused by Force Majeure, such five Business Day grace period shall be
 extended for an additional 60 days; and

&nbsp;&nbsp;&nbsp;&nbsp;· any
 failure by the Servicer to duly observe or perform in any material respect any other covenant
 or agreement of the Servicer in the Servicing Agreement with respect to the Exchange Note
 which materially and adversely affects the rights of the Administrative Agent or the Exchange
 Noteholder and which continues unremedied for more than ninety days after notice of such
 failure is received by the Servicer from the Administrative Agent or the Exchange Noteholder;
 provided, that if such delay in or failure of performance referred to in this clause is caused
 by Force Majeure, such 90 day grace period shall be extended for an additional 60 days.

Upon the occurrence and continuation of any such event, the Servicer shall not be relieved from using commercially reasonable efforts to perform its obligations in a timely manner in accordance with the terms of the transaction documents and the Servicer shall provide the Indenture Trustee, the Issuing Entity, the Administrator, the Closed-End Collateral Agent and each rating agency hired by the Sponsor to rate the Notes prompt notice of such failure or delay by it, together with a description of its efforts to perform its obligations.

"***Force Majeure***" means any delay or failure in performance caused by acts beyond the Servicer's, the Indenture Trustee's or the Issuing Entity's, as applicable, control, including acts of God, epidemics or pandemics, terrorism, geopolitical unrest or conflict, war, vandalism, sabotage, ransomware, accidents, fires, floods, hurricanes, tornados, civil unrest, strikes, labor disputes, mechanical or electronic breakdown, shortages or delays in obtaining suitable parts or equipment, material, labor, or transportation, acts of subcontractors, interruption of utility services, acts of any unit of government or governmental agency, or any similar or dissimilar cause.

**Rights upon Exchange Noteholder Servicer Default**

As long as an Exchange Note Servicer default under the Servicing Agreement remains unremedied, the Titling Trustee on behalf of the Exchange Noteholder with notice to the Servicer (who shall promptly provide such notice to the rating agencies hired by the Sponsor to rate the related securities), the Issuing Entity, the Indenture Trustee, the Closed-End Collateral Agent, the Titling Trust Administrator and the Administrator, may terminate all the rights and obligations of the Servicer, if any, under the Servicing Agreement and the Servicing Supplement whereupon a successor Servicer appointed by the Indenture Trustee, acting at the direction of the holders of not less than 66 <sup>2</sup>/<sub>3</sub>% of the outstanding securities or the Issuing Entity acting at the direction of the majority Certificateholders, as applicable.

**Waiver of Past Defaults**

The Administrative Agent may waive any default by the Servicer in the performance of its obligations under the transaction documents and its consequences. No waiver will impair the securityholders' rights with respect to subsequent defaults.

**Termination**

The obligations of the Servicer, World Omni, and the Indenture Trustee pursuant to the transaction documents will terminate upon the earlier to occur of:

&nbsp;&nbsp;&nbsp;&nbsp;· all
 amounts required to be paid to the securityholders pursuant to the transaction documents
 have been paid or set aside for payment; and

&nbsp;&nbsp;&nbsp;&nbsp;· all
 monies or other property or proceeds of the Issuing Entity have been distributed in accordance
 with the transaction documents.

Any outstanding securities will be redeemed concurrently with the events specified above. The resulting distribution to the related securityholders of proceeds may affect the prepayment rate of the securities.

**Distributions on the Exchange Note**

***Application of Collections on the Reference Pool***

On each Payment Date, the Administrative Agent will, with respect to the Reference Pool, withdraw from the Exchange Note Collection Account an amount equal to the Exchange Note Collected Amounts for that Payment Date and apply those amounts in accordance with the following priorities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to the Servicer, the servicing fee for the related Collection Period to the extent that amount has not been paid from the collections in respect of that Reference Pool that have been retained by the Servicer pursuant to the Servicing Supplement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) to the Trust Collection Account, the applicable due and unpaid interest on the Exchange Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) to the Trust Collection Account, (i) on any Payment Date other than a date on which that Exchange Note is redeemed pursuant to the provisions of the Collateral Agency Agreement (an ***"Exchange Note Redemption Date***"), an amount of principal on the Exchange Note equal to an amount sufficient to reduce its principal balance to an amount equal to [●]% of the aggregate Securitization Value as of the end of the prior Collection Period, (ii) on an Exchange Note Redemption Date, an amount equal to the applicable amount specified in that Exchange Note Supplement to be paid on the Exchange Note Redemption Date (the "***Exchange Note Redemption Price***") (to the extent that amount has not been paid pursuant to another provision of the Collateral Agency Agreement) or (iii) on and after the Final Scheduled Payment Date for the Exchange Note, any remaining amount necessary to reduce the Exchange Note balance on the Exchange Note to zero; provided, however, that after the occurrence and continuation of an Exchange Note Default and acceleration of the principal of the Exchange Note, to the Issuing Entity as Exchange Noteholder, to the extent necessary to reduce the outstanding principal balance of the Exchange Note to zero and to pay all accrued and unpaid interest on such Exchange Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) to the Trust Collection Account, an amount equal to the difference between the Available Funds and the amount required to be paid pursuant to clauses (1) through [(14)] in "*—Allocations and Distributions on the Securities*" on the related Payment Date (the "***Trust Collection Account Shortfall Amount***"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) all remaining funds, to be applied at the direction of the Initial Beneficiary to the Trust Collection Account.

***Application of Collections on the Liquidation or Sale of the Exchange Note Assets***

The application of collections on the liquidation or sale of the Exchange Note assets is subject to any limitations set forth in this prospectus in "*The Servicer, Sponsor and Administrator—Like Kind Exchange Program*."

The proceeds of any liquidation or sale of the Exchange Note assets after an Exchange Note Default set forth in "*Certain Provisions of the Titling Trust Documents and Related Agreements—Exchange Note Default*" in this prospectus will be applied in accordance with the following priorities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to the Closed-End Collateral Agent any amounts due with respect to such Exchange Note or the related Reference Pool under the Servicing Agreement or the Exchange Note Supplement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) to pay to the Administrative Agent any amounts due with respect to such Exchange Note or the related Reference Pool under the Servicing Agreement or the Exchange Note Supplement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) to make the payments described in clauses (1) through (5) in the section titled "—*Application of Collections on the Reference Pool*" with respect to such Reference Pool.

The following chart shows how payments from total collections are made on each Payment Date.

![](tm2521876d1sf3split0007img01.jpg)

**Distributions on the Securities**

***Determination of Available Funds***

The amount of funds available for distribution on a Payment Date will generally equal the Available Funds. ***"Available Funds***" for a Payment Date and the related Collection Period will be an amount equal to the sum of the amounts deposited into the Trust Collection Account pursuant to the section titled "—*Distributions on the Exchange Note*—*Application of Collections on the Reference Pool*" above, any amounts paid by the Initial Beneficiary under the Exchange Note Sale Agreement for breaches of representations or warranties and any amounts paid by the Servicer in connection with post maturity term extensions or the exercise of its optional purchase of the Exchange Note [and the amount, if any, paid by the [Swap][Cap] Counterparty under the interest rate protection agreement].

***Allocations and Distributions on the Securities***

On or prior to the close of business on the day that is [one][two] Business Day[s] immediately preceding each Payment Date[, subject to the subordination provisions with respect to the Class B Notes[,] [[and] the Class C Notes][,] [[and] the Class D Notes][,] [[and] the Class E Notes] [and the Class F Notes] described in this prospectus], the Servicer will instruct the Indenture Trustee (based on information contained in the related Servicer Certificate) to make the following allocations and distributions on the related Payment Date, to the extent of the Available Funds, in the following order of priority, in each case, to the extent of any such funds remaining after application of such funds pursuant to prior clauses:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to the Administrator, the administration fee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [pro rata (a) to the Swap Counterparty, the Monthly Swap Payment Amount [and (b) to the Asset Representations Reviewer, all fees, expenses and indemnities due to the Asset Representations Reviewer not previously paid by the Servicer, up to a maximum amount of $[●] per calendar year];]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [pro rata, (a)] to the holders of the Class A Notes for distribution in respect of interest on the Class A Notes as described under *"—Payments to Noteholders,"* the Class A Noteholders' Interest Distributable Amount [and (b) to the Swap Counterparty, any Senior Swap Termination Payment Amounts];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [during the Revolving Period, reinvestments in additional Units and deposits into the Accumulation Account, as applicable, in the amount of the Parity Reinvestment Amount][during the Amortization Period,] [pro rata,] [to the holders of the [Class A] Notes for distribution in respect of principal of the Notes as described under *"—Payments to Noteholders,"* the Noteholders' First Priority Principal Distributable Amount];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) [to the holders of the Class B Notes for distribution in respect of interest on the Class B Notes as described under *"—Payments to Noteholders,"* the Class B Noteholders' Interest Distributable Amount;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) [during the Revolving Period, reinvestments in additional Units and deposits into the Accumulation Account, as applicable, in the amount of the Parity Reinvestment Amount][during the Amortization Period,][to the holders of the Notes for distribution in respect of principal of the Notes as described under *"—Payments to Noteholders,"* the Noteholders' Second Priority Principal Distributable Amount;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) [to the holders of the Class C Notes for distribution in respect of interest on the Class C Notes as described under *"—Payments to Noteholders,"* the Class C Noteholders' Interest Distributable Amount;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) [during the Revolving Period, reinvestments in additional Units and deposits into the Accumulation Account, as applicable, in the amount of the Parity Reinvestment Amount][during the Amortization Period,] [to the holders of the Notes for distribution in respect of principal of the Notes as described under *"—Payments to Noteholders,"* the Noteholders' Third Priority Principal Distributable Amount;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) [to the holders of the Class D Notes for distribution in respect of interest on the Class D Notes as described under "—Payments to Noteholders," the Class D Noteholders' Interest Distributable Amount;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) [during the Revolving Period, reinvestments in additional Units and deposits into the Accumulation Account, as applicable, in the amount of the Parity Reinvestment Amount][during the Amortization Period,] [to the holders of the Notes for distribution in respect of principal of the Notes as described under "—Payments to Noteholders," the Noteholders' Fourth Priority Principal Distributable Amount;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) [to the holders of the Class E Notes for distribution in respect of interest on the Class E Notes as described under "—Payments to Noteholders," the Class E Noteholders' Interest Distributable Amount;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) [during the Revolving Period, reinvestments in additional Units and deposits into the Accumulation Account, as applicable, in the amount of the Parity Reinvestment Amount][during the Amortization Period,] [to the holders of the Notes for distribution in respect of principal of the Notes as described under "—Payments to Noteholders," the Noteholders' Fifth Priority Principal Distributable Amount;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) [to the holders of the Class F Notes for distribution in respect of interest on the Class F Notes as described under "—Payments to Noteholders," the Class F Noteholders' Interest Distributable Amount;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) [during the Revolving Period, reinvestments in additional Units and deposits into the Accumulation Account, as applicable, in the amount of the Parity Reinvestment Amount][during the Amortization Period,] [to the holders of the Notes for distribution in respect of principal of the Notes as described under "—Payments to Noteholders," the Noteholders' Sixth Priority Principal Distributable Amount;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) to the [Risk Retention] Reserve Account, the amount, if any, necessary to fund the [Risk Retention] Reserve Account up to its [Risk Retention] Required Reserve Account Balance [and to reimburse the reserve account letter of credit bank for any unreimbursed draws];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) [during the Revolving Period, to deposit into the Accumulation Account, an amount equal to the excess, if any, of the Target Reinvestment Amount over the amount deposited into the Accumulation Account pursuant to clause[s] (4) [[,][and] (6)] [[,][and] (8)] [[,][and] (10)] [and (14)] above, which amount will be available for reinvestment in additional Units][during the Amortization Period] to the holders of the Notes for distribution in respect of principal of the Notes as described under *"—Payments to Noteholders,"* an amount equal to the Noteholders' Regular Principal Distributable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) [to the Swap Counterparty, any Subordinate Swap Termination Payment Amounts and any other amounts owed by the Issuing Entity to the Swap Counterparty pursuant to the interest rate protection agreements;][and]]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) [during the Revolving Period, reinvestments in additional Units and deposits into the Accumulation Account, as applicable, in the amount of the Parity Reinvestment Amount][during the Amortization Period,] [(A) on any Payment Date prior to the Final Scheduled Payment Date for the Class [●] Notes, if the sum of (i) Available Funds remaining after payment of clauses (1) through (14) above and (ii) the remaining available balance in the Class [●] Reserve Account after payment of all amounts due pursuant to clause [(14)] above, is equal to or greater than the outstanding principal amount of the Class [●] Notes, principal of the Class [●] Notes in an amount equal to the outstanding principal amount of the Class [●] Notes, otherwise, in an amount equal to Available Funds remaining after payment of clauses (1) through [(15)] above; (B) on the Final Scheduled Payment Date for the Class [●] Notes, principal to the Class [●] Notes in an amount equal to the outstanding principal amount of the Class [●] Notes;][and]]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) [to the Asset Representations Reviewer, all fees, expenses and indemnities due to the Asset Representations Reviewer to the extent not paid under clause (2) above;][and]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) [to the Servicer, the servicing fee and all unpaid servicing fees with respect to prior Collection Periods; and]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) the remainder, if any, as distributions to the Certificateholders.

In the event that the Available Funds for a Payment Date are not sufficient to make the full amount of the payments required pursuant to clauses (1) through [(14)] above on that Payment Date, in accordance with such instructions from the Servicer, the Indenture Trustee will, or will cause the Account Bank to, withdraw from the [Risk Retention] Reserve Account [or draw on the reserve account letter of credit] on that Payment Date an amount equal to that shortfall, to the extent of funds available therein, and pay that amount according to the priorities specified in clauses (1) through [(14)] above. [*add for eligible horizontal cash reserve account:* Amounts withdrawn from the [Risk Retention] Reserve Account will not be used to pay any fees or expenses of World Omni or its affiliates, including the Servicer and the Administrator.]

[On the Additional Class A-1 Payment Date, if the Class A-1 Notes remain outstanding, the Servicer will instruct the Indenture Trustee, to the extent of funds in the Trust Collection Account, to pay to the holders of the Class A-1 Notes an amount equal to the outstanding principal amount of and accrued and unpaid interest on the Class A-1 Notes. On the Additional Class A-1 Payment Date, if any of the Class A-1 Notes remain outstanding, funds in the [Risk Retention] Reserve Account [or draw on the reserve account letter of credit] will be available to cover shortfalls in the Trust Collection Account for payments on the Class A-1 Notes on such date.]

In the event that Notes are declared to be due and payable following the occurrence of an Event of Default under the Indenture unless such Event of Default has been waived or rescinded, Available Funds, after the deduction of servicing fees and unpaid servicing fees, paid to or retained by the Servicer, will be distributed in the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) pro rata, (a) to the Indenture Trustee, all amounts unpaid and owed to the Indenture Trustee under the Indenture and (b) to the Owner Trustee, all amounts unpaid and owed to the Owner Trustee under the Trust Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) to the Administrator, the administration fee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [pro rata (a)] [to the Swap Counterparty, the Monthly Swap Payment Amount] [and (b) to the Asset Representations Reviewer, all fees, expenses and indemnities due to the Asset Representations Reviewer not previously paid by the Servicer];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [pro rata (a)] to the holders of the Class A Notes, pro rata among the Class A Notes, the aggregate accrued and unpaid interest on each class of the Class A Notes [and (b) to the Swap Counterparty, any Senior Swap Termination Payment Amounts];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) [if the Notes have been declared to be due and payable as a result of occurrence of an Event of Default under the Indenture as a result of default in payment of any interest on or principal of any Note in accordance with the Indenture, and such Event of Default has not been waived or rescinded,][to the holders of the Class A Notes, pro rata, based upon the respective unpaid principal amount of each such class of Notes until they are paid in full][to the Class A-1 Notes[, pro rata among any Class A-1a Notes and any Class A-1b Notes, as applicable,] until they are paid in full][to the holders of each class of the Notes, pro rata, based on the outstanding principal amount of each such class, until they are paid in full];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) [[if the Notes have been declared to be due and payable as a result of occurrence of an Event of Default under the Indenture as a result of default in payment of any interest on or principal of any Note in accordance with the Indenture, and such Event of Default has not been waived or rescinded,] [to the holders of the other Class A Notes[, pro rata among any fixed rate tranche and any floating rate tranche of each such Class of Notes, as applicable], pro rata, based upon their respective unpaid principal amounts, until they are paid in full][to the holders of the other Class A Notes[, pro rata among any fixed rate tranche and any floating rate tranche of each such Class of Notes, as applicable], sequentially until they are paid in full];]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) [to the holders of the Class B Notes, the accrued and unpaid interest on the Class B Notes;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) [[if the Notes have been declared to be due and payable as a result of occurrence of an Event of Default under the Indenture as a result of default in payment of any interest on or principal of any Note in accordance with the Indenture, and such Event of Default has not been waived or rescinded,] to the holders of the Class B Notes[, pro rata among any Class Ba Notes and any Class Bb Notes, as applicable], the aggregate outstanding principal amount of the Class B Notes;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) [to the holders of the Class C Notes, the accrued and unpaid interest on the Class C Notes;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) [[if the Notes have been declared to be due and payable as a result of occurrence of an Event of Default under the Indenture as a result of default in payment of any interest on or principal of any Note in accordance with the Indenture, and such Event of Default has not been waived or rescinded,] to the holders of the Class C Notes[, pro rata among any Class Ca Notes and any Class Cb Notes, as applicable,] the aggregate outstanding principal amount of the Class C Notes;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) [to the holders of the Class D Notes, the accrued and unpaid interest on the Class D Notes;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) [[if the Notes have been declared to be due and payable as a result of occurrence of an Event of Default under the Indenture as a result of default in payment of any interest on or principal of any Note in accordance with the Indenture, and such Event of Default has not been waived or rescinded,] to the holders of the Class D Notes[, pro rata among any Class Da Notes and any Class Db Notes, as applicable,] the aggregate outstanding principal amount of the Class D Notes;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) [to the holders of the Class E Notes, the accrued and unpaid interest on the Class E Notes;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) [[if the Notes have been declared to be due and payable as a result of occurrence of an Event of Default under the Indenture as a result of default in payment of any interest on or principal of any Note in accordance with the Indenture, and such Event of Default has not been waived or rescinded,] to the holders of the Class E Notes[, pro rata among any Class Ea Notes and any Class Eb Notes, as applicable,] the aggregate outstanding principal amount of the Class E Notes;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) [to the holders of the Class F Notes, the accrued and unpaid interest on the Class F Notes;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) [to the holders of the Class F Notes[, pro rata among any Class Fa Notes and any Class Fb Notes, as applicable,] the aggregate outstanding principal amount of the Class F Notes;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) [to the Swap Counterparty, any Subordinate Swap Termination Payment Amounts;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) [(A) on any Payment Date prior to the Final Scheduled Payment Date for the Class [●] Notes, if the sum of (i) Available Funds remaining after payment of clauses (1) through (15) above and (ii) the remaining available balance in the Class [●] Reserve Account after payment of all amounts due pursuant to clause (15) above, is equal to or greater than the outstanding principal amount of the Class [●] Notes, principal of the Class [●] Notes in an amount equal to the outstanding principal amount of the Class [●] Notes, otherwise, in an amount equal to Available Funds remaining after payment of clauses (1) through [(16)] above, until paid in full;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) [to the reserve account letter of credit bank, any unreimbursed draws on the reserve account letter of credit]; [and]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) [to the Servicer, the servicing fee and all unpaid servicing fees with respect to prior Collection Periods; and]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) to the Certificateholders, any remaining amounts.

If the outstanding principal amount of any class of Notes remains greater than zero after application of clauses (1) through [(15)] above, in accordance with the instructions of the Servicer (based on information contained in the related Servicer Certificate), the Indenture Trustee will, or will cause the Account Bank to, apply funds from the [Risk Retention] Reserve Account [or drawn on the reserve account letter of credit] as a result of a payment default in the same order of priority as described above to repay the outstanding principal amount of each class of Notes in full. [*add for eligible horizontal cash reserve account:* Amounts withdrawn from the [Risk Retention] Reserve Account will not be used to pay any fees or expenses of World Omni or its affiliates, including the Servicer and the Administrator.]

Upon the distribution of any amounts to the Certificateholders, the Noteholders will not have any rights in, or claims to, these amounts.

The following chart shows how payments from total Available Funds are made on each Payment Date.

![](tm2521876d1sf3split0007img02.jpg)

***Payments to Noteholders***

On each Payment Date:

&nbsp;&nbsp;&nbsp;&nbsp;· all
 amounts allocated to the holders of the Class A Notes in respect of interest on the
 Class A Notes will be paid to the holders of the Class A Notes pro rata based upon
 the aggregate amount of interest due to the holders of such Class A Notes[;][.]

&nbsp;&nbsp;&nbsp;&nbsp;· [all
 amounts allocated to the holders of the Class B Notes in respect of interest, if any,
 on the Class B Notes will be paid to the holders of the Class B Notes;] [and]

&nbsp;&nbsp;&nbsp;&nbsp;· [all
 amounts allocated to the holders of the Class C Notes in respect of interest, if any,
 on the Class C Notes will be paid to the holders of the Class C Notes]; [and]

&nbsp;&nbsp;&nbsp;&nbsp;· [all
 amounts allocated to the holders of the Class D Notes in respect of interest, if any,
 on the Class D Notes will be paid to the holders of the Class D Notes]; [and]

&nbsp;&nbsp;&nbsp;&nbsp;· [all
 amounts allocated to the holders of the Class E Notes in respect of interest, if any,
 on the Class E Notes will be paid to the holders of the Class E Notes]; [and]

&nbsp;&nbsp;&nbsp;&nbsp;· [all
 amounts allocated to the holders of the Class F Notes in respect of interest, if any,
 on the Class F Notes will be paid to the holders of the Class F Notes]; [and]

&nbsp;&nbsp;&nbsp;&nbsp;· all
 amounts allocated to the holders of the Notes in respect of principal of the Notes will be
 paid[, during the Amortization Period,] to the holders of the Notes in the following order
 of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· [to the Class A Notes, pro rata, based upon the respective unpaid principal amount of each such class of Notes until they are paid in full][to the Class A-1 Notes[, pro rata among any Class A-1a Notes and any Class A-1b Notes, as applicable,] until they are paid in full][to the holders of each class of the Notes, pro rata, based on the outstanding principal amount of each such class, until they are paid in full][; then][.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· [to other Class A Notes[, pro rata among any fixed rate tranche and any floating rate tranche of each such Class of Notes, as applicable], pro rata based upon their respective unpaid principal amounts, until they are paid in full][to the holders of the other Class A Notes[, pro rata among any fixed rate tranche and any floating rate tranche of each such Class of Notes, as applicable], sequentially until they are paid in full][; and then][.]]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· [to the Class A-2 Notes[, pro rata among any Class A-2a Notes and any Class A-2b Notes, as applicable,] until they are paid in full][; and then][.]]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· [to the Class A-3 Notes[, pro rata among any Class A-3a Notes and any Class A-3b Notes, as applicable,] until they are paid in full][; and then][.]]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· [to the Class A-4 Notes[, pro rata among any Class A-4a Notes and any Class A-4b Notes, as applicable,] until they are paid in full][; and then][.]]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· [to the Class B Notes[, pro rata among any Class Ba Notes and any Class Bb Notes, as applicable,] until they are paid in full][; and then][.]]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· [to the Class C Notes[, pro rata among any Class Ca Notes and any Class Cb Notes, as applicable,] until they are paid in full][; and then][.]]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· [to the Class D Notes[, pro rata among any Class Da Notes and any Class Db Notes, as applicable,] until they are paid in full][; and then][.]]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· [to the Class E Notes[, pro rata among any Class Ea Notes and any Class Eb Notes, as applicable,] until they are paid in full][; and then][.]]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· [to the Class F Notes[, pro rata among any Class Fa Notes and any Class Fb Notes, as applicable,] until they are paid in full.]

[On the Additional Class A-1 Payment Date, all amounts allocated to the holders of the Class A-1 Notes in respect of interest on the Class A-1 Notes will be paid to the holders of the Class A-1 Notes pro rata based upon the aggregate amount of interest due to the holders of such Class A-1 Notes, and all amounts allocated to the holders of the Class A-1 Notes in respect of principal of the Class A-1 Notes will be paid to the holders of the Class A-1 Notes.]

In addition, on and after the Final Scheduled Payment Date for any class of Notes, if any principal amount remains outstanding, in accordance with the instructions of the Servicer (based on information contained in the related Servicer Certificate), the Indenture Trustee will, or will cause the Account Bank to, apply funds from the [Risk Retention] Reserve Account [or drawn on the reserve account letter of credit] to repay such class of Notes in full. [*add for eligible horizontal cash reserve account:* Amounts withdrawn from the [Risk Retention] Reserve Account will not be used to pay any fees or expenses of World Omni or its affiliates, including the Servicer and the Administrator.]

The Indenture Trustee will remit payments to holders of record of the Notes as of the close of business on the record date applicable to the Payment Date. The record date for a particular Payment Date generally will be the Business Day immediately preceding that Payment Date. If the Notes are issued in definitive form, the record date will be the Payment Date in the preceding month.

If the Notes are declared to be due and payable following the occurrence of an Event of Default, the Issuing Entity will pay principal of the Notes in the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;· [[to
 the holders of the Class A Notes, pro rata, based upon the respective unpaid principal
 amount of each such class of Notes until they are paid in full][to the holders of the Class A-1
 Notes[, pro rata among any Class A-1a Notes and any Class A-1b Notes, as applicable,]
 until they are paid in full][to the holders of each class of the Notes, pro rata, based on
 the outstanding principal amount of each such class, until they are paid in full][; then][.]]

&nbsp;&nbsp;&nbsp;&nbsp;· [[to
 the holders of the other Class A Notes[, pro rata among the fixed rate tranche and the
 floating rate tranche of each Class of such Class A Notes,] pro rata based upon
 their respective unpaid principal amounts until they are paid in full][to the holders of
 the other Class A Notes[, pro rata among the fixed rate tranche and the floating rate
 tranche of each Class of such Class A Notes,] sequentially until they are paid
 in full][; and then][.]]

&nbsp;&nbsp;&nbsp;&nbsp;· [to
 the holders of the Class B Notes[, pro rata among any Class Ba Notes and any Class Bb
 Notes, as applicable,] until they are paid in full[; and then][.]]

&nbsp;&nbsp;&nbsp;&nbsp;· [to
 the holders of the Class C Notes[, pro rata among any Class Ca Notes and any Class Cb
 Notes, as applicable,] until they are paid in full[; and then][.]]

&nbsp;&nbsp;&nbsp;&nbsp;· [to
 the holders of the Class D Notes[, pro rata among any Class Da Notes and any Class Db
 Notes, as applicable,] until they are paid in full[; and then][.]]

&nbsp;&nbsp;&nbsp;&nbsp;· [to
 the holders of the Class E Notes[, pro rata among any Class Ea Notes and any Class Eb
 Notes, as applicable,] until they are paid in full[; and then][.]]

&nbsp;&nbsp;&nbsp;&nbsp;· [to
 the holders of the Class F Notes[, pro rata among any Class Fa Notes and any Class Fb
 Notes, as applicable,] until they are paid in full.]

**[Risk Retention] Reserve Account**

The Servicer, for the benefit of the Noteholders, will establish and maintain with the [Indenture Trustee][Account Bank] and [on behalf of the holders of the Notes] [in the name of and for the benefit of the Issuing Entity], the [Risk Retention] Reserve Account, bearing a designation clearly indicating that funds deposited therein are held for the benefit of the Noteholders [and the Issuing Entity]. The [Risk Retention] Reserve Account provides credit enhancement by adding an additional potential source of funds available to make payments on the Exchange Note. [If the aggregate initial principal amount of the Notes is $[●], on the [Initial] Closing Date, the Issuing Entity

will cause to be deposited into the [Risk Retention] Reserve Account cash or eligible investments [or available under the reserve account letter of credit] in an amount equal to at least approximately [●]% of the initial aggregate Securitization Value as of the [Initial][Actual] Cutoff Date. [Provided, that, with respect to any Payment Date after the date on which the aggregate principal amount of the Class [●] Notes is paid in full, the amount required to be on deposit in the [Risk Retention] Reserve Account [or available for draw under the reserve account letter of credit] will be reduced to equal [$[●]][[●]% of the [initial] aggregate Securitization Value as of the [[Initial][Actual] Cutoff Date][the last day of the related Collection Period]]. [If the aggregate initial principal amount of the Notes is $[●], on the [Initial] Closing Date, the Issuing Entity will cause to be deposited into the [Risk Retention] Reserve Account cash or eligible investments [or available under the reserve account letter of credit] in an amount equal to at least approximately [●]% of the initial aggregate Securitization Value as of the [Initial][Actual] Cutoff Date. [Provided, that, with respect to any Payment Date after the date on which the aggregate principal amount of the Class [●] Notes is paid in full, the amount required to be on deposit in the [Risk Retention] Reserve Account [or available for draw under the reserve account letter of credit] will be reduced to equal [$[●]][[●]% of the [initial] aggregate Securitization Value as of the [[Initial][Actual] Cutoff Date][the last day of the related Collection Period].] However, on or prior to the [Initial] Closing Date, the Depositor may, in its sole discretion, increase the amount of the [Risk Retention] Required Reserve Account Balance. In addition, the application of funds in clause [(15)] under *"—Distributions on the Securities—Allocations and Distributions on the Securities"* above is designed to maintain the amount on deposit in the [Risk Retention] Reserve Account [or available for draw under the reserve account letter of credit], if necessary, up to the [Risk Retention] Required Reserve Account Balance. The Administrative Agent will deposit investment earnings on funds in the [Risk Retention] Reserve Account, net of losses and investment expenses, into the Trust Collection Account.

On each Payment Date, in accordance with the instructions of the Servicer (based on information contained in the related Servicer Certificate), the Indenture Trustee will, or will cause the Account Bank to, withdraw funds from the [Risk Retention] Reserve Account [or draw on the reserve account letter of credit] and apply those funds to make the payments in clauses (1) through [(14)] of the first paragraph under *"—Distributions on the Securities—Allocations and Distributions on the Securities"* above that are not covered by collections. [On the Additional Class A-1 Payment Date, if the Class A-1 Notes remain outstanding, the Servicer will instruct the Indenture Trustee to withdraw funds from the [Risk Retention] Reserve Account [or the reserve account letter of credit] and apply those funds to make payments of unpaid principal of and accrued and unpaid interest on the Class A-1 Notes that are not covered by amounts in the Trust Collection Account.] In addition, on the Final Scheduled Payment Date for any class of Notes, if any principal amount remains outstanding, or, if the Notes are accelerated as a result of a payment default, in accordance with the instructions of the Servicer (based on information contained in the related Servicer Certificate), the Indenture Trustee will, or will cause the Account Bank to, apply funds from the [Risk Retention] Reserve Account [or reserve account letter of credit] to repay such class or classes of Notes in full. [*add for eligible horizontal cash reserve account:* Amounts withdrawn from the [Risk Retention] Reserve Account will not be used to pay any fees or expenses of World Omni or its affiliates, including the Servicer and the Administrator.]

On each Payment Date, in accordance with the instructions of the Servicer (based on information contained in the related Servicer Certificate), the Indenture Trustee will, or will cause the Account Bank to, deposit into the [Risk Retention] Reserve Account up to the [Risk Retention] Required Reserve Account Balance [and to reimburse the reserve account letter of credit bank for any unreimbursed draws], Available Funds remaining after payment of the items specified in clauses (1) through [(14)] under *"—Distributions on the Securities—Allocations and Distributions on the Securities*" above.

After the payment in full, [or the provision for such payment,] of all accrued and unpaid interest on the Notes, [and the final distribution on the Certificates,] in accordance with the instructions of the Servicer (based on information contained in the related Servicer Certificate), the Indenture Trustee will, or will cause the Account Bank to, distribute any remaining funds in the [Risk Retention] Reserve Account to the Certificateholder [Depositor].

The [Risk Retention] Reserve Account [and the reserve account letter of credit] is intended to enhance the likelihood of receipt by the Noteholders of the full amount of principal and interest due to each of them and to decrease the likelihood that the Noteholders will experience losses. However, in some circumstances, the [Risk Retention] Reserve Account [and the reserve account letter of credit] could be depleted. If the amount required to be withdrawn from the [Risk Retention] Reserve Account [or the reserve account letter of credit] to cover shortfalls exceeds the amount then allocated to the [Risk Retention] Reserve Account [or available for draw under the reserve account letter of credit], Noteholders could incur losses or a temporary shortfall in the amounts distributed to the Noteholders could result, which could, in turn, increase the average lives of or decrease the yield on the Notes.

**[Class [●] Reserve Account**

On the [Initial] Closing Date, the Servicer, solely for the benefit of the holders of the Class [●] Notes will cause to be established and maintained with the [Indenture Trustee][Account Bank] in the name of the Indenture Trustee on behalf of the holders of the Class [●] Notes, a reserve account bearing a designation clearly indicating that funds deposited therein are held for the benefit of the holders of the Class [●] Notes. Amounts on deposit in the Class [●] Reserve Account, if any, will be applied to make payments on the Class [●] Notes in accordance with the priority of payments to the extent those amounts remain unsatisfied after the application of collections and other Available Funds in accordance with the priority of payments.

The Class [●] Reserve Account provides credit enhancement solely to the Class [●] Notes by adding an additional potential source of funds available to make payments on the Class [●] Notes. Pursuant to the Indenture, the Issuing Entity will establish the Class [●] Reserve Account with the [Indenture Trustee][Account Bank].

The Class [●] Reserve Account will be funded by an initial deposit on the [Initial] Closing Date of $[●] (the "***Class [●] Reserve Account Initial Deposi***t") which, in each case, is equal to approximately [●]% of the [initial] aggregate Securitization Value as of the [[Initial][Actual] Cutoff Date][the last day of the related Collection Period]. The "***Required Class [●] Reserve Account Balance***" will equal [●]% of the [initial] aggregate Securitization Value as of the [[Initial][Actual] Cutoff Date][the last day of the related Collection Period]. Available Funds, to the extent available for this purpose, will be added to the Class [●] reserve account on each Payment Date, until the amount in the Class [●] Reserve Account equals the Required Class [●] Reserve Account Balance.

Amounts on deposit in the Class [●] Reserve Account [will][may] be invested in certain eligible investments that mature not later than the business day prior to the following Payment Date.

Amounts on deposit in the Class [●] Reserve Account will be withdrawn, to the extent necessary, (i) on each Payment Date, to fund any deficiencies in the payments of the Issuing Entity's interest payments on the Class [●] Notes and (ii) on the Final Scheduled Payment Date for the Class [●] Notes, to fund any deficiencies in the payments of the Issuing Entity's principal payments of the Class [●] Notes. On any Payment Date, if the sum of the remaining available balance in the Class [●] Reserve Account after payment of clause ([●]) under "*—Distributions on the Securities—Allocations and Distributions on the Securities*" and remaining Available Funds after payment of clauses ([●]) through ([●]) under "*—Distributions on the Securities—Allocations and Distributions on the Securities*" is equal to or greater than the outstanding principal amount of the Class [●] Notes, amounts on deposit in the Class [●] Reserve Account will be withdrawn, to the extent necessary, to pay the outstanding principal amount of the Class [●] Notes. Once the Class [●] Notes are paid in full, any remaining amounts on deposit in the Class [●] Reserve Account will be payable to the Depositor and will not be subject to the lien of the Indenture.]

**[Pre-Funding Account]**

[The Servicer will establish and maintain a Pre-Funding Account in the name of the Indenture Trustee for the benefit of the Noteholders solely to hold funds to pay to the [Depositor] for additional Units allocated to the Reference Pool during the Pre-Funding Period (the "***Pre-Funding Account***"). The Pre-Funding Period will be the period from and including the [Initial] Closing Date to and including the earliest of (1) the date on which the amount on deposit in the Pre-Funding Account (after giving effect to the allocation of all subsequent Units, including any subsequent Units allocated on that date) is not greater than $[100,000], (2) the occurrence of an Event of Default under the Indenture, (3) the occurrence of an Exchange Note Servicer Default under the Servicing Agreement, (4) the occurrence of specified events of insolvency with respect to the Depositor or the Servicer, and (5) the close of business on the last business day of [●]. The duration of the Pre-Funding Period will not extend beyond [one] year after the date of issuance of the Notes and the amount of proceeds deposited into the Pre-Funding Account will not exceed [25]% of the offering proceeds. Any funds on deposit in the Pre-Funding Account and not yet invested in additional Units will be invested in eligible investments. Monies on deposit in the Pre-Funding Account will not be available to cover losses on or in respect of the Units.]

[On the [Initial] Closing Date, the Depositor will deposit the Pre-Funding Account Initial Deposit into the Pre-Funding Account from the proceeds of the sale of the [Offered] Notes. On each subsequent [Initial][Actual] Cutoff Date during the Pre-Funding Period (1) an amount equal to [●]% of the aggregate Securitization Value of all subsequent Units allocated to the Reference Pool on such subsequent [Initial][Actual] Cutoff Date will be withdrawn

from the Pre-Funding Account and (2) from those funds, an amount equal to the related reserve account subsequent transfer deposit will be deposited into the [Risk Retention] Reserve Account and the remainder will be paid to the [Depositor][Auto Lease Finance LLC] as payment for such subsequent Units. If the balance of funds on deposit in the Pre-Funding Account as of the end of the Pre-Funding Period is greater than zero, the Issuing Entity will apply the remaining Pre-Funded Amount to make a mandatory prepayment of the Notes in accordance with the priorities set forth under "*The Notes—Payments of Principal*" in this prospectus. To the extent required by the rules and regulations of the SEC, information regarding the characteristics of the subsequent Units and the Reference Pool will be included in a Form 8-K filed by the Issuing Entity upon the allocation of subsequent Units to the Reference Pool and information regarding distribution and Pool performance will be included in a Form 10-D filed by the Issuing Entity for each related Collection Period following such allocation.]

[To the extent funds are deposited into the Pre-Funding Account, the [Depositor] will be expected to seek to cause subsequent Units to be allocated to the Reference Pool, subject only to the availability of additional Units and the satisfaction of certain conditions precedent and the eligibility criteria described under *"The Leases—Characteristics of the Leases—Eligibility Criteria and Portfolio Characteristics"* and "*—The Subsequent Units*" in this prospectus. It is expected that the additional Units will have an aggregate Securitization Value equal to the Pre-Funded Amount. In connection with the allocation of subsequent Units, Auto Lease Finance LLC [and the Depositor] will represent that the requirements discussed above are satisfied, but there will be no independent verification to confirm such representations. The underwriting criteria for subsequent leases will be substantially the same in all material respects as those for the initial leases. If the Pre-Funded Amount is not fully utilized by the end of the Pre-Funding Period, the remaining Pre-Funded Amount will be applied to prepay the securities.]

[Any allocation of additional Units to the Reference Pool is subject to the satisfaction of the conditions precedent and conditions subsequent specified in this prospectus. If any of these conditions are not met with respect to any additional Units within the time period specified in this prospectus, Auto Lease Finance LLC will be required to reallocate [or substitute] the additional Units from the Reference Pool. We refer you to *"Description of the Transaction Documents—Reallocation [and Substitution] Obligations." and "The Leases—Representations and Warranties Relating to the Units—Representations, Warranties and Covenants."*]

**[Negative Carry Account]**

[If there is a Pre-Funding Period, the Servicer will establish and maintain the Negative Carry Account in the name of the Indenture Trustee for the benefit of the Noteholders. On the [Initial] Closing Date, $[●] will be deposited into the Negative Carry Account ("***Negative Carry Account Initial Deposit***"). The Negative Carry Account Initial Deposit will equal the Maximum Negative Carry Amount as of the [Initial] Closing Date. On subsequent Payment Dates, the Servicer will instruct the Indenture Trustee to withdraw from the Negative Carry Account and deposit into the Collection Account an amount equal to the Negative Carry Amount for that Payment Date. If the amount on deposit in the Negative Carry Account on any Payment Date, after giving effect to the withdrawal of the Negative Carry Amount for that Payment Date, is greater than the Required Negative Carry Account Balance for that Payment Date, the excess will become part of Available Funds. All amounts remaining on deposit in the Negative Carry Account on the Payment Date immediately following the Collection Period in which the last day of the Pre-Funding Period occurs, after giving effect to all withdrawals therefrom on that Payment Date, will become part of Available Funds.]

[The Servicer will also establish and maintain the Accumulation Account, in the name of the Indenture Trustee on behalf of the securityholders. See "*—Revolving Period*" in this prospectus.]

**Overcollateralization**

Overcollateralization represents the amount by which the aggregate Securitization Value [plus amounts, if any, in the Pre-Funding Account] exceeds the aggregate outstanding principal amount of the Notes. The overcollateralization is composed of (i) the excess of the aggregate Securitization Value over the balance of the Exchange Note and (ii) the excess of the balance of the Exchange Note over the principal amount of the Notes. This excess creates credit enhancement by allowing for some amount of losses on the leases or Exchange Note before a shortfall in funds available to make payments on the Notes would occur. Initial overcollateralization on the [Initial] Closing Date is expected to represent approximately [●]% of the aggregate initial Securitization Value. In addition, the application of funds according to clause [(4)] under *"Description of the Transaction Documents—Distributions on the Exchange Note—Application of Collections on the Reference Pool"* and clause [(15)] under *"Description of the Transaction Documents—Distributions*

 

*on the Securities—Allocations and Distributions on the Securities"* is designed to increase the amount of overcollateralization as of any Payment Date up to an amount equal to [●]% of the aggregate [initial] Securitization Value as of the [[Initial][Actual] Cutoff Date] [last day of the related Collection Period][, (i) with respect to any Payment Date on or prior to the date on which the aggregate principal amount of the Class [●] Notes is paid in full, [●]% of the aggregate [initial] Securitization Value as of the [[Initial][Actual] Cutoff Date] [last day of the related Collection Period] [plus amounts in the Pre-Funding Account, if any,] less the overcollateralization on the Exchange Note as of such Payment Date and (ii) with respect to any Payment Date after the date after which the aggregate principal amount of the Class [●] Notes is paid in full,] [●]% of the aggregate [initial] Securitization Value as of the [[Initial][Actual] Cutoff Date] [last day of the related Collection Period] [plus amounts in the Pre-Funding Account, if any,] less the overcollateralization on the Exchange Note as of such Payment Date. Total target overcollateralization of the Exchange Note and the Notes will equal [(i) with respect to any Payment Date on or prior to the date on which the aggregate principal amount of the Class [●] Notes is paid in full, approximately [●]% of the aggregate [initial] Securitization Value as of the [[Initial][Actual] Cutoff Date] [last day of the related Collection Period] [plus amounts in the Pre-Funding Account, if any,] and (ii) with respect to any Payment Date after the date after which the aggregate principal amount of the Class [●] Notes is paid in full,] approximately [●]% of the aggregate [initial] Securitization Value as of the [[Initial][Actual] Cutoff Date] [last day of the related Collection Period] [plus amounts in the Pre-Funding Account, if any]. [Also, on any date on which subsequent Units are allocated to the Reference Pool during the [Pre-Funding Period][Revolving Period], to the extent necessary to build up to or maintain a certain level of overcollateralization, additional overcollateralization will be added to the Issuing Entity in an amount equal up to approximately [●]% of the aggregate Securitization Value of the subsequent Units allocated to the Reference Pool on that date.]

[**Cash Deposits**]

[The Depositor may fund accounts or may otherwise provide cash deposits to provide additional funds that may be applied to make payments on the securities issued by the Issuing Entity.]

**Indenture**

The following summary describes material terms of the Indenture pursuant to which the Issuing Entity will issue the Notes. A form of the Indenture has been filed as an exhibit to the registration statement of which this prospectus forms a part, but the form agreement does not describe the specific terms of the Notes. A copy of the final form of the Indenture will be filed with the SEC no later than the date of the filing of the final prospectus. Because this is a summary of the Indenture, it does not contain all the information that may be important to you. You should read the Indenture in its entirety if you require complete information regarding its contents.

***Material Covenants***

The Indenture will provide that, so long as any Notes are outstanding, the Issuing Entity will not, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;· engage
 in any activities other than financing, acquiring, owning, pledging and managing the Exchange
 Note and the other Collateral as contemplated by the Indenture and the other related transaction
 documents;

&nbsp;&nbsp;&nbsp;&nbsp;· sell,
 transfer, exchange or otherwise dispose of any of its Issuing Entity Property, except as
 expressly permitted by the Indenture and the other transaction documents;

&nbsp;&nbsp;&nbsp;&nbsp;· claim
 any credit on or make any deduction from the principal and interest payable in respect of
 the Notes —other than amounts withheld from such payments under the Internal Revenue
 Code of 1986, as amended (the "  ***Code***") or applicable state law or
 assert any claim against any present or former Noteholder because of the payment of taxes
 levied or assessed upon any part of the Issuing Entity Property;

&nbsp;&nbsp;&nbsp;&nbsp;· permit
 (1) the validity or effectiveness of the Indenture to be impaired, (2) the lien
 of the Indenture to be amended, hypothecated, subordinated, terminated or discharged, (3) any
 person to be released from any covenants or obligations under the Indenture except as may
 be expressly permitted thereby, (4) any adverse claim (other than liens permitted under
 the transaction documents) to be created on or extend to or otherwise arise upon or burden
 any part of the trust estate, or any interest therein or the proceeds

therefrom or (5) (except as provided in the transaction documents) the lien of the Indenture to not constitute a first priority security interest in Issuing Entity Property;

&nbsp;&nbsp;&nbsp;&nbsp;· incur,
 assume or guarantee any indebtedness other than indebtedness incurred in accordance with
 the transaction documents;

&nbsp;&nbsp;&nbsp;&nbsp;· make
 any loan, advance or credit to, guarantee (directly or indirectly or by an instrument having
 the effect of assuring another's payment or performance on any obligation or capability
 of so doing or otherwise), endorse or otherwise become contingently liable, directly or indirectly,
 in connection with the obligations, stocks or dividends of, own, purchase, repurchase or
 acquire (or agree contingently to do so) any stock, obligations, assets or securities of,
 or any other interest in, or make any capital contribution to, any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;· make
 any expenditure (by long-term or operating lease or otherwise) for capital assets (either
 realty or personalty); or

&nbsp;&nbsp;&nbsp;&nbsp;· dissolve
 or liquidate in whole or in part, except as permitted by the transaction documents; or merge
 or consolidate with any other person.

***Events of Default***

The following events will be events of default under the Indenture:

&nbsp;&nbsp;&nbsp;&nbsp;· a
 default for five Business Days or more in the payment of interest on any Note of the Controlling
 Securities when the same becomes due and payable;

&nbsp;&nbsp;&nbsp;&nbsp;· a
 default in the payment of principal of a Note when the same becomes due and payable, to the
 extent funds are available therefor, or on the related Final Scheduled Payment Date or the
 redemption date;

&nbsp;&nbsp;&nbsp;&nbsp;· a
 default in the observance or performance of any covenant or agreement of the Issuing Entity
 in the Indenture, or any representation or warranty of the Issuing Entity made in the Indenture
 or any related certificate or writing delivered pursuant to the Indenture proves to have
 been incorrect in any material respect at the time made, which default or inaccuracy materially
 and adversely affects the interests of the Noteholders, and the continuation of that default
 or inaccuracy for a period of [60] days after written notice thereof is given to the Issuing
 Entity by the Indenture Trustee or to the Issuing Entity and the Indenture Trustee by the
 holders of not less than a majority of the outstanding principal amount of the Controlling
 Securities (excluding any Notes owned by the Issuing Entity, the Depositor, the Servicer,
 the Administrator or any of their respective affiliates); and

&nbsp;&nbsp;&nbsp;&nbsp;· the
 occurrence of certain events (which, if involuntary, remain unstayed for more than [90] days)
 of bankruptcy, insolvency, receivership or liquidation of the Issuing Entity;

*provided, however,* that a delay in or failure of performance referred to in the first three bullet points above for a period of less than 120 days will not constitute an Event of Default if that delay or failure was caused by Force Majeure.

The failure to pay principal of a class of Notes generally will not result in the occurrence of an Event of Default under the Indenture until the Final Scheduled Payment Date for that class of Notes.

The Indenture requires the Issuing Entity to give written notice of any Event of Default, its status and what action the Issuing Entity is taking or proposes to take to the [Swap Counterparty, the] Indenture Trustee and each rating agency hired by the Sponsor to rate the Notes. Noteholders holding at least a majority of the aggregate outstanding principal amount of the Controlling Securities may in certain cases waive any past default or Event of Default, except a default in the payment of principal or interest or a default in respect of a covenant or provision which the Indenture expressly states cannot be modified or amended without unanimous waiver or consent of all of the Noteholders.

***Rights Upon Event of Default***

Upon the occurrence and continuation of any Event of Default, the Indenture Trustee or the holders of at least a majority of the outstanding principal amount of the Controlling Securities may declare the principal of the Notes,

together with accrued and unpaid interest thereon through the date of acceleration, to be immediately due and payable by a notice in writing to the Issuing Entity (and to the Indenture Trustee if given to the Noteholders). This declaration may be rescinded by the holders of at least a majority of the aggregate outstanding principal amount of the Controlling Securities before a judgment or decree for payment of the amount due has been obtained by the Indenture Trustee if:

· the
 Issuing Entity has deposited with the Indenture Trustee, or with the Account Bank on behalf
 of the Indenture Trustee, an amount sufficient to pay (1) all interest on and principal
 of the Notes as if the Event of Default giving rise to that declaration had not occurred
 [and] (2) all reasonable amounts previously advanced by the Indenture Trustee and its
 reasonable costs and expenses [and (3) any amounts then due and payable by the Issuing
 Entity to the Swap Counterparty under the interest rate protection agreement]; and

· all
 events of default—other than the nonpayment of principal of the Notes that has become
 due solely due to that acceleration—have been cured or waived.

At any time prior to the declaration of the maturity of the Notes, Noteholders holding not less than a majority of the aggregate outstanding principal amount of the Controlling Securities, may waive any Event of Default and its consequences by giving written notice to the Issuing Entity and the Indenture Trustee other than the following defaults:

· the
 failure of the Issuing Entity to pay principal of or interest on the Notes; and

· any
 default related to any covenant or provision of the Indenture that cannot be modified or
 amended without the consent of 100% of the Noteholders.

If the Notes have been declared due and payable following an Event of Default, the Indenture Trustee may or at the direction of holders of at least a majority of the outstanding principal amount of the Controlling Securities will institute proceedings to collect amounts due, exercise remedies as a secured party, including foreclosure or sale of the Issuing Entity Property, or elect to maintain the Issuing Entity Property and continue to apply proceeds from the Issuing Entity Property as if there had been no declaration of acceleration. The Indenture Trustee may not, however, sell the Issuing Entity Property following an Event of Default unless:

· the
 Depositor elects to exercise the optional purchase and purchases the Exchange Note;

· 100%
 of the Noteholders [and the Swap Counterparty] consent thereto;

· the
 proceeds of that sale are sufficient to pay in full the principal of and the accrued interest
 on all outstanding Notes [and all amounts due by the Issuing Entity to the Swap Counterparty;];
 or

· there
 has been an Event of Default described in one of the first two bullet points under the caption *"—Indenture—Events of Default"* and the Indenture Trustee determines
 that the Issuing Entity Property would not be sufficient on an ongoing basis to make all
 payments of principal of and interest on the Notes as those payments would have become due
 if those obligations had not been declared due and payable, and the Indenture Trustee obtains
 the consent of [the Swap Counterparty and] holders of 66 2/3% of the outstanding principal
 amount of the Notes, voting together as a single class.

The Indenture Trustee may, but is not required to, obtain (at the expense of the Issuing Entity) and rely upon an opinion of an independent accountant or investment banking firm as to the sufficiency of the Issuing Entity Property to pay interest on and principal of the Notes on an ongoing basis. Prior to selling the Issuing Entity Property, the Indenture Trustee will have first obtained an opinion of counsel from counsel to the Administrator (at the expense of the Issuing Entity) to the effect that sale will not cause the Titling Trust or an interest or portion thereof or the Issuing Entity to be classified as an association, or a publicly traded partnership, taxable as a corporation for U.S. federal income tax purposes.

The Indenture Trustee will be under no obligation to exercise any of the rights or powers vested in it by the Indenture or to institute, conduct or defend any litigation thereunder or in relation thereto or to honor the request or direction of any of the Noteholders pursuant to the Indenture, other than requests, demands or directions relating to communications between Noteholders or beneficial owners of Notes described under *"—Noteholder Communication"* above or an asset representations review demand described under *"The Leases—Asset Representations Review"*, unless such Noteholders shall have offered to the Indenture Trustee security or indemnity

reasonably satisfactory to it against the reasonable costs, expenses, disbursements, advances and liabilities which might be incurred by it, its agents and its counsel in compliance with such request or direction.

Each Noteholder, by its acceptance of a Note, represents that it has, independently and without reliance upon the Indenture Trustee or any other person, and based on such documents and information as it has deemed appropriate, made its own investment decision in respect of the Notes. Each Noteholder also represents that it will, independently and without reliance upon the Indenture Trustee or any other person, and based on such documents and information as it shall deem appropriate at the time, continue to make its own decisions in taking or not taking action under the Indenture or any other document and in connection with the Notes.

***Reports to [Class A] Noteholders***

On or before each Payment Date, the Indenture Trustee will receive and transmit to DTC the Servicer Certificate prepared by the Servicer as described below. DTC will supply these Servicer Certificates to Noteholders (other than the Depositor, if applicable) in accordance with its procedures.

The Servicer Certificate will set forth the following:

&nbsp;&nbsp;&nbsp;&nbsp;· the
 amount of the distribution allocable to principal of each class of Notes;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 amount of the distribution allocable to interest on each class of Notes;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 aggregate Securitization Value of the Units as of the last day of the related Collection
 Period;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 aggregate principal amount of, and the Note factor for, each class of Notes as of the last
 day of the preceding Collection Period, after giving effect to payments of principal under
 the first bullet above;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 amount of the servicing fee paid to the Servicer with respect to the related Collection Period,
 the amount of any unpaid servicing fees and the change in the amount of the servicing fee
 paid from that of the prior Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 number and the aggregate purchase amount of leases in the Reference Pool that have been repurchased
 by the Servicer;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 Noteholders' First Priority Principal Distributable Amount, if any, for the related
 Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;· [the
 Noteholders' Second Priority Principal Distributable Amount, if any, for the related
 Payment Date;]

&nbsp;&nbsp;&nbsp;&nbsp;· [the
 Noteholders' Third Priority Principal Distributable Amount, if any, for the related
 Payment Date;]

&nbsp;&nbsp;&nbsp;&nbsp;· [the
 Noteholders' Fourth Priority Principal Distributable Amount, if any, for the related
 Payment Date;]

&nbsp;&nbsp;&nbsp;&nbsp;· [the
 Noteholders' Fifth Priority Principal Distributable Amount, if any, for the related
 Payment Date;]

&nbsp;&nbsp;&nbsp;&nbsp;· [the
 Noteholders' Sixth Priority Principal Distributable Amount, if any, for the related
 Payment Date;]

&nbsp;&nbsp;&nbsp;&nbsp;· the
 Noteholders' Regular Principal Distributable Amount for the related Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 interest rate for each class of Notes [(including the SOFR Rate or the then-current Benchmark,
 applicable)] for the related payment period;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 balance of the [Risk Retention] Reserve Account [and][,] [the amount available for draw under
 the reserve account letter of credit] [and the Risk Retention Reserve Account] after giving
 effect to deposits and withdrawals to be made on that Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 Overcollateralization Amounts for the related Payment Date on the Exchange Note and the Notes;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 administration fee for the related Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 aggregate residual value gains/losses with respect to the Reference Pool for the Collection
 Period;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 aggregate Securitization Value and aggregate Base Residual Value of remaining Units within
 the Reference Pool;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 number and Securitization Value of lease asset turn-ins with respect to the Reference Pool;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 number of Units within the Reference Pool at the beginning and end of the Collection Period;

&nbsp;&nbsp;&nbsp;&nbsp;· delinquency,
 repossession and loss information on the Units within the Reference Pool for the related
 payment period, and whether the Delinquency Trigger occurred;

&nbsp;&nbsp;&nbsp;&nbsp;· [the
 Monthly Swap Payment Amount, the Senior Swap Termination Payment Amount, if any, and the
 Subordinate Swap Termination Payment Amount, if any;]

&nbsp;&nbsp;&nbsp;&nbsp;· the
 Available Funds for that Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 Class A Noteholders' Interest Distributable Amount;

&nbsp;&nbsp;&nbsp;&nbsp;· [the
 Class B Noteholders' Interest Distributable Amount;]

&nbsp;&nbsp;&nbsp;&nbsp;· [the
 Class C Noteholders' Interest Distributable Amount;]

&nbsp;&nbsp;&nbsp;&nbsp;· [the
 Class D Noteholders' Interest Distributable Amount;]

&nbsp;&nbsp;&nbsp;&nbsp;· [the
 Class E Noteholders' Interest Distributable Amount;]

&nbsp;&nbsp;&nbsp;&nbsp;· [the
 Class F Noteholders' Interest Distributable Amount;]

&nbsp;&nbsp;&nbsp;&nbsp;· the
 initial Exchange Note balance and the Exchange Note balance as of the beginning and end of
 the Collection Period;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 amount of principal due and payable on the Exchange Note for such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 interest due and payable on the Exchange Note on that Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;· any
 amounts payable to the Asset Representations Reviewer, Indenture Trustee or Owner Trustee
 from Available Funds;

&nbsp;&nbsp;&nbsp;&nbsp;· to
 the extent required by Item 1121(c) of Regulation AB, the information required by Rule 15Ga-1(a) under
 the Exchange Act concerning all Units that were the subject of a demand to repurchase or
 replace the Unit for breach of representation of warranty;

&nbsp;&nbsp;&nbsp;&nbsp;· [confirmation
 of the ongoing retention of the Retained Interest;] [and]

&nbsp;&nbsp;&nbsp;&nbsp;· [any
 SOFR Adjustment Conforming Changes or Benchmark Replacement Conforming Changes, as applicable;]
 [and]

&nbsp;&nbsp;&nbsp;&nbsp;· a
 material change in the Depositor's retained interest in the securitization transaction[.][and]

&nbsp;&nbsp;&nbsp;&nbsp;· [ the
 amount, if any, reinvested in additional Units during the Revolving Period, if any;][and]

&nbsp;&nbsp;&nbsp;&nbsp;· [if
 applicable, whether the Revolving Period has terminated early due to the occurrence of an Early Amortization Event ;
 and]

&nbsp;&nbsp;&nbsp;&nbsp;· [if
 applicable, the balance in the Accumulation Account, after giving effect to changes in that
 Accumulation Account on that date.]

[The first statement will also include [the percentage of each class of Notes retained by the Depositor on the [Initial] Closing Date, if that percentage is materially different than [●]%] [the fair value of [the Class [●] Notes and] the Certificates as a percentage of the sum of the fair value of the Notes and the Certificates and the fair value of the Certificates as a dollar amount as of the [Initial] Closing Date, together with a description of any changes in the methodology or inputs and assumptions used to calculate the fair value], as described in *"Credit Risk Retention."*]

DTC will supply these reports to Noteholders in accordance with its procedures. The Servicer Certificate will also indicate each amount described under the first and second bullets above in the aggregate and as a dollar amount per $[1,000] of initial principal amount of a security.

After the end of each calendar year, the Indenture Trustee will furnish, to each Noteholder that was a Noteholder during the year, a statement (based on information prepared by the Servicer) containing certain information needed in the preparation of U.S. federal income tax returns.

***Annual Compliance Statement***

The Issuing Entity will be required to file annually with the Indenture Trustee a written officer's statement as to the fulfillment of its obligations under the Indenture which will include a statement that to the best of the officer's knowledge, the Issuing Entity has complied with all conditions and covenants under the Indenture throughout that year, or, if there has been a default in the compliance of any condition or covenant, specifying each default known to that officer and the nature and status of that default.

***Indenture Trustee's Annual Report***

If required by the Trust Indenture Act of 1939, the Indenture Trustee will be required to furnish each year to all related Noteholders a brief report setting forth the following:

&nbsp;&nbsp;&nbsp;&nbsp;· its
 eligibility and qualification to continue as Indenture Trustee under the Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;· information
 regarding a conflicting interest of the Indenture Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;· if
 the Indenture requires the Indenture Trustee to make advances, the character and amount of
 any advances made by it under the Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 amount, interest rate and the maturity date of any indebtedness owing by the Issuing Entity
 to the Indenture Trustee in its individual capacity;

&nbsp;&nbsp;&nbsp;&nbsp;· any
 change to the property and funds physically held by the Indenture Trustee in its capacity
 as Indenture Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;· any
 release, or release and substitution, of property subject to the lien of the Indenture that
 has not been previously reported;

&nbsp;&nbsp;&nbsp;&nbsp;· any
 additional issue of Notes that has not been previously reported; and

&nbsp;&nbsp;&nbsp;&nbsp;· any
 action taken by it that materially affects the Notes or the Issuing Entity Property and that
 has not been previously reported.

***Documents by Indenture Trustee to Noteholders***

The Indenture Trustee, at the expense of the Issuing Entity, will make available to each Noteholder, not later than the latest date permitted by law, such information as may be reasonably requested (and reasonably available to the Indenture Trustee) to enable such holder to prepare its federal and state income tax returns.

The Indenture Trustee will furnish to any Noteholder promptly upon receipt of a written request by a related Noteholder (at the expense of the requesting Noteholder) therefor, duplicates or copies of all reports, notices, requests, demands, certificates and any other instruments furnished to the Indenture Trustee under the transaction documents.

***Modification of Indenture***

The Issuing Entity and the Indenture Trustee may, with the consent of the Noteholders holding not less than a majority of the outstanding Note amount, execute a supplemental indenture to add provisions to, change in any manner or eliminate any provisions of, the Indenture, or modify in any manner the rights of the Noteholders, except as provided below.

The consent of each holder of outstanding Notes affected thereby, and prior written notice to each rating agency hired by the Sponsor then rating the related Notes will generally be required to:

&nbsp;&nbsp;&nbsp;&nbsp;· change
 the due date of any installment of principal of or interest on any such Note, reduce its
 principal amount or interest rate or delay the Final Scheduled Payment Date of any Note;

&nbsp;&nbsp;&nbsp;&nbsp;· reduce
 the percentage of the aggregate amount of the outstanding Notes required to consent to supplemental
 indentures or to waive compliance or events of default;

&nbsp;&nbsp;&nbsp;&nbsp;· reduce
 the percentage of the outstanding Note amount required to cause the sale of the trust estate
 pursuant to the Indenture, if the proceeds of such sale would be insufficient to pay the
 outstanding Note amount plus accrued but unpaid interest on the Notes;

&nbsp;&nbsp;&nbsp;&nbsp;· terminate
 the lien of the Indenture on any Collateral or deprive the Noteholder of the security afforded
 by the lien of the Indenture; or

&nbsp;&nbsp;&nbsp;&nbsp;· impair
 the right to institute suit for the enforcement of payment as provided in the Indenture.

The Issuing Entity and the Indenture Trustee may also enter into supplemental indentures, without obtaining the consent of the Noteholders, for the purpose of, among other things, adding any provisions to, or changing in any manner or eliminating any of the provisions of the Indenture or of modifying in any manner the rights of such Noteholders; provided that, except with respect to amendments which add, modify or eliminate any provisions as may be necessary or advisable in order to comply with or obtain more favorable treatment under or with respect to any law or regulation or any accounting rule or principle (whether now or in the future in effect), such action will not materially and adversely affect the interest of any such Noteholder, and each rating agency hired by the Sponsor then rating the related Notes shall have received prior written notice thereof and will not have notified the Depositor that the amendment will result in a reduction in or withdrawal of its rating on the related Notes.

***Satisfaction and Discharge of Indenture***

The Indenture will be discharged with respect to the Exchange Note securing the related securities upon the delivery to the Indenture Trustee for cancellation of the related securities or, subject to specified limitations—upon deposit with the Indenture Trustee, or with the Account Bank on behalf of the Indenture Trustee, of funds sufficient for the payment in full of principal of and accrued interest on the securities; the payment of all other sums due under the Indenture and the delivery to the Indenture Trustee of an officer's certificate and opinion of counsel stating that all conditions precedent for the satisfaction and discharge of the Indenture have been complied with.

***Voting Rights; Controlling Securities***

Voting rights will be exercised by the holders of the Controlling Securities. Holders of senior securities may be the Controlling Securities until they are repaid in full. Notes owned by the Issuing Entity, any other obligor upon the Notes, the Depositor or any affiliate of any of the foregoing persons will be disregarded and deemed not to be outstanding in determining whether the holders of the requisite outstanding principal amount of the Controlling Securities have given any request, demand, authorization, direction, notice, consent or waiver under any related transaction document.

**Trust Agreement**

***Authority and Duties of the Owner Trustee***

The Owner Trustee will administer the Issuing Entity in the interest of the holder of the Issuing Entity's Certificate, subject to the terms of the transaction documents, in accordance with the Issuing Entity's Trust Agreement and the other transaction documents.

The Owner Trustee will not be required to perform any of the obligations of the Issuing Entity under any transaction documents that are required to be performed by the Administrator.

The Owner Trustee will not have any responsibility on behalf of the Issuing Entity to make any determination with respect to, or monitor or enforce the satisfaction of, any risk retention or other regulatory requirement.

The Owner Trustee will not manage, control, use, sell, dispose of or otherwise deal with any part of the Issuing Entity's property except in accordance with (i) the powers granted to and the authority conferred upon that Owner Trustee pursuant to the Issuing Entity's Trust Agreement, (ii) the other transaction documents to which the Issuing Entity or the Owner Trustee is a party, and (iii) any document or instruction delivered to that Owner Trustee pursuant to the Trust Agreement.

***Description of the Certificates***

The Issuing Entity will issue a certificate representing fractional undivided interests in the Issuing Entity and will be issued pursuant to the Trust Agreement. The Certificates are not being offered hereby and all of the Certificates, representing 100% of the equity in the Issuing Entity, will initially be held by the Depositor, who may thereafter sell the Certificates. The Certificates will not bear interest.

**Trustee Indemnification and Trustee Resignation and Removal**

***Owner Trustee***

The Administrator will (i) pay to the Owner Trustee from time to time such compensation as the Administrator and the Owner Trustee shall agree in writing for services rendered by the Owner Trustee, (ii) reimburse the Owner Trustee for its reasonable and documented expenses, including the reasonable and documented compensation and expenses of such agents, representatives, experts and counsel as the Owner Trustee may employ in connection with the exercise of its rights and duties as Owner Trustee, and (iii) indemnify the Owner Trustee for any and all loss, liability or reasonable and documented costs, expenses and disbursements (including reasonable and documented legal and attorneys' fees, including those related to enforcement of such indemnity) incurred by it in connection with the Issuing Entity, the Trust Agreement and the other transaction documents, the trust estate, the administration of the trust or the action or inaction of the Owner Trustee thereunder, provided that the Owner Trustee will not be indemnified for costs arising from its own willful misconduct or gross negligence (as determined by a court of competent jurisdiction), its failure to perform certain express obligations in the Trust Agreement, any inaccuracy in its express representations and warranties contained in the Trust Agreement or its own federal and state taxes. In the event the Notes are declared to be due and payable following the occurrence of an Event of Default under the Indenture, Available Funds will be used to pay any amounts owed to the Owner Trustee under the Trust Agreement as described in *"Description of the Transaction Documents—Distributions on the Securities—Allocations and Distributions on the Securities"* in this prospectus.

The Owner Trustee may resign at any time by giving notice to the Administrator and the Administrator may remove the Owner Trustee at any time if the Owner Trustee ceases to be eligible in accordance with the terms of the Trust Agreement and has failed to resign after request of the Administrator, or if the Owner Trustee is not able to legally act under the transaction documents, is adjudged bankrupt or insolvent or is otherwise not in control of its property or affairs.

Upon the resignation or removal of the Owner Trustee, the Administrator will appoint a successor Owner Trustee and will provide notice of the resignation or removal of the Owner Trustee and the acceptance of appointment by the successor Owner Trustee to the Certificateholders, the Noteholders, the Indenture Trustee[, the Swap Counterparty] and the rating agencies hired by the Sponsor to rate the Notes. Any successor Owner Trustee must at all times: (1) be an entity that satisfies the provisions of Section 3807(a) of the Statutory Trust Act and be authorized to exercise corporate trust powers, (2) have a combined capital and surplus of at least $[50,000,000], subject to supervision or examination by federal or state authorities and (3) have (or have a parent which has) a long-term rating in any generic rating category which signifies investment grade by each rating agency hired by the Sponsor to rate the Notes or a rating otherwise acceptable to each such rating agency. Any costs associated with the removal of the Owner Trustee will be paid by the Administrator.

***Indenture Trustee***

The Issuing Entity shall cause the Administrator to agree to (i) pay to the Indenture Trustee from time to time such compensation as the Issuing Entity, the Administrator and the Indenture Trustee shall from time to time agree in writing for services rendered by the Indenture Trustee, (ii) reimburse the Indenture Trustee for all reasonable and documented out-of-pocket expenses, advances and disbursements reasonably incurred or made by it in connection with the administration of the Indenture and the performance of its duties thereunder, such expenses will include the reasonable and documented compensation and out-of-pocket expenses, disbursements and advances of the Indenture Trustee's agents, counsel, accountants and experts and (iii) indemnify the Indenture Trustee for, and hold it harmless against, any and all loss, liability, claim, damage or expense (including reasonable attorneys' fees and reasonable expenses (including reasonable attorneys' fees and reasonable expenses incurred in connection with any enforcement, including any action, claim or suit brought by the Indenture Trustee for any indemnification or other

obligation of the Issuing Entity or the Administrator)) it incurs in connection with the administration of the Indenture and the performance of its duties thereunder. In the event the Notes are declared to be due and payable following the occurrence of an Event of Default under the Indenture, Available Funds will be used to pay any amounts owed to the Indenture Trustee under the Indenture as described in *"Description of the Transaction Documents—Distributions on the Securities—Allocations and Distributions on the Securities"*.

The Indenture Trustee shall not be indemnified by the Administrator, the Issuing Entity, the Depositor or the Servicer against any loss, liability or expense incurred by it through its own willful misconduct, negligence or bad faith, except that the Indenture Trustee shall not be liable (i) for any error of judgment made by it in good faith unless it is proved that the Indenture Trustee was negligent in ascertaining the pertinent facts, (ii) with respect to any action it takes or omits to take in good faith in accordance with a direction received by it from the Noteholders in accordance with the terms of the Indenture and (iii) for interest on any money received by it except as the Indenture Trustee and the Issuing Entity may agree in writing.

The Indenture Trustee may resign at any time by giving notice to the Issuing Entity [and the Swap Counterparty]. The Noteholders holding at least a majority of the principal amount of Notes may remove the Indenture Trustee without cause by providing 30 days' prior written notice to the Indenture Trustee and the Depositor, and following that removal may appoint a successor Indenture Trustee. The Indenture Trustee must be removed by the Issuing Entity at any time if the Indenture Trustee fails to be eligible to continue as Indenture Trustee including due to a violation of applicable law, is adjudged bankrupt or insolvent, has a receiver or other public officer take charge over it or its property, or is otherwise incapable of legally acting under the transaction documents or if acting would result in a violation of applicable law (including, without limitation, ERISA).

Upon the resignation or required removal of the Indenture Trustee, or the failure of the Noteholders to appoint a successor Indenture Trustee following the removal without cause of the Indenture Trustee, the Issuing Entity shall be required promptly to appoint a successor Indenture Trustee. Any successor Indenture Trustee must satisfy certain eligibility criteria, including having at all times a combined capital and surplus of at least $[50,000,000], having time deposits (if applicable) rated at least [●] by [●] and [●] by [●], or such other rating that is acceptable to each rating agency hired by the Sponsor to rate the Notes, and satisfying the requirements of Section 310(a) of the Trust Indenture Act. Further, prior to the appointment of any successor Indenture Trustee, the rating agency condition must be satisfied with respect to such successor Indenture Trustee.

Any resignation or removal of the Indenture Trustee and appointment of a successor Indenture Trustee pursuant to any of the provisions of the Indenture shall not become effective until acceptance of appointment by the successor Indenture Trustee pursuant to the Indenture and payment of all fees and expenses owed to the outgoing Indenture Trustee. Notwithstanding the replacement of the Indenture Trustee pursuant to the Indenture, the retiring Indenture Trustee shall be entitled to payment or reimbursement of such amounts as such person is entitled pursuant to the Indenture.

If a successor Indenture Trustee does not take office within [60] days after the retiring Indenture Trustee resigns or is removed, the retiring Indenture Trustee, the Issuing Entity or the Noteholders holding at least a majority of the principal amount of the Notes representing the Controlling Securities may, at the expense of the Issuing Entity, petition any court of competent jurisdiction for the appointment of a successor Indenture Trustee.

**Amendments**

The requirements of amending the Indenture may be found in *"—Indenture—Modification of Indenture"* above. Generally each of the other transaction documents may be amended by the parties to that agreement without the consent of the Indenture Trustee or the holders of the Notes for the purpose of curing any ambiguity or correcting or supplementing any of the provisions of those transaction documents or of adding, changing, modifying or eliminating any of the provisions of those transaction documents. These amendments require:

&nbsp;&nbsp;&nbsp;&nbsp;· that
 each rating agency hired by the Sponsor to rate the related securities shall have received
 prior written notice thereof and no notice shall have been received from any such rating
 agency that the amendment will result in a reduction or withdrawal of its rating on the securities
 of that class; or

&nbsp;&nbsp;&nbsp;&nbsp;· the
 delivery by the Depositor of an officer's certificate stating that the amendment will
 not materially and adversely affect the interest of any holder of the affected securities.

In addition, the Depositor, the Servicer, the Issuing Entity and the Indenture Trustee, with the consent of the holders of the Controlling Securities evidencing at least a majority of the voting rights of the Controlling Securities, unless the interests of the Noteholders are not materially and adversely affected thereby, and the consent of the Certificateholders evidencing at least a majority of the percentage interest in the Certificates, unless the interests of the Certificateholders are not materially and adversely affected thereby, may amend any of the transaction documents other than the Indenture for the purpose of adding, changing, modifying or eliminating any of the provisions of the transaction documents. The consent of all holders of the offered securities is required, however, for any amendment that:

&nbsp;&nbsp;&nbsp;&nbsp;· increases
 or reduces the amount of, or accelerates or delays the timing of, collections of payments
 on the related leases or distributions to holders of the offered securities; or

&nbsp;&nbsp;&nbsp;&nbsp;· reduces
 the required percentage of the offered securities which are required to consent to these
 amendments.

**Bankruptcy of the Issuing Entity**

Each of the Owner Trustee, the Indenture Trustee, the Depositor, every Certificateholder and every Noteholder will covenant on its own behalf that it will not at any time institute against the Issuing Entity any involuntary bankruptcy, reorganization or other proceeding under any federal or state bankruptcy or similar law.

The Owner Trustee will not institute, or consent to the institution of, any proceedings to have the Issuing Entity declared or adjudicated bankrupt or insolvent and will not take any other voluntary bankruptcy action against the Issuing Entity. In addition, while the Indenture is in effect, the Certificateholders will not take any voluntary bankruptcy action against the Issuing Entity.

**[Interest Rate Protection Agreement]**

[On the [Initial] Closing Date, the Issuing Entity [may] enter into an "interest rate protection agreement" consisting of the ISDA Master Agreement, the schedule thereto, the credit support annex thereto, if applicable, and the confirmation with the [Swap][Cap] Counterparty with respect to the Floating Rate Notes to hedge its floating rate interest obligations with respect to the Floating Rate Notes. All terms of the interest rate protection agreement will be acceptable to each rating agency hired by the Sponsor to rate the Notes.]

[Under the interest rate protection agreement, the Issuing Entity will receive payments at a rate determined by reference to [the applicable Benchmark], which is the basis for determining the amount of interest due on the Floating Rate Notes. Under the interest rate protection agreement, on each Payment Date, (1) the Issuing Entity will be obligated to pay the Swap Counterparty the applicable fixed interest rate set forth below on the basis of a 360-day year of twelve 30-day months on a notional amount equal to the outstanding principal amount of the Floating Rate Notes as of the preceding Payment Date or, in the case of the initial Payment Date, the initial principal amount of the Floating Rate Notes on the [Initial] Closing Date, and (2) the Swap Counterparty will be obligated to pay to the Issuing Entity a floating interest rate of [the applicable Benchmark] for the related Payment Date plus the applicable spread set forth below on a notional amount equal to the outstanding principal amount of the Floating Rate Notes as of the preceding Payment Date or, in the case of the initial Payment Date, the initial principal amount of the related class of Floating Rate Notes on the [Initial] Closing Date.]

[The fixed rate to be used in calculating the Issuing Entity's payments under the interest rate swap agreement related to the Class [●][b] Notes will be equal to [●]% per annum] [and the Class [●][b] Notes will be equal to [●]% per annum]. The spread to be used in calculating the Swap Counterparty's payments under the interest rate swap protection agreement related to [Class [●][b] Notes will be equal to [●]%] [and the Class [●][b] Notes will be equal to [●]%].]

[On each Payment Date, the amount the Issuing Entity will be obligated to pay will be netted against the amount payable by the Swap Counterparty under the interest rate protection agreement. Only the net amount will be payable by the Issuing Entity or the Swap Counterparty, as applicable.]

[*add for interest rate cap agreement:* On the Business Day prior to the Payment Date, the Cap Counterparty will be obligated to pay the Issuing Entity an amount equal to the product of (i) the notional amount of the interest

rate cap and (ii) the excess of the interest rate on each class or tranche of Floating Rate Notes over an interest rate equal to a strike price specified in the related interest rate protection agreement, which amount will not be less than zero. The obligations of the Cap Counterparty under the interest rate protection agreement are unsecured.]

[The interest rate protection agreement provides for specified events of default [and termination events]. [*add for interest rate swap agreement:* Events of default applicable to the Issuing Entity include, among others, [the failure to make payments due under the interest rate protection agreement, the occurrence of certain bankruptcy-related events and a merger by the Issuing Entity without an assumption of its obligations under the interest rate protection agreement].] [*add for interest rate cap agreement:* There will not be any events of default applicable to the Issuing Entity under the interest rate protection agreement.] [Events of default applicable to the [Swap][Cap] Counterparty include [the failure by the [Swap][Cap] Counterparty to make payments due under the interest rate protection agreement, the breach by the [Swap][Cap] Counterparty of the agreement evidencing the interest rate protection agreement and the occurrence of certain bankruptcy-related events and a merger by the [Swap][Cap] Counterparty without an assumption of its obligations under the interest rate protection agreement]. In addition, termination events, including illegality, specified tax events, the acceleration of the Notes after the occurrence of an Event of Default and an amendment to the transaction documents that is adverse to the Swap Counterparty is made without the Swap Counterparty's consent, will apply to the Issuing Entity.]

[In the event that the [Swap][Cap] Counterparty's long-term or short-term ratings cease to be at the levels required by the rating agencies hired to rate the Notes, the [Swap][Cap] Counterparty will be obligated to obtain a guaranty from or assign its rights and obligations under the interest rate protection agreement to another party reasonably acceptable to the Issuing Entity or post Collateral to maintain the ratings of the Notes. *[Insert description of any additional rating agency requirements.]* If the [Swap][Cap] Counterparty has not taken one of the actions specified above within the specified time, the Issuing Entity may terminate the interest rate protection agreement.]

[Upon the occurrence of any Event of Default or termination event specified in the interest rate protection agreement, the non-defaulting or non-affected party may elect to terminate the interest rate protection agreement. If the interest rate protection agreement is terminated due to an Event of Default or a termination event, a Senior Swap Termination Amount under the interest rate swap agreement may be due to the Swap Counterparty by the Issuing Entity out of Available Funds. Any Senior Swap Termination Amount will be paid pari passu with interest on the Class A Notes. The Senior Swap Termination Amount may be based on the actual cost or market quotations of the cost of entering into a similar swap transaction or such other methods as may be required under the interest rate protection agreement, in each case in accordance with the procedures set forth in the interest rate protection agreement. Any Senior Swap Termination Amount could if market rates or other conditions have changed materially, be substantial. If a replacement interest rate protection agreement is entered into, any payments made by the replacement Swap Counterparty in consideration for replacing the Swap Counterparty, will be applied to any Senior Swap Termination Amount owed to the Swap Counterparty, under the interest rate protection agreement to the extent not previously paid.]

[The Swap Counterparty will have the right to consent to amendments under certain transaction documents, other than amendments that do not materially and adversely affect the interests of the Swap Counterparty.]

**[The [Swap][Cap] Counterparty]**

[[●] is a [●] that has, as of the date of this prospectus, long-term debt ratings from [●], [●] and [●] of "[●]", "[●]" and "[●]", respectively, and short-term debt ratings from [●], [●] and [●] of "[●]", "[●]" and "[●]", respectively. The ratings reflect the respective rating agency's current assessment of the creditworthiness of [●] and may be subject to revision or withdrawal at any time by the rating agencies. [●] will provide upon request, without charge, to each person to whom this prospectus is delivered, a copy of the most recent audited annual financial statements of [●], the parent company of the [Swap][Cap] Counterparty. Requests for such information should be directed to [●], (xxx) xxx-xxxx or in writing at [●].]

[[●] has not participated in the preparation of this supplement and has not reviewed and is not responsible for any information contained in this prospectus, other than the information contained in the immediately preceding paragraph. ]

*[Insert any additional information on the [swap][cap] counterparty in accordance with 1103(a)(3)(ix), Item 1114 and Item 1115 of Regulation AB, as applicable]*

**[Interest Rate Protection Agreement Significance Percentage]**

[Based on a reasonable good faith estimate of maximum probable exposure calculated in accordance with World Omni's general risk management procedures, the significance percentage of the interest rate protection agreement is less than 10%.]

**U.S. CREDIT RISK RETENTION**

Regulation RR requires the Sponsor to retain, either directly or through a majority-owned affiliate, an economic interest in the credit risk of the Units. The Depositor is a wholly-owned affiliate of World Omni and will retain the required economic interest in the credit risk of the Units to satisfy the Sponsor's requirements under Regulation RR. The Depositor may transfer all or a portion of the required retained interest to another majority-owned affiliate of World Omni on or after the [Initial] Closing Date in accordance with Regulation RR.

**[Combination Vertical and Horizontal Interest Option]**

[World Omni intends to satisfy the risk retention requirements of Regulation RR by causing the Depositor to retain a combination of an "eligible vertical interest" and an "eligible horizontal residual interest" under Regulation RR[, including by depositing funds into the Risk Retention Reserve Account]. The Depositor expects that the percentage of the "eligible vertical interest" and the percentage of the fair value of the "eligible horizontal residual interest" [, including any amounts on deposit in the Risk Retention Reserve Account,] will equal at least [five].]

*[Include following disclosure for both Eligible Vertical Interest Option and Eligible Horizontal Residual Interest Option:]*

**[Eligible Vertical Interest Option]**

[[The Depositor's retention of [●]% of each class of Notes and the Certificates satisfies the requirements for an "eligible vertical interest" under Regulation RR.][The Depositor's retention of a single vertical security, which will have an initial principal amount of $[●] (which equals [●]% of the aggregate principal amount of the Notes and Certificates) and which will be entitled to receive [●]% of all payments on the Notes and the Certificates, satisfies the requirements for an "eligible vertical interest" under Regulation RR.]] The Depositor, or another majority-owned affiliate of World Omni, is required to retain this interest until the later of two years from the [Initial] Closing Date, the date the aggregate Securitization Value is one-third or less of the aggregate Securitization Value as of the [Initial][Actual] Cutoff Date, or the date the outstanding principal amount of the Notes is one-third or less of the original outstanding principal amount. The Sponsor, the Depositor or any of their affiliates may not hedge the credit risk of the retained interest during this period. If the percentage of each class of Notes and the Certificates retained by the Depositor on the [Initial] Closing Date is materially different than [●]%, the Sponsor will include the retained percentage in the first investor report.]

[By retaining the "eligible vertical interest," the Depositor will be a Noteholder of [●]% of each class of Notes and will be entitled to receive [●]% of all payments of interest and principal made on each class of Notes and, if any class of Notes incurs losses, will bear % of those losses. Each class of Notes retained by the Depositor as part of the "eligible vertical interest" will have the same terms as all other Notes in that class, except that the Notes retained by the Depositor will not be included for purposes of determining whether a required percentage of any class of Notes have taken any action under the Indenture or any other transaction document. For a description of the Notes, and thus of the "eligible vertical interest," and the credit enhancement available for Notes, see *"Description of the Notes"* and *"Description of the Transaction Documents."*]

**[Eligible Horizontal Residual Interest Option]**

*[Eligible Horizontal Cash Reserve Account]*

[In order to satisfy in part its risk retention obligations, World Omni will cause the Issuing Entity to establish on the [Initial] Closing Date a [Risk Retention] Reserve Account with the [Indenture Trustee][Account Bank] in the name of and for the benefit of the Issuing Entity. This [Risk Retention] Reserve Account is structured to be "an eligible horizontal cash reserve account" meeting the requirements of Regulation RR of the Exchange Act, and will be funded by the retention of a portion of the purchase price for the [Offered] Notes on the [Initial] Closing Date in the amount equal to $[●]. [The [Risk Retention] Reserve Account will be established in addition to, and be administered separately from, the [Risk Retention] Reserve Account described under *"Description of the Transaction Documents—Reserve Account"*.] Funds on deposit in the [Risk Retention] Reserve Account may not be used to pay any fees or expenses of World Omni and its affiliates, including the Servicer and the Administrator. For all other purposes, the [Risk Retention] Reserve Account may be used to make any payments that are due as described under "*Description of the Transaction Documents—Distributions on the Securities"* in this prospectus but

are otherwise unpaid, including each of the Notes on its applicable Final Scheduled Payment Date to the extent collections on the Units are insufficient to make such payments. The Sponsor or the Depositor will disclose in the first investor report filed on Form 10-D following the [Initial] Closing Date the information required by Rule 4(c)(1)(iii)(C) of Regulation RR.]

*[Eligible Horizontal Residual Interest]*

[The Depositor's retention of [the Class [●] Notes and] the Certificates of the Issuing Entity[, together with the face value of amounts on deposit in the [Risk Retention] Reserve Account,] satisfies the requirements for an "eligible horizontal residual interest" under Regulation RR. The fair value of [the Class [●] Notes and] the Certificates[, together with the face value of amounts on deposit in the [Risk Retention] Reserve Account,] is expected to represent at least [5]% of the sum of the fair value of the Notes and the Certificates on the [Initial] Closing Date. The Depositor, or another majority-owned affiliate of World Omni, is required to retain [the Class [●] Notes and] the Certificates until the latest to occur of:

&nbsp;&nbsp;&nbsp;&nbsp;· the
 date the aggregate Securitization Value is less than or equal to 33% of the aggregate Securitization
 Value as of the [Initial][Actual] Cutoff Date,

&nbsp;&nbsp;&nbsp;&nbsp;· the
 date the outstanding principal amount of the Notes is less than or equal to 33% of the initial
 outstanding principal amount of the Notes on the [Initial] Closing Date, and

&nbsp;&nbsp;&nbsp;&nbsp;· two
 years after the [Initial] Closing Date.

World Omni, the Depositor or any of their affiliates may not transfer, finance, pledge or hedge the credit risk of the retained interest during this period, except as permitted under Regulation RR.]

[In general, the Certificates will evidence the residual interest in the Issuing Entity and represent the right to receive any excess amounts not needed on any Payment Date to pay the servicing fee, administration fee, amounts owing the Asset Representations Reviewer, make required payments on the Notes and make deposits into the [Risk Retention] Reserve Account. Because the Certificates are subordinated to each class of Notes and are only entitled to amounts not needed on a Payment Date to make payments on more senior interests issued by the Issuing Entity or to make other required payments or deposits according to the priority of payments described in *"Description of the Transaction Documents—Distributions on the Securities,"* the Certificates absorb all losses on the leases and leased vehicles before any losses are incurred by the more senior interests issued by the Issuing Entity. The payments available to the Certificates will be primarily dependent on the cash flows of the Units. For a description of certain material terms of the Certificates, including with respect to their payment priority and rights upon an Event of Default, see *"Description of the Transaction Documents—Distributions on the Securities" and "Description of the Transaction Documents—Description of the Certificates"* in this prospectus. [For a description of certain material terms of the [Risk Retention] Reserve Account, see "*Description of the Transaction Documents—Distributions on the Securities" and* "*Description of the Transaction Documents—[Risk Retention] Reserve Account."*] For a description of the credit enhancement available for the Notes, including the excess interest and overcollateralization, see *"Description of the Transaction Document—Reserve Account"* and *"—Overcollateralization."*]

[If the aggregate initial principal amount of the Notes is $[●], the fair value of the Notes and the Certificates is summarized below. The totals in the table may not sum due to rounding:]

---

| | | |
|:---|:---|:---|
| **Class of Securities** | **[Range of] Fair<br> Values (in<br> millions)** | **[Range of] Fair<br> Values**<br> **(as a percentage<br> of the fair values<br> of the Notes and <br> the Certificates)**<br>|
| Class A Notes | [●] | [●]% |
| [Class B Notes | [●] | [●]%] |
| [Class C Notes | [●] | [●]%] |
| [Class D Notes | [●] | [●]%] |
| [Class E Notes | [●] | [●]%] |
| [Class F Notes | [●] | [●]%] |
| Certificates | [●] | [●]% |
| &nbsp;&nbsp;&nbsp;Total | [●] | [●]% |

---

[If the aggregate initial principal amount of the Notes is $[●], the fair value of the Notes and the Certificates is summarized below. The totals in the table may not sum due to rounding:]

---

| | | |
|:---|:---|:---|
| **Class of Securities** | &nbsp;&nbsp;**[Range of] Fair <br> Values (in<br> millions)** | &nbsp;&nbsp;**[Range of] Fair<br> Values**<br> **(as a percentage<br> of the fair values<br> of the Notes and<br> the Certificates)**<br>|
| Class A Notes | &nbsp;&nbsp;[●] | &nbsp;&nbsp;[●]% |
| [Class B Notes | &nbsp;&nbsp;[●] | &nbsp;&nbsp;[●]%] |
| [Class C Notes | &nbsp;&nbsp;[●] | &nbsp;&nbsp;[●]%] |
| [Class D Notes | &nbsp;&nbsp;[●] | &nbsp;&nbsp;[●]%] |
| [Class E Notes | &nbsp;&nbsp;[●] | &nbsp;&nbsp;[●]%] |
| [Class F Notes | &nbsp;&nbsp;[●] | &nbsp;&nbsp;[●]%] |
| Certificates | &nbsp;&nbsp;[●] | &nbsp;&nbsp;[●]% |
| &nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;[●] | &nbsp;&nbsp;[●]% |

---

[The Sponsor determined the fair value of the Notes and the Certificates using a fair value measurement framework under generally accepted accounting principles. In measuring fair value, the use of observable and unobservable inputs and their significance in measuring fair value are reflected in the fair value hierarchy assessment, with Level 1 inputs favored over Level 3 inputs because Level 1 is the most objective whereas Level 3 is the most subjective.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· [Level 1 — inputs include quoted prices for identical instruments and are the most observable,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Level 2 — inputs include quoted prices for similar instruments and observable inputs such as interest rates and yield curves, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Level 3 — inputs include data not observable in the market and reflect management judgment about the assumptions market participants would use in pricing the instrument.]

[The fair value of the Notes is categorized within Level 2 of the hierarchy, reflecting the use of inputs derived from prices for similar instruments. The fair value of each class of the Notes is assumed to be approximately equal to the initial principal amount of such class. This reflects the expectation that the final interest rates of the Notes will be consistent with the interest rate assumptions below:]

---

| | |
|:---|:---|
| Class of Notes | &nbsp;&nbsp;Interest Rate |
| Class A-1[a/b] Notes | &nbsp;&nbsp;[●]%/[the applicable Benchmark] plus [●]% |
| Class A-2[a/b] Notes | &nbsp;&nbsp;[●]%/ [the applicable Benchmark] plus [●]% |
| Class A-3[a/b]Notes | &nbsp;&nbsp;[●]%/ [the applicable Benchmark] plus [●]% |
| Class A-4[a/b] Notes | &nbsp;&nbsp;[●]%/ [the applicable Benchmark] plus [●]% |
| [Class B[a/b] Notes | &nbsp;&nbsp;[●]%/ [the applicable Benchmark] plus [●]%] |
| [Class C[a/b] Notes | &nbsp;&nbsp;[●]%/ [the applicable Benchmark] plus [●]%] |
| [Class D[a/b] Notes | &nbsp;&nbsp;[●]%/ [the applicable Benchmark] plus [●]%] |

---

---

| | |
|:---|:---|
| [Class E[a/b] Notes | &nbsp;&nbsp;[●]%/ [the applicable Benchmark] plus [●]%] |
| [Class F[a/b] Notes | &nbsp;&nbsp;[●]%/ [the applicable Benchmark] plus [●]%] |

---

[These interest rates are estimated based on recent pricing of similar transactions and market-based expectations for interest rates and credit risk applicable to the Notes.]

[The fair value of the Certificates is categorized within Level 3 of the hierarchy as inputs to the fair value calculation are generally not observable. To calculate the fair value of the Certificates, World Omni utilized a valuation model. This model forecasts future cash flows from the Pool of leases and leased vehicles, the interest and principal payments on each class of Notes and the servicing fee. The resulting cash flows to the Certificates are discounted to present value based on a discount rate that reflects the credit exposure to these cash flows and current market interest rates. In completing these calculations, World Omni made the following assumptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Except as otherwise described in the following bullets, cash flows for the leases and leased vehicles are calculated using the assumptions as described in *"Prepayment and Yield Considerations—Weighted Average Life of the Securities."*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· [[If the aggregate initial principal amount of the Notes is $[●],] the Issuing Entity issues Class A-1 Notes with an initial principal amount of $[●] [(consisting of Class A-1a Notes with an initial principal amount of $[●] and Class A-1b Notes with an initial principal amount of $[●])], Class A-2 Notes with an initial principal amount of $[●] [(consisting of Class A-2a Notes with an initial principal amount of $[●] and Class A-2b Notes with an initial principal amount of $[●])], Class A-3 Notes with an initial principal amount of $[●] [(consisting of Class A-3a Notes with an initial principal amount of $[●] and Class A-3b Notes with an initial principal amount of $[●])], Class A-4 Notes with an initial principal amount of $[●] [(consisting of Class A-4a Notes with an initial principal amount of $[●] and Class A-4b Notes with an initial principal amount of $[●])][,] [and] [Class B Notes with an initial principal amount of $[●] [(consisting of Class Ba Notes with an initial principal amount of $[●] and Class Bb Notes with an initial principal amount of $[●])][,] [and] [Class C Notes with an initial principal amount of $[●] [(consisting of Class Ca Notes with an initial principal amount of $[●] and Class Cb Notes with an initial principal amount of $[●])][,] [and] [Class D Notes with an initial principal amount of $[●] [(consisting of Class Da Notes with an initial principal amount of $[●] and Class Db Notes with an initial principal amount of $[●])][,] [and] [Class E Notes with an initial principal amount of $[●] [(consisting of Class Ea Notes with an initial principal amount of $[●] and Class Eb Notes with an initial principal amount of $[●])] [and Class F Notes with an initial principal amount of $[●] [(consisting of Class Fa Notes with an initial principal amount of $[●] and Class Fb Notes with an initial principal amount of $[●])[,] [and if the aggregate initial principal amount of the Notes is $[●], the Issuing Entity issues Class A-1 Notes with an initial principal amount of $[●] [(consisting of Class A-1a Notes with an initial principal amount of $[●] and Class A-1b Notes with an initial principal amount of $[●])], Class A-2 Notes with an initial principal amount of $[●] [(consisting of Class A-2a Notes with an initial principal amount of $[●] and Class A-2b Notes with an initial principal amount of $[●])], Class A-3 Notes with an initial principal amount of $[●] [(consisting of Class A-3a Notes with an initial principal amount of $[●] and Class A-3b Notes with an initial principal amount of $[●])], Class A-4 Notes with an initial principal amount of $[●] [(consisting of Class A-4a Notes with an initial principal amount of $[●] and Class A-4b Notes with an initial principal amount of $[●])][,] [and] [Class B Notes with an initial principal amount of $[●] [(consisting of Class Ba Notes with an initial principal amount of $[●] and Class Bb Notes with an initial principal amount of $[●])][,] [and] [Class C Notes with an initial principal amount of $[●] [(consisting of Class Ca Notes with an initial principal amount of $[●] and Class Cb Notes with an initial principal amount of $[●])][,] [and] [Class D Notes with an initial principal amount of $[●] [(consisting of Class Da Notes with an initial principal amount of $[●] and Class Db Notes with an initial principal amount of $[●])][,] [and] [Class E Notes with an initial principal amount of $[●] [(consisting of Class Ea Notes with an initial principal amount of $[●] and Class Eb Notes with an initial principal amount of $[●])] [and Class F Notes with an initial principal amount of $[●] [(consisting of Class Fa Notes with an initial principal amount of $[●] and Class Fb Notes with an initial principal amount of $[●])]].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· [When the allocation of the initial principal amount of the Class [●]-[●] Notes is determined on or before the date of pricing, [if the aggregate initial principal amount of the Notes is $[●], the maximum amount of Class [●]-[●]a Notes that would be issued is $[●] (in which case, $0 of Class [●]-[●]b Notes would be issued) and the minimum amount of Class [●]-[●]a Notes that would be issued is $[●] (in which case, $[●] of Class [●]-

[●]b Notes would be issued) and, if the aggregate initial principal amount of the Notes is $[●],] the maximum amount of Class [●]-[●]]a Notes that would be issued is $[●] (in which case, $0 of Class [ []-[●]b Notes would be issued) and the minimum amount of Class [●]-[●]a Notes that would be issued is $[●] (in which case, $[●] of Class [●]-[●]b Notes would be issued).]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Interest accrues on the Notes at [either end of the range of] the rates described above. In determining the interest payments on the floating rate Class [●]-[●]b Notes, [the applicable Benchmark] is assumed to reset consistent with the applicable forward rate curve as of [●], 20[●].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· [No Benchmark Transition Event has occurred.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Leases prepay at an ABS rate using a [●]% Prepayment Assumption as described in *"Prepayment and Yield Considerations—Weighted Average Life of the Securities"* and proceeds related to prepayments equal the Securitization Value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Retained and returned vehicles are assumed to have a residual value loss of [●]% based upon the Base Residual Value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Residual losses are applied to those leases that do not prepay or default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A projected gross default rate as a percentage of the aggregate Securitization Value as of the [Initial][Actual] Cutoff Date of [●]%, which will assume [●]% of losses occur in each of the first two years after the [Initial] Closing Date and [●]% of losses occur in the third year after the [Initial] Closing Date, and that the losses are distributed equally within each such year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The recovery rate on charged-off leases is [●]% of the Securitization Value of such charged-off leases, and the time to recovery is [●] days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The vehicle turn-in rate on the Units is [●]% with a [2] month residual lag.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Cash flows distributable to the holders of the Certificates are discounted at [●]%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Exchange Note remains outstanding until maturity and the Servicer does not exercise its clean up call option to purchase the Exchange Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*·* [[Statistical][Specified] Discount Rate applicable to Initial Note Value and aggregate initial principal amount of the Notes —estimated considering the composition of the leases and recent pricing of Notes issued in similar transactions and market-based expectations for interest rates on the Notes.]

World Omni developed these inputs and assumptions by considering the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Interest rates of the Notes — based on current market credit spreads and interest rates and credit spreads for recent prior World Omni securitization transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· ABS rate — estimated considering the composition of the leases and leased vehicles and the performance of its prior securitized pools.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Residual gains and losses — reflects a determination by World Omni and the Depositor considering, among other items, the composition of the leases and leased vehicles, the performance of its prior World Omni securitized pools, the expected residual gains and losses as determined by the NRSROs hired by World Omni to rate the Notes and projected vehicle market values from third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Gross default, timing curve, recovery rate and vehicle turn-in rate — reflects a determination by World Omni and the Depositor considering, among other items, the composition of the leases and leased vehicles, the performance of its prior World Omni securitized pools and the expected gross default rate and assumptions as determined by the NRSROs hired by World Omni to rate the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Discount rate applicable to the Certificates — reflects a determination by World Omni and the Depositor considering, among other items, discount rate assumptions for securitization transactions with similarly-structured residual interests, qualitative factors that consider the subordinate nature of the first-loss exposure, and the rate of return that third-party investors would require to purchase residual interests similar to the Certificates.

[World Omni will recalculate the fair value of the Certificates following the [Initial] Closing Date to reflect any

changes in the methodology or inputs and assumptions described above. The Sponsor or the Depositor will disclose in the first investor report filed on Form 10-D following the [Initial] Closing Date any material differences or changes in the methodology or key inputs and assumptions used to calculate the fair value at the time of closing, as well as updated information regarding the fair value of the retained Certificates [and the face value of amounts on deposit in the [Risk Retention] Reserve Account of the Issuing Entity.]

**[EU SECURITISATION REGULATION AND UK SECURITISATION FRAMEWORK**

*[insert for transactions structured to comply with material net economic interest retention]*

For further information on the matters referred to below and the corresponding risks, see "*Risk Factors— Risks Relating to Certain Regulatory and Other Material Legal Aspects of the Units —Requirements for Certain European Union and United Kingdom Regulated Investors*" in this prospectus.

On the [Initial] Closing Date, the Sponsor will represent and confirm, covenant and agree, with reference to the Securitisation Rules as in effect and applicable on the [Initial] Closing Date, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it, as "originator" (as such term is defined for the purposes of each of the EU Securitisation Regulation and the UK Securitisation Framework) with respect to each Unit, will retain, upon issuance of the Notes, continually and on an ongoing basis, for as long as any Notes remain outstanding, the Retained Interest in the securitisation transaction described in this prospectus, in the form specified in paragraph (d) of Article 6(3) of the EU Securitisation Regulation and the form specified in each of paragraph 1(d) of SECN 5.2.8R and paragraph (d) of Article 6(3) of Chapter 2 of the PRASR, in each case for the purposes of the UK Securitisation Framework, by holding and continuing to hold (i) indirectly, all the limited liability company interests in the Depositor (being a special purpose entity and not an operating company), either directly or indirectly through one or more wholly-owned subsidiaries of the Sponsor (each being a special purpose entity and not an operating company), the Depositor in turn retaining the Certificates to be issued by the Issuing Entity, and (ii) the residual interest in the Reference Pool, such Certificates and interest collectively representing at least [5]% of the aggregate Securitization Value of the Units in the Reference Pool;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it will not (and will not permit the Depositor or any of its other affiliates to) hedge or otherwise mitigate its credit risk under or associated with the Retained Interest, or sell, transfer or otherwise surrender all or part of the rights, benefits or obligations arising from the Retained Interest, except, in each case, to the extent permitted in accordance with the Securitisation Rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) it will not change the manner in which it retains or the method of calculating the Retained Interest while any of the [Offered] Notes are outstanding, except under exceptional circumstances, and to the extent permitted in accordance with the Securitisation Rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) it will provide ongoing confirmation of its continued compliance with its obligations in the foregoing clauses (a), (b) and (c), (i) in or concurrently with the delivery of each Servicer Certificate, (ii) upon the occurrence of any event of default and (iii) from time to time upon request by any Noteholder in connection with (x) any change in the structural features of the securitisation transaction described in this prospectus that could materially impact the performance of the [Offered] Notes, (y) any change in the performance of the securitisation transaction described in this prospectus, in the risk characteristics of the securitisation transaction described in this prospectus or of the Units which, in any case, could materially impact the performance of the [Offered] Notes, or (z) any material breach of the transaction documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) it will promptly notify the Issuing Entity in writing if for any reason it fails to comply with any of the covenants set out in paragraphs (a), (b) and (c) above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) it was not established for, and does not operate for, the sole purpose of securitizing exposures.

The Securitisation Rules provide that an entity shall not be considered an "originator" within the meaning of such rules if it has been established or operates for the sole purpose of securitizing exposures. The EU RTS further provide that "*[a]n entity shall not be considered to have been established or to operate for the sole purpose of securitising exposures… where all of the following applies: (a) the entity has a strategy and the capacity to meet payment obligations consistent with a broader business model that involves material support from capital, assets, fees or other sources of income, by virtue of which the entity does not rely on the exposures to be securitised, on any interests retained or proposed to be retained in accordance with Article 6 of [the EU Securitisation Regulation], or on any corresponding income from such exposures and interests, as its sole or predominant source of revenue; (b) the members of the management body have the necessary experience to enable the entity to pursue the established business strategy, as well as adequate corporate governance arrangements."* In this regard, see, in particular, "*The Servicer, Sponsor and Administrator*" in this prospectus for information with regard to the Sponsor's business and related operations.

Except as described herein, no party to the transaction described in this prospectus will undertake, or intends, to

take or refrain from taking any action with regard to such transaction in a manner prescribed or contemplated by the EU Securitisation Rules or the UK Securitisation Rules, or to take any other action for the purposes of, or in connection with, facilitating or enabling compliance by any person with the EU Investor Due Diligence Requirements, the UK Investor Due Diligence Requirements or any other law or regulation now or hereafter in effect in the EU, the EEA or the UK in relation to risk retention, due diligence and monitoring, credit granting standards, transparency or any other conditions with respect to investments in securitization transactions. In particular, without limitation, no such person will undertake, or intends, to comply with the EU Transparency Requirements or to make available any additional information or reporting in connection with the EU Investor Due Diligence Requirements or the UK Investor Due Diligence Requirements with respect to verification that the originator, sponsor or SSPE has made and/or will make available information in respect of the relevant transaction.

Each prospective investor in the [Offered] Notes that is an EU Affected Investor or a UK Affected Investor should independently assess and determine whether, and to what extent, the agreement by World Omni to retain the Retained Interest as described in this prospectus and the information provided in this prospectus, in the monthly reports to Noteholders or otherwise available to or to be provided to Noteholders, are or will be sufficient for the purposes of such prospective investor's compliance with the EU Investor Due Diligence Requirements, the UK Investor Due Diligence Requirements and/or any corresponding national measures that may be relevant and/or with any other applicable legal, regulatory or other requirements.

Prospective investors that are EU Affected Investors or UK Affected Investors should be aware that the interpretation of the EU Investor Due Diligence Requirements and the UK Investor Due Diligence Requirements, respectively, remains uncertain and that supervisory authorities and national and other regulators may have different views as to how the EU Investor Due Diligence Requirements or the UK Investor Due Diligence Requirements, as applicable, should be interpreted, and those views are still evolving. Furthermore, both the EU Securitisation Rules and the UK Securitisation Rules are expected to change over time and there is no certainty as to the timing or nature of those changes.

None of World Omni, the Depositor, the Issuing Entity, the underwriters, the Indenture Trustee, the Owner Trustee, the Closed-End Collateral Agent, the other parties to the transactions described in this prospectus, nor any of their respective affiliates: (a) makes any representation, warranty or guarantee as to the applicability (or otherwise) of the EU Securitisation Rules or the UK Securitisation Rules to an investment in the Notes; (b) makes any representation, warranty or guarantee that the agreement by World Omni to retain the Retained Interest as described in this prospectus or any information provided in this prospectus, in the monthly reports to Noteholders or otherwise available to or to be provided to Noteholders, are or will be sufficient in all circumstances for the purposes of any Noteholder's or prospective investor's compliance with the EU Investor Due Diligence Requirements or the UK Investor Due Diligence Requirements, as applicable, and/or any corresponding national measures that may be relevant, or with any other applicable legal, regulatory or other requirements, or that the structure of the Notes, World Omni (including its agreement to retain the Retained Interest) and the transactions described herein are otherwise compliant with the EU Securitisation Rules or the UK Securitisation Rules; (c) will have any liability to any person with respect to any deficiency in such agreement or any such information, or with respect to any Noteholder's or prospective investor's failure or inability to comply with the EU Investor Due Diligence Requirements or the UK Investor Due Diligence Requirements, as applicable, and/or any corresponding national measures that may be relevant, or with any other applicable legal, regulatory or other requirements (other than, in each case, any liability arising under a transaction document as a result of a breach by such person of that transaction document); or (d) will have any obligation with respect to the EU Securitisation Rules or the UK Securitisation Rules, other than the specific obligations undertaken with respect to the Retained Interest, as described above.

Any failure by an EU Affected Investor to comply with the EU Investor Due Diligence Requirements or by a UK Affected Investor to comply with the UK Investor Due Diligence Requirements, in either case with respect to an investment in the [Offered] Notes, may result in the imposition of a penalty regulatory capital charge on that investment or other regulatory sanctions and/or remedial measures being imposed or taken by such investor's regulatory authority. The EU Securitisation Rules, the UK Securitisation Rules and any changes to the regulation or regulatory treatment of the [Offered] Notes for some or all investors may negatively impact the regulatory position of Noteholders or prospective investors and have an adverse impact on the value and liquidity of the [Offered] Notes. Prospective investors are responsible for and should analyze their own legal and regulatory position and are encouraged to consult with their own investment and legal advisors regarding the scope and application of, and compliance with, the EU Investor Due Diligence Requirements or the UK Investor Due Diligence Requirements, as applicable, and any other applicable regulations, and the suitability of the [Offered] Notes for investment.]

**CERTAIN PROVISIONS OF THE TITLING TRUST DOCUMENTS AND RELATED AGREEMENTS**

**Closed-End Collateral Specified Interest, Reference Pools and Exchange Notes**

The Titling Trust has two initial series of specified interests. One of these series will hold only closed-end leases and related leased vehicles and is referred to as the ***"Closed-End Collateral Specified Interest."*** The other series, which is known as the ***"Open-End Collateral Specified Interest,"*** will hold open-ended leases and the related leased vehicles. The beneficial interests in the Closed-End Collateral Specified Interest and the Open-End Collateral Specified Interest are represented by the Closed-End Collateral Specified Interest certificate and the Open-End Collateral Specified Interest certificate and are currently held by the Initial Beneficiary. The Exchange Notes, Reference Pools, unencumbered pools and Warehouse Facility Pool discussed herein only pertain to the Closed-End Collateral Specified Interest.

***Unencumbered Pools.*** The Titling Trust may allocate leases and leased vehicles to one or more unencumbered pools which include all Titling Trust assets in the Closed-End Collateral Specified Interest not allocated to any Warehouse Facility Pool or Reference Pools with respect to Exchange Notes.

***Warehouse Facility Pool.*** In order to provide an ongoing source of funds to finance the acquisition of Units from dealers, the Titling Trust is a party to one or more financing facilities with an affiliate, which affiliate in turn is a party to a financing facility with lenders with scheduled commitment termination dates. The Titling Trust's current facility is secured pursuant to the Pledge and Security Agreement by the ***"Warehouse Facility Pool,"*** which includes all Titling Trust assets in the Closed-End Collateral Specified Interest not allocated to any Reference Pools with respect to Exchange Notes or allocated to any unencumbered pools of the Titling Trust.

***Creation of Reference Pools and Issuance of Exchange Notes.*** The Initial Beneficiary has the right and option to purchase from the lenders in the warehouse facilities all or a portion of the outstanding advances under the warehouse facilities, including advances made by World Omni Lease Finance LLC to the Titling Trust, for a ***"Purchase Price***" equal to the outstanding principal amount of that indebtedness plus any interest due and payable thereon (and certain other amounts). Those advances are then exchanged by the Initial Beneficiary for an Exchange Note issued by the Titling Trust to the Initial Beneficiary in an amount equal to the sum of the Purchase Price paid by the Initial Beneficiary for the advances and the amount of any funds advanced by the Initial Beneficiary to the Titling Trust pursuant to the Collateral Agency Agreement.

World Omni or its affiliates may from time to time provide a subordinate warehouse facility to the Titling Trust. To the extent World Omni or its affiliates have provided this facility, and there is an outstanding balance under that facility, the Exchange Note may replace all or a portion of the outstanding balance of the subordinate warehouse debt, and the outstanding advances of the warehouse lenders and any funds advanced by Auto Lease Funding LLC.

The terms of an Exchange Note will be set forth in such Exchange Note, the Collateral Agency Agreement and the related supplement to the Collateral Agency Agreement. Such supplement to the Collateral Agency Agreement will designate the initial leases and the related leased vehicles allocated to a new Reference Pool. When an Exchange Note is issued, the Servicer will enter into a supplement to the Servicing Agreement, which provides for the servicing of those Units allocated to the related Reference Pool.

***Other Transactions Involving the Creation of Reference Pools.*** In connection with other securitizations and transactions, the Titling Trust will issue and has previously issued Other Exchange Notes to the Initial Beneficiary. Each such Exchange Note is secured by and paid principally from a related Reference Pool of Units and is referred to as an ***"Other Exchange Note****,**"*** and the related Reference Pool is referred to herein as the ***"Other Reference Pool*.**"***

The Initial Beneficiary will sell and contribute and has sold and contributed the Other Exchange Notes to the Depositor, who will transfer and has transferred them into a securitization trust. The Depositor may also pledge those Other Exchange Notes to secure leveraged leasing transactions or other financing transactions.

Holders of an Exchange Note have the right to proceeds from only the Units allocated to the related Reference Pool. The holder of the Exchange Note will receive the proceeds of and collections on the Units in the related Reference Pool in the manner set forth in *"—Application of Collections on the Reference Pools"* below in this

prospectus. The holder of the Exchange Note will not receive proceeds from any Units in any unencumbered pool, the Warehouse Facility Pool or Other Reference Pools related to any Other Exchange Notes. Holders of an Exchange Note must waive claims to Titling Trust assets not allocated to their interest. Each holder of an Exchange Note, and each person to whom an Exchange Note is pledged, will also be required to expressly disclaim any interest in the assets of the Titling Trust other than those allocated to the Reference Pool related to such Exchange Note and to fully subordinate any claims to those other assets. In turn each beneficiary of any unencumbered pool, each holder of any Other Exchange Note and each lender with respect to the Warehouse Facility Pool, and each pledgee of any of these, must similarly expressly disclaim (or will be deemed to have disclaimed) any interest in the Reference Pool related to the Exchange Note securing the Notes offered by this prospectus and fully subordinate their respective claims to any Units in such Reference Pool.

**Titling Trustee**

The Titling Trustee will be under no obligation to exercise any of the discretionary rights or powers vested in it by the Exchange Note Supplement, or to institute, conduct or defend any litigation under the Exchange Note Supplement or in relation thereto, unless the party requesting that action has offered to the Titling Trustee reasonable security or indemnity against the costs, expenses or liabilities that may be incurred therein or thereby.

**Resignation and Removal of the Titling Trustee or Titling Trust Administrator**

None of the Titling Trust Administrator, the Titling Trustee or the Delaware Trustee may resign without the consent of the Initial Beneficiary unless that party ceases to be eligible under the Titling Trust Documents. The Initial Beneficiary may remove the Titling Trust Administrator. The Initial Beneficiary at its discretion may remove the Titling Trust Administrator or either trustee if at any time such party (or, to the extent such party is a wholly-owned subsidiary, such party's parent) ceases to (a) be either (i) a banking association organized under the laws of the United States or (ii) a corporation organized in one of the fifty states of the United States, the District of Columbia or the Commonwealth of Puerto Rico, (b) not be the Initial Beneficiary or any affiliate thereof, (c) be qualified as a trustee to hold Titling Trust assets located in the Five-State Area, (d) be authorized to exercise corporate trust power, or (e) have a combined capital and surplus of at least $[50,000,000]. In addition, the Initial Beneficiary may remove the Titling Trust Administrator or either trustee if (A) any representation or warranty made by that party under the Titling Trust Documents was untrue in any material respect when made and not cured within 30 days following actual knowledge thereof or notice thereto, and such party fails to resign after written request, (B) at any time that party is incapable of acting, is legally unable to act, or adjudged bankrupt or insolvent, (C) a receiver of the Titling Trustee or its property has been appointed or (D) any public officer has taken charge or control of the Titling Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation.

Upon the removal of the Titling Trustee, the Initial Beneficiary will promptly appoint a successor trustee or Titling Trust Administrator. Any resignation or removal of that party and appointment of a successor will not become effective until acceptance of appointment by that successor.

**Indemnity of Titling Trustees**

The Titling Trustee and the Titling Trust Administrator, including their respective officers, directors, shareholders, employees and agents (each an ***"Indemnified Person***") will be indemnified and held harmless by the holders of the certificates of specified interests with respect to any loss, liability or expenses, including reasonable attorneys' and other professionals' fees and expenses, arising out of or incurred in connection with any of the related Titling Trust assets with respect to that specified interest, including any liabilities arising out the Indemnified Person's acceptance or performance of the trusts and duties contained in the Titling Trust Documents. Notwithstanding the foregoing, the Titling Trustee will not be indemnified or held harmless out of the included Units relating to a series of securities as to such a loss:

&nbsp;&nbsp;&nbsp;&nbsp;· incurred
 by reason of the Titling Trustee's willful misfeasance, bad faith or gross negligence;
 or

&nbsp;&nbsp;&nbsp;&nbsp;· incurred
 by reason of the Titling Trustee's breach of its representations and warranties made
 in the Titling Trust Documents.

**Issuing Entity as Third-Party Beneficiary**

As the holder and pledgee of an Exchange Note, the Issuing Entity and the Indenture Trustee, respectively, will be third-party beneficiaries of the Exchange Note Supplement as it relates to the Exchange Note.

**Termination**

The Titling Trust and the Titling Trust Documents will terminate on the final distribution by the Titling Trust Administrator of all moneys or other property constituting Titling Trust assets or upon the direction of the Initial Beneficiary, provided that there are no outstanding obligations of the Titling Trust. Any specified interest may be terminated upon receipt by the Titling Trust Administrator of direction to terminate that specified interest from the holders of the certificates with respect to such specified interest, but such termination shall be subject to the rights of any registered pledgee or creditors of any interest in and to that specified interest.

**Securities Owned by the Issuing Entity, the Depositor, the Servicer and their Affiliates**

In general, except as otherwise described in this prospectus and the transaction documents, so long as any Notes are outstanding, any Notes owned by the Issuing Entity, the Depositor, the Servicer (so long as World Omni or one of its affiliates is the Servicer) or any of their respective affiliates will be entitled to benefits under those transaction documents, equally and proportionately to the benefits afforded other owners of the Notes except that those Notes will be deemed not to be outstanding for the purpose of determining whether the requisite percentage of the related Noteholders have given any request, demand, authorization, direction, notice, consent or other action under the transaction documents.

**Information Requests**

The parties to the transaction documents relating to the Notes will agree to provide any information reasonably requested by the Servicer, the Issuing Entity, the Depositor or any of their affiliates, at the expense of the Servicer, the Issuing Entity, the Depositor or any of their affiliates, as applicable, in order to comply with or obtain more favorable treatment under any current or future law, rule, regulation, accounting rule or principle.

**Securities Exchange Act Filing**

The Issuing Entity will authorize the Servicer and the Depositor, or either of them, to prepare, sign, certify and file any and all reports, statements and information respecting the Issuing Entity and/or the Notes required to be filed pursuant to the Securities Exchange Act of 1934, as amended (the ***"Exchange Act"****)*, and the rules and regulations thereunder.

**Exchange Note Default**

Any of the following events or occurrences with respect to any Exchange Note will constitute an ***"Exchange Note Default***" solely with respect to that Exchange Note:

&nbsp;&nbsp;&nbsp;&nbsp;· the
 Titling Trust fails to pay or cause to be paid any principal of that Exchange Note on the
 applicable Final Scheduled Payment Date and, if such failure is due to an administrative
 omission, mistake or technical difficulty, that failure continues for 5 Business Days after
 the date when such principal became due;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 Titling Trust fails to pay or cause to be paid any part of the interest due and payable on
 the Exchange Note specified in the Exchange Note Supplement, and that failure continues for
 5 Business Days after the due date;

&nbsp;&nbsp;&nbsp;&nbsp;· there
 is a default in the observance or performance of any covenant or agreement of the Titling
 Trust made in the Collateral Agency Agreement or the Exchange Note Supplement (other than
 a covenant or agreement, a default in the observance or performance of which is specifically
 covered by another Exchange Note Default), the Exchange Noteholders of that Exchange Note
 are materially and adversely affected by such default and such default is not cured on or
 before the 60th day after the Titling Trust has received a notice from that Exchange Noteholders
 that states that it is a "notice of Exchange Note Default"

and specifies the default; and

&nbsp;&nbsp;&nbsp;&nbsp;· any
 representation or warranty of the Titling Trust made in the Collateral Agency Agreement,
 the Exchange Note Supplement or in any certificate or other document delivered in connection
 with the Collateral Agency Agreement or the Exchange Note Supplement with respect to the
 Exchange Note proves to have been incorrect as of the time made, the Exchange Noteholders
 of that Exchange Note are materially and adversely affected by such incorrectness and such
 incorrectness is not cured on or before the 60th day after the Titling Trust has received
 a notice from such Exchange Noteholders that states that it is a "notice of Exchange
 Note Default" and specifies the default.

Notwithstanding the foregoing, a delay or failure of performance referred to under any of the foregoing bullets will not constitute an Exchange Note Default for a period of thirty (30) additional days after the applicable cure period specified in such clause, to the extent such delay or failure arose from Force Majeure. Within 5 Business Days after an authorized officer of the Titling Trust first has actual knowledge of the occurrence of an Exchange Note Default with respect to any Exchange Note, the Titling Trust will notify the Servicer, the Administrative Agent, the Deal Agent and the Exchange Noteholder of its status and what action, if any, the Titling Trust is taking or proposing to take with respect to that Exchange Note Default.

If an Exchange Note Default occurs and is continuing with respect to any Exchange Note, the Exchange Noteholder may, by notice to the Titling Trust, the Servicer, the Closed-End Collateral Agent and the Administrative Agent, declare such Exchange Note to be immediately due and payable, and upon any such declaration the outstanding principal balance of that Exchange Note and any more senior Exchange Note related to the same Reference Pool, together with accrued and unpaid interest thereon through the date of acceleration, will become immediately due and payable.

If an event of bankruptcy has occurred and is continuing or an Exchange Note Default has occurred and is continuing and the Exchange Noteholder has declared the Exchange Note to be immediately due and payable, subject to certain limitations on enforcement set forth in the Collateral Agency Agreement, the Exchange Noteholder may (i) commence appropriate proceedings and pursue any of its other rights, remedies, powers or privileges under the Collateral Agency Agreement, the Warehouse Facility Pool or otherwise; and (ii) direct the Closed-End Collateral Agent to and the Closed-End Collateral Agent will (x) institute proceedings for the complete or partial foreclosure on the Units included in the related Reference Pool; (y) exercise any remedies of a secured party under the UCC and take any other appropriate action to protect and enforce the rights and remedies of such Exchange Noteholder; and/or (z) sell or otherwise liquidate all or a portion of the Collateral pledged to the Closed-End Collateral Agent under the Pledge and Security Agreement (the ***"Collateral***") and included in the Reference Pool with respect to such Exchange Note, or any right or interest included in that Collateral, at one or more public or private sales called and conducted in any manner permitted by law.

The proceeds of any liquidation or sale of the Collateral included in any Reference Pool will be applied in the manner set forth in the prospectus.

**Application of Collections on the Reference Pools**

On each Payment Date, the Administrative Agent will, with respect to each Reference Pool, withdraw from the Exchange Note Collection Account an amount equal to the collections for that Reference Pool and that Payment Date and apply those amounts as described under *"Description of the Transaction Documents—Distributions on the Exchange Note"* in this prospectus.

**AFFILIATIONS AND RELATIONSHIPS AMONG TRANSACTION PARTIES**

[The Owner Trustee is not an affiliate of any of the Depositor, the Sponsor, Auto Lease Finance LLC, the Closed-End Collateral Agent, the Servicer, the Titling Trust, the Issuing Entity or the Indenture Trustee. However, the Owner Trustee and one or more of its affiliates may, from time to time, engage in arm's length transactions with the Depositor, Auto Lease Finance LLC, the Servicer, the Titling Trust, the Indenture Trustee, or affiliates of any of them, that are distinct from its role as Owner Trustee, including transactions both related and unrelated to the securitization of retail leases.]

[The Indenture Trustee is not an affiliate of any of the Depositor, the Sponsor, Auto Lease Finance LLC, the Servicer, the Titling Trust, the Issuing Entity, the Owner Trustee, the Titling Trustee or the Titling Trustee Agent. However, the Indenture Trustee and one or more of its affiliates may, from time to time, engage in arm's length transactions with the Depositor, Auto Lease Finance LLC, the Sponsor, the Titling Trust, the Owner Trustee, or affiliates of any of them, that are distinct from its role as Indenture Trustee, including transactions both related and unrelated to the securitization of retail leases.]

[The Asset Representations Reviewer is not an affiliate of any of the Depositor, the Sponsor, Auto Lease Finance LLC, the Closed-End Collateral Agent, the Servicer, the Titling Trust, the Issuing Entity, the Indenture Trustee, the Owner Trustee, the Titling Trustee or the Titling Trustee Agent. However, the Asset Representations Reviewer and one or more of its affiliates may, from time to time, engage in arm's length transactions with the Depositor, the Sponsor, the Indenture Trustee, the Owner Trustee, or affiliates of any of them, that are distinct from its role as Asset Representations Reviewer, including transactions both related and unrelated to the securitization of retail installment sale contracts and loans.]

The Owner Trustee, Administrative Agent, Delaware Trustee and Titling Trustee Agent are affiliates and may be involved in transactions with each other involving securitizations.

[[●], an underwriter for the [Class [●]] Notes, and [●], the [Swap][Cap] Counterparty, are affiliates and engage in transactions with each other involving securitizations.]

The Sponsor and the Depositor are affiliates and also engage in other transactions with each other involving securitizations and sales of leases, retail installment sale contracts and loans.

Each of the Asset Representations Reviewer, the Servicer and the Administrator will be an independent contractor and will not be subject to the supervision of the Issuing Entity or the Owner Trustee for the manner in which it accomplishes the performance of its obligations under the trust documents. Unless expressly authorized by the trust documents or the Issuing Entity, each of the Asset Representations Reviewer, the Servicer and the Administrator will have no authority to act for or represent the Issuing Entity and will not be considered an agent of the Issuing Entity. Nothing in the trust documents will (i) make any of the Asset Representations Reviewer, the Servicer or the Administrator, on the one hand, and the Issuing Entity, on the other hand, members of any partnership, joint venture, association, syndicate, unincorporated business or other separate entity, (ii) be construed to impose any liability as such on any of them or (iii) be deemed to confer on any of them any express, implied or apparent authority to incur any obligation or liability on behalf of the others.

[D*escription of specific transactions or arrangements to be added if material to investors.*]

**FEES AND EXPENSES**

The fees and expenses paid or payable from Collections or Available Funds are set forth in the table below. Those fees and expenses are paid on each Payment Date as described above under *"Description of the Transaction Documents—Distributions on the Securities—Allocations and Distributions on the Securities.*"

---

| | | | |
|:---|:---|:---|:---|
| **Type of Fee**<br>| **Amount of Fee**<br>| **Party Receiving Fee**<br>| **Priority in Distribution**<br>|
| Servicing Fee<sup>(1)</sup> | Product of (a) one-twelfth and (b) [1.00]% and (c) the aggregate Securitization Value of all Units as of the beginning of that Collection Period <sup>(2)</sup> | Servicer | Payable prior to payment of interest and principal on the Exchange Note |
| Administration Fee | Product of (a) one-twelfth and (b) [0.05]% and (c) the aggregate Securitization Value of all Units as of the beginning of that Collection Period <sup>(3)</sup> | Administrator | Payable prior to payment of interest and principal on the Notes |
| [Asset Representations Reviewer annual fee<sup>(4)</sup> ] | [$[●] each year] | [Asset Representations Reviewer] | [Payable prior to payment of interest and principal on the Notes, to the extent not paid by the Servicer] |
| [Asset Representations Reviewer review fee<sup>(4)</sup> ] | [$[●] for each Review Receivable on completion of a review] | [Asset Representations Reviewer] | [Payable prior to payment of interest and principal on the Notes, to the extent not paid by the Servicer] |
| [Monthly Swap Payment Amount] | [Net amount due on each Payment Date from the Issuing Entity to the Swap Counterparty under the interest rate protection agreement for the related Collection Period] | [Swap Counterparty] | [Payable prior to payment of interest and principal on the Notes]<br>|
| [Swap termination payments] | [Market value of the interest rate protection agreement based on market quotations of the cost of entering into an interest rate protection agreement with the same terms and conditions that would have the effect of preserving the full payment obligations of the parties in accordance with the procedures set forth in the interest rate protection agreement] | [Swap Counterparty] | [Payable pari passu with payment of interest on the Notes]]<br>|
| Indenture Trustee amounts | All fees, expenses and other amounts owing to the Indenture Trustee pursuant to the Indenture | Indenture Trustee | Payable prior to payment of interest and principal on the Notes during the occurrence of an Event of Default |
| Owner Trustee amounts | All fees, expenses and other amounts owing to the Owner Trustee pursuant to the Trust Agreement | Owner Trustee | Payable prior to payment of interest and principal on the Notes during the occurrence of an Event of Default |

---

(1) The fees, expenses and other amounts owing to the Closed-End Collateral Agent, and, prior to the occurrence of an Event of Default, the Indenture Trustee and the Owner Trustee, will not be paid out on each Payment Date. Instead, such fees, expenses and other amounts will be paid by World Omni as the Administrator, from the administration fee, pursuant to the Administration Agreement.

(2) The servicing fee payable to the Servicer on the initial Payment Date with respect to the initial Collection Period will be pro-rated, however, to compensate for the length of the initial Collection Period [not] being [longer than] one month.

(3) The administration fee payable to the Administrator on the initial Payment Date with respect to the initial Collection Period will be pro-rated, however, to compensate for the length of the initial Collection Period [not] being [longer than] one month.

(4) [Prior to the occurrence of an Event of Default, the amount of such fees payable prior to required interest and principal payments on the Notes will be limited to a maximum amount of $[●] per calendar year. Following an Event of Default, however, these fees will be paid prior to required interest and principal payments on the Notes. The annual fee and the review fee payable to the Asset Representations Reviewer may not be changed without the consent of the Issuing Entity, the Asset Representations Reviewer and holders of the Notes evidencing at least a majority of the outstanding principal amount of the Controlling Securities and the consent of the holders of Certificates evidencing at least a majority of the percentage interest of the Certificates.]

**ADDITIONAL LEGAL ASPECTS OF THE TITLING TRUST AND THE EXCHANGE NOTES**

**The Titling Trust**

The Titling Trust is a Delaware statutory trust. The Titling Trust has made trust filings or obtained certificates of authority to transact business in states where, in the Servicer's judgment, such action may be required. Because the Titling Trust has been registered as a statutory trust for Delaware and other state law purposes, in similar form as a corporation, it may be eligible to be a debtor in its own right under the United States Bankruptcy Code. See *"Risk Factors—Risks Relating to the Transaction Parties—A Bankruptcy of the Depositor, Auto Lease Finance LLC, the Servicer, the QI or the Titling Trust Could Delay or Limit Payments To You."* As such, the Titling Trust may be subject to Insolvency Laws under the United States Bankruptcy Code or similar state laws (***"Insolvency Laws***"), and claims against the Titling Trust assets could have priority over the security interest in those assets granted by the Titling Trust to secure the Exchange Notes. In addition, claims of a third party against the Titling Trust assets, including the assets of a Reference Pool with respect to an Exchange Note, to the extent such claims are not covered by insurance, could take priority over holders of security interests in the closed-end assets, such as the Closed-End Collateral Agent, as more fully described under *"Additional Legal Aspects of the Leases and the Leased Vehicles—Vicarious Tort Liability."*

**Qualification of VT Inc. as Fiduciary**

State laws differ as to whether a corporate trustee that leases vehicles in that state, such as VT Inc., must qualify as a fiduciary. The consequences of the failure to be qualified as a fiduciary in a state where such qualification is required differ by state, but could include penalties against VT Inc. and its directors and officers, ranging from fines to the inability of VT Inc. to maintain an action in the courts of that state.

World Omni believes that VT Inc. does not exercise sufficient discretion in the performance of its duties under the Titling Trust Documents or take such other discretionary actions that it should be considered to be exercising fiduciary powers within the meaning of any applicable state law. However, no assurance can be given that World Omni's view will prevail. However, no state in which (1) this issue is uncertain, (2) VT Inc. has not taken the actions necessary to qualify as a fiduciary and (3) the consequences of this failure would be material will represent a significant percentage of the value of the assets with respect to any Exchange Note. Therefore, World Omni believes that the failure to be qualified as a fiduciary in any state where such qualification may ultimately be required will not materially and adversely affect the holders of any series of securities. However, no assurance can be given in this regard.

**Structural Considerations**

Unlike many structured financings in which the holders of the securities have a direct ownership interest or a perfected security interest in the underlying assets being securitized, the Issuing Entity for each series of securities will not directly own the Exchange Note assets. Instead, the Titling Trust will own the Titling Trust assets, and the Titling Trustee will take actions with respect thereto in the name of the Titling Trust on behalf of and as directed by the beneficiaries of the Titling Trust (*i.e.*, the holders of the Closed-End Collateral Specified Interest and the other specified interests in the Titling Trust). The primary asset of the Issuing Entity will be an Exchange Note secured by and principally paid from the related Reference Pool within the Closed-End Collateral Specified Interest. The Indenture Trustee for that series of securities will take action with respect thereto in the name of the Issuing Entity and on behalf of the related Noteholders. A security interest in the Exchange Note assets, rather than direct legal ownership, is transferred under this structure in order to avoid the administrative difficulty and expense of retitling the leased vehicles in the name of the transferee. The Servicer and/or the Titling Trustee will segregate the Exchange Note assets allocated to a series of securities from the other Titling Trust assets on the books and records each maintains for these assets. Neither the Servicer nor any holders of Other Reference Pools, the Warehouse Facility Pool or any unencumbered pools of the Titling Trust will have rights in such Exchange Note assets, and payments made on any Titling Trust assets other than those Exchange Note assets generally will not be available to make payments on the related series of securities or to cover expenses of the Titling Trust allocable to such Exchange Note assets.

**Allocation of Titling Trust Liabilities**

The assets of the Titling Trust are divided into several portfolios of specified interests. Currently there are two specified interests: the Closed-End Collateral Specified Interest and the Open-End Collateral Specified Interest. The Closed-End Collateral Specified Interest is further subdivided into one or more Reference Pools, the Warehouse Facility Pool and one or more unencumbered pools of the Titling Trust. The Units allocated to the Closed-End Collateral Specified Interest and not allocated to a Reference Pool or an unencumbered pool of the Titling Trust shall be included in the Warehouse Facility Pool. The Titling Trust Documents permit the Titling Trust, in the course of its activities, to incur other debts or liabilities such as Titling Trustee fees or bank account maintenance expenses. The Titling Trust may also become subject to involuntary liabilities such as judgment, tax or ERISA liens. Under the Titling Trust Documents, these sorts of claims and liabilities will be allocated to the specified interest or Asset Pool to which they relate. If a particular liability relates to more than one specified interest or Asset Pool, it will be allocated among all those specified interests and Asset Pools ratably. However, certain creditors, such as judgment creditors or taxing authorities, may not be bound by this allocation. As a result, it is possible that a particular specified interest or Asset Pool might bear a disproportionate share of those liabilities if the assets of another specified interest or Asset Pool are insufficient to absorb its ratable share of the liabilities.

The Issuing Entity and the Indenture Trustee will not have a direct ownership interest in the Exchange Note assets. As discussed in *"Additional Legal Aspects of the Leases and the Leased Vehicles—Security Interests,"* however, the Closed-End Collateral Agent will have a perfected security interest in the related Units that will be senior in priority to the interests of the PBGC and judgement lien creditors in those leases and leased vehicles . Certain liens, however, will generally take priority over the interests of the Indenture Trustee in the Exchange Note assets. Potentially material examples of such claims could include:

&nbsp;&nbsp;&nbsp;&nbsp;· tax
 liens arising against the Depositor, World Omni, the Titling Trust, the QI, the Initial Beneficiary
 or the Issuing Entity; and

&nbsp;&nbsp;&nbsp;&nbsp;· liens
 arising under various federal and state criminal statutes.

For a discussion of the release of security interest held by the Closed-End Collateral Agent, see "*The Servicer, Sponsor and Administrator —Like Kind Exchange Program.*"

**Insolvency Related Matters**

As described under *"Certain Provisions of the Titling Trust Documents and Related Agreements—Closed-End Collateral Specified Interest, Reference Pools and Exchange Notes"* and *"The Exchange Note,"* each holder or pledgee of a specified interest certificate (other than the Closed-End Collateral Specified Interest) and each holder or pledgee of any Other Exchange Note will be required to expressly disclaim any interest in the Titling Trust assets allocated to a Reference Pool with respect to a series of securities and to fully subordinate any claims to such Titling Trust assets in the event that disclaimer is not given effect. Although no assurances can be given, the Depositor believes that in the event of a bankruptcy of World Omni or the Initial Beneficiary, the Exchange Note assets allocated to a series of securities would not be treated as part of World Omni's or the Initial Beneficiary's bankruptcy estate and that, even if they were so treated, the subordination by holders and pledgees of the Open-End Collateral Specified Interest, the Open-End Collateral Specified Interest certificate, any other specified interests, the Warehouse Facility Pool, any unencumbered pool of the Titling Trust, any Other Reference Pools, or Exchange Notes, should be enforceable. In addition, steps have been taken to structure the transactions contemplated hereby that are intended to make it unlikely that the voluntary or involuntary application for relief by World Omni or the Initial Beneficiary under any Insolvency Laws will result in consolidation of the assets and liabilities of the Titling Trust, the QI, the Depositor or the Issuing Entity with those of World Omni or the Initial Beneficiary. With respect to the Titling Trust, these steps include its creation as a separate, special-purpose Delaware statutory trust of which the Initial Beneficiary is the sole beneficiary, pursuant to a Titling Trust Agreement containing certain limitations (including restrictions on the nature of its business and on its ability to commence a voluntary case or proceeding under any insolvency law). With respect to the Depositor, these steps include its creation as a separate, special-purpose limited liability company of which Auto Lease Finance LLC is the sole equity member, pursuant to a limited liability company agreement containing certain limitations, including the requirement that the Depositor must have at all times at least two independent directors, and restrictions on the nature of its businesses and operations and on its ability to commence a voluntary case or proceeding under any insolvency law without the unanimous affirmative vote of the member and all directors, including each independent director. With respect to the

QI, these steps include its creation as a separate, special-purpose limited liability company of which World Omni is the sole equity member, pursuant to a limited liability company agreement containing certain limitations, including the requirement that the QI must have at all times at least two independent managers, and restrictions on the nature of its businesses and operations and on its ability to commence a voluntary case or proceeding under any insolvency law without the unanimous affirmative vote of all managers, including each independent manager.

However, delays in payments on a series of securities and possible reductions in the amount of such payments could occur if:

&nbsp;&nbsp;&nbsp;&nbsp;· a
 court were to conclude that the assets and liabilities of the Titling Trust, the Depositor
 or the Issuing Entity should be consolidated with those of World Omni or the Initial Beneficiary
 in the event of the application of applicable Insolvency Laws to World Omni or the Initial
 Beneficiary,

&nbsp;&nbsp;&nbsp;&nbsp;· a
 filing were to be made under any insolvency law by or against the Titling Trust, the Depositor
 or the Issuing Entity, or

&nbsp;&nbsp;&nbsp;&nbsp;· an
 attempt were to be made to litigate any of the foregoing issues.

If a court were to conclude that the transfer of an Exchange Note from the Initial Beneficiary to the Depositor was not a true sale, or that the Depositor should be treated as the same entity as the Initial Beneficiary for bankruptcy purposes, any of the following could delay or prevent payments on the related series of securities:

&nbsp;&nbsp;&nbsp;&nbsp;· the
 automatic stay, which prevents secured creditors from exercising remedies against a debtor
 in bankruptcy without permission from the court and provisions of the United States Bankruptcy
 Code that permit substitution of collateral in certain circumstances,

&nbsp;&nbsp;&nbsp;&nbsp;· certain
 tax or government liens on the Initial Beneficiary's property (that arose prior to
 the transfer of an Exchange Note to the Depositor) having a prior claim on collections on
 a Reference Pool before the collections are used to make payments on the securities, or

&nbsp;&nbsp;&nbsp;&nbsp;· the
 Depositor not having a perfected security interest in the Exchange Note or any related cash
 collections held by the Initial Beneficiary at the time that the Initial Beneficiary becomes
 the subject of a bankruptcy proceeding.

In an insolvency proceeding of World Omni, (1) payments made by World Omni on certain insurance policies required to be obtained and maintained by lessees pursuant to the leases, (2) deposits made by World Omni into the Exchange Note Collection Account in lieu of Relinquished Vehicle proceeds with respect to the LKE program, and (3) payments made by World Omni to the Depositor may be recoverable by World Omni as debtor–in–possession or by a creditor or a trustee in bankruptcy of World Omni as a preferential transfer from World Omni if those payments were made within ninety days prior to the filing of a bankruptcy case in respect of World Omni or one year with respect to transfers to affiliates. In addition, the insolvency of World Omni could result in the replacement of World Omni as Servicer, which could in turn result in a temporary interruption of payments on any series of securities. See "*Risk Factors—Risks Relating to the Transaction Parties—A Bankruptcy of the Depositor, Auto Lease Finance LLC, the Servicer, the QI or the Titling Trust Could Delay or Limit Payments To You."*

On the [Initial] Closing Date, Mayer Brown LLP, special insolvency counsel to the Depositor, will deliver an opinion based on a reasoned analysis of analogous case law (although there is no precedent based on directly similar facts) to the effect that, subject to certain facts, assumptions and qualifications specified therein, under present reported decisional authority and statutes applicable to federal bankruptcy cases, if the Initial Beneficiary were to become a debtor in a case under the Bankruptcy Code, if properly litigated, a bankruptcy court properly applying current law after analyzing the facts would not disregard the limited liability company form of the Initial Beneficiary or the separateness of the Initial Beneficiary, from the Depositor so as to substantively consolidate the assets and liabilities of the Depositor with the assets and liabilities of the Initial Beneficiary. Among other things, such opinion will assume that the Depositor will follow certain procedures in the conduct of its affairs, including maintaining separate records and books of account from those of the Initial Beneficiary, not commingling its assets with those of the Initial Beneficiary, doing business in a separate office from the Initial Beneficiary and not holding itself out as having agreed to pay, or being liable for, the debts of the Initial Beneficiary. In addition, such opinion will assume that except as expressly provided by the Titling Trust Documents (each of which contains terms and conditions consistent with those that would be arrived at on an arm's length basis between unaffiliated entities in the belief of the parties thereto), the Initial Beneficiary generally will not guarantee the obligations of the Depositor to third

parties, and will not conduct the day-to-day business or activities of any thereof. Each of the Initial Beneficiary and the Depositor intends to follow and has represented that it will follow these and other procedures related to maintaining the separate identities and legal existences of each of the Initial Beneficiary and the Depositor. Such a legal opinion, however, will not be binding on any court.

On the [Initial] Closing Date, Mayer Brown LLP, special insolvency counsel to the Titling Trust, will deliver an opinion based on a reasoned analysis of analogous case law (although there is no precedent based on directly similar facts) to the effect that, subject to certain facts, assumptions and qualifications specified therein, under present reported decisional authority and statutes applicable to federal bankruptcy cases, if World Omni were to become a debtor in a case under the Bankruptcy Code, if properly litigated, a bankruptcy court properly applying current law after analyzing the facts would not disregard the corporate form of World Omni or the separateness of World Omni, from the Titling Trust or the Initial Beneficiary so as to substantively consolidate the assets and liabilities of the Titling Trust or the Initial Beneficiary with the assets and liabilities of World Omni. Among other things, such opinion will assume that each of the Titling Trust (or the Titling Trustee when acting on its behalf) and the Initial Beneficiary will follow certain procedures in the conduct of its affairs, including maintaining separate records and books of account from those of World Omni, not commingling its respective assets with those of World Omni and not holding itself out as having agreed to pay, or being liable for, the debts of World Omni. In addition, such opinion will assume that except as expressly provided by the Titling Trust Documents and the Servicing Agreement (each of which contains terms and conditions consistent with those that would be arrived at on an arm's length basis between unaffiliated entities in the belief of the parties thereto), World Omni generally will not guarantee the obligations of the Titling Trust or the Initial Beneficiary to third parties, and will not conduct the day-to-day business or activities of any thereof, other than in World Omni's capacity as Servicer acting under and in accordance with the Servicing Agreement or in World Omni's capacity as Titling Trust Administrator under the Titling Trust administration agreement. Each of World Omni, the Titling Trust and the Initial Beneficiary intends to follow and has represented that it will follow these and other procedures related to maintaining the separate identities and legal existences of each of World Omni, the Titling Trust and the Initial Beneficiary. Such a legal opinion, however, will not be binding on any court.

If a case or proceeding under any insolvency law were to be commenced by or against World Omni or the Initial Beneficiary, and a court were to order the substantive consolidation of the assets and liabilities of any of such entities with those of the Titling Trust, the Depositor or the Issuing Entity or if an attempt were made to litigate any of the foregoing issues, delays in distributions on the Exchange Note (and possible reductions in the amount of such distributions) to the Issuing Entity, and therefore to the Noteholders and the Certificateholders of the related series, could occur.

The Initial Beneficiary will treat its conveyance of each Exchange Note to the Depositor as an absolute sale, transfer and assignment of all of its interest therein for all purposes. However, if a case or proceeding under any insolvency law were commenced by or against the Initial Beneficiary, and the Initial Beneficiary as debtor–in– possession or a creditor, receiver or bankruptcy trustee of the Initial Beneficiary were to take the position that the sale, transfer and assignment of each Exchange Note by the Initial Beneficiary to the Depositor should instead be treated as a pledge of that Exchange Note to secure a borrowing by the Initial Beneficiary, delays in payments of proceeds of that Exchange Note to the Issuing Entity, and therefore to the related Noteholders, could occur or (should the court rule in favor of such position) reductions in the amount of such payments could result. On the [Initial] Closing Date, Mayer Brown LLP, special insolvency counsel to the Depositor, will deliver an opinion to the effect that, subject to certain facts, assumptions and qualifications specified therein, if the Initial Beneficiary were to become a debtor in a case under the Bankruptcy Code subsequent to the sale, transfer and assignment of the Exchange Note to the Depositor, the sale, transfer and assignment of that Exchange Note from the Initial Beneficiary to the Depositor would be characterized as a true sale, transfer and assignment, and that Exchange Note and the proceeds thereof would not be property of the Initial Beneficiary's bankruptcy estate. As indicated above, however, such a legal opinion is not binding on any court.

As a precautionary measure, the Depositor will take the actions requisite to obtaining a security interest in each Exchange Note allocated to a series of securities as against the Initial Beneficiary, which the Depositor will assign to the Issuing Entity and the Issuing Entity will assign to the Indenture Trustee. The Indenture Trustee will perfect its security interest in that Exchange Note, which will be a "certificated security" under the UCC, by possession. Accordingly, if the conveyance of that Exchange Note by the Initial Beneficiary to the Depositor were not respected as an absolute sale, transfer and assignment, the Depositor (and ultimately the Issuing Entity and the Indenture Trustee as successors in interest) should be treated as a secured creditor of the Initial Beneficiary, although a case or

proceeding under any insolvency law with respect to the Initial Beneficiary could result in delays or reductions in distributions on that Exchange Note as indicated above, notwithstanding such perfected security interest.

If the Servicer were to become subject to a case under the Bankruptcy Code, certain payments made within one year of the commencement of such case (including repurchase payments) may be recoverable by the Servicer as debtor-in-possession or by a creditor or a trustee-in-bankruptcy as a preferential transfer from the Servicer. See "*Risk Factors—Risks Relating to the Transaction Parties—A Bankruptcy of the Depositor, Auto Lease Finance LLC, the Servicer, the QI or the Titling Trust Could Delay or Limit Payments To You."*

**Dodd-Frank Act Orderly Liquidation Authority Provisions**

***General.*** On July 21, 2010, President Obama signed into law the Dodd-Frank Act. The Dodd-Frank Act, among other things, gives the FDIC authority to act as receiver of certain bank holding companies, financial companies and their respective subsidiaries in specific situations under OLA provisions of the Dodd-Frank Act. The proceedings, standards, powers of the receiver and many substantive provisions of OLA differ from those of the United States Bankruptcy Code in several respects. In addition, because the legislation remains subject to clarification through further FDIC regulations and has yet to be applied by the FDIC in any receivership, it is unclear what impact these provisions will have on any particular company, including World Omni, the Initial Beneficiary, the Titling Trust, the Depositor, any Issuing Entity or any of their respective creditors.

Potential Applicability to World Omni, the Initial Beneficiary, the Titling Trust, the Depositor and Issuing Entities. There is uncertainty about which companies will be subject to OLA rather than the United States Bankruptcy Code. For a company to become subject to OLA, the Secretary of the Treasury (in consultation with the President of the United States) must determine, among other things, that such company is in default or in danger of default, that the company's failure and its resolution under the United States Bankruptcy Code "would have serious adverse effects on financial stability in the United States," that no viable private sector alternative is available to prevent the default of the company and an OLA proceeding would mitigate these adverse effects.

Under certain circumstances, the Issuing Entity, the Depositor or the Initial Beneficiary could also be subject to the provisions of OLA as a "covered subsidiary" of World Omni. For the Issuing Entity, the Depositor or the Initial Beneficiary to be subject to receivership under OLA as a "covered subsidiary" of World Omni (1) the FDIC would have to be appointed as receiver for World Omni under OLA as described above, and (2) the FDIC and the Secretary of the Treasury would have to jointly determine that (a) such Issuing Entity, the Depositor or the Initial Beneficiary, as applicable, is in default or in danger of default, (b) appointment of the FDIC as receiver of the covered subsidiary would avoid or mitigate serious adverse effects on the financial stability or economic conditions of the United States and (c) such appointment would facilitate the orderly liquidation of World Omni. If the FDIC is appointed as receiver for World Omni under OLA and the Issuing Entity, the Depositor, the Titling Trust or the Initial Beneficiary were to be considered a covered subsidiary under OLA, the FDIC will have all the powers and rights with regards to the covered subsidiary that it has with regard to a covered financial company under OLA. Because of the novelty of the Dodd-Frank Act and OLA provisions, the uncertainty of the Secretary of the Treasury's determination and the fact that such determination would be made in the future under potentially different circumstances, no assurance can be given that the Secretary of the Treasury would not determine that the failure of World Omni would have serious adverse effects on the financial stability in the United States. In addition no assurance can be given that OLA provisions would not apply to World Omni, a particular Issuing Entity, the Depositor or the Initial Beneficiary or, if it were to apply, that the timing and amounts of payments to the related series of securityholders would not be less favorable than under the United States Bankruptcy Code.

***FDIC's Repudiation Power Under OLA.*** If the FDIC were appointed receiver of World Omni or of a covered subsidiary, including the Issuing Entity, the Depositor or the Initial Beneficiary, under OLA, the FDIC would have various powers under OLA, including the power to repudiate any contract to which World Omni or such covered subsidiary was a party, if the FDIC determined that performance of the contract was burdensome to the estate and that repudiation would promote the orderly administration of World Omni's or such covered subsidiary's affairs, as applicable. In January 2011, the then acting General Counsel of the FDIC (the ***"FDIC Counsel***") issued an advisory opinion confirming, among other things, its intended application of the FDIC's repudiation power under OLA. In that advisory opinion, the FDIC Counsel stated that nothing in the Dodd-Frank Act changes the existing law governing the separate existence of separate entities under other applicable law. As a result, the FDIC Counsel was of the opinion that the FDIC as receiver for a covered financial company, which could include World Omni or its

subsidiaries (including, the Depositor, the Initial Beneficiary or the Issuing Entity), cannot repudiate a contract or lease unless it has been appointed as receiver for that entity or the separate existence of that entity may be disregarded under other applicable law. In addition, the FDIC Counsel was of the opinion that until such time as the FDIC Board of Directors adopts a regulation further addressing the application of Section 210(c) of the Dodd-Frank Act, if the FDIC were to become receiver for a covered financial company, which could include World Omni or its subsidiaries (including, the Depositor, the Initial Beneficiary or the Issuing Entity), the FDIC will not, in the exercise of its authority under Section 210(c) of the Dodd-Frank Act, reclaim, recover, or recharacterize as property of that covered financial company or the receivership any asset transferred by that covered financial company prior to the end of the applicable transition period of a regulation provided that such transfer satisfies the conditions for the exclusion of such assets from the property of the estate of that covered financial company under the United States Bankruptcy Code. Although this advisory opinion does not bind the FDIC or its Board of Directors, and could be modified or withdrawn in the future, the advisory opinion also states that the FDIC Counsel will recommend that the FDIC Board of Directors incorporates a transition period of 90 days for any provisions in any further regulations affecting the statutory power to disaffirm or repudiate contracts. As a result, the foregoing FDIC Counsel's interpretation currently remains in effect. The advisory opinion also states that the FDIC anticipates recommending consideration of future regulations related to the Dodd-Frank Act. To the extent any future regulations or subsequent FDIC actions in an OLA proceeding involving World Omni or its subsidiaries (including, the Depositor, the Initial Beneficiary or the Issuing Entity), are contrary to this advisory opinion, payment or distributions of principal and interest on the securities issued by the Issuing Entity would be delayed and could be reduced.

We will structure the transfers of the Exchange Notes under each Exchange Note Sale Agreement and the Exchange Note Transfer Agreement with the intent that they would be characterized as legal true sales under applicable state law and that the Exchange Note would not be included in the transferor's bankruptcy estate under the United States Bankruptcy Code. If the transfers are so characterized, based on the FDIC Counsel's advisory opinion rendered in January 2011 and other applicable law, the FDIC would not be able to recover the transferred Exchange Notes using its repudiation power. However, if the FDIC were to successfully assert that the transfers of the Exchange Note were not legal true sales and should instead be characterized as a security interest to secure loans, and if the FDIC repudiated those loans, the purchasers of the Exchange Note or the securityholders, as applicable, would have a claim for their "actual direct compensatory damages," which claim would be no less than the amount lent plus interest accrued to the date the FDIC was appointed receiver. In addition, to the extent that the value of the collateral securing the loan exceeds such amount, the purchaser or the securityholders, as applicable, would also have a claim for any interest that accrued after such appointment at least through the date of repudiation or disaffirmance. In addition, even if the FDIC were to challenge that the transfers were not legal true sales and such challenge were unsuccessful, or that the FDIC would not repudiate a legal true sale, securityholders could suffer delays in the payments on their securities.

Also assuming that the FDIC were appointed receiver of World Omni or of a covered subsidiary, including the Issuing Entity, the Depositor or the Initial Beneficiary, under OLA, the FDIC's repudiation power would extend to continuing obligations of World Omni or that covered subsidiary, as applicable, including its obligations to repurchase Units in the related Reference Pool for the Exchange Note for breach of representation or warranty as well as its obligation to service the Units. If the FDIC were to exercise this repudiation power, securityholders would not be able to compel World Omni or any applicable covered subsidiary to repurchase Units for breach of representation and warranty and instead would have a claim for damages against World Omni's or that covered subsidiary's receivership estate, as applicable, and thus would suffer delays and may suffer losses of payments on their securities. Securityholders would also be prevented from replacing the Servicer during the stay. In addition, if the FDIC were to repudiate World Omni's obligations as Servicer, there may be disruptions in servicing as a result of a transfer of servicing to a third party and securityholders may suffer delays or losses of payments on their securities. In addition, there are other statutory provisions enforceable by the FDIC under which, if the FDIC takes action, payments or distributions of principal and interest on the securities issued by the Issuing Entity would be delayed and may be reduced.

In addition, under OLA, none of the parties to the Exchange Note Transfer Agreement, Exchange Note Sale Agreement, Base Servicing Agreement, Servicing Supplement, the Administration Agreement and the Indenture could exercise any right or power to terminate, accelerate, or declare a default under those contracts, or otherwise affect World Omni's or a covered subsidiary's rights under those contracts without the FDIC's consent for 90 days after the receiver is appointed. During the same period, the FDIC's consent would also be needed for any attempt to obtain possession of or exercise control over any property of World Omni or of a covered subsidiary. The

requirement to obtain the FDIC's consent before taking these actions relating to a covered financial company's or covered subsidiary's contracts or property is comparable to the "automatic stay" in bankruptcy.

If the Issuing Entity were to become subject to OLA, the FDIC may repudiate the debt of such Issuing Entity. In such an event, the related series of securityholders would have a secured claim in the receivership of such Issuing Entity for "actual direct compensatory damages" as described above, but delays in payments on such series of securities would occur and possible reductions in the amount of those payments could occur. In addition, for a period of 90 days after a receiver was appointed, securityholders would be stayed from accelerating the debt or exercising any remedies under the Indenture.

***FDIC's Avoidance Power Under OLA.*** Under statutory provisions of OLA similar to those of the United States Bankruptcy Code, the FDIC could avoid transfers of leases that are deemed "preferential." Under one potential interpretation of these provisions, the FDIC could avoid as a preference transfers of leases evidenced by certain written contracts and perfected by the filing of a UCC financing statement against the Titling Trust unless the contracts were physically delivered to the transferee or its custodian or were marked in a manner legally sufficient to indicate the rights of the Closed-End Collateral Agent. If a transfer of leases were avoided as preferential, the transferee would have only an unsecured claim in the receivership for the purchase price of the leases.

However, in December 2010, the FDIC Counsel issued an advisory opinion to the effect that the preference provisions of OLA should be interpreted in a manner consistent with the United States Bankruptcy Code. Based on the FDIC Counsel's interpretation of the preference provisions of OLA, a transfer of leases perfected by the filing of a UCC financing statement against the Titling Trust as provided in the Collateral Agency Agreement would not be avoidable by the FDIC as a preference under OLA. Although the advisory opinion does not bind the FDIC or its Board of Directors and could be withdrawn or modified in the future, the advisory opinion also states that the FDIC Counsel will recommend that the FDIC Board of Directors adopt regulations to the same effect. On July 6, 2011, the Board of Directors of the FDIC adopted a final rule to further clarify the application of OLA, including clarification that the preferential transfer provisions of the Dodd-Frank Act are to be implemented consistently with the corresponding provisions of the United States Bankruptcy Code. The final rule conforms to the interpretation provided by the advisory opinion of the FDIC Counsel, except that the FDIC did not address repudiation issues. To the extent that regulations adopted by the FDIC or subsequent FDIC actions in an OLA proceeding are contrary to the advisory opinion or the final rule, payments or distributions of principal of and interest on the securities issued by the Issuing Entity could be delayed or reduced.

**ADDITIONAL LEGAL ASPECTS OF THE LEASES AND THE LEASED VEHICLES**

**Security Interests**

The tangible lease contracts are "tangible chattel paper" as defined in the UCC. Pursuant to the Delaware UCC, a non-possessory security interest in or transfer of chattel paper in favor of the Closed-End Collateral Agent may be perfected by filing a UCC-1 financing statement with the appropriate state authorities in the jurisdiction of formation of the Closed-End Collateral Agent (*i.e.*, the Delaware Secretary of State). On or prior to the [Initial] Closing Date, "protective" UCC-1 financing statements will be filed in Delaware to effect this perfection. The security interest that the Closed-End Collateral Agent has in the related leases could be subordinate to the interest of certain other parties who take possession of those leases before the filings described above have been completed. Specifically, the Closed-End Collateral Agent's security interest in the related lease could be subordinate to the rights of a purchaser of such lease who takes possession of the lease without knowledge or actual notice of the Closed-End Collateral Agent's security interest. The leases will not be stamped to reflect the foregoing security arrangements.

The electronic lease contracts are "electronic chattel paper" as defined in the UCC. Generally, World Omni, on behalf of the Titling Trust and its assigns, will have "control" of an electronic lease contract under the applicable UCC in effect in each state if the electronic contract comprising the electronic chattel paper is created, stored and assigned in such a manner that (a) there is a "single authoritative copy" of the electronic contract which is unique, identifiable and, except as otherwise provided in clauses (d), (e) and (f), unalterable, (b) the authoritative copy identifies the secured party as the assignee of the electronic contract, (c) the authoritative copy is communicated to and maintained by World Omni or its designated custodian, on behalf of the Titling Trust and the Closed-End Collateral Agent, (d) copies or revisions that add or change an identified assignee of the authoritative copy can be made only with the participation of World Omni, on behalf of the Titling Trust or the Closed-End Collateral Agent, (e) each copy of the authoritative copy and any copy of a copy is readily identifiable as a copy that is not the authoritative copy and (f) any revision of the authoritative copy is readily identifiable as an authorized or unauthorized revision.

Title to the leased vehicles is held by the Titling Trust. Under the Pledge and Security Agreement, the Titling Trust has granted a security interest in and to certain assets, including the leases and the related leased vehicles, to the Closed-End Collateral Agent to secure the Titling Trust's obligations under the warehouse loan facilities and the Exchange Notes issued by the Titling Trust from time to time. Under the UCC, the filing of a financing statement is not effective to perfect a security interest in property subject to certificate of title statutes covering motor vehicles, unless the motor vehicles are considered to be inventory held for sale or lease by a debtor or leased by the debtor as lessor and the debtor is in the business of selling or leasing goods of that kind. The Closed-End Collateral Agent, as lienholder, perfects its security interest in the leased vehicle by being designated as the first lienholder on the certificate of title of each leased vehicle.

If, through inadvertence or fraud, a third party purchases, including the taking of a security interest in, a lease for new value in the ordinary course of its business, without actual knowledge of the Titling Trust's interest, and takes possession of a lease, in tangible form (or obtains "control" of the authoritative copy of the lease in electronic form), this purchaser would acquire an interest in the lease superior to the interest of the Titling Trust or the Closed-End Collateral Agent.

**Safekeeping of Chattel Paper**

As described in *"The Titling Trust—Titling of Leased Vehicles"* and *"Additional Legal Aspects of the Leases and the Leased Vehicles—Security Interests"*, as part of each origination of a lease contract represented by a tangible contract, World Omni will maintain possession of each tangible contract and act as custodian for the Titling Trust with respect thereto.

As described in *"The Servicer, Sponsor And Administrator—Electronic Contracts and Electronic Contracting"*, as part of each origination of a receivable represented by an electronic contract, World Omni will be required to maintain "control" (as such term is used in Section 9-105 of the applicable UCC) over the "authoritative copy" (as such term is used in Section 9-105 of the applicable UCC) of such contract in a computer system, on behalf of the Titling Trust.

**ERISA Liens and Vicarious Tort Liability**

Liens in favor of the PBGC and prior to the security interest of the Closed-End Collateral Agent and Indenture Trustee could attach to the Exchange Note assets if the Closed-End Collateral Agent did not have a prior perfected lien on the Units and could be used to satisfy unfunded pension obligations of any member of a controlled group that includes World Omni and its affiliates under its defined benefit pension plans. In addition, some states allow a party that incurs an injury involving a vehicle to recover damages from the owner of the vehicle merely because of that ownership. See *"Additional Legal Aspects of the Leases and Leased Vehicles—Vicarious Tort Liability"* in this prospectus. The Titling Trust may be subject to these lawsuits as owner of the Titling Trust assets. However, the Closed-End Collateral Agent will have a perfected security interest in the Units and in the Exchange Note assets that will be senior in priority to the interests of the PBGC or judgement lien creditors in those leases and leased vehicles.

**Limitations on Collateral Agent's and Indenture Trustee's Lien**

Various liens such as those discussed under *"Additional Legal Aspects of the Titling Trust and the Exchange Note—Allocation of Titling Trust Liabilities"* could be imposed upon all or part of the Units allocated to an Exchange Note (including the related leased vehicles), that would, by operation of law, take priority over the Closed-End Collateral Agent's interest therein. For a discussion of the risks associated with third-party liens on Units allocated to a series of securities, see *"Risk Factors—Risks Relating to Certain Regulatory and Other Material Legal Aspects of the Units—You May Suffer Losses On Your Investment Because the Indenture Trustee Lacks Direct Ownership Interests or Perfected Security Interests In the Leased Vehicles and Interests Of Other Persons In the Leases and the Leased Vehicles Could Be Superior To The Closed-End Collateral Agent's Interest."* Additionally, any perfected security interest of the Indenture Trustee in all or part of the property of the Issuing Entity could also be subordinate to claims of any trustee in bankruptcy or debtor-in-possession in the event of a bankruptcy of the Depositor prior to any perfection of the transfer of the Exchange Note transferred by the Depositor to the Issuing Entity pursuant to the Exchange Note Transfer Agreement. Additionally, any perfected security interest of the Indenture Trustee in all or part of the property of the Issuing Entity could also be subordinate to claims of any trustee in bankruptcy or debtor-in-possession in the event of a bankruptcy of the Depositor prior to any perfection of the transfer of the assets transferred by the Depositor to the Issuing Entity pursuant to the transfer and Servicing Agreement. See *"Risk Factors—Risks Relating to the Transaction Parties—A Bankruptcy of the Depositor, Auto Lease Finance LLC, the Servicer, the QI or the Titling Trust Could Delay or Limit Payments To You."*

**Vicarious Tort Liability**

Although the Titling Trust will own the leased vehicles allocated to the Reference Pool and the Closed-End Collateral Agent on behalf of the Issuing Entity will have a perfected security interest therein, the related lessees and their respective invitees will operate the leased vehicles. State laws differ as to whether anyone suffering injury to person or property involving a leased vehicle may bring or recover damages in an action against the owner of the vehicle merely by virtue of that ownership. To the extent that applicable state law permits such an action and is not preempted by the Transportation Act, the Titling Trust and the Titling Trust assets may be subject to liability to such an injured party. However, the laws of many states either (i) do not permit these types of suits, or (ii) cap the lessor's liability at the amount of any liability insurance that the lessee was required to, but failed to, maintain (except for some states, such as New York, where liability is joint and several). Furthermore, the Transportation Act provides that an owner of a motor vehicle that rents or leases the vehicle to a person shall not be liable under the law of a state or political subdivision by reason of being the owner of the vehicle, for harm to persons or property that results or arises out of the use, operation, or possession of the vehicle during the period of the rental or lease, if (i) the owner (or an affiliate of the owner) is engaged in the trade or business of renting or leasing motor vehicles; and (ii) there is no negligence or criminal wrongdoing on the part of the owner (or an affiliate of the owner). The Transportation Act is intended to preempt state and local laws that impose possible vicarious tort liability on entities owning motor vehicles that are rented or leased and should reduce the likelihood of vicarious liability being imposed on the Titling Trust.

For example, under the California Vehicle Code, the owner of a motor vehicle subject to a lease is responsible for injuries to persons or property resulting from the negligent or wrongful operation of the leased vehicle by any person using the vehicle with the owner's permission. The owner's liability for personal injuries is limited to $15,000 per person and $30,000 in total per accident and the owner's liability for property damage is limited to $5,000 per accident. However, recourse for any judgment arising out of the operation of the leased vehicle must first be had against the operator's property if the operator is within the jurisdiction of the court.

In contrast to California and many other states, in New York, the holder of title of a motor vehicle, including any Titling Trust as lessor, may be considered an "owner" and thus may be held jointly and severally liable with the lessee for the negligent use or operation of such motor vehicle. The Transportation Act appears to limit the applicability of that New York law, although one New York lower court reached a contrary conclusion regarding the applicability of the Transportation Act in New York. A New York appellate court has subsequently upheld the constitutionality of the Transportation Act. However, other courts in other jurisdictions considering the same issues could reach a different result.

**Repossession of Leased Vehicles**

If a default by a lessee has not been cured within some period of time after the payment due date as determined by the Servicer in accordance with its guidelines for collection on leases and repossession of leased vehicles, the Servicer, in accordance with state guidelines and other applicable law, will ordinarily attempt to retake possession of the related leased vehicle. Some jurisdictions limit the methods of vehicle recovery to judicial foreclosure or require that the lessee be notified of the default and be given a time period within which to cure the default prior to repossession. Other jurisdictions permit repossession without notice (although in some states a course of conduct in which the lessor has accepted late payments has been held to create a right of the lessee to receive prior notice), but only if the repossession can be accomplished peacefully. If a breach of the peace is unavoidable, the lessor must seek a writ of possession in a state court action or pursue other judicial action to repossess the leased vehicle.

After the Servicer has repossessed a leased vehicle, the Servicer may, to the extent required by applicable law, provide the lessee with a period of time within which to reinstate the lease by paying all amounts due under the lease and all fees and expenses incurred by the Servicer in connection with collection and repossession. If by the end of such period the lessee has not reinstated the lease, the Servicer will attempt to sell the leased vehicle. The net Liquidation Proceeds therefrom may be less than the remaining amounts due under the lease at the time of default by the lessee.

**Consumer Protection Law**

Numerous federal and state consumer protection laws impose requirements upon lessors and Servicers involved in consumer leasing. The federal Consumer Leasing Act of 1976 and Regulation M, for example, require that a number of disclosures be made at the time a vehicle is leased, including:

&nbsp;&nbsp;&nbsp;&nbsp;· the
 amount and type of all payments due at the time of origination of the lease,

&nbsp;&nbsp;&nbsp;&nbsp;· a
 description of the lessee's liability at the end of the lease term,

&nbsp;&nbsp;&nbsp;&nbsp;· the
 amount of any periodic payments and manner of their calculation,

&nbsp;&nbsp;&nbsp;&nbsp;· the
 circumstances under which the lessee may terminate the lease prior to the end of the lease
 term,

&nbsp;&nbsp;&nbsp;&nbsp;· the
 capitalized cost of the vehicle and

&nbsp;&nbsp;&nbsp;&nbsp;· a
 warning regarding possible charges for early termination.

All states, except for the State of Louisiana, have adopted Article 2A of the UCC which provides protection to lessees through specified implied warranties and the right to cancel a lease relating to defective goods. Additionally, certain states such as California have enacted comprehensive vehicle leasing statutes that, among other things, regulate the disclosures to be made at the time a vehicle is leased. The various federal and state consumer protection laws would apply to the Titling Trust as owner or lessor of the leases and may also apply to the Issuing Entity of a series as holder of the Exchange Note. The failure to comply with these consumer protection laws may give rise to liabilities on the part of the Servicer, the Titling Trust and the Titling Trustee, including liabilities for statutory damages and attorneys' fees. In addition, claims by the Servicer, the Titling Trust and the Titling Trustee may be subject to set-off as a result of any noncompliance.

Many states have adopted laws (each, a *"**Lemon Law***") providing redress to consumers who purchase or lease a vehicle that remains out of conformance with its manufacturer's warranty after a specified number of attempts to correct a problem or after a specific time period. Should any leased vehicle become subject to a Lemon Law, a lessee could compel the Titling Trust to terminate the related lease and refund all or a portion of payments that previously have been paid with respect to that lease. Although the Titling Trust may be able to assert a claim against

the manufacturer of any such defective leased vehicle, there can be no assurance any such claim would be successful. To the extent a lessee is able to compel the Titling Trust to terminate the related lease, the lease will be deemed to be a liquidated lease and amounts received thereafter on or in respect of such lease will constitute Liquidation Proceeds. As described under *"The Leases—Representations and Warranties Relating to the Units,"* Auto Lease Finance LLC will represent and warrant to the Depositor as of the [Initial][Actual] Cutoff Date that the related Units comply with all applicable laws, including Lemon Laws, in all material respects. Nevertheless, there can be no assurance that one or more leased vehicles will not become subject to return (and the related lease terminated) in the future under a Lemon Law.

The SCRA and similar state laws may provide relief to members of the military, including members of the Army, Navy, Air Force, Space Force, Marines, National Guard, Reservists, Coast Guard, officers of the National Oceanic and Atmospheric Administration and officers of the U.S. Public Health Service assigned to duty with the military, on active duty, and their spouses and dependents, who have entered into an obligation, such as a lease contract for a lease of a vehicle, before entering into military service and provide that under some circumstances the lessor may not terminate the lease contract for breach of the terms of the contract, including non–payment. Furthermore, under the SCRA, a lessee may terminate a lease of a vehicle at any time after the lessee's entry into military service or the date of the lessee's military orders (as described below) if (i) the lease is executed by or on behalf of a person who subsequently enters military service under a call or order specifying a period of not less than 180 days (or who enters military service under a call or order specifying a period of 180 days or less and who, without a break in service, receives orders extending the period of military service to a period of not less than 180 days); (ii) the lessee, while in military service, executes a lease of a vehicle and thereafter receives military orders for (x) a change of permanent station (as defined in the SCRA) from (I) a location in the continental United States to a location outside the continental United States or (II) a location in a State (as defined in the SCRA) outside the continental United States to any location outside that State (as defined in the SCRA) or (y) deployment with a military Unit or as an individual in support of a military operation, for a period of not less than 180 days; or (iii) the lessee, while in military service executes a lease upon receipt of military orders described in subclause (x) of clause (ii) above and thereafter receives a stop movement order in response to a local, national, or global emergency, effective for an indefinite period or for a period of not less than 30 days, which prevents the lessee or the lessee's dependents, from using the vehicle for personal or business transportation. No early termination charges (as defined in the SCRA) may be imposed for such termination.

On December 20, 2019, the 2020 NDAA was signed into law. The 2020 NDAA amended the SCRA to allow the spouse of a servicemember who died while in military service to terminate a vehicle lease one year from the date of the servicemember's death, as long as that servicemember died while in military service or while performing full-time national guard duty, active guard and reserve duty, or inactive-duty training. In addition, the 2020 NDAA also allows the spouse of a servicemember who sustains a catastrophic injury or illness to terminate a car lease one year from the date of the catastrophic injury or illness, as long as that servicemember sustained the catastrophic injury or illness while in military service or while performing full-time national guard duty, active guard and reserve duty, or inactive-duty training. No early termination charges (as defined in the SCRA) may be imposed for such termination.

Further, on January 1, 2021, the 2021 NDAA was signed into law. The 2021 NDAA further amended the SCRA to give dependents and not just spouses of servicemembers who incur a catastrophic injury or illness or die while in military service the right to terminate leases of motor vehicles in the one year time frame described above. However, the 2021 NDAA also clarified that a spouse's or dependent's right to terminate, in cases of catastrophic illness or injury, is only to the extent the servicemember lacks the mental capacity to manage his or her own affairs as a result of such catastrophic illness or injury, otherwise only the servicemember may terminate the lease. No early termination charges (as defined in the SCRA) may be imposed for such termination.

On December 27, 2021, President Biden signed the 2022 NDA into law. Title LXII of the 2022 NDAA otherwise referred to as the Foreign Service Families Act of 2021 amends the Foreign Service Act of 1980 and in part applies the terms governing termination of automobile leases in the SCRA provided to servicemembers in the same manner and to the same extent to members of the Foreign Service posted abroad.

No information can be provided as to the number of leases that may be affected by these laws. In addition, current military operations of the United States, including military operations in the Middle East, have persons in reserve status who have been called or will be called to active duty. In addition, these laws may impose limitations that would impair the ability of the Servicer to repossess a vehicle under a Defaulted Lease during the lessee's period of active-duty status. Thus, if a lease goes into default, there may be delays and losses occasioned by the

inability to exercise the rights of the Titling Trust with respect to the lease and the related leased vehicle in a timely fashion. If a lessee's obligations to make payments is reduced, adjusted, extended or terminated, the Servicer will not be required to advance such amounts. Any resulting shortfalls due to such modification or termination will reduce the amount available for distribution on the Notes and Certificates.

The CFPB is responsible for implementing and enforcing various federal consumer protection laws and supervising certain depository institutions and non-depository institutions offering financial products and services to consumers, including indirect automobile loans and leases. The future of the CFPB's operations is uncertain. Adding to the uncertainty is the pending litigation in federal court challenging the CFPB's actions to reduce its workforce and substantially stop operations. The outcome of the litigation is uncertain. It is also uncertain how other federal and state regulators will respond to any changes at the CFPB, which may include increasing, decreasing, or re-prioritizing enforcement activity.

World Omni is subject to the CFPB's supervisory and enforcement authority. In this capacity, the CFPB can conduct comprehensive and rigorous examinations to assess compliance with consumer financial protection laws and has authority to impose regulatory fines and mandate changes to World Omni's business products, policies and procedures and order remediation of violations in a number of ways, including imposing civil monetary penalties and requiring such entities to provide customer restitution and to improve their compliance management systems. World Omni and the Issuing Entity could also possibly be subject to claims by the lessees on those contracts, and any relief granted by a court could potentially adversely affect the Issuing Entity.

The CFPB also has enforcement authority to conduct investigations (which may include a joint investigation with other agencies and regulators) and initiate enforcement actions for violations of federal consumer financial protection laws. The CFPB has the authority to obtain cease and desist orders (which can include orders for restitution or rescission of contracts, as well as other kinds of affirmative relief), or other forms of remediation, and/or impose monetary penalties.

The CFPB and the FTC have become more active in investigating the products, services and operations of credit providers, including banks and other finance companies engaged in auto finance activities. The CFPB in particular has indicated a focus on repossession activities of lenders and servicers related to motor vehicles, including the potential application of UDAAP principles to discriminatory practices. Both the CFPB and the FTC have previously taken various enforcement actions against lenders and finance companies involving significant penalties, consent orders, cease and desist orders and similar remedies that, if applicable to auto finance providers and the type of products, services and operations World Omni offers, may require World Omni to cease or alter certain business practices, which could have a material adverse effect on World Omni's financial condition, liquidity and results of operations. World Omni expects the CFPB's investigation of, and initiation of enforcement actions against, credit providers, whether on its own initiative or jointly with other agencies and regulators, will continue for the foreseeable future.

CFPB supervision and enforcement actions, if any, may result in monetary penalties, increase World Omni's compliance costs, require changes in World Omni's business practices, affect World Omni's competitiveness, impair World Omni's profitability, harm World Omni's reputation or otherwise adversely affect World Omni's business or result in the Titling Trust, as owner of the lease contracts, or the Issuing Entity being liable to the related lessee for any violation by the lender or the initial creditor or adversely affect the Issuing Entity's ability to enforce its rights related to a lease contract.

Any licensing requirements of the Issuing Entity are governed by state and sometimes local law, and thus vary on a jurisdiction-by-jurisdiction basis. It is possible that, as a result of not being properly licensed under a state or local law, the Issuing Entity could be subject to liability or other adverse consequences.

The Servicer will make representations and warranties in the Servicing Agreement that, as to each lease and the related leased vehicle as of the relevant vehicle representation date, the Servicer has satisfied, or has directed the related dealer to satisfy, the provisions of the Servicing Agreement with respect to such lease and the application for the related certificate of title. If any such representation and warranty proves to be incorrect with respect to any lease, has certain material adverse effects and is not timely cured, the Servicer will be required under the Servicing Agreement to deposit an amount equal to the repurchase payment in respect of the lease and the related leased vehicle into the Exchange Note Collection Account unless the breach is cured in all material respects. See *"The*

 

 

*Leases—Representations and Warranties Relating to the Units—Representations, Warranties and Covenants"* for further information regarding the foregoing representations and warranties and the Servicer's obligations with respect thereto.

**Other Limitations**

Numerous other statutory provisions, including applicable Insolvency Laws, may interfere with or affect the ability of the Servicer to enforce the rights of the Titling Trust under the leases. For example, if a lessee commences bankruptcy proceedings, the receipt of that lessee's payments due under the related lease is likely to be delayed. In addition, a lessee who commences bankruptcy proceedings might be able to assign the lease to another party even though that lease prohibits assignment.

**MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES**

Set forth below is a summary of material U.S. federal income tax consequences of the acquisition, ownership and disposition of the Notes relevant to the beneficial owner of an [Offered] Note that holds the Note as a "capital asset" (generally, property held for investment) within the meaning of the Internal Revenue Code of 1986, as amended (the "***Code***") and, unless otherwise indicated below, is a U.S. Person (as defined in this prospectus). However, this summary does not cover all aspects of U.S. federal income taxation that may be relevant to the acquisition, ownership or disposition of the Notes by particular investors, and does not address the application of any U.S. federal non-income, state, local, foreign or other tax laws. This summary also does not address tax consequences to persons required to accelerate the recognition of any item of gross income with respect to the [Offered] Notes as a result of such income being recognized on an applicable financial statement. Moreover, the summary does not purport to deal with U.S. federal income tax consequences applicable to all categories of holders, some of which may be subject to special rules. For example, it does not discuss the tax treatment of Noteholders that are insurance companies, regulated investment companies, dealers in securities, investors liable for any alternative minimum tax or the Medicare tax on net investment income, individual retirement accounts and other tax-deferred accounts, REITs, tax-exempt organizations, investors that will hold the Notes as part of straddles, hedging transactions or conversion transactions for U.S. federal income tax purposes, or investors whose functional currency is not the U.S. dollar, partnerships (or entities or arrangements treated as partnerships for U.S. federal income tax purposes (and investors therein)), or S-corporations or other pass-through entities for U.S. federal income tax purposes (and investors therein). The U.S. federal income tax treatment of a partner (or other owner) in a partnership (including any entity treated as partnership for U.S. federal income tax purposes) that holds a Note generally will depend on the status of the partner and the activities of the partnership. Partnerships and other entities or arrangements that are classified as partnerships for U.S. federal income tax purposes and persons holding Notes through any such entity or arrangement should consult their tax advisors as to the particular U.S. federal income tax consequences applicable to them with respect to an investment in the [Offered] Notes. This discussion is directed to prospective purchasers who purchase Notes in the initial distribution thereof at their "issue price" within the meaning of Section 1273 of the Code (i.e., the first price at which a substantial amount of the Notes is sold for money, other than to bond houses, brokers or similar persons or organizations acting in the capacity of underwriters, placement agents or wholesalers). The discussion under the heading "Material U.S. Federal Income Tax Consequences" does not apply to any Retained Notes.

The following summary is based upon current provisions of the Code, the U.S. Department of the Treasury regulations promulgated thereunder, judicial authority, and applicable releases and ruling authority, all of which are subject to change or differing interpretations, and any such change or differing interpretation could apply retroactively. The Issuing Entity will be provided with an opinion of Mayer Brown LLP, special U.S. federal tax counsel to the Depositor, regarding certain U.S. federal income tax matters discussed below. Such opinion may be subject to qualifications and assumptions as set forth therein. An opinion of special U.S. federal tax counsel, however, is not binding on the Internal Revenue Service (the ***"IRS***") or the courts. Moreover, there are no cases or IRS rulings on similar transactions involving debt and equity interests issued by an entity similar to the Issuing Entity. As a result, the IRS may disagree with all or a part of the discussion below. No ruling on any of the issues discussed below will be sought from the IRS. Furthermore, legislative, judicial or administrative changes may occur, perhaps with retroactive effect, which could affect the accuracy of the statements and conclusions set forth herein as well as the tax consequences to holders of the Notes. For purposes of the following summary, references to the Issuing Entity, the Notes and related terms, parties and documents shall be deemed to refer, unless otherwise specified, to the Issuing Entity and the Notes and related terms, parties and documents applicable to the Issuing Entity. The discussion under this section may not address all U.S. federal income tax considerations that may be significant to you. You are encouraged to consult your own tax advisors in determining the U.S. federal, state, local, foreign and any other tax consequences to you of the acquisition, ownership and disposition of the [Offered] Notes.

**Tax Consequences to Holders of the Notes**

***Characterization of the Notes***

The Depositor will agree, and the Noteholders will agree, by their purchase of the [Offered] Notes, to treat the Notes as debt for U.S. federal, state and local income and franchise tax purposes.

There are no regulations, published rulings or judicial decisions addressing the characterization for U.S. federal income tax purposes of securities with terms that are substantially the same as those of the Notes. A basic premise of

U.S. federal income tax law is that the economic substance of a transaction generally will determine the U.S. federal income tax consequences of such transaction. Mayer Brown LLP, special U.S. federal tax counsel to the Depositor, will provide an opinion at closing, subject to the qualifications and assumptions therein, that the [Offered][Class [●]] Notes [will][should] be characterized as indebtedness for U.S. federal income tax purposes, in each case, to the extent the [Offered] Notes are treated as beneficially owned by a person other than the Issuing Entity or its affiliates for such purposes. The remainder of this discussion assumes that the [Offered] Notes are considered indebtedness for U.S. federal income tax purposes, in each case, to the extent the [Offered] Notes are treated as beneficially owned by a person other than the Issuing Entity or its affiliates for such purposes. For a discussion of the treatment if the [Offered] Notes were not considered debt for U.S. federal income tax purposes, see *"—Tax Consequences to Holders of the Notes—Possible Alternative Treatment of the Notes"* below.

***Original Issue Discount***

The discussion below assumes that all payments on the Notes are denominated in U.S. dollars, and that the Notes are not "interest only" or "principal only" Notes. Moreover, the discussion assumes that the interest formula for the Notes meets the requirements for "qualified stated interest" under U.S. Department of the Treasury regulations relating to debt instruments issued with original issue discount ("***OID***" and, such regulations, the "***OID Regulations***"). Interest that is not considered qualified stated interest must be accrued under the OID rules. For interest to be qualified stated interest, there must be legal remedies available to compel timely payment (at least annually) or the terms of the instrument must make the possibility of nonpayment or late payment sufficiently remote. Although the interest payments on the Class [●] Notes may be deferred under certain circumstances, the Issuing Entity intends to treat the possibility of such potential deferral as sufficiently remote for purposes of the OID rules such that all stated interest on the Class [●] Notes constitutes qualified stated interest.

Finally, the discussion assumes that any OID on the Notes, that is, any excess of the principal amount of the Notes over their issue price, is de minimis, or less than 0.25% of their principal amount multiplied by the number of complete years to maturity of the Notes, all within the meaning of the OID Regulations. Under the OID Regulations, a holder of a Note issued with a *de minimis* amount of OID generally must include such OID in income for U.S. federal income tax purposes, on a pro rata basis, as principal payments are made on the Note. If these conditions are not satisfied with respect to any given class of the Notes and as a result the Notes are treated as having been issued with OID, a Noteholder would be required to include such OID in income as interest over the term of the Note under a constant yield method. In general, OID must be included in income in advance of the receipt of cash representing that income. Thus, to the extent OID has accrued as of the date of the interest distribution and is not allocated to prior distributions, each cash distribution would be treated as an amount already included in income or as a repayment of principal. This treatment would have no significant effect on Noteholders using the accrual method of accounting. However, cash method Noteholders may be required to report income with respect to the Notes in advance of the receipt of cash attributable to such income.

***[Rate of Interest Amendment***

The Administrator (on behalf of the Issuing Entity) may modify a Class [●][-[●]]b Note in the event published SOFR is unavailable to calculate the rate of interest on the Class [●][-[●]]b Notes using an alternative method. It is intended that the replacement of the rate of interest on the Class [●][-[●]]b Notes will not be a taxable event for Noteholders of the Class [●][-[●]]b Notes. However, a U.S. Person (as defined below) that owns a Class [●][-[●]]b Note may be deemed to have exchanged such Class [●][-[●]]b Note immediately prior to such change in rate for a new Class [●][-[●]]b Note. This deemed exchange could be treated as either a recapitalization, in which case no gain or loss would be recognized by the U.S. Person that continues to own Class [●][-[●]]b Notes following such deemed exchange, or as a taxable exchange. If the deemed exchange was treated as taxable, any gain or loss would be equal to the difference between the issue price of the "new" Class [●][-[●]]b Notes (which, depending on whether such Notes are then treated as traded on an established market, may be the fair market value rather than the principal amount of the Notes), and the U.S. Person's tax basis in the "old" Class [●][-[●]]b Notes. If U.S. Persons are deemed to have exchanged their Class [●][-[●]]b Notes in a taxable exchange, such U.S. Persons would begin a new holding period in their Class [●][-[●]]b Notes for purposes of determining whether gain or loss on a further exchange would be long-term or short-term capital gain or loss. Holders of Class [●][-[●]]b Notes should consult their own tax advisors with respect to the consequences of a change in the rate of interest due to the unavailability of a published SOFR.]

***Sale or Other Disposition***

Upon a sale, exchange, retirement, or other taxable disposition of a Note, the holder will recognize gain or loss for U.S. federal income tax purposes in an amount equal to the difference between the amount realized on the disposition in cash or property valued at fair market value (less amounts attributable to any accrued but unpaid interest not previously included in income, which will be taxable as ordinary income) and the holder's adjusted tax basis in the Note. The adjusted tax basis of a Note to a particular Noteholder will equal the holder's cost for the Note, increased by any OID previously included by the Noteholder in income with respect to the Note and decreased by payments other than qualified stated interest received on the Note. Any gain or loss will generally be capital gain or loss. Capital losses generally may be used by a corporate taxpayer only to offset capital gains, and by an individual taxpayer only to the extent of capital gains plus $3,000 of other income. Capital gains realized by individual taxpayers from the sale or exchange of capital assets held for more than one year are subject to preferential rates of tax.

***Non-U.S. Persons***

Subject to the discussion of backup withholding and FATCA below, interest (including for purposes of this discussion of Non-U.S. Persons, OID, if any) paid or accrued to a Non-U.S. Person (as defined below) generally will be considered "portfolio interest," and generally will not be subject to U.S. federal income tax or withholding tax if the interest is not effectively connected with the conduct of a trade or business within the United States by the Non-U.S. Person and the Non-U.S. Person:

&nbsp;&nbsp;&nbsp;&nbsp;· is
 not actually or constructively a "10 percent shareholder" of the Sponsor, the
 Issuing Entity or the Depositor, including a holder of 10% of the outstanding certificates,
 or a "controlled foreign corporation" with respect to which the Sponsor, the
 Issuing Entity or the Depositor is a "related person" within the meaning of the
 Code, or a bank extending credit pursuant to a loan agreement entered into in the ordinary
 course of its trade or business within the meaning of Section 881(c)(3)(A) of the
 Code; and

&nbsp;&nbsp;&nbsp;&nbsp;· provides
 the Indenture Trustee or other person who is otherwise required to withhold U.S. tax with
 respect to the Notes with an appropriate statement on IRS Form W-8BEN (for an individual), IRS
 Form W-8BEN-E (for an entity), a similar form or the applicable successor form signed
 under penalties of perjury, certifying that the beneficial owner of the Note is a foreign
 person and providing the foreign person's name and address.

As used herein, a ***"Non-U.S. Person***" means a nonresident, foreign corporation or other non-U.S. Person (other than a partnership or other entity or arrangement classified as a partnership for U.S. federal income tax purposes), and a ***"U.S. Person***" means:

&nbsp;&nbsp;&nbsp;&nbsp;· a
 citizen or resident of the United States for U.S. federal income tax purposes; or

&nbsp;&nbsp;&nbsp;&nbsp;· a
 corporation, except to the extent provided in applicable U.S. Department of the Treasury
 regulations, created or organized in or under the laws of the United States, any state or
 the District of Columbia, including an entity treated as a corporation for U.S. federal income
 tax purposes; or

&nbsp;&nbsp;&nbsp;&nbsp;· an
 estate the income of which is subject to U.S. federal income taxation regardless of its source;
 or

&nbsp;&nbsp;&nbsp;&nbsp;· a
 trust if a court within the United States is able to exercise primary supervision over the
 administration of such trust, and one or more such U.S. Persons have the authority to control
 all substantial decisions of such trust; or

&nbsp;&nbsp;&nbsp;&nbsp;· to
 the extent provided in applicable U.S. Department of the Treasury regulations, certain trusts
 in existence on August 20, 1996, which are eligible to elect to be treated as U.S. Persons.

Subject to the discussion of backup withholding and FATCA below, any gain realized on the sale, exchange, redemption, retirement or other taxable disposition of a Note (other than gain that represents accrued but unpaid interest not previously included in income, which will be subject to the rules regarding interest described above) by a Non-U.S. Person generally will be exempt from U.S. federal income and withholding tax; provided that:

&nbsp;&nbsp;&nbsp;&nbsp;· the
 gain is not effectively connected with the conduct of a trade or business in the United States
 by the Non-U.S. Person; and

&nbsp;&nbsp;&nbsp;&nbsp;· in
 the case of an individual Non-U.S. Person, the Non-U.S. Person is not present in the United
 States for 183 days or more in the taxable year.

If the interest, gain or income on a Note held by a Non-U.S. Person is effectively connected with the conduct of a trade or business in the United States by the Non-U.S. Person (and, if an applicable treaty so requires, is attributable to the conduct of a trade or business through a permanent establishment or fixed base in the United States), the holder, although exempt from the withholding tax previously discussed if an appropriate statement is furnished, generally will be subject to U.S. federal income tax on the interest, gain or income at regular U.S. federal income tax rates. The holder in this circumstance should provide an IRS Form W-8ECI or similar form or successor form indicating the income is effectively connected with a United States trade or business of the holder. In addition, if the foreign person is a foreign corporation, it may be subject to a branch profits tax equal to 30% of its "effectively connected earnings and profits" within the meaning of the Code for the taxable year, as adjusted for certain items, unless it qualifies for a lower rate under an applicable tax treaty.

***Information Reporting and Backup Withholding***

*U.S. Noteholders*

In general, information reporting requirements will apply to certain payments of principal and interest on the Notes and to the proceeds from the disposition of a Note unless the recipient is an exempt recipient. In addition, backup withholding at the then-applicable rate will apply to the payments if a U.S. Noteholder fails to provide its taxpayer identification number and otherwise to comply with the applicable requirements of the U.S. backup withholding rules.

Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules from a payment to a U.S. Noteholder may be refunded or credited against the U.S. Noteholder's U.S. federal income tax liability, if any, if the U.S. Noteholder timely provides the required information to the IRS.

Exempt recipients that are not subject to backup withholding and do not provide an IRS Form W-9 will nonetheless generally be treated as a foreign payee subject to withholding under FATCA (defined below), and may be withheld upon at the 30% rate discussed below. See below under "*—Foreign Account Tax Compliance*" for more information. U.S. Noteholders should consult their tax advisors regarding the availability of an exemption from backup withholding and the procedures for obtaining such an exemption.

*Non-U.S. Noteholders*

Generally, the amount of interest paid to a Non-U.S. Noteholder and the amount of tax, if any, withheld with respect to those payments must be reported to the IRS and to the Non-U.S. Noteholder. Copies of the information returns reporting such interest payments and any withholding may also be made available to the tax authorities in the country in which the Non-U.S. Noteholder resides under the provisions of an applicable treaty.

In general, a Non-U.S. Noteholder will not be subject to backup withholding with respect to payments of interest on the Notes that are made to the Non-U.S. Noteholder provided that the payor does not have actual knowledge or reason to know that the Non-U.S. Noteholder is a "United States person" as defined under the Code, and the Non-U.S. Noteholder has provided certification that such holder is a Non-U.S. Noteholder.

Information reporting and, depending on the circumstances, backup withholding will apply to the proceeds of a sale or other disposition (including a retirement or redemption) of Notes within the United States or conducted through certain U.S.-related financial intermediaries, unless the Non-U.S. Noteholder certifies to the payor under penalties of perjury that it is a Non-U.S. Noteholder (and the payor does not have actual knowledge or reason to know that the Non-U.S. Noteholder is a "United States person" as defined under the Code), or the Non-U.S. Noteholder otherwise establishes an exemption.

Backup withholding is not an additional tax. Any amounts withheld from payments to a Non-U.S. Noteholder under the backup withholding rules may be refunded or credited against a Non-U.S. Noteholder's federal income tax liability, if any, if the holder timely provides the required information to the IRS. Non-U.S. Noteholders should consult their tax advisors regarding their qualification for an exemption from backup withholding and the procedures for obtaining such an exemption.

***Foreign Account Tax Compliance***

Sections 1471 through 1474 of the Code (commonly referred to as the "***Foreign Account Tax Compliance Act***" or "***FATCA***") significantly changed the reporting requirements imposed on certain Non-U.S. Persons, including certain foreign financial institutions and investment funds. In general, a 30% withholding tax could be imposed on payments made to any such Non-U.S. Person unless such Non-U.S. Person complies with certain reporting requirements regarding its direct and indirect U.S. shareholders and/or U.S. accountholders. Such withholding could apply to payments regardless of whether they are made to such Non-U.S. Person in its capacity as a holder of a Note or in a capacity of holding a Note for the account of another. The FATCA withholding tax applies regardless of whether the payment would otherwise be exempt from U.S. nonresident withholding tax (e.g., under the portfolio interest exemption or as capital gain). The withholding tax under FATCA currently applies with respect to interest payments, and initially was also applicable to gross proceeds from a disposition of debt instruments. However, proposed Treasury regulations have been issued that, when finalized, will provide for the repeal of the 30% withholding tax that would have applied to all payments of gross proceeds from the sale, exchange or other disposition of debt instruments. In the preamble to the proposed regulations, the government provided that taxpayers may generally, currently rely upon these proposed regulations until the issuance of final regulations. Potential investors are encouraged to consult with their tax advisors regarding the possible implications of this legislation on an investment in the Notes.

Each holder of a Note or an interest therein, by acceptance of such Note or such interest therein, will be deemed to have agreed to provide to the person from whom it receives payments on the Notes (i) properly completed and signed tax certifications, for a U.S. Person, on IRS Form W-9 and, for a Non-U.S. Person, on the appropriate IRS Form W-8 (or in either case, an applicable successor form) and (ii) upon request, information sufficient to eliminate the imposition of, or determine the amount of, such withholding or deduction under FATCA. The Indenture Trustee has the right to withhold any amounts (properly withholdable under law and without any corresponding gross-up) payable to any holder of a Note or an interest therein that fails to comply with the requirements of the preceding sentence.

***Possible Alternative Treatment of the Notes***

In the event that any class of Notes was not treated as debt for U.S. federal income tax purposes, such class of Notes would most likely be characterized for U.S. federal income tax purposes as interests in a partnership. In such case, it is expected that stated interest payments on such class of Notes would be treated either as guaranteed payments under Section 707(c) of the Code or as a preferential allocation of net income of the Issuing Entity, with all other items of trust income, gain, loss, deduction and credit being allocated to the holders of the Notes. Although the U.S. federal income tax treatment of the Notes for most accrual basis taxpayers should not differ materially under this alternative characterization than if the Notes were treated as debt, this characterization could result in adverse effects for some holders of Notes. For example, holders of Notes treated as interests in a partnership could be subject to tax on income equal to the entire amount of the stated interest payments on the Notes, plus possibly some other items, even though the Issuing Entity might not have sufficient cash to make current cash distributions of the amount. Thus, cash basis holders would in effect be required to report income in respect of the Notes on the accrual basis and holders of the Notes could become liable for taxes on trust income even if they have not received cash from the Issuing Entity to pay the taxes. Individuals would not be entitled to deduct miscellaneous itemized deductions that are not allocable to a trade or business (which may include their share of partnership expenses such as interest on the Notes). Moreover, income allocable to a holder of a Note treated as a partnership interest that is a pension, profit-sharing, employee benefit plan, or other tax-exempt entity, including an individual retirement account, could constitute "unrelated debt-financed income" generally taxable to a holder under the Code. In addition, Non-U.S. Persons holding such class of Notes could be subject to withholding or be required to file a U.S. federal income tax return and to pay U.S. federal income tax, and, in the case of a corporation, branch profits tax, on their share of accruals of guaranteed payments and income of the Issuing Entity or upon a sale or exchange of their Note and individuals holding the Notes might be subject to some limitations on their ability to deduct their share of trust expenses.

Further, in order to backstop a Non-U.S. Person's tax liability associated with gain upon the sale of a partnership interest where the partnership is engaged in a trade or business within the United States, rules under Section 1446(f) of the Code provide that the transferee of a Certificate or other equity interest in the Issuing Entity (including an [Offered] Note that the IRS successfully recharacterized as an equity interest) could be liable for a withholding tax of 10% of the amount realized by the transferor (including debt deemed to be assumed by the

transferee) if the transferee does not obtain an affidavit meeting the requirements of Section 1446(f) of the Code or satisfy the requirements of IRS guidance issued thereunder so as to exempt the amount realized from such withholding. (The affidavits generally relate to either confirming that the transferor is a U.S. Person, that the Issuing Entity has not engaged in a trade or business within the United States at any time during the taxable year of the Issuing Entity through the date of the transfer, that the underlying assets of the Issuing Entity do not give rise to a certain level of income effectively connected with a trade or business in the United States, or that certain matters involving gain recognition are applicable to the transaction.) The Issuing Entity has not created a mechanism for a transferee of a Note to obtain any of the affidavits described above from a transferor. If any [Offered] Notes were successfully recharacterized by the IRS as other than indebtedness, a transferee of such [Offered] Note may be required to withhold unless it receives an appropriate affidavit. If a transferee is required to withhold and does not, the Issuing Entity is required to withhold, but only on distributions to such transferee. Any tax liability or penalties payable by the Issuing Entity could reduce the cash flow that would otherwise be available to make payments on all Notes. Potential investors are encouraged to consult with their own tax advisors regarding the possible effect of these rules.

In addition, if the IRS were to successfully contend that any class of Notes should not be treated as debt for U.S. federal income tax purposes, the Issuing Entity would be treated as a partnership for U.S. federal income tax purposes and could be treated as a publicly traded partnership for such purposes. A partnership may be classified as a publicly traded partnership if equity interests in the partnership are traded on an "established securities market" or are "readily tradable" on a "secondary market" or its "substantial equivalent." For U.S. federal income tax purposes, a publicly traded partnership is generally taxable as a corporation. If the Issuing Entity were taxable as a corporation for U.S. federal income tax purposes, the Issuing Entity would be subject to corporate income tax on its taxable income. The Issuing Entity's taxable income would include all its income on the leases, possibly reduced by its interest expense on the Notes (to the extent such interest was deductible). Any corporate income tax would materially reduce or eliminate cash otherwise available to make payments on the Notes in the manner described above. But even if the Issuing Entity were classified as a publicly traded partnership, it would avoid taxation as a corporation if 90% or more of its annual income constituted "qualifying income" not derived in the conduct of a "financial business." It is unclear, however, whether the Issuing Entity's income would be so classified.

**Tax Regulations for Acquisition of Notes by Related Parties**

The IRS has issued Treasury regulations under Section 385 of the Code that address the treatment of instruments as debt or equity where the instruments are held by certain parties who are related to the issuer. Under these regulations, in certain circumstances, a Note that otherwise would be treated as debt is treated as equity for U.S. federal income tax purposes during periods in which the Note is held by a related party of the Issuing Entity (generally based on a group of corporations, disregarded entities, grantor trusts or controlled partnerships connected through 80% direct or indirect ownership). Under these regulations, although it is not entirely clear, it is expected that any Notes treated as equity under these rules would be converted back to debt when acquired by a beneficial owner that is not a related party. In the event that such conversion into a debt instrument is not automatic and the determination of debt-equity status would need to be conducted at such time of the later acquisition, it is possible that such instrument could constitute equity in the Issuing Entity for U.S. federal income tax purposes. In this regard, you should consider the discussion in "*—Tax Consequences to Holders of the Notes—Possible Alternative Treatments of the Notes*" above regarding the consequences of that development. Although there is no present intent to sell the Certificates, the Trust Agreement addresses the Treasury regulations under Section 385 of the Code in order to prevent their application to the Notes. Moreover, the Issuing Entity will be able to amend the Trust Agreement and the other transaction documents in the future without the consent of Noteholders as required to prevent the application of such Treasury regulations to the Notes. The documents will require that each purchaser of a Class A Note[, Class B Note, Class C Note, Class D Note, Class E Note or Class F Note] acknowledges and represents that it is not a member of an "expanded group" (within the meaning of the regulations issued under Section 385 of the Code) which includes a domestic corporation (as determined for U.S. federal income tax purposes) if such domestic corporation, directly or indirectly (through one or more entities that are treated for U.S. federal income tax purposes as partnerships, disregarded entities, or grantor trusts), owns 80% or more of the capital or profits of the Issuing Entity.

**Classification of the Issuing Entity**

Mayer Brown LLP, special U.S. federal tax counsel to the Depositor, will provide an opinion at closing that the Issuing Entity will not be characterized as an association (or publicly traded partnership), in either case, taxable as a

corporation for U.S. federal income tax purposes. This opinion will be based on the assumption that the terms of the Exchange Note Transfer Agreement and Servicing Agreement and Indenture and related documents will be complied with, including that the Issuing Entity will not make an affirmative election to be treated as a corporation for U.S. federal income tax purposes. Such opinion may also be subject to qualifications and other assumptions as set forth therein.

If the Issuing Entity were taxable as a corporation for U.S. federal income tax purposes, the Issuing Entity would be subject to corporate income tax on its taxable income. The Issuing Entity's taxable income would include all its income on the Exchange Note, possibly reduced by its interest expense on the Notes (to the extent such interest was deductible). Any corporate income tax would materially reduce or eliminate cash otherwise available to make payments on the Notes.

If the Issuing Entity were to be classified as a partnership for U.S. federal income tax purposes, then the tax consequences discussed above under "*—Possible Alternative Treatment of the Notes*" would apply, and unless the partnership elected otherwise, taxes arising from audit adjustments would be required to be paid by the partnership rather than by its partners or members. The parties responsible for the tax administration of the Issuing Entity will have the authority to utilize, and intend to utilize, the exceptions available under the law (including Treasury regulations promulgated thereunder) so that the persons treated as the Issuing Entity's partners, to the fullest extent possible, rather than the Issuing Entity itself, will be liable for any taxes arising from audit adjustments to the Issuing Entity's taxable income if the Issuing Entity is treated as a partnership. Prospective purchasers are urged to consult with their tax advisors regarding the possible effect of these rules. To the extent that the Issuing Entity is liable for any taxes arising from audit adjustments to the Issuing Entity's taxable income if the Issuing Entity is treated as a partnership, the persons treated as the Issuing Entity's partners are contractually obligated to reimburse the Issuing Entity in full for the amount paid by the Issuing Entity in respect of such tax liability.

**Discount and Premium**

The prepayment assumption that will be used in determining the rate of accrual of OID, if any, for U.S. federal income tax purposes will be based on the assumption that subsequent to the date of any determination the leases will prepay at a [1.25]% absolute prepayment model rate, and there will be no extensions of maturity for any leases. No representation is made that the leases will prepay at that rate or at any other rate [or that the interest payments on the Class [●] Notes will not be deferred].

**Tax Shelter Disclosure and Investor List Requirements**

U.S. Department of the Treasury regulations directed at abusive tax shelter activity appear to apply to transactions not conventionally regarded as tax shelters. Such U.S. Department of the Treasury regulations require taxpayers to report certain information on IRS Form 8886 if they participate in a "reportable transaction" and to retain certain information related to such transactions. Organizers and depositors of the transaction are required to maintain records including investor lists containing identifying information and to furnish those records to the IRS upon demand.

A transaction may be a "reportable transaction" based upon any of several indicia, one or more of which may be present with respect to your investment. Significant penalties can be imposed for failure to comply with these disclosure requirements. Prospective investors should be aware that the transferor and other participants in the transaction intend to comply with such disclosure and investor list requirements. Prospective investors are encouraged to consult their tax advisors concerning any possible disclosure obligation with respect to their investment.

**STATE AND LOCAL TAX CONSEQUENCES**

A rule under the Florida Income Tax Code (the ***"Loan Rule***") provides that a "financial organization" earning or receiving interest from loans secured by tangible property located in Florida will be deemed to be conducting business or earning or receiving income in Florida, and will be subject to Florida corporate income tax regardless of where the interest was received. A financial organization is defined to include any bank, trust company, savings bank, industrial bank, land bank, safe deposit company, private banker, savings and loan association, credit union, cooperative bank, small loan company, sales finance company or investment company. If the Loan Rule were to apply to the Notes, then a financial organization investing in the Notes would be subject to Florida corporate income tax on a portion of its income at a current maximum rate of [●]% and would be required to file an income tax return in Florida, even if it has no other Florida contacts. Bilzin Sumberg Baena Price & Axelrod LLP, special Florida counsel to the Depositor, is of the opinion (although not free from doubt and subject to the assumptions and circumstances contained in its full written opinion) that if the matter were properly presented to a court with jurisdiction, and if relevant law were interpreted consistent with existing authority, the court should hold that the Loan Rule would not apply to an investment in the [Offered] Notes or the receipt of interest on the [Offered] Notes by a financial organization with no other Florida contacts. We encourage you to consult your own tax advisor as to the applicability of the Loan Rule to an investment in the [Offered] Notes and your ability to offset any such Florida tax against any other state tax liabilities.

The discussion above does not address the tax treatment of the Issuing Entity, the securities or the security owners under any state or local tax law other than Florida law to the extent set forth above. Prospective investors are encouraged to consult their own tax advisors regarding the state and local tax treatment of the Issuing Entity and the securities, and the consequences of purchase, ownership or disposition of the securities under any state or local tax law, if applicable.

**CERTAIN ERISA AND RELATED CONSIDERATIONS**

Subject to the following discussion, the [Class [●]][Offered] Notes may be acquired by pension, profit-sharing or other employee benefit plans that are subject to Title I of the Employee Retirement Income Security Act of 1974, as amended (***"ERISA***"), individual retirement accounts, Keogh plans and other plans covered by Section 4975 of the Code, and entities and accounts deemed to hold plan assets of the foregoing (each of the foregoing, a ***"Benefit Plan***"). Other than as set forth below, the Class [E] Notes and the Class [F] Notes may not be acquired by or on behalf of Benefit Plan.

Section 406 of ERISA and Section 4975 of the Code prohibit a Benefit Plan from engaging in particular transactions with persons that are "parties in interest" under ERISA or "disqualified persons" under the Code with respect to such Benefit Plan. A violation of these "prohibited transaction" rules may result in an excise tax or other penalties and liabilities under ERISA and the Code for such persons or the fiduciaries of the Benefit Plan. In addition, Title I of ERISA also requires fiduciaries of a Benefit Plan subject to ERISA to make investments that are, among other things, prudent, diversified and in accordance with the governing plan documents. Employee benefit plans that are governmental plans (as defined in Section 3(32) of ERISA) and some church plans (as defined in Section 3(33) of ERISA) are not subject to ERISA requirements; however, governmental and church plans may be subject to comparable federal, state or local law restrictions substantially similar to Title I of ERISA or Section 4975 of the Code (***"Similar Law***"). Unless the context clearly indicates otherwise, any reference in this section to the acquisition, holding or disposition of any of the Notes shall also mean the acquisition, holding or disposition of a beneficial interest in such Notes.

Certain transactions involving the Issuing Entity might be deemed to constitute prohibited transactions under ERISA and the Code with respect to a Benefit Plan that purchased [Offered] Notes if assets of the Issuing Entity were deemed to be assets of the Benefit Plan. Under the United States Department of Labor regulation codified at 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA (the ***"Regulation***"), the assets of the Issuing Entity would be treated as plan assets of a Benefit Plan for the purposes of ERISA and the Code only if the Benefit Plan acquired an "equity interest" in the Issuing Entity and none of the exceptions contained in the Regulation was applicable. An equity interest is defined under the Regulation as an interest other than an instrument which is characterized as indebtedness under applicable local law and which has no substantial equity features. Although there is little guidance on the subject, we believe that, at the time of their issuance, the [Class [●]][Offered] Notes should not be treated as equity interests of the Issuing Entity for purposes of the Regulation. This determination is based in part upon the traditional debt features of the [Class [●]][Offered] Notes, including the reasonable expectation of purchasers of [Class [●]][Offered] Notes that the [Class [●]][Offered] Notes will be repaid when due, as well as the absence of conversion rights, warrants and other typical equity features. [The debt treatment of one or more classes of [Class [●]][Offered] Notes for ERISA purposes could change if the Issuing Entity incurred losses. A fiduciary of a Benefit Plan considering an investment in an [Class [●]][Offered] Note should consider whether, at the time of acquisition, such [Class [●]][Offered] Note will be characterized as indebtedness for purposes of the Regulation.] Benefit Plans generally will be permitted to purchase [Class [●]] Notes subject to the considerations and deemed representations set forth herein. Since the lower rating of the Class [E] Notes and Class [F] Notes makes their debt treatment under the Regulation less clear they may not be purchased by Benefit Plans except in the limited circumstances and subject to the representations described below.

However, without regard to whether the [Class [●]][Offered] Notes are treated as equity interests for purposes of the Regulation, the acquisition, holding or disposition of [Class [●]][Offered] Notes by, or on behalf of, a Benefit Plan could be considered to give rise to a prohibited transaction if the Issuing Entity, the Depositor, the Servicer, the underwriters, the Owner Trustee or the Indenture Trustee or any of their respective affiliates (the "***Transaction Parties***") is or becomes a party in interest or a disqualified person with respect to such Benefit Plan. In making the determination of whether the acquisition, holding or disposition of the [Class [●]][Offered] Notes by or on behalf of a Benefit Plan could give rise to a prohibited transaction, each Benefit Plan should consider whether any of the Transaction Parties will act as a fiduciary, or render investment advice for a fee or other compensation, direct or indirect, or has authority to do so, pursuant to ERISA, Section 4975 of the Code or otherwise, with respect to the acquisition, holding or disposition of the [Class [●]][Offered] Notes by such Benefit Plan (or by any fiduciary acting on behalf of such Benefit Plan). A statutory exemption under Section 408(b)(17) of ERISA and Section 4975(d)(20) of the Code provides an exemption for some transactions between Benefit Plans and non-fiduciary service providers (or their affiliates) who are parties in interest or disqualified persons if specified conditions are established. In addition, certain class exemptions could offer relief for the acquisition, holding and/or disposition of [Class [●]][Offered] Notes by a Benefit Plan depending on the type and circumstances of the plan fiduciary making the

decision to acquire such [Class [●]][Offered] Notes. Included among these exemptions are: Prohibited Transaction Class Exemption (**"*PTCE***") 96-23, regarding transactions effected by "in-house asset managers"; PTCE 95-60, regarding investments by insurance company general accounts; PTCE 90-1, regarding investments by insurance company pooled separate accounts; PTCE 91-38, regarding investments by bank collective investment funds; and PTCE 84-14, regarding transactions effected by "qualified professional asset managers." There may also be certain individual prohibited transaction exemptions that are available. Even if the conditions specified in one or more of these exemptions are met, the scope of the relief provided by these exemptions might not cover all acts which might be construed as prohibited transactions. There can be no assurance that any of these, or any other exemption, will be available with respect to any particular transaction involving the Notes, and prospective purchasers that are Benefit Plans should consult with their legal advisors regarding the applicability of any such exemption. By acquiring [a][an] [Class [●]][Offered] Note, each purchaser and transferee of a beneficial interest will be deemed to represent that either (i) it is not acquiring and will not hold such [Class [●]][Offered] Note (or beneficial interests therein) on behalf of, or with the assets of any Benefit Plan or any U.S. governmental, non-U.S. or church plan or any other employee benefit plan or arrangement that is subject to Similar Law or (ii) its acquisition, holding and disposition of such [Class [●]][Offered] Note (or beneficial interests therein) will not constitute or give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of Similar Law.

Each investor in a Class [E] Note or Class [F] Note will be deemed to have represented that either (1) it is not acquiring and will not hold such Note on behalf of or with the assets of any person that is or will be any Benefit Plan or any U.S. governmental plan, non-U.S. plan, church plan or other employee benefit plan (a "***Non-ERISA Plan***") that is subject to Similar Law, or (2) (a) it is an "insurance company general account" within the meaning of Prohibited Transaction Class Exemption 95-60, as amended ("***PTCE 95-60***"), (b) its acquisition, holding and disposition of the such Note is eligible for and satisfies all conditions for relief under PTCE 95-60, (c) neither it, nor any of its affiliates have discretionary authority or control with respect to the assets of the Issuing Entity or provides investment advice for a fee (direct or indirect) with respect to the assets of the Issuing Entity and, (d) for so long as it holds any such Note, less than 25% of the assets of such general account will constitute "plan assets" (within the meaning of the Regulation) or (3) it is a Non-ERISA Plan that is subject to Similar Law and its acquisition, holding and disposition of the Class [E] Notes and Class [F] Notes will not give rise to a violation of any Similar Law.

The sale of the Notes (or any interest therein) to a plan is not a representation by the Issuing Entity, the underwriters or any other party involved in the offering of the Notes that such an investment by the plan meets all relevant legal requirements relating to investments by plans generally or by any particular plan or that such an investment by the plan is appropriate for plans generally or for any particular plan.

A plan fiduciary considering the purchase of Notes is encouraged to consult its legal advisors regarding the matters discussed above and other applicable legal requirements, including, without limitation, whether the assets of the Issuing Entity would be considered plan assets, the possibility of exemptive relief from the prohibited transaction rules and other issues and their potential consequences.

**UNDERWRITING**

Under the terms and subject to the conditions contained in an underwriting agreement relating to the [Class A Notes][Notes], dated [●], 20[●] among World Omni, the Depositor and [●], [●] and [●], as the underwriters, the Depositor has agreed to sell to the underwriters named below and each of the underwriters has severally agreed to purchase, the principal amount of the Notes described opposite its name below:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underwriter** | **Class <br> A-<br> 1[a/b]<br> Notes** | **Class<br> A-<br> 2[a/b]<br> Notes** | **Class <br> A-<br> 3[a/b]<br> Notes** | **Class <br> A-<br> 4[a/b]<br> Notes** | **[Class<br> B[a/b]<br> Notes** | **[Class<br> C[a/b]<br> Notes** | **Class<br> D[a/b]<br> Notes** | **[Class<br> E[a/b]<br> Notes** | **[Class<br> F[a/b]<br> Notes** |
| [●] | $[●] | $[●] | $[●] | $[●] | $[●] | $[●] | $[●] | $[●] | $[●] |
| [●] | $[●] | $[●] | $[●] | $[●] | $[●] | $[●] | $[●] | $[●] | $[●] |
| [●] | $[●] | $[●] | $[●] | $[●] | $[●] | $[●] | $[●] | $[●] | $[●] |
| Total | $[●]<sup>(1)</sup> | $[●]<sup>(1)</sup> | $[●]<sup>(1)</sup> | $[●]<sup>(1)</sup> | $[●]<sup>(1)</sup> | $[●]<sup>(1)</sup> | $[●]<sup>(1)</sup> | $[●]<sup>(1)</sup> | $[●]<sup>(1)</sup> |

---

[(1) If the aggregate initial principal amount of the Notes is $[●], the principal amount of the Class A-1 Notes will be $[●], the principal amount of the Class A-2 Notes will be $[●], the principal amount of the Class A-3 Notes will be $[●], the principal amount of the Class A-4 Notes will be $[●] [,][and] the principal amount of the Class B Notes will be $[●] [[,][and] the principal amount of the Class C Notes will be $[●]] [[,][and] the principal amount of the Class D Notes will be $[●]] [[,][and] the principal amount of the Class E Notes will be $[●]] [and the principal amount of the Class F Notes will be $[●].]

[(2)] [The total principal amounts of the Class A-2 Notes and the Class A-3 Notes to be purchased by the underwriters will be $[●]. The principal amount of the Class A-2 Notes to be purchased by the underwriters is expected to be within the range of $[●] – $[●]. The principal amount of the Class A-3 Notes to be purchased by the underwriters is expected to be within the range of $[●] – $[●].]

[(3)] [The initial principal amount of each class of Notes is based on the Statistical Discount Rate used to calculate the assumed Initial Note Value. The aggregate principal amount of the Notes offered hereby will be determined based on the Specified Discount Rate. The final aggregate principal amount of the Notes at the time of issuance will be an amount that is no more than [5]% in excess of, or less than, the amounts stated herein.]

[The Class [●] Notes are offered by this prospectus and some or all of the Class [●] Notes may be initially retained by the Depositor or one or more affiliates thereof on the [Initial] Closing Date. If retained, such retained Class [●] Notes may be sold, subject to certain limitations, from time to time to purchasers directly by the Depositor or one or more affiliates thereof or through underwriters, broker-dealers or agents who may receive compensation in the form of discounts, concessions or commissions from the Depositor or such affiliates or from the purchasers of such retained Class [●] Notes. If such retained Class [●] Notes are sold through underwriters, broker-dealers or agents, the Depositor or such affiliates will be responsible for underwriting discounts or commissions or agent's commissions. Such retained Class [●] Notes may be sold in one or more transactions at fixed prices, prevailing market prices at the time of sale, varying prices determined at the time of sale or negotiated prices.] /[The Depositor will retain [the Class [●] Notes][[●]% of each class of Notes][a single vertical security] in satisfaction of the Sponsor's risk retention obligations under Regulation RR and may such interests in the timeframe described in *"Credit Risk Retention."*]

The Depositor has been advised by the underwriters that they propose initially to offer the [Offered] Notes to the public at the prices set forth on the cover page hereof, and to dealers at these prices less a selling concession not in excess of the percentage set forth below for each class of [Offered] Notes. The underwriters may allow, and these dealers may reallow to other dealers, a subsequent concession not in excess of the percentage set forth below for each class of [Offered] Notes. After the initial public offering, the public offering price and such concessions may be changed. In the event of sales to affiliates, one or more of the underwriters may be required to forego a portion of the selling concession they would otherwise be entitled to receive.

---

| | | |
|:---|:---|:---|
|  | **Selling<br> Concession** | **Reallowance** |
| Class A-1[a/b] Notes | [●]% | [●]% |
| Class A-2[a/b] Notes | [●]% | [●]% |
| Class A-3[a/b] Notes | [●]% | [●]% |
| Class A-4[a/b] Notes | [●]% | [●]% |
| [Class B[a/b] Notes | [●]% | [●]%] |
| [Class C[a/b] Notes | [●]% | [●]%] |
| [Class D[a/b] Notes | [●]% | [●]%] |
| [Class E[a/b] Notes | [●]% | [●]%] |
| [Class F[a/b] Notes | [●]% | [●]%] |

---

The underwriting agreement provides that the obligations of the underwriters are subject to specified conditions precedent and that the underwriters will purchase all the [Offered] Notes if any of such Notes are purchased.

[*insert for transactions not structured to comply with any aspect of EU or UK credit risk retention*: Prospective investors should be aware that pursuant to Article 5 of Regulation (EU) 2017/2402 of the European Parliament and of the Council of December 12, 2017 (as amended, the "***EU Securitisation Regulation***"), prior to investing in a "securitisation position" (as defined in the EU Securitisation Regulation) EU Affected Investors (as defined below) must, amongst other things: (a) verify that certain credit-granting requirements are satisfied; (b) verify that the originator, Sponsor or original lender retains on an ongoing basis a material net economic interest which, in any event, shall not be less than [5]%, determined in accordance with Article 6 of the EU Securitisation Regulation, and discloses the risk retention to EU Affected Investors; (c) verify that the originator, Sponsor or relevant "securitisation special purpose entity" (as defined in the EU Securitisation Regulation) has, where applicable, made available information as required by Article 7 of the EU Securitisation Regulation; and (d) carry out a due-diligence assessment which enables EU Affected Investors to assess the risks involved, considering at least (i) the risk characteristics of the securitisation position and the underlying exposures and (ii) all the structural features of the "securitisation" (as defined in the EU Securitisation Regulation) that can materially impact the performance of the securitization position. The EU Securitisation Regulation has direct effect in member states of the EU and is expected to be implemented by national legislation in other countries in the EEA. "***EU Affected Investors***" refers to certain types of EU regulated investors, including credit institutions and investment firms (and in each case certain consolidated affiliates thereof wherever located), institutions for occupational retirement provision, alternative investment fund managers who manage or market alternative investment funds in the EU, insurance and reinsurance undertakings and management companies of undertakings for collective investment in transferable securities ("***UCITS***") (or internally managed UCITS).

With respect to the UK, the framework for the regulation of securitization comprises: (i) the Securitisation Regulations 2024 (SI 2024/102) (as amended, the "***UK Securitisation Regulations***"), (ii) the securitisation sourcebook of the handbook of rules and guidance adopted by the UK Financial Conduct Authority (the "***FCA***") (the "**SECN**"), (iii) the Securitisation Part of the rulebook of published policy of the Prudential Regulatory Authority of the Bank of England (the "***PRA***") (the "***PRASR***") and (iv) relevant provisions of the Financial Services and Markets Act 2000 (as amended, the "***FSMA***") (each as further amended, supplemented or replaced from time to time, the "***UK Securitisation Framework***"). The UK Securitisation Framework, together with (i) all relevant guidance, policy statements and directions relating to the application of the UK Securitisation Framework published by the FCA, the PRA and/or the UK Pensions Regulator (or their successors), (ii) any guidelines relating to the application of the EU Securitisation Regulation which are applicable in the UK, and (iii) any other applicable laws, acts, statutory instruments, rules, guidance or policy statements published or enacted relating to the UK Securitisation Framework, in each case as amended, supplemented or replaced from time to time, are referred to in this prospectus as the "***UK Securitisation Rules***".

Regulations 32B to 32D (inclusive) of the UK Securitisation Regulations, SECN4 and Article 5 of Chapter 2 of the PRASR, as applicable, place certain due diligence requirements (the "***UK Investor Due Diligence Requirements***") on investments in "securitisations" (as defined in the UK Securitisation Regulations) by an "institutional investor", defined in the UK Securitisation Regulations to include: (a) an insurance undertaking as defined in section 417(1) of the FSMA; (b) a reinsurance undertaking as defined in section 417(1) of the FSMA; (c) the trustees or managers of an occupational pension scheme as defined in section 1(1) of the Pension Schemes Act

1993 that has its main administration in the UK; (d) a fund manager of such an occupational pension scheme appointed under section 34(2) of the Pensions Act 1995 that, in respect of activity undertaken pursuant to that appointment, is authorized for the purposes of section 31 of the FSMA; (e) an AIFM (as defined in regulation 4 of the Alternative Investment Fund Managers Regulations 2013 (the "***AIFM Regulations***")) with permission under the FSMA in respect of managing an AIF (as defined in regulation 3 of the AIFM Regulations), and which markets or manages an AIF in the UK; (f) a small registered UK AIFM (as defined in the AIFM Regulations); (g) a management company as defined in section 237(2) of the FSMA; (h) a UCITS as defined in section 236A of the FSMA, which is an authorized open ended investment company as defined in section 237(3) of the FSMA; (i) a CRR firm as defined in Article 4(1)(2A) of Regulation (EU) No 575/2013, as it forms part of the domestic law of the UK by virtue of the EUWA (as amended, the "***UK CRR***"); and (h) an FCA investment firm as defined in Article 4(1)(2AB) of the UK CRR. The UK Investor Due Diligence Requirements also apply to investments by certain consolidated affiliates, wherever established or located, of entities subject to the UK CRR (such affiliates, together with all such institutional investors, "***UK Affected Investors***").

The UK Investor Due Diligence Requirements provide that, prior to investing in (or otherwise holding an exposure to) a "securitisation position" (as defined in the UK Securitisation Regulations), a UK Affected Investor, other than the originator, sponsor or original lender (each as defined in the UK Securitisation Regulations) must, among other things: (1) verify that: (a) subject to certain exceptions, where the originator or original lender is established in a third country (i.e. not within the UK), the originator or original lender grants all the credits giving rise to the underlying exposures on the basis of sound and well-defined criteria and clearly established processes for approving, amending, renewing and financing those credits and has effective systems in place to apply those criteria and processes to ensure that credit-granting is based on a thorough assessment of the obligor's creditworthiness; (b) if established in such a third country, the originator, sponsor or original lender retains on an ongoing basis (or, in the case of certain UK Affected Investors, continually retains) a material net economic interest which, in any event, shall not be less than [5]%, determined in accordance with SECN 5 or Article 6 of Chapter 2 and Chapter 4 of the PRASR, as applicable, and discloses the risk retention to institutional investors; and (c) the originator, sponsor or SSPE has made available sufficient information to enable the institutional investor independently to assess the risks of holding the securitisation position, and has committed to make further information available on an ongoing basis, as appropriate, in each case subject to certain minimum requirements (as to which, see additional information below); and (2) carry out a due-diligence assessment which enables the UK Affected Investor to assess the risks involved, considering at least (a) the risk characteristics of the securitisation position and the underlying exposures, and (b) all the structural features of the securitisation that can materially impact the performance of the securitisation position.

None of the Sponsor, the Depositor, the Servicer, the Issuing Entity or the underwriters, their respective affiliates nor any other party to the transactions described in this prospectus makes any representation or agreement that it intends or is required under the transaction documents to retain a material net economic interest in the securitization constituted by the issuance of the [Notes][securities] in a manner that would satisfy the requirements of the EU Securitisation Regulation or the UK Securitisation Framework, or undertakes to take any other action or refrain from taking any action prescribed or contemplated in, or for purposes of, or in connection with, compliance by any investor with any requirement of, the EU Securitisation Regulation or the UK Securitisation Framework.

The arrangements described under "*U.S. Credit Risk Retention*" have not been structured with the objective of enabling compliance with the requirements of the EU Securitisation Regulation or the UK Securitisation Framework by any person. Failure by an EU Affected Investor to comply with the EU Securitisation Regulation or failure by a UK Affected Investor to comply with the UK Securitisation Framework with respect to an investment in the Notes may result in the imposition of a penalty regulatory capital charge on that investment or of other regulatory sanctions or remedial measures. The EU Securitisation Regulation, the UK Securitisation Framework and any changes to the regulation or regulatory treatment of the Notes for some or all investors may negatively impact the regulatory position of affected investors and investment managers and consequently, the Notes may not be a suitable investment for EU Affected Investors and UK Affected Investors. As a result, the value and liquidity of the Notes in the secondary market may be adversely affected. See "*Risk Factors—Risks Relating to Economic Conditions and Other External Factors—The Notes May Not Be a Suitable Investment for Investors Subject to the EU Securitisation Regulation or the UK Securitisation Framework.*"

Prospective investors are responsible for analyzing their own legal and regulatory position and are advised to consult with their own investment and legal advisors regarding the suitability of the Notes for investment and the scope, applicability of, and compliance with the requirements of the EU Securitisation Regulation, the UK

Securitisation Framework and any other existing or future similar regimes in any relevant jurisdictions or other applicable regulations.]

The Notes are a new issue of securities with no established trading market. World Omni and the Depositor do not intend to apply for listing of the Notes on a national securities exchange. [Certain of] the underwriters have advised World Omni and the Depositor that they intend to act as market makers for the [Offered] Notes. However, the underwriters are not obligated to do so and may discontinue any market making at any time without notice. [Disruptions in the global financial markets due to recent pandemics and geopolitical unrest have caused uncertainty and volatility in the secondary market for asset-backed securities.] The underwriters may also be unwilling or unable to make a market in the [Offered] Notes due to regulatory developments or otherwise. Periods of illiquidity in the secondary market may adversely affect the market value of your Notes and your ability to locate a willing purchaser. Accordingly, no assurance can be given that a market will develop or, if one does develop, that it will provide you with liquidity of investment or continue for the life of your Notes.

In connection with the offering of the [Offered] Notes, the underwriters may engage in transactions that stabilize, maintain or otherwise affect the market price of the [Offered] Notes. Such transactions may include stabilization transactions effected in accordance with Rule 104 of Regulation M, pursuant to which an underwriter may bid for or purchase the [Offered] Notes for the purpose of stabilizing their market price. In addition, the underwriters may impose "penalty bids" whereby they may reclaim from a dealer participating in the offering the selling concession with respect to the [Offered] Notes that the dealer distributed in the offering but subsequently purchased for the account of the underwriters in the open market. Any of the transactions described in this paragraph may result in the maintenance of the price of the [Offered] Notes at a level above that which might otherwise prevail in the open market. None of the transactions described in this paragraph is required, and, if they are taken, such transactions may be discontinued at any time without notice.

Due to the diverse nature of the business activities of the underwriters and their respective affiliates, the underwriters or their respective affiliates may from time to time have different economic interests in, and different views regarding, the future performance of the Reference Pool or securities that are backed by similar receivables. Subject to applicable law, including Securities Act Rule 192, which prohibits certain conflicts of interest transactions, the underwriters and their respective affiliates may be holding, buying, or selling interests in similar receivables or related derivatives (e.g., credit default swaps), not originating or limiting origination of similar receivables or taking long or short positions with respect to the securities backed by similar receivables. The interests of the underwriters and their respective affiliates may not be aligned with the interests of Noteholders, and such activities may cause or lead to potential conflicts of interests.

World Omni and the Depositor have agreed to indemnify the underwriters against some liabilities, including civil liabilities under the Securities Act of 1933, as amended, or contribute to payments which the underwriters may be required to make in respect of some liabilities, including civil liabilities under the Securities Act.

In the ordinary course of their respective businesses, the underwriters and their affiliates have engaged and may engage in investment banking and/or commercial banking transactions with World Omni and its affiliates. We refer you to *"Use of Proceeds"* in this prospectus.

Under Rule 15c6-1 under the Exchange Act, trades in the secondary market generally are required to settle within two business days, unless the parties thereto expressly agree otherwise. Accordingly, purchasers who wish to trade the [Offered] Notes more than two business days prior to the expected delivery date will be required to specify an alternate settlement cycle at the time of any such trade to avoid a failed settlement.

The following chart sets forth information on the aggregate proceeds to the Depositor from the sale of the [Offered] Notes.

---

| | | |
|:---|:---|:---|
|  | | **As Percent of<br> Aggregate<br> Principal Amount<br> of the<br> [Offered] Notes** |
| Aggregate Price to Public of the [Offered] Notes | $[●] | [●]% |
| Aggregate Underwriting Discount | $[●] | [●]% |
| Aggregate Proceeds to Depositor | $[●] | [●]% |
| Additional Offering Expenses | $[●] | [●]% |

---

**OFFERING RESTRICTIONS**

**[European Economic Area**

Each underwriter has (severally and not jointly) represented, warranted and agreed that it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any [Offered] Notes to any EU retail investor in the European Economic Area (the "**EEA**"). For these purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the expression "EU retail investor" means a person who
 is one (or more) of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a retail client as defined in point (11) of Article 4(1) of
 Directive 2014/65/EU (as amended, "**MiFID II** "); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a customer within the meaning of Directive (EU) 2016/97 (as amended),
 where that customer would not qualify as a professional client as defined in point (10) of
 Article 4(1) of MiFID II; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) not a qualified investor as defined in Article 2 of Regulation
 (EU) 2017/1129 (as amended, the "**EU Prospectus Regulation** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the expression "offer" includes the communication in any
 form and by any means of sufficient information on the terms of the offer and the [Offered]
 Notes to be offered so as to enable an investor to decide to purchase or subscribe for the
 [Offered] Notes.

**United Kingdom**

Each underwriter has (severally and not jointly) represented, warranted, and agreed that (a) it has only communicated or caused to be communicated and will only communicate or cause to be communicated an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the Financial Services and Markets Act 2000 (as amended, the "**FSMA**")) received by it in connection with the issue or sale of any [Offered] Notes in circumstances in which Section 21(1) of the FSMA does not apply to the Issuing Entity or the Depositor; and (b) it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to any [Offered] Notes in, from or otherwise involving the UK.

Each underwriter has also (severally and not jointly) represented and agreed that it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any [Offered] Notes to any UK retail investor in the UK. For these purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the expression "UK retail investor"
 means a person who is one (or more) of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a retail client, as defined in point (8) of Article 2 of
 Commission Delegated Regulation (EU) 2017/565 as it forms part of the domestic law of the
 UK by virtue of the European Union (Withdrawal) Act 2018 (as amended, the "**EUWA** "),
 and as amended; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a customer within the meaning of the provisions of the FSMA and any
 rules or regulations made under the FSMA to implement Directive (EU) 2016/97 (such rules or
 regulations, as amended), where that customer would not qualify as a professional client,
 as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as
 it forms part of the domestic law of the UK by virtue of the EUWA, and as amended; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) not a qualified investor as defined in Article 2 of Regulation
 (EU) 2017/1129 as it forms part of the domestic law of the UK by virtue of the EUWA (as amended,
 the "**UK Prospectus Regulation** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the expression "offer" includes the communication in any
 form and by any means of sufficient information on the terms of the offer and the [Offered]
 Notes to be offered so as to enable an investor to decide to purchase or subscribe for the
 [Offered] Notes.

[The Class A-1 Notes have not been and will not be offered in the UK or to UK persons, and the underwriters will not accept proceeds of their initial sale of the Class A-1 Notes into an account located in the UK.]]

**FORWARD-LOOKING STATEMENTS**

This prospectus, including information included or incorporated by reference in this prospectus, may contain certain forward-looking statements. In addition, certain statements made in future SEC filings by the Issuing Entity or the Depositor in press releases and in oral and written statements made by or with the Issuing Entity's or the Depositor's approval may constitute forward-looking statements. Statements that are not historical facts, including statements about beliefs and expectations, are forward-looking statements. Forward-looking statements include information relating to, among other things, continued and increased business competition, an increase in delinquencies (including increases due to worsening of economic conditions), changes in demographics, changes in local, regional or national business, economic, political and social conditions, regulatory and accounting initiatives, changes in customer preferences, and costs of integrating new businesses and technologies, many of which are beyond the control of the Servicer, the Issuing Entity or the Depositor. Forward-looking statements also include statements using words such as "expect," "anticipate," "hope," "intend," "plan," "believe," "estimates" or similar expressions. The Issuing Entity and the Depositor have based these forward-looking statements on their current plans, estimates and projections, and you should not unduly rely on them.

Forward-looking statements are not guarantees of future performance. They involve risks, uncertainties and assumptions, including the risks discussed below. Future performance and actual results may differ materially from those expressed in these forward-looking statements. Many of the factors that will determine these results and values are beyond the ability of the Issuing Entity or the Depositor to control or predict. The forward-looking statements made in this prospectus speak only as of the date stated on the cover page of this prospectus. Other than as required by applicable law, the Issuing Entity and the Depositor undertake no obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

**LEGAL PROCEEDINGS**

[There are no legal or governmental proceedings pending against World Omni, the Initial Beneficiary, the Titling Trust, the Depositor, the Issuing Entity or the Servicer, or of which any property of the foregoing is the subject, that, if determined adversely to such party, would be material to holders of the Notes.]

Other than as described in *"The Trustees of the Issuing Entity"* in this prospectus, each of the Indenture Trustee and the Owner Trustee has represented to the Issuing Entity and the Depositor that there are no legal proceedings pending or known to be contemplated by governmental authorities against such trustee that would have a material adverse impact to holders of the Notes.

*[Describe any legal proceedings against the Sponsor, the Depositor, the Owner Trustee, the Indenture Trustee, the Issuing Entity or the Servicer that are material to Noteholders.]*

**INCORPORATION OF CERTAIN INFORMATION BY REFERENCE**

The Issuing Entity "incorporates by reference" some information it files with the SEC, which means that the Issuing Entity can disclose important information to you by referring you to those documents. The information incorporated by reference is considered to be part of this prospectus. Information that the Issuing Entity files later with the SEC will automatically update the information in this prospectus. In all cases, you should rely on the later information over different information included in this prospectus. The Issuing Entity incorporates by reference the asset-level data and information included as exhibits to any Form ABS-EE filed or caused to be filed with the SEC by the Depositor with respect to the Issuing Entity before the termination of the offering of the Notes. The Issuing Entity also incorporates by reference any current reports on Form 8-K later filed by or on behalf of the Issuing Entity before the termination of the offering of the Notes (including any market-making transactions for the Notes unless exempt from the registration requirements of the Securities Act). Any Form ABS-15G furnished by the Depositor pursuant to Rule 15Ga-2 of the Exchange Act is not and will not be incorporated by reference into this prospectus or the registration statement.

For the time period that the Issuing Entity is required to report under the Securities Exchange Act of 1934, as amended, the aforementioned periodic reports with respect to the Issuing Entity will be available to you through our website at http://www.worldomni.com/asset_securities.html as soon as reasonably practicable after such reports are filed with, or furnished to, the SEC. The Servicer Certificates to securityholders referenced throughout this prospectus will also be made available through such website. The contents of our website are not incorporated in, or otherwise to be regarded as part of, this prospectus. For purposes of any electronic version of this prospectus, the preceding link to the uniform resource locator, or URL, is an inactive textual reference only. We have taken steps to ensure that this link to the URL was inactive at the time we created any electronic version of this prospectus.

We will provide without charge to each person to whom a copy of this prospectus is delivered, upon the written or oral request of the person, a copy of any and all of the documents incorporated by reference in this prospectus, not including the exhibits to the documents, unless the exhibits are specifically incorporated by reference in the documents. Requests for the copies should be directed to the office of the General Counsel, 250 Jim Moran Blvd., Deerfield Beach, Florida 33442 (954) 429-2200.

This prospectus is part of our registration statement. This prospectus does not contain all of the information in our registration statement. For further information, please see our registration statement and the accompanying exhibits which we have filed with the SEC. This prospectus may summarize contracts and/or other documents. For further information, please see the copy of the contract or other document filed as an exhibit to the registration statement. The SEC maintains a website at "http://www.sec.gov" at which users can view and download copies of reports, proxy and information statements and other information filed electronically through the EDGAR system. Copies of the transaction documents related to the Issuing Entity will be provided to each person to whom a prospectus is delivered, upon written or oral request directed to our offices at 250 Jim Moran Blvd., Deerfield Beach, Florida 33442 (954) 429-2200. The contents of the SEC's website are not incorporated in, or otherwise to be regarded as part of, this prospectus. For purposes of any electronic version of this prospectus, the preceding link to the uniform resource locator, or URL, is an inactive textual reference only. We have taken steps to ensure that this link to the URL was inactive at the time we created any electronic version of this prospectus.

**LEGAL MATTERS**

Some legal matters relating to the [Offered] Notes, including the legality opinion for the [Offered] Notes and certain U.S. federal income tax matters, will be passed upon for the Depositor and the Servicer by Mayer Brown LLP. Some legal matters relating to the Titling Trust and the Initial Beneficiary will also be passed upon by Mayer Brown LLP. Some legal matters relating to the Loan Rule will be passed upon by Bilzin Sumberg Baena Price & Axelrod LLP, Miami, Florida. Some legal matters relating to the [Offered] Notes will be passed upon for the underwriters by Morgan, Lewis & Bockius LLP.

**INDEX OF PRINCIPAL TERMS**

Set forth below is a list of certain of the more important terms used in this prospectus and the pages on which the definitions of those terms may be found.

---

| | |
|:---|:---|
| [Initial] Closing Date | 93 |
| [Risk Retention] Required Reserve Account Balance | 15 |
| [Risk Retention] Reserve Account | 15 |
| 100% Prepayment Assumption | 93 |
| 2020 NDAA | 67, 176 |
| 2021 NDAA | 67, 176 |
| 2022 NDAA | 67 |
| ABS | 92 |
| Accumulation Account | 18 |
| Additional Class A-1 Payment Date | 4 |
| Additional Lease Charges | 79 |
| Adjusted Capitalized Cost | 79 |
| Administration Agreement | 77 |
| Administrative Agent | 2 |
| AIFM Regulations | 56, 191 |
| ALG | 79 |
| ALG Residual Value | 106 |
| Amortization Period | 17 |
| Asset Pools | 90 |
| Asset Representations Review Agreement | 97 |
| Asset Representations Reviewer | 97 |
| Asset-Level Data File | 80 |
| Automotive Lease Guide | 79 |
| Available Funds | 128 |
| Base Monthly Payments | 79 |
| Base Residual Value | 106 |
| Base Servicing Agreement | 87 |
| Benchmark | 109 |
| Benchmark Replacement | 109 |
| Benchmark Replacement Adjustment | 109 |
| Benchmark Replacement Conforming Changes | 109 |
| Benchmark Replacement Date | 110 |
| Benchmark Transition Event | 110 |
| Benefit Plan | 187 |
| Business Day | 113 |
| CARS Rule | 63 |
| Certificateholders | 100 |
| Certificates | 19 |
| CFPB | 62 |
| Class [ ] Reserve Account Initial Deposit | 137 |
| Class [ ][-[ ]] Notes | 3 |
| Class A Notes | 3 |
| Clean-Up Call | 7 |
| Clearstream | 4 |
| Closed-End Collateral Agent | 87 |
| Closed-End Collateral Specified Interest | 159 |
| Code | 139, 179 |
| Collateral | 162 |
| Collateral Agency Agreement | 87 |

---

---

| | |
|:---|:---|
| Collection Period | 113 |
| Compounded SOFR | 108 |
| Contract Residual Value | 79 |
| Controlling Securities | 29 |
| Conversion Date | 83 |
| Corresponding Tenor | 110 |
| Credit Risk Retention | 3 |
| Customary Servicing Practices | 121 |
| Data Tape | 80 |
| Deal Agent | 87 |
| Defaulted Lease | 106 |
| Defaulted Payment Charge | 84 |
| Delaware Trustee | 87 |
| DELEGATED DIRECTIVE | v |
| Delinquency Percentage | 82 |
| Delinquency Threshold Amount | 83 |
| Delinquency Trigger | 83 |
| Distributor | iii |
| DISTRIBUTOR | v |
| Dodd-Frank Act | 61 |
| DTC | 4 |
| Early Termination Charge | 83 |
| EBA | 52 |
| EEA | v |
| Eligible Accounts | 120 |
| Eligible Institution | 121 |
| Eligible Trust Account Institution | 121 |
| ERISA | 187 |
| ESAs Report | 54 |
| ESG | 78 |
| ESMA | 52 |
| EU Affected Investors | 52, 190 |
| EU CRR | 52 |
| EU Investor Due Diligence Requirements | 52 |
| EU PRIIPS REGULATION | v |
| EU PROSPECTUS REGULATION | v |
| EU RETAIL INVESTOR | v |
| EU Risk Retention Requirements | 53 |
| EU RTS | 53 |
| EU Securitisation Regulation | 51, 190 |
| EU Securitisation Rules | 52 |
| EU Transparency Requirements | 53 |
| Euroclear | 4 |
| EUWA | ii |
| Event of Default | 10 |
| Exchange Act | 161 |
| Exchange Note | 1 |
| Exchange Note Collected Amounts | 100 |
| Exchange Note Collection Account | 120 |
| Exchange Note Default | 161 |
| Exchange Note Redemption Date | 126 |

---

---

| | |
|:---|:---|
| Exchange Note Redemption Price | 126 |
| Exchange Note Sale Agreement | 100 |
| Exchange Note Servicer Default | 125 |
| Exchange Note Supplement | 87 |
| Exchange Note Transfer Agreement | 100 |
| FATCA | 183 |
| FCA | iii, 55 |
| FDIC | 66 |
| FDIC Counsel | 170 |
| Financial Promotion Order | ii |
| Five-State Area | 1 |
| Floating Rate Notes | 3 |
| Force Majeure | 125 |
| Foreign Account Tax Compliance Act | 183 |
| FRBNY | 37 |
| FRBNY's Website | 108 |
| FSMA | ii, 55, 190 |
| FTC | 63 |
| Indemnified Person | 160 |
| Indenture | 107 |
| Initial Beneficiary | 87 |
| Initial Note Value | 6 |
| Insolvency Laws | 166 |
| Investment Company Act | 18 |
| Investment Professionals | ii |
| IRS | 179 |
| ISDA Definitions | 110 |
| ISDA Fallback Adjustment | 110 |
| ISDA Fallback Rate | 110 |
| Issuing Entity | 1 |
| Issuing Entity Property | 12 |
| JMFE | 77 |
| Lease Charges | 79 |
| Lease Rate | 79 |
| Lemon Law | 175 |
| LIBOR | 34 |
| Liquidation Proceeds | 86 |
| LKE | 85 |
| LKE Disposition Proceeds | 86 |
| Loan Rule | 186 |
| Maximum Negative Carry Amount | 17 |
| MIFID II | v |
| Monthly Swap Payment Amount | 113 |
| Nat'l Collegiate | 64 |
| NCSL Trusts | 64 |
| Negative Carry Account Initial Deposit | 138 |
| Negative Carry Amount | 17 |
| Net LKE Disposition Proceeds | 86 |
| Non-ERISA Plan | 188 |
| Non-U.S. Person | 181 |
| noteholder | 75 |
| Noteholders | 77 |
| Noteholders' Fifth Priority Principal Distributable Amount | 8 |
| Noteholders' First Priority Principal Distributable Amount | 7 |
| Noteholders' Fourth Priority Principal Distributable Amount | 8 |

---

---

| | |
|:---|:---|
| Noteholders' Regular Principal Distributable Amount | 9 |
| Noteholders' Second Priority Principal Distributable Amount | 8 |
| Noteholders' Sixth Priority Principal Distributable Amount | 9 |
| Noteholders' Third Priority Principal Distributable Amount | 8 |
| Notes | 3 |
| NRSROs | 74 |
| Offered Notes | 3 |
| OID Regulations | 180 |
| OLA | 66 |
| Open-End Collateral Specified Interest | 159 |
| Other Exchange Note | 159 |
| Other Reference Pool | 159 |
| Overcollateralization Amount | 14 |
| Parity Reinvestment Amount | 81 |
| Payment Date | 4 |
| Payments Ahead | 101 |
| PBGC | 69 |
| PHEAA | 64 |
| PIMCO | 64 |
| Pledge and Security Agreement | 99 |
| Pool | 12 |
| PRA | 55, 190 |
| PRASR | 55, 190 |
| Pre-Funded Amounts | 79 |
| Pre-Funding Account | 137 |
| Pre-Funding Account Initial Deposit | 13 |
| Pre-Funding Period | 17 |
| Principal Distribution Account | 120 |
| PTCE | 188 |
| PTCE 95-60 | 188 |
| Purchase Price | 159 |
| QI | 85 |
| Reference Pool | 1 |
| Reference Time | 107 |
| Regulation | 187 |
| Regulation RR | 19, 20 |
| Relevant Governmental Body | 111 |
| Relevant Persons | ii |
| Relinquished Vehicles | 85 |
| Remaining Payments Charge | 83 |
| Replacement Vehicles | 85 |
| Required Class [·] Reserve Account Balance | 137 |
| Required Negative Carry Account Balance | 17 |
| Retained Interest | 20 |
| Retained Notes | 3 |
| Review Leases | 84 |
| Revolving Period | 17 |
| Rule 193 Information | 79 |
| Sample | 80 |
| SCRA | 66 |
| SEC | 62 |
| SECN | 55 |
| Securitization Rate | 106 |

---

---

| | |
|:---|:---|
| Securitization Value | 106 |
| Senior Swap Termination Payment Amount | 113 |
| Servicer Certificate | 105 |
| Servicing Agreement | 88 |
| Servicing Supplement | 88 |
| Similar Law | 187 |
| SOFR | 37 |
| SOFR Adjustment Conforming Changes | 108 |
| SOFR Adjustment Date | 107 |
| SOFR Determination Time | 107 |
| SOFR Rate | 107 |
| Specified Discount Rate | 6 |
| SSPE | 52 |
| Statistical Discount Rate | 6 |
| Subordinate Swap Termination Payment Amount | 113 |
| Substitute Unit | 82 |
| Swap Termination Payment Amount | 113 |
| Target Reinvestment Amount | 79 |
| Tax Cuts and Jobs Act | 85 |
| Terminated Unit | 106 |
| Third Circuit | 64 |
| Titling Trust | 87 |
| Titling Trust Administrator | 87 |
| Titling Trust Agreement | 87 |
| Titling Trust Certificates | 89 |
| Titling Trust Documents | 87 |
| Titling Trustee | 87 |
| Titling Trustee Agent | 87 |
| Transaction Parties | 187 |

---

---

| | |
|:---|:---|
| Transportation Act | 72 |
| TRM | 79 |
| Trust Accounts | 120 |
| Trust Agreement | 93 |
| Trust Collection Account | 120 |
| Trust Collection Account Shortfall Amount | 126 |
| TSRP | 79 |
| U.S. Bank | 87 |
| U.S. Bank Trust | 87 |
| U.S. Government Securities Business Day | 108 |
| U.S. Person | 181 |
| UCITS | 52, 190 |
| UDAAP | 62 |
| UK | ii |
| UK Affected Investors | 56, 191 |
| UK CRR | 56, 191 |
| UK Investor Due Diligence Requirements | 56, 190 |
| UK MIFIR Product Governance Rules | iii |
| UK PRIIPS Regulation | ii |
| UK Prospectus Regulation | ii |
| UK Retail Investor | ii |
| UK Risk Retention Requirements | 57 |
| UK Securitisation Framework | 55, 190 |
| UK Securitisation Regulations | 55, 190 |
| UK Securitisation Rules | 56, 190 |
| Unadjusted Benchmark Replacement | 111 |
| Unit | 11 |
| Units | 11 |
| Warehouse Facility Pool | 159 |
| World Omni | 1 |

---

**Appendix A**

**STATIC POOL INFORMATION**

This Appendix A sets forth in tabular [and graphic] format, static Pool information regarding Pools of leases and leased vehicles securitized by the Sponsor during the last five years. The characteristics of each securitized Pool described above are based on the securitized Pool as of the related [Initial][Actual] Cutoff Date. There can be no assurance that the performance of the prior securitized pools will correspond to or be an accurate predictor of the performance of this securitized Pool.

*[Graphical illustration of delinquencies, credit losses/gains, residual value losses/gains and prepayment speeds for each prior securitized pool to be added to the extent such presentation would aid in the understanding of the table data.]*

**Characteristics of the Leases**

The assets in each of World Omni's securitized Reference Pools consisted of motor vehicle leases and the related leased vehicles generated in the ordinary course of business by World Omni in accordance with the underwriting procedures described under *"The Servicer, Sponsor and Administrator—Origination, Underwriting and Purchasing"* and "*—Underwriting Standards"* in this prospectus. As of the relevant [Initial][Actual] Cutoff Date, the Units in the securitized portfolios consisted of the characteristics provided below. For comparison purposes, the characteristics of the Units related to the Notes described in this prospectus as of the [Initial][Actual] Cutoff Date are provided immediately below. All lease balances are calculated using [the ALG residual at the time of origination of the lease].

**WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST 20[●]-[●]<br> ORIGINAL PORTFOLIO CHARACTERISTICS**

The following table sets forth information regarding the composition of the leases and leased vehicles in a Reference Pool securitized by the Sponsor during the last five years [and, for comparison purposes, the characteristics of the Reference Pool described in this prospectus, each as of the related [Initial][Actual] Cutoff Date].

---

| | |
|:---|:---|
| **[Initial][Actual] Cutoff Date** |  |
| **Number of Leases** |  |
| Total Number of Leases Originated |  |
| **Total Lease Balance** |  |
| Initial Securitization Value | $— |
| **Initial Securitization Value** |  |
| Avg Initial Securitization Value of Leases Originated | $— |
| Min Initial Securitization Value of Leases Originated | $— |
| Max Initial Securitization Value of Leases Originated | $— |
| **Base Residual** |  |
| Avg Base Residual at Origination | $— |
| Min Base Residual at Origination | $— |
| Max Base Residual at Origination | $— |
| **Base Residual % MRT/TSRP** |  |
| Base Residual at origination as % of lower of MRT/TSRP | % |
| **Original Term** |  |
| Weighted Average<sup>(1)</sup> |  |
| Min original term |  |
| Max original term |  |

---

---

| | |
|:---|:---|
| **Top 5 states concentration (**based on the billing addresses of the lessees **)<sup>(5)</sup>**  | **%** |
| 1 [●] |  |
| 2 [●] |  |
| 3 [●] |  |
| 4 [●] |  |
| 5 [●] |  |

---

---

| | |
|:---|:---|
| **Top 5 vehicle models<sup>(5)</sup>**  | **%** |
| 1 [●] |  |
| 2 [●] |  |
| 3 [●] |  |
| 4 [●] |  |
| 5 [●] |  |
| **[FICO<sup>®</sup>][Vantage] Score**<sup>(2)</sup> |  |
| &nbsp;&nbsp;&nbsp;Weighted Average [FICO<sup>®</sup>][Vantage] score<sup>(1) (3)(6)</sup> |  |
| &nbsp;&nbsp;&nbsp;Range of [FICO<sup>®</sup>][Vantage] scores that represents greater than 90% of all Pool [FICO<sup>®</sup>][Vantage] scores<sup>(3) (4)</sup> |  |

---

(1) Weighted by Securitization Value.

(2) FICO<sup>®</sup> is a federally registered trademark of Fair, Isaac & Company.

(3) [FICO<sup>®</sup>][Vantage] scores are calculated excluding accounts for which no [FICO<sup>®</sup>][Vantage] score is available in World Omni's account servicing system.

(4) Less than 5% of the lessee [FICO<sup>®</sup>][Vantage] scores (based on the aggregate Securitization Value) exceed [●] and less than 5% of the lessee [FICO<sup>®</sup>][Vantage] scores (based on the aggregate Securitization Value) fall below [●]. Range of [FICO<sup>®</sup>][Vantage] scores represents 90% of the aggregate Securitization Value as of origination.

(5) Calculated as a percentage of Initial Securitization Value.

(6) [FICO<sup>®</sup>][Vantage] score is calculated using the primary applicant [FICO<sup>®</sup>][Vantage] score or, it not available, the co-applicant [FICO<sup>®</sup>][Vantage] score.

**WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST 20[●]-[●]<br> BALANCE, PREPAYMENT AND DELINQUENCIES**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Delinquencies <sup>(1)</sup>** | **Delinquencies <sup>(1)</sup>** | **Delinquencies <sup>(1)</sup>** | **Delinquencies <sup>(1)</sup>** | **Delinquencies <sup>(1)</sup>** |
| <br>**Collection**<br>**Period** | <br>**End-of-Month<br> Securitization<br> Value ($)** | <br>**Return Rate <sup>(2)</sup>** | <br>**Prepayment<br> Speed<sup>(3)</sup>** | **Past Due 31-60<br> Days ($)** | **Past Due 61-<br> 90 Days ($)** | **Past Due 91-<br> 120 Days ($)** | **Past Due 121<br> Days and Over<br> ($)** | **Past Due 61+<br> Days (%) <sup>(4)</sup>** |
| [ ] | [ ] |  | [ ] | [ ] | [ ] | [ ] | [ ] | [ ] |
| [ ] | [ ] |  | [ ] | [ ] | [ ] | [ ] | [ ] | [ ] |

---

(1) World Omni considers a payment to be past due or delinquent when a lessee owes more than the Delinquency Threshold Amount after the related due date, including leases with bankrupt lessees but excluding Defaulted Leases. The period of delinquency is based on the number of days that in more than Delinquency Threshold Amount is contractually past due.

(2) [Return Rate means [ ].]

(3) For purposes of this table, prepayment speed has a 0.00% floor.

(4) As of end-of-month.

**Delinquency Information.** The graph below shows delinquency information for World Omni's prior securitized pools of lease for all transactions issued during the five years preceding the date of this prospectus. [The graphical illustration of delinquency information will represent World Omni's prior securitized pools of lease for all transactions issued during the five years preceding the date of the applicable prospectus.]

![](tm2521876d1_sf3sp9img001.jpg)

**Prepayment Speed Information.** The graph below shows prepayment speed information for World Omni's prior securitized pools of lease for all transactions issued during the five years preceding the date of this prospectus. [The graphical illustration of prepayment speed information will represent World Omni's prior securitized pools of lease for all transactions issued during the five years preceding the date of the applicable prospectus.]

![](tm2521876d1_sf3sp9img002.jpg)

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

**CREDIT AND RESIDUAL VALUE LOSSES/(GAINS)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Month** | **Initial Securitization<br> Value ($)** | **$ Cum. Net Credit<br> Losses/(Gains) <sup>(1)</sup>** | **Cum. Net Credit Losses/(Gains)<br> as % of the<br> Initial Securitization<br> Value** | **$ Cum. Net Residual<br> Losses/(Gains) <sup>(2)</sup>** | **Cum. Net Residual<br> Losses/(Gains) <br> as % of the<br> Initial Securitization<br> Value** |
| 1 | $[●] | $[●] | [●]% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[ ] | [●]% |
| 2 | $[●] | $[●] | [●]% | $[ ] | [●]% |

---

(1) Cumulative Net Credit Losses/(Gains) are equal to the aggregate Securitization Value of all Units charged-off, less sale proceeds and recoveries received by the Servicer in connection with the sale or other disposition of the related leased vehicle, net of any and all out-of-pocket costs and expenses incurred by the Servicer in connection with such sale or other disposition, including without limitation, all repossession, auction, painting, repair and any and all other similar liquidation and refurbishment costs and expenses. Recoveries means all monies collected by the Servicer on such Unit, net of any and all out-of-pocket costs and expenses incurred by the Servicer in connection therewith.

(2) Cumulative Net Residual Losses/(Gains) are equal to the aggregate Securitization Value of Terminated Units (excluding Defaulted Leases and payoffs), less sale proceeds and recoveries received by the Servicer in connection with the sale or other disposition of the related leased vehicle (including amounts received for excess wear and use and excess mileage), net of any and all out-of-pocket costs and expenses incurred by the Servicer in connection with such sale or other disposition, including without limitation, all auction, painting, repair and any and all other similar liquidation and refurbishment costs and expenses. Recoveries means all monies collected by the Servicer on such Unit, net of any and all out-of-pocket costs and expenses incurred by the Servicer in connection therewith.

**Cumulative Net Credit Loss/(Gain) Information.** The graph below shows cumulative net credit loss/(gain) information for World Omni's prior securitized pools of lease for all transactions issued during the five years preceding the date of this prospectus. [The graphical illustration of cumulative net credit loss/(gain) information will represent World Omni's prior securitized pools of lease for all transactions issued during the five years preceding the date of the applicable prospectus.]

![](tm2521876d1_sf3sp9img003.jpg)

**Cumulative Net Residual Loss/(Gain) Information.** The graph below shows cumulative net residual loss/(gain) information for World Omni's prior securitized pools of lease for all transactions issued during the five years preceding the date of this prospectus. [The graphical illustration of cumulative net residual loss/(gain) information will represent World Omni's prior securitized pools of lease for all transactions issued during the five years preceding the date of the applicable prospectus.]

![](tm2521876d1_sf3sp9img004.jpg)

**Appendix B**

**ASSUMED CASH FLOWS**

The cash flow table below shows the reduction in the Securitization Value of the Reference Pool and the payments that will be received each Collection Period on the Reference Pool assuming (i) each base monthly payment is made as scheduled with no prepayments, delays or defaults and (ii) each leased vehicle is returned and sold for an amount equal to the base residual value in the month after the month in which the final base monthly payment is due.

---

| | | | |
|:---|:---|:---|:---|
| **End of<br> Collection Period** | **Securitization<br> Value** | **Base<br> Monthly Payments** | **Base<br> Monthly Residual Payment** |
| [Initial][Actual] Cutoff Date | $[●] |  |  |
| [●] 20[●] | $[●] | $[●] | $[●] |
| [●] 20[●] | $[●] | $[●] | $[●] |
| [●] 20[●] | $[●] | $[●] | $[●] |
| [●] 20[●] | $[●] | $[●] | $[●] |
| [●] 20[●] | $[●] | $[●] | $[●] |
| [●] 20[●] | $[●] | $[●] | $[●] |
| [●] 20[●] | $[●] | $[●] | $[●] |
| [●] 20[●] | $[●] | $[●] | $[●] |
| [●] 20[●] | $[●] | $[●] | $[●] |
| [●] 20[●] | $[●] | $[●] | $[●] |
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| [●] 20[●] | $[●] | $[●] | $[●] |
| [●] 20[●] | $[●] | $[●] | $[●] |
| [●] 20[●] | $[●] | $[●] | $[●] |
| [●] 20[●] | $[●] | $[●] | $[●] |
| [●] 20[●] | $[●] | $[●] | $[●] |
| [●] 20[●] | $[●] | $[●] | $[●] |
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| [●] 20[●] | $[●] | $[●] | $[●] |
| [●] 20[●] | $[●] | $[●] | $[●] |
| [●] 20[●] | $[●] | $[●] | $[●] |
| [●] 20[●] | $[●] | $[●] | $[●] |
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| [●] 20[●] | $[●] | $[●] | $[●] |
| [●] 20[●] | $[●] | $[●] | $[●] |
| [●] 20[●] | $[●] | $[●] | $[●] |
| [●] 20[●] | $[●] | $[●] | $[●] |

---

**$[●]<sup>[(1)]</sup>**

**World Omni Automobile Lease Securitization Trust 20[●]-[●]**

Issuing Entity

<br> **World Omni Auto Leasing LLC**

Depositor

<br> **World Omni Financial Corp.**

Servicer and Sponsor

**Asset-Backed Notes<br> Series 20[●]-[●]**

PROSPECTUS

[(1)] The aggregate initial principal amount of [Offered] Notes will either be $[●] or [●].]

No dealer, salesperson or other person is authorized to give any information or to represent anything not contained in this prospectus. You must not rely on any unauthorized information or representations. This prospectus is an offer to sell only the Notes offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. The information contained in this prospectus is current only as of the date of this prospectus. Until ninety days after the date of this prospectus, all dealers effecting transactions in the [Offered] Notes, whether or not participating in this distribution, may be required to deliver a prospectus. This is in addition to the dealers' obligation to deliver a prospectus when acting as underwriters and with respect to an unsold allotment or subscription.

Dealer prospectus delivery obligation. Until ninety days following the date of this prospectus, all dealers that effect transactions in these Notes, whether or not participating in the offering, may be required to deliver a prospectus. This is in addition to the dealers' obligation to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.

**Joint Bookrunners of the Class A Notes**

---

| | | |
|:---|:---|:---|
| **[●]** | **[●]** | **[●]** |

---

**Co-Manager[s] of the Class A Notes**

---

| | | |
|:---|:---|:---|
| **[●]** | **[●]** | **[●]** |

---

**[Underwriters of the Class B Notes [[,][and] the Class C Notes][[,][and] the Class D Notes[[,][and] the Class E Notes [and the Class F Notes]]**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**[●]** | &nbsp;&nbsp;**[●]** | &nbsp;&nbsp;**[●]** |

---

The date of this Prospectus is [●].

**PART II**

**INFORMATION NOT REQUIRED IN PROSPECTUS**

---

| | |
|:---|:---|
| **ITEM 12.** | **OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION.** |

---

The following table sets forth the estimated expenses to be incurred in connection with the offering of the securities, other than underwriting discounts and commissions, described in this Registration Statement:

---

| | |
|:---|:---|
| Securities and Exchange Commission registration fee\* | $686400 |
| Printing and engraving costs | 45000 |
| Legal fees | 1596400 |
| Trustee fees and expenses | 175000 |
| Accountant's fees | 425000 |
| Rating Agencies' fees | 3265900 |
| Asset Representations Reviewer fees and expenses | 75000 |
| Miscellaneous expenses | 75000 |
| &nbsp;&nbsp;&nbsp;Total | $6343700 |

---

\* The registration fee for any securities has been estimated for purposes of this table and is deferred in accordance with Rules 456(c) and 457(s).

---

| | |
|:---|:---|
| **ITEM 13.** | **INDEMNIFICATION OF DIRECTORS AND OFFICERS.** |

---

---

| | |
|:---|:---|
| **ITEM 13.1** | **WORLD OMNI AUTO LEASING LLC** |

---

The following is a summary of the statutes, limited liability company agreement or other arrangements under which the Depositor's directors and officers are insured or indemnified against liability in their capacities as such.

**Limited Liability Company Agreement**

The Depositor was formed under the laws of Delaware. The limited liability company agreement of the Depositor provides, in effect, that, subject to certain limited exceptions, it will indemnify its members, directors or officers and may indemnify any employee or agent of the Depositor who was or is a party or is threatened to be made a party to a threatened, pending, or completed action, suit, or proceeding (whether civil, criminal, administrative, or investigative and whether formal or informal) other than an action by or in the right of the Depositor, where such person is a party because such person is or was a member, director, officer, employee, or agent of the Depositor. The Depositor limited liability company agreement also provides that it will generally indemnify its members and directors against expenses, including, attorney fees, judgments, penalties, fines and amounts paid in settlement actually and reasonably incurred by a director in connection with an action, suit or proceeding relating to acts or omissions of that director regarding specified items relating to bankruptcy and insolvency.

In general, the Depositor will indemnify its members, directors or officers and may indemnify its employees or agents against expenses, including attorneys' fees, judgments, penalties, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with an action, suit or proceeding. To the fullest extent permitted by law, the Depositor will also indemnify such member, director or officer and may indemnify such employee or agent if the person acted in good faith and did not engage in willful misconduct or gross negligence. With respect to a criminal action proceeding, the person must have had no reasonable cause to believe his misconduct was unlawful. Unless ordered by a court, certain indemnifications shall be made by the Depositor only as it authorizes in the specific case after (1) determining that the indemnification is proper under the circumstances because the person to be indemnified has met the applicable standard of conduct and (2) evaluating the reasonableness of the expenses and of the amounts paid in settlement. This determination and evaluation shall be made by a majority vote of the disinterested members or, if there is only one member, by that member. However, no indemnification shall be provided to any member, director, officer, employee or agent of the Depositor for or in connection with (1) the receipt of a financial benefit to which the person is not entitled; (2) voting for or assenting to a distribution to members in violation of the limited liability company agreement or the Delaware Limited Liability Company Act (the "Act"); (3) a knowing violation of law; or (4) acts or missions of such person constituting willful misconduct or gross negligence. To the extent that a member, director, officer, employee, or agent of the Depositor has been successful on the merits or otherwise in defense of an action, suit, or proceeding or in defense of any claim, issue, or other matter in such action, suit or proceeding, such person shall be indemnified against actual and reasonable expenses, including reasonable attorney fees, incurred by such person in connection with the action, suit, proceeding and any action, suit or proceeding brought to enforce such mandatory indemnification.

In addition, no member, director or officer of the Depositor shall be liable to the Depositor or any other person who is bound by the limited liability company agreement of the Depositor for any loss, damage or claim incurred by reason of any act or omission performed or omitted by such member, director or officer in good faith on behalf of the Depositor and in a manner reasonably believed to be within the scope of the authority conferred on such member, director or officer by the limited liability company agreement of the Depositor, except that a member, director or officer shall be liable for any such loss, damage or claim incurred by reason of such member's director's or officer's willful misconduct or gross negligence.

Insofar as indemnification by the Depositor for liabilities arising under the Securities Act of 1933, as amended (the "Securities Act"), may be permitted to directors, officers and controlling persons of the Depositor pursuant to the foregoing provisions, the Depositor has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.

**Delaware Limited Liability Company Act**

Section 18-108 of the Act provides that, subject to the standards and restrictions, if any, as are described in its limited liability company agreement, a limited liability company may, and shall have the power to, indemnify and hold harmless any member or manager or other person from and against any and all claims and demands whatsoever.

**Liability Insurance**

The Depositor also maintains insurance providing for payment, subject to certain exceptions, on behalf of officers, director and managers of the Depositor and its subsidiaries of money damages incurred as a result of legal actions instituted against them in their capacities as such officers, directors of managers (whether or not such person could be indemnified against such expense, liability or loss under the Act).

**Underwriting Agreement**

Each underwriting agreement will provide that the underwriter will indemnify the Depositor against specified liabilities, including liabilities under the Securities Act.

**ITEM 13.2. WORLD OMNI LT.**

Section 3803 of the Delaware Statutory Trust Statute provides as follows:

3803 Liability of beneficial owners and trustees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except to the extent otherwise provided in the governing instrument of the statutory trust, the beneficial owners shall be entitled to the same limitation of personal liability extended to stockholders of private corporations for profit organized under the general corporation law of the State.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except to the extent otherwise provided in the governing instrument of a statutory trust, a trustee, when acting in such capacity, shall not be personally liable to any person other than the statutory trust or a beneficial owner for any act, omission or obligation of the statutory trust or any trustee thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except to the extent otherwise provided in the governing instrument of a statutory trust, an officer, employee, manager or other person acting pursuant to §3806(b)(7) of this title, when acting in such capacity, shall not be personally liable to any person other than the statutory trust or a beneficial owner for any act, omission or obligation of the statutory trust or any trustee thereof.

3817 Indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to such standards and restrictions, if any, as are set forth in the governing instrument of a statutory trust, a statutory trust shall have the power to indemnify and hold harmless any trustee or beneficial owner or other person from and against any and all claims and demands whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The absence of a provision for indemnity in the governing instrument of a statutory trust shall not be construed to deprive any trustee or beneficial owner or other person of any right to indemnity which is otherwise available to such person under the laws of this State.

The Second Amended and Restated Trust Agreement for World Omni LT (as used in this paragraph, the "Agreement") provides that each trustee and the Titling Trust Administrator for World Omni LT shall be indemnified and held harmless by the

certificateholder with respect to any loss incurred arising out of or incurred in connection with (i) any trust assets (including any loss relating to leases, leased vehicles, consumer fraud, consumer leasing act violations, misrepresentations, deceptive and unfair trade practices and any other loss arising in connection with any lease, personal injury or property damage claims arising with respect to any leased vehicle or any loss with respect to any tax arising with respect to any trust asset), or (ii) the acceptance or performance of the duties contained in the Agreement; provided, however, that no person shall be indemnified or held harmless as to any such loss (a) incurred by reason of such person's willful malfeasance, bad faith or gross negligence, or (b) incurred by reason of such person's breach of the Agreement, or its representations and warranties.

The Agreement provides that the trustees and the Titling Trust agents will be indemnified and held harmless by the Titling Trust Administrator against any loss, liability or expense incurred without negligence, bad faith or willful misconduct on their part, arising out of their acceptance or administration of the trust and duties under the Agreement, including the reasonable costs and expenses of defending themselves against any claim or liability in connection with the exercise or performance of any of their powers or duties under the Agreement.

---

| | |
|:---|:---|
| **ITEM 14.** | **EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Exhibits:

---

| | |
|:---|:---|
| **Exhibit <br> Index** | **Description** |
| [1.1\*](tm2521876d1_ex1-1.htm) | [Form of Underwriting Agreement for the Notes](tm2521876d1_ex1-1.htm) |
| [3.1\*](tm2521876d1_ex3-1.htm) | [Certificate of Formation of the Depositor](tm2521876d1_ex3-1.htm) |
| [3.2\*](tm2521876d1_ex3-2.htm) | [Certificate of Amendment of Certificate of Formation of the Depositor](tm2521876d1_ex3-2.htm) |
| [3.3\*](tm2521876d1_ex3-3.htm) | [Amended and Restated Limited Liability Company Agreement of the Depositor](tm2521876d1_ex3-3.htm) |
| [3.4\*](tm2521876d1_ex3-4.htm) | [Amendment No. 1 to Amended and Restated Limited Liability Company Agreement of the Depositor](tm2521876d1_ex3-4.htm) |
| [3.5\*](tm2521876d1_ex3-5.htm) | [Certificate of Trust of World Omni LT](tm2521876d1_ex3-5.htm) |
| [3.6\*](tm2521876d1_ex3-6.htm) | [Second Amended and Restated Trust Agreement of World Omni LT among Auto Lease Finance LLC, World Omni Financial Corp. ("World Omni"), VT Inc., U.S. Bank National Association and U.S. Bank Trust National Association](tm2521876d1_ex3-6.htm) |
| [4.1\*](tm2521876d1_ex4-1.htm) | [Form of Indenture among World Omni Automobile Lease Securitization Trust 20\[●\]-\[●\] (the "Issuing Entity"), the Indenture Trustee and the Account Bank](tm2521876d1_ex4-1.htm) |
| [5.1\*](tm2521876d1_ex5-1.htm) | [Opinion of Mayer Brown LLP with respect to legality](tm2521876d1_ex5-1.htm) |
| [8.1\*](tm2521876d1_ex8-1.htm) | [Opinion of Mayer Brown LLP with respect to U.S. federal income tax matters](tm2521876d1_ex8-1.htm) |
| [10.1\*](tm2521876d1_ex10-1.htm) | [Form of Exchange Note Sale Agreement between Auto Lease Finance LLC and the Depositor](tm2521876d1_ex10-1.htm) |
| [10.2\*](tm2521876d1_ex10-2.htm) | [Form of Exchange Note Transfer Agreement between the Depositor and the Issuing Entity](tm2521876d1_ex10-2.htm) |
| [10.3\*](tm2521876d1_ex10-3.htm) | [Form of Exchange Note Supplement among World Omni LT, AL Holding Corp., U.S. Bank Trust Company, National Association as successor-in-interest to U.S. Bank National Association, and Auto Lease Finance LLC](tm2521876d1_ex10-3.htm) |
| [10.4\*](tm2521876d1_ex10-4.htm) | [Fifth Amended and Restated Servicing Agreement among World Omni LT, AL Holding Corp. and World Omni](tm2521876d1_ex10-4.htm) |
| [10.5\*](tm2521876d1_ex10-5.htm) | [First Amendment to Fifth Amended and Restated Servicing Agreement among World Omni LT, AL Holding Corp. and World Omni](tm2521876d1_ex10-5.htm) |
| [10.6\*](tm2521876d1_ex10-6.htm) | [Second Amendment to Fifth Amended and Restated Servicing Agreement among World Omni LT, AL Holding Corp. and World Omni](tm2521876d1_ex10-6.htm) |
| [10.7\*](tm2521876d1_ex10-7.htm) | [Form of Servicing Supplement among World Omni LT, AL Holding Corp. and World Omni](tm2521876d1_ex10-7.htm) |
| [10.8\*](tm2521876d1_ex10-8.htm) | [Fourth Amended and Restated Collateral Agency Agreement among World Omni LT, Auto Lease Finance LLC, AL Holding Corp., Bank of America, N.A., U.S. Bank Trust Company, National Association as successor-in-interest to U.S. Bank National Association, and the secured parties party thereto from time to time](tm2521876d1_ex10-8.htm) |
| [10.9\*](tm2521876d1_ex10-9.htm) | [First Amendment to Fourth Amended and Restated Collateral Agency Agreement among World Omni LT, World Omni Lease Finance LLC, Auto Lease Finance LLC, AL Holding Corp., Bank of America, N.A U.S. Bank Trust Company, National Association as successor-in-interest to U.S. Bank National Association, and the lenders party thereto](tm2521876d1_ex10-9.htm) |

---

---

| | |
|:---|:---|
| **Exhibit <br> Index** | **Description** |
| [10.10\*](tm2521876d1_ex10-10.htm) | [Second Amendment to Fourth Amended and Restated Collateral Agency Agreement among World Omni LT, World Omni Lease Finance LLC, Auto Lease Finance LLC, AL Holding Corp., Bank of America, N.A., U.S. Bank Trust Company, National Association as successor-in-interest to U.S. Bank National Association, and the lenders party thereto](tm2521876d1_ex10-10.htm) |
| [10.11\*](tm2521876d1_ex10-11.htm) | [Third Amendment to Fourth Amended and Restated Collateral Agency Agreement among World Omni LT, World Omni Lease Finance LLC, Auto Lease Finance LLC, AL Holding Corp., Bank of America, N.A., U.S. Bank Trust Company, National Association as successor-in-interest to U.S. Bank National Association, and the lenders party thereto](tm2521876d1_ex10-11.htm) |
| [10.12\*](tm2521876d1_ex10-12.htm) | [Fourth Amendment to Fourth Amended and Restated Collateral Agency Agreement among World Omni LT, World Omni Lease Finance LLC, Auto Lease Finance LLC, AL Holding Corp., Bank of America, N.A., U.S. Bank Trust Company, National Association as successor-in-interest to U.S. Bank National Association, and the lenders party thereto](tm2521876d1_ex10-12.htm) |
| [10.13\*](tm2521876d1_ex10-13.htm) | [Fifth Amendment to Fourth Amended and Restated Collateral Agency Agreement among World Omni LT, World Omni Lease Finance LLC, Auto Lease Finance LLC, AL Holding Corp., Bank of America, N.A., U.S. Bank Trust Company, National Association as successor-in-interest to U.S. Bank National Association, and the lenders party thereto](tm2521876d1_ex10-13.htm) |
| [10.14\*](tm2521876d1_ex10-14.htm) | [Sixth Amendment to Fourth Amended and Restated Collateral Agency Agreement among World Omni LT, World Omni Lease Finance LLC, Auto Lease Finance LLC, AL Holding Corp., Bank of America, N.A., U.S. Bank Trust Company, National Association as successor-in-interest to U.S. Bank National Association, and the lenders party thereto](tm2521876d1_ex10-14.htm) |
| [10.15\*](tm2521876d1_ex10-15.htm) | [Seventh Amendment to Fourth Amended and Restated Collateral Agency Agreement among World Omni LT, World Omni Lease Finance LLC, Auto Lease Finance LLC, AL Holding Corp., Bank of America, N.A., U.S. Bank National Association, as retiring closed-end administrative agent, and U.S. Bank Trust Company, National Association as successor-in-interest to U.S. Bank National Association](tm2521876d1_ex10-15.htm) |
| [10.16\*](tm2521876d1_ex10-16.htm) | [Third Amended and Restated Pledge and Security Agreement between World Omni LT and AL Holding Corp.](tm2521876d1_ex10-16.htm) |
| 23.1\* | Consent of Mayer Brown LLP (included as part of [Exhibit 5.1](tm2521876d1_ex5-1.htm) and [Exhibit 8.1](tm2521876d1_ex8-1.htm)) |
| [23.2\*](tm2521876d1_ex23-2.htm) | [Consent of Mayer Brown LLP](tm2521876d1_ex23-2.htm) |
| [23.3\*](tm2521876d1_ex23-3.htm) | [Consent of Bilzin Sumberg Baena Price & Axelrod LLP](tm2521876d1_ex23-3.htm) |
| [24.1\*](tm2521876d1_ex24-1.htm) | [Certified Copy of Unanimous Written Consent of the Board of Directors of the Depositor Authorizing Power of Attorney](tm2521876d1_ex24-1.htm) |
| [24.2\*](tm2521876d1_ex24-2.htm) | [Certified Copy of Unanimous Written Consent of the Board of Directors of Auto Lease Finance LLC Authorizing Power of Attorney](tm2521876d1_ex24-2.htm) |
| [24.3\*](#poa_1) | [Power of Attorney for Depositor (included in signature page)](#poa_1) |
| [24.4\*](#poa_2) | [Power of Attorney for Titling Trust (included in signature page)](#poa_2) |
| 25.1\*\* | Statement of Eligibility of the Indenture Trustee for the Series 20[●]-[●] Notes |
| [36.1\*](tm2521876d1_ex36-1.htm) | [Form of Depositor certification for shelf offerings of asset-backed securities](tm2521876d1_ex36-1.htm) |
| [99.1\*](tm2521876d1_ex99-1.htm) | [Form of Trust Agreement between the Depositor and the Owner Trustee](tm2521876d1_ex99-1.htm) |
| [99.2\*](tm2521876d1_ex99-2.htm) | [Form of Administration Agreement among World Omni, the Issuing Entity and the Indenture Trustee](tm2521876d1_ex99-2.htm) |
| [99.3\*](tm2521876d1_ex99-3.htm) | [Form of Asset Representations Review Agreement among the Issuing Entity, the Servicer, the Administrator and the Asset Representations Reviewer](tm2521876d1_ex99-3.htm) |
| 102.1\*\*\* | Asset data file |
| 103.1\*\*\* | Asset related documents |
| [107\*](tm2521876d1_ex-filingfees.htm) | [EX-Filing Fees](tm2521876d1_ex-filingfees.htm) |

---

\* Filed herewith.

\*\* To be filed in accordance with Section 305(b)(2) of the Trust Indenture Act of 1939.

\*\*\* To be incorporated by reference from the Form ABS-EE for such offering on file at the time of the Rule 424(h) or Rule 424(b) filing, as applicable, for such offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) THE INFORMATION REQUIRED TO BE FILED BY ITEM 601(B)(107) OF REGULATION S-K (17 CFR 229.601) IS INCLUDED IN EXHIBIT 107.

---

| | |
|:---|:---|
| **ITEM 15.** | **UNDERTAKINGS.** |

---

(a) As to Rule 415:

The undersigned registrant on Form SF-3 hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made of the securities registered hereby, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to reflect in the prospectus any facts or events arising after the effective date of this registration statement (or the most recent post-effective amendment hereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Securities and Exchange Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to include any material information with respect to the plan of distribution not previously disclosed in this registration statement or any material change to such information in this registration statement;

*provided*, *however*, that the undertakings set forth in clauses (i), (ii) and (iii) above do not apply if the information required to be included in a post-effective amendment by those clauses is contained in reports filed with or furnished to the Securities and Exchange Commission by the registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended, that are incorporated by reference in this registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) (§ 230.424(b)) that is part of this registration statement; *provided, further, however*, that clauses (i) and (ii) above will not apply if the information required to be included in a post-effective amendment is provided pursuant to Item 1100(c) of Regulation AB (§229.1100(c)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) That, for the purpose of determining liability under the Securities Act to any purchaser,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If the registrant is relying on Rule 430D (§ 230.430D): (A) Each prospectus filed by the registrant pursuant to Rule 424(b)(3) (§ 230.424(b)(3)) and Rule 424(h) (§ 230.424(h)) shall be deemed to be part of this registration statement as of the date the filed prospectus was deemed part of and included in this registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5) or (b)(7) (§ 230.424(b)(2), (b)(5), or (b)(7)) as part of a registration statement in reliance on Rule 430D relating to an offering made pursuant to Rule 415(a)(1)(vii) or (xii) ((§ 230.415(a)(1)(vii), or (xii)) for the purpose of providing the information required by Section 10(a) of the Securities Act shall be deemed to be part of and included in this registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430D, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof. *Provided, however*, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supercede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) That, for the purpose of determining liability of the registrant under the Securities Act to any purchaser in the initial distribution of the securities:

The undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424 (§ 230.424);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) If the registrant is relying on Rule 430D (§ 230.430D), with respect to any offering of securities registered on Form SF-3 (§ 239.45), to file the information previously omitted from the prospectus filed as part of an effective registration statement in accordance with Rule 424(h) (§ 230.424(h)) and Rule 430D (§ 230.430D).

(b) As to documents subsequently filed that are incorporated by reference:

The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended, that is incorporated by reference in this registration statement shall be deemed to be a new registration statement relating to the securities offered herein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

(c) As to indemnification:

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the provisions described under Item 13 above, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

(d) As to Rule 430A:

For purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.

For the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

(e) As to qualification of Trust Indentures under Trust Indenture Act of 1939 for delayed offerings:

The undersigned registrant hereby undertakes to file an application for the purpose of determining the eligibility of the Indenture Trustee to act under subsection (a) of Section 310 of the Trust Indenture Act ("Act") in accordance with the rules and regulations prescribed by the Securities and Exchange Commission under Section 305(b)(2) of the Act.

(f) As to Regulation AB:

The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the annual report pursuant to section 13(a) or section 15(d) of the Securities Exchange Act of 1934, as amended, of a third party that is incorporated by reference in the registration statement in accordance with Item 1100(c)(1) of Regulation AB (17 CFR 229.1100(c)(1)) shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form SF-3 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Deerfield Beach, State of Florida, on the 31<sup>st</sup> day of July, 2025.

---

| |
|:---|
| WORLD OMNI AUTO LEASING LLC |
| /s/ Bryan Romano |
| Bryan Romano |
| Chief Executive Officer and Treasurer |

---

**POWER OF ATTORNEY**

KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints each of Casey L. Gunnell, Jr. and Bryan Romano as the undersigned's true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for the undersigned and in the undersigned's name, place and stead, in any and all capacities (including the undersigned's capacity as a director and/or officer of World Omni Auto Leasing LLC), to sign this registration statement and any registration statement that is to become effective upon filing pursuant to Rule 462 under the Securities Act relating to any offering of securities in connection with this registration statement and any or all amendments (including post-effective amendments) to any such registration statements, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as either or both might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed on July 31, 2025 by the following persons in the capacities indicated.

---

| | |
|:---|:---|
| **Signature** | **Title** |
| /s/ Bryan Romano | Chief Executive Officer and Treasurer <br> (Principal executive, financial and accounting officer) |
| Bryan Romano | Chief Executive Officer and Treasurer <br> (Principal executive, financial and accounting officer) |
| /s/ Casey L. Gunnell, Jr. | President and Director <br> (Principal executive officer) |
| Casey L. Gunnell, Jr. | President and Director <br> (Principal executive officer) |
| /s/ Bernard J. Angelo | Director |
| Bernard J. Angelo |  |
| /s/ Kevin P. Burns | Director |
| Kevin P. Burns |  |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, World Omni LT certifies that it has reasonable grounds to believe that it meets all of the requirements for filing Form SF-3 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Deerfield Beach, State of Florida, on the 31<sup>st</sup> day of July, 2025.

---

| |
|:---|
| WORLD OMNI LT<br> by: Auto Lease Finance LLC, as Initial Beneficiary |
| /s/ Bryan Romano |
| Bryan Romano |
| Treasurer |

---

**POWER OF ATTORNEY**

KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints each of Casey L. Gunnell, Jr. and Bryan Romano as the undersigned's true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the undersigned and in the undersigned's name, place and stead, in any and all capacities (including the undersigned's capacity as a director and/or officer of Auto Lease Finance LLC, which is the Initial Beneficiary of World Omni LT), to sign this registration statement and any registration statement that is to become effective upon filing pursuant to Rule 462 under the Securities Act relating to any offering of securities in connection with this registration statement and any or all amendments (including post-effective amendments) to any such registration statements, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as either or both might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed on July 31, 2025 by the following persons in the capacities indicated.

---

| | |
|:---|:---|
| **Signature** | **Title** |
| /s/ Casey L. Gunnell, Jr. | President and Director<br> (Principal executive officer) |
| Casey L. Gunnell, Jr.t | President and Director<br> (Principal executive officer) |
| /s/ Bryan Romano | Treasurer<br> (Principal financial and accounting officer) |
| Bryan Romano | Treasurer<br> (Principal financial and accounting officer) |
| /s/ Bernard J. Angelo | Director |
| Bernard J. Angelo |  |
| /s/ Kevin P. Burns | Director |
| Kevin P. Burns |  |

---

## Exhibit 1.1

**EXHIBIT 1.1**

UNDERWRITING AGREEMENT FOR THE NOTES

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

$[·]

[[[·]%][Benchmark plus [·]%] Class A-1[a/b] Asset Backed Notes]

$[·]

[[[·]%][Benchmark plus [·]%] Class A-2[a/b] Asset Backed Notes]

$[·]

[[[·]%][Benchmark plus [·]%] Class A-3[a/b] Asset Backed Notes]

$[·]

[[[·]%][Benchmark plus [·]%] Class A-4[a/b] Asset Backed Notes]

$[·]

[[[·]%][Benchmark plus [·]%] Class B[a/b] Asset Backed Notes]

[$[·]]

[[[·]%][Benchmark plus [·]%] Class C[a/b] Asset Backed Notes]

[$[·]]

[[[·]%][Benchmark plus [·]%] Class D[a/b] Asset Backed Notes]

[$[·]]

[[[·]%][Benchmark plus [·]%] Class E[a/b] Asset Backed Notes]

[$[·]]

[[[·]%][Benchmark plus [·]%] Class F[a/b] Asset Backed Notes]

[$[·]]

UNDERWRITING AGREEMENT

[·], 20[·]

[·]

[·]

[·]

as Representatives of the several Underwriters

Ladies and Gentlemen:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Introductory</u>. World Omni Auto Leasing LLC, a Delaware limited liability company (the "<u>Depositor</u>"), and World Omni Financial Corp., a Florida corporation ("<u>World Omni</u>"), hereby confirm with [·], [·] and [·] and each of the other underwriters named in Schedule I hereto (collectively, the "<u>Underwriters</u>") for whom you are acting as representatives (the "<u>Representatives</u>"), that the Depositor will sell to the Underwriters [$[·] aggregate principal amount of [[·]%[Benchmark plus [·]%] Asset Backed Notes, Class A-1[a/b] (the "<u>Class A-1 Notes</u>")], [$[·] aggregate principal amount of [[·]%[Benchmark plus [·]%] Asset Backed Notes, Class A-2[a/b] (the "<u>Class A-2 Notes</u>")], [$[·] aggregate principal amount of [[·]%[Benchmark plus [·]%] Asset Backed Notes, Class A-3[a/b] (the "<u>Class A-3 Notes</u>")], [$[·] aggregate principal amount of [[·]%[Benchmark plus [·]%] Asset Backed Notes, Class A-4[a/b] (the "<u>Class A-4 Notes</u>")][,] [and] [$[·] aggregate principal amount of [[·]%[Benchmark plus [·]%] Asset Backed Notes, Class B[a/b] (the "<u>Class B Notes</u>")][,] [and] [$[·] aggregate principal amount of [[·]%[Benchmark plus [·]%] Asset Backed Notes, Class C[a/b] (the "<u>Class C Notes</u>")][,] [and] [$[·] aggregate principal amount of [[·]%[Benchmark plus [·]%] Asset Backed Notes, Class D[a/b] (the "<u>Class D Notes</u>")][,] [and] [$[·] aggregate principal amount of [[·]%[Benchmark plus [·]%] Asset Backed Notes, Class E[a/b] (the "<u>Class E Notes</u>")] [and $[·] aggregate principal amount of [[·]%[Benchmark plus [·]%] Asset Backed Notes, Class F[a/b] (the "<u>Class F Notes</u>")] of World Omni Automobile Lease Securitization Trust 20[·]-[·] (the "<u>Trust</u>") on the Closing Date (as defined below) pursuant to the terms and conditions herein contained. The [Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes[,] [and] [the Class B Notes][,] [and] [the Class C Notes][,] [and] [the Class D Notes][,] [and] [the Class E Notes] [and the Class F Notes]] are collectively referred to herein as the "[<u>Underwritten] Notes</u>". [The Underwritten Notes are to be issued by the Trust together with $[·] aggregate principal amount of [[·]%[Benchmark plus [·]%] Asset Backed Notes, Class [·] (the "<u>Class [·] Notes</u>").] [The Class [·] Notes will be retained by the Depositor or sold to one or more affiliates of the Depositor.] [The Underwritten Notes, together with the Class [·] Notes, are collectively referred to herein as the "<u>Notes</u>".]

The Notes will be issued pursuant to an Indenture (as amended, restated, modified or supplemented from time to time, the "<u>Indenture</u>"), to be dated as of the Closing Date, among the Trust, [·], as indenture trustee (in such capacity, the "<u>Indenture Trustee</u>"), and [·], as account bank (in such capacity, the "<u>Account Bank</u>"). The Depositor will retain the asset-backed certificates (the "<u>Certificates</u>") issued pursuant to a trust agreement, to be dated as of the Closing Date, between the Depositor and [·], as owner trustee (in such capacity, the "<u>Owner Trustee</u>") (as amended, restated, modified or supplemented from time to time, the "<u>Trust Agreement</u>"). The Certificates will be subordinated to the Notes to the extent described in the Basic Documents (as defined below). The Notes will be secured by the assets of the Trust which will include, among other things, the Exchange Note (as defined below).

On the Closing Date, World Omni LT ("<u>WOLT</u>") shall, pursuant to (i) that certain Fourth Amended and Restated Collateral Agency Agreement, dated as of December 15, 2009, as amended, by and among WOLT, Auto Lease Finance LLC ("<u>ALF</u>"), AL Holding Corp. (the "<u>Closed-End Collateral Agent</u>"), Bank of America, N.A. (the "<u>Deal Agent</u>"), U.S. Bank Trust Company, National Association as successor-in-interest to U.S. Bank National Association (the "<u>Closed-End Administrative Agent</u>") and the secured parties from time to time named therein (as further amended, restated, modified or supplemented from time to time, the "<u>Collateral Agency Agreement</u>") and (ii) a 20[·]-[·] Exchange Note Supplement to Collateral Agency Agreement, to be dated as of the Closing Date, by and among WOLT, ALF, the Closed-End Collateral Agent and the Closed-End Administrative Agent (as amended, restated, modified or supplemented from time to time, the "<u>Exchange Note Supplement</u>"), issue a closed-end exchange note (the "<u>Exchange Note</u>") to ALF evidencing WOLT's payment obligations in respect of certain Advances acquired by ALF from the Warehouse Facility Lenders under the Warehouse Facility and/or certain additional advances made by ALF to WOLT. Amounts due on the Exchange Note will be paid from the cash flow from a pool of automobile and light-duty truck leases and the related leased vehicles and certain monies due or received thereunder after [·], 20[·] (the "<u>Cutoff Date</u>"). ALF will sell the Exchange Note to the Depositor pursuant to an Exchange Note Sale Agreement, to be dated as of the Closing Date, between ALF and the Depositor (as amended, restated, modified or supplemented from time to time, the "<u>Exchange Note Sale Agreement</u>"). The Exchange Note will be transferred by the Depositor to the Trust pursuant to an Exchange Note Transfer Agreement, to be dated as of the Closing Date, between the Depositor and the Trust (as amended, restated, modified or supplemented from time to time, the "<u>Exchange Note Transfer Agreement</u>"). World Omni will continue to service the Transaction Units after the issuance of the Exchange Note pursuant to an Exchange Note Servicing Supplement 20[·]-[·] to Closed-End Servicing Agreement, to be dated as of the Closing Date, among World Omni, WOLT and the Closed-End Collateral Agent (as amended, restated, modified or supplemented from time to time, the "<u>Exchange Note Servicing Supplement</u>"), which

supplements that certain Fifth Amended and Restated Servicing Agreement, dated as of December 15, 2009, as amended, among World Omni, as closed-end servicer, WOLT, as titling trust, and the Closed-End Collateral Agent (as further amended, restated, modified or supplemented from time to time, including as supplemented by the Exchange Note Servicing Supplement, the "<u>Servicing Agreement</u>"). The asset representations review, if any, will be performed by the Asset Representations Reviewer (as defined below) under an Asset Representations Review Agreement, to be dated as of the Closing Date, among [·], a [·] (the "<u>Asset Representations Reviewer</u>"), the Trust and World Omni (as amended, restated, modified or supplemented from time to time, the "<u>Asset Representations Review Agreement</u>"). Capitalized terms used herein that are not otherwise defined herein shall have the meanings ascribed thereto in (i) Appendix A to the Indenture or (ii) if not defined therein, in Appendix A to the Collateral Agency Agreement.

As used herein, the term "<u>Basic Documents</u>" refers to the Indenture, the Collateral Agency Agreement, the Closed-End Administration Agreement, the Titling Trust Agreement, the Intercreditor Agreement, the Master Exchange Agreement, the Exchange Note Supplement, the Exchange Note Sale Agreement, the Exchange Note Transfer Agreement, the Security Agreement, the Servicing Agreement, the Asset Representations Review Agreement, [the ISDA Master Agreement, dated as of the Closing Date between [the [Swap][Cap] Counterparty] and the Trust, the Schedule and Credit Support Annex thereto, dated as of the Closing Date and, the Confirmations thereto, each dated as of the Closing Date,] the Administration Agreement, to be dated as of the Closing Date, by and among the Trust, World Omni, as administrator, and the Indenture Trustee and the Issuer Letter of Representations, to be dated as of the Closing Date, executed by the Trust in favor of The Depository Trust Company.

At or prior to the time when sales (including any contracts of sale) of the Notes were first made to investors by the Underwriters, which shall be deemed to be [·] [a.m./p.m.] on [·], 20[·], (the "<u>Time of Sale</u>"), the Depositor had prepared the following information (together, as a whole, the "<u>Time of Sale Information</u>"): (i) the preliminary prospectus dated [·], 20[·] (together, along with any information referred to under the caption "<u>Static Pool Information</u>" therein, the "<u>Preliminary Prospectus</u>"), (ii) [the][each] Free Writing Prospectus (as defined below) listed on Schedule II hereto (as it may be amended with the approval in writing of the parties hereto) and (iii) the "road show" referred to in Section 6(f)(i). If, subsequent to the Time of Sale and prior to the Closing Date, it is determined by the parties that such information included an untrue statement of material fact or omitted to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, then the investors may terminate their old "contracts of sale" (within the meaning of Rule 159 under the Securities Act of 1933, as amended (the "<u>Act</u>")). If, following any such termination, the Underwriters, with prior written notice to the Depositor and World Omni, enter into new contracts of sale with investors for the Notes, then "<u>Time of Sale Information</u>" will refer to the documents agreed upon in writing by the Depositor and the Representatives that correct such material misstatements or omissions (a "<u>Corrected Prospectus</u>") and "<u>Time of Sale</u>" will refer to the time and date agreed upon by the Depositor and the Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Representations and Warranties of the Depositor and World Omni</u>. Each of the Depositor and World Omni (except with respect to Section 2(cc), only, World Omni), jointly and severally, represents and warrants to, and agrees with, each of the Underwriters, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registration statement on Form SF-3 (Nos. 333-[·] and 333-[·]), including a form of prospectus, relating to the [Underwritten] Notes (x) has been filed with the Securities and Exchange Commission (the "<u>Commission</u>") and has become effective and is still effective as of the date hereof and (y) was declared effective by the Commission within three years prior to the Closing Date. Such registration statement, as amended at the time of effectiveness, including all material incorporated by reference therein and including all information (if any) deemed to be part of the registration statement at the time of effectiveness pursuant to Rule 430D under the Act is hereinafter referred to as the "<u>Registration Statement</u>," and the prospectus included in such Registration Statement, as supplemented to reflect the terms of the [Underwritten] Notes as first filed with the Commission after the date of this Underwriting Agreement (this "<u>Agreement</u>") pursuant to and in accordance with Rule 424(b) ("<u>Rule 424(b)</u>") under the Act including all material incorporated by reference therein, is hereinafter referred to as the "<u>Prospectus</u>". The Depositor has filed the Preliminary Prospectus on [·], 20[·], pursuant to and in accordance with Rule 424(h) ("<u>Rule 424(h)</u>") under the Act within the applicable period of time required under the Act and the Rules and Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (A) As of the applicable effective date as to each part of the Registration Statement pursuant to Rule 430D(f)(2), and any amendment thereto under the Act, the Registration Statement complied, and on the date of this

Agreement the Registration Statement will comply, in all material respects with the requirements of the Act and the rules and regulations of the Commission promulgated under the Act (the "<u>Rules and Regulations</u>") and at such times did not include any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading and (B) on the date of this Agreement, at the time of the filing of the Prospectus pursuant to Rule 424(b) and at the Closing Date, the Prospectus will comply in all material respects with the requirements of the Act and the Rules and Regulations (*provided*, that the Depositor has prepared the Prospectus in reliance upon and in conformity with the guidance from the Staff of the Commission set forth in the No-Action Letter, dated November 23, 2010, regarding Regulation AB Items 1103(a)(9) and 1120) and does not include, or will not include, any untrue statement of a material fact, nor does the Prospectus omit to state, nor will it omit to state, any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The immediately preceding sentence does not apply to statements in or omissions from the Registration Statement or Prospectus based solely upon written information furnished to the Depositor or World Omni by any Underwriter through the Representatives specifically for use therein; *provided* that, the only such information furnished to the Depositor or World Omni consists of the information set forth in [·] (the "<u>Underwriter Information</u>"). In addition, the term "Underwriter Information" shall include the fact that certain of the commercial paper issuers referred to under the heading "*Use of Proceeds*" are administered by affiliates of one or more of the underwriters. The Prospectus delivered to the Underwriters for use in connection with the offering of the [Underwritten] Notes will be identical to the electronically transmitted copies thereof filed with the Commission pursuant to the Electronic Data Gathering, Analysis and Retrieval ("<u>EDGAR</u>") system, except to the extent permitted by Regulation S-T.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Time of Sale Information, as of its date and at the Time of Sale, (i) did, and at the Closing Date will, comply in all material respects with the requirements of the Act and the Rules and Regulations (*provided*, that the Depositor has prepared the Prospectus in reliance upon and in conformity with the guidance from the Staff of the Commission set forth in the No-Action Letter, dated November 23, 2010, regarding Regulation AB Items 1103(a)(9) and 1120) and (ii) did not, and at the Closing Date will not, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; *provided* that the Depositor makes no representation and warranty with respect to any statements or omissions made in reliance upon and in conformity with the Underwriter Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) None of World Omni, WOLT, ALF, the Depositor or the Trust (the "<u>World Omni Parties</u>") is now or, as a result of the transactions contemplated by this Agreement, will become, an "investment company", nor is any of them "controlled" by an "investment company" as such terms are defined in the Investment Company Act of 1940, as amended (the "<u>Investment Company Act</u>"). The representation in the immediately preceding sentence with respect to the Trust is made in reliance on the exemption provided by [Rule 3a-7] under the Investment Company Act, although there may be other exclusions or exemptions available to the Trust. The Trust is being structured so as not to constitute a "covered fund" for purposes of the regulations adopted pursuant to Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To the best of its knowledge, each of the Transaction Units as of the Cutoff Date will meet the eligibility criteria for selection provided in the Basic Documents and described in the Prospectus and in the Time of Sale Information. If any Transaction Unit shall fail to meet such requirements ALF will cause the reallocation of such Transaction Unit from the Reference Pool as required by the Basic Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The [Underwritten] Notes are "asset-backed securities" within the meaning of, and satisfy the requirements for use of, Form SF-3 under the Act, as set forth in the Transaction Requirements under General Instruction I.B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The documents incorporated by reference in the Registration Statement, the Prospectus and the Time of Sale Information, at the time they were or hereafter are filed with the Commission, complied and will comply in all material respects with the requirements of the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), and the rules and regulations of the Commission thereunder. When the Indenture is executed by all the parties to the Indenture, it will conform in all material respects with the requirements of the Trust Indenture Act of 1939 (as amended the "<u>TIA</u>"), and at all times thereafter will be duly qualified under the TIA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The conditions to the use of a registration statement on Form SF-3 under the Act, as stated in the Registrant Requirements set forth in General Instruction I.A., have been satisfied as of the date of this Agreement and will be satisfied as of the Closing Date. The conditions to the offering of the Notes under a registration statement on Form SF-3 under the Act, as stated in the Transaction Requirements set forth in General Instruction I.B. of Form SF-3, will be satisfied as of the Closing Date. The Depositor has paid the registration fee for the Underwritten Notes in accordance with Rule 456 of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) As of the Time of Sale, the Depositor was not and as of the Closing Date is not, an "ineligible issuer," as defined in Rule 405 under the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Depositor has filed the Preliminary Prospectus, and has filed or will file, as applicable, [the][each] Free Writing Prospectus listed on Schedule II or approved in writing by the Depositor and any "issuer information" as defined under Rule 433(h) under the Act included in [the][any] Free Writing Prospectus permitted by this Agreement that is required to have been filed under the Act and the Rules and Regulations, and it has done or will do so within the applicable periods of time required under the Act and the Rules and Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Each of the Depositor and ALF has been duly formed and is validly existing as a limited liability company under Delaware law, and all filings required at the date hereof under Delaware law with respect to the due formation and valid existence of each of the Depositor and ALF as a limited liability company have been made; each of the Depositor and ALF has all requisite power and authority to own, lease and operate its properties and to conduct its business as described in the Prospectus and in the Time of Sale Information or in its organizational documents, and to enter into and to perform its obligations under this Agreement and each Basic Document to which the Depositor or ALF, as applicable, is a party or by which it may be bound; each of the Depositor and ALF is duly qualified or registered as a foreign entity to transact business and is in good standing in each jurisdiction in which such qualification or registration is required, whether by reason of the ownership of property or the conduct of business, except where the failure to so qualify would not have a material adverse effect on its condition, financial or otherwise, or business prospects; all of the issued and outstanding membership interests of ALF are owned by World Omni, and of the Depositor are owned by ALF, in each case free and clear of liens; and the Depositor does not have any subsidiaries (other than the Trust and similar trusts). Each of the Depositor and ALF is current in the payment of any taxes required to be paid by it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Each of the Trust and WOLT has been duly formed and is validly existing as a statutory trust under Delaware law, and all filings required at the date hereof under Delaware law with respect to its due formation and valid existence as a statutory trust have been made; each of the Trust and WOLT has all requisite power and authority to own, lease and operate its properties and to conduct its business as described in the Prospectus and in the Time of Sale Information or in its organizational documents, and to enter into and to perform its obligations under each Basic Document to which it is a party or by which it may be bound; each of the Trust and WOLT is duly qualified or registered as a foreign entity to transact business and is in good standing in each jurisdiction in which such qualification or registration is required, whether by reason of the ownership of property or the conduct of business, except where the failure to so qualify would not have a material adverse effect on its condition, financial or otherwise, or business prospects; and neither the Trust nor WOLT has any subsidiaries. Each of the Trust and WOLT is current in the payment of any taxes required to be paid by it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) World Omni has been duly incorporated, is current in the payment of taxes to the State of Florida and fees to the Florida Department of State and its status is "active", except for such taxes that are being disputed by World Omni in good faith and if such dispute is adversely determined against World Omni it would not have a material adverse effect on its condition, financial or otherwise, or its earnings, business affairs or business prospects or its ability to perform its obligations under each Basic Document to which it is a party or by which it may be bound; World Omni has corporate power and authority to own, lease and operate its properties and to conduct its business as described in the Prospectus and in the Time of Sale Information and to enter into and to perform its obligations under this Agreement and each Basic Document to which World Omni is a party or by which it may be bound; and World Omni is duly qualified as a foreign corporation to transact business and is in good standing 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 so to qualify would not have a material adverse effect on its condition, financial or otherwise, or its earnings, business affairs or business prospects or its ability to perform its obligations under this Agreement or any Basic Document to which it is a party or by which it may be bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) None of the World Omni Parties is in violation of its organizational or charter documents, or in default in the performance or observance of any material obligation, agreement, covenant or condition contained in any material contract, indenture, mortgage, loan agreement, note, lease or other instrument to which it is a party or by which it may be bound, or to which any of its properties or assets is subject; the execution, delivery and performance by each of the World Omni Parties of this Agreement and each Basic Document to which it is a party, the consummation of the transactions contemplated herein and therein and compliance by it with its obligations hereunder and thereunder have been duly and validly authorized by all necessary action (corporate or otherwise), and will not conflict with or constitute a breach of or default under, or result in the creation or imposition of any lien (except as permitted by the Basic Documents) upon any of its property or assets pursuant to, any material contract, indenture, mortgage, loan agreement, note, lease or other instrument to which it may be a party, by which it may be bound or to which any of its properties or assets is subject, nor will such action result in any violation of the provisions of its charter or organizational documents, bylaws or any applicable law, administrative regulation or administrative or court decree and each Basic Document is the legal, valid and binding obligation of each of the World Omni Parties party thereto enforceable against such parties in accordance with the respective terms of each Basic Document, except as may be limited by insolvency, bankruptcy, reorganization or other laws relating to the enforcement of creditors' rights generally or by general equitable principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) There is no action, suit or proceeding before or by any court or governmental agency or body, domestic or foreign, now pending or, to the knowledge of the Depositor or World Omni, threatened, against or affecting the World Omni Parties, that is required to be disclosed in the Registration Statement and that is not disclosed or that could reasonably be expected to result in any material adverse change in its condition, financial or otherwise, or in its earnings, business affairs or business prospects or that could reasonably be expected to materially and adversely affect its properties or assets or that could reasonably be expected to materially and adversely affect the consummation of the transactions contemplated by this Agreement or any Basic Document to which any of the World Omni Parties is a party or by which it may be bound; all pending legal or governmental proceedings to which any of the World Omni Parties is a party or of which any of its properties or assets is the subject that are not described in the Registration Statement, including ordinary routine litigation incidental to its businesses, are, when considered in the aggregate, not material; and there are no contracts or documents of any of the World Omni Parties that are required to be filed as exhibits to the Registration Statement by the Act or by the Rules and Regulations that have not been so filed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Except such as may be required by the Act, the Rules and Regulations or state securities laws, no authorization, approval or consent of any court, governmental authority or agency or any other Person is necessary in connection with (A) the issuance of the Notes and the Certificates or the offering and sale of the [Underwritten] Notes, (B) the execution, delivery and performance by the World Omni Parties of this Agreement and any Basic Document to which any World Omni Party a party or (C) the consummation by the Depositor of the transactions contemplated hereby or thereby, except such authorizations, approvals or consents as will have been obtained on or prior to, and will be in full force and effect as of, the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) Each of the World Omni Parties possesses all certificates, authorities, licenses and permits issued by the appropriate state, federal or foreign regulatory agencies or bodies as are necessary to conduct the business now operated by it, and none of the World Omni Parties has received notice of any proceedings relating to the revocation or modification of any such certificate, authority, license or permit which, singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would materially and adversely affect its condition, financial or otherwise or its ability to perform its obligations under this Agreement or any Basic Document to which it is a party or by which it may be bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) This Agreement has been duly authorized, executed and delivered by the Depositor and World Omni.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) As of the Closing Date, each of the Basic Documents to which any World Omni Party is a party has been duly authorized, executed and delivered by such World Omni Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) As of the respective dates set forth therein, the representations and warranties of each of the World Omni Parties in each Basic Document to which it is a party and in officer's certificates of each of the World Omni Parties delivered on the Closing Date pursuant to Section 7(c) hereof, as the case may be, were or will be, as applicable,

true and correct, and each Underwriter may rely on such representations and warranties as if they were set forth herein in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) None of the World Omni Parties conducts business or has affiliates who conduct business in Cuba or with the government of Cuba within the meaning of Section 517.075 of the Florida Securities and Investors Protection Act or Regulation Section 3E-900.001 promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) On the Closing Date, the Trust will have good and marketable title to the Exchange Note and the other property conveyed to the Trust on the Closing Date, free and clear of all liens, security interests or encumbrances (except as permitted by the Basic Documents) and will not have assigned to any Person any of its right, title or interest in any such Exchange Note or other property conveyed to the Trust on the Closing Date (except as permitted by the Basic Documents), or shall have obtained the release of any such prior assignment. The assignment of the Exchange Note, all documents and instruments related thereto and all proceeds thereof to the Trust, pursuant to the Exchange Note Sale Agreement and the Exchange Note Transfer Agreement, vests in the Trust all interests which are purported to be conveyed thereby, free and clear of any liens, security interests or encumbrances (except as permitted by the Basic Documents).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) On the Closing Date, WOLT will have good and marketable title to the Transaction Units and the other property allocated to the Closed-End Collateral Specified Interest, free and clear of all liens, security interests or encumbrances (except as permitted by the Basic Documents) and will not have assigned to any Person any of its right, title or interest in any such Transaction Units or such other property (except as permitted by the Basic Documents), or shall have obtained the release of any such prior assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Simultaneously with the Trust's assignment of the Collateral (as defined in the Indenture) to the Indenture Trustee pursuant to the Indenture, the Indenture Trustee's interest in the Collateral shall be perfected upon the filing of UCC-1 financing statements in the appropriate offices (to the extent a security interest in the Collateral can be perfected by filing a financing statement) and there shall be no unreleased statements identifying the Trust as debtor or assignor affecting the Collateral filed in such offices other than such financing statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) Simultaneously with WOLT's assignment of the Collateral (as defined in the Security Agreement) relating to the Series 20[·]-[·] Reference Pool to the Closed-End Collateral Agent pursuant to the Security Agreement, the Closed-End Collateral Agent's interest in the Collateral relating to the Series 20[·]-[·] Reference Pool shall be perfected upon the filing of UCC-1 financing statements in the appropriate offices (to the extent a security interest in the Collateral can be perfected by filing a financing statement) and there shall be no unreleased statements identifying WOLT as debtor or assignor affecting the Collateral relating to the Series 20[·]-[·] Reference Pool filed in such offices other than such financing statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) When authenticated, issued and delivered in the manner provided for in the Indenture and delivered against the consideration therefor, the [Underwritten] Notes will constitute valid and binding obligations of the Trust, enforceable against the Trust in accordance with their terms, except as the enforcement may be limited by bankruptcy, insolvency (including, without limitation, all laws relating to fraudulent transfers), moratorium, reorganization or other similar laws affecting enforcement of creditors' rights generally and by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law), and will be entitled to the benefits of the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) Any material taxes, fees and other governmental charges in connection with the execution, delivery and performance of this Agreement and the other Basic Documents and any other agreements contemplated herein or therein shall have been paid or will be paid at or prior to the Closing Date to the extent then due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) Neither the Depositor nor World Omni knows of any contract or other document required to be filed as an exhibit to the Registration Statement or required to be described in the Registration Statement, the Preliminary Prospectus or the Prospectus, as then amended and supplemented, which is not filed or described as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) World Omni has executed and delivered a written representation (the "<u>17g-5 Representation</u>") to each Rating Agency (as defined below) that World Omni will take the actions specified in paragraphs (a)(3)(iii)(A)

through (E) of Rule 17g-5 of the Exchange Act ("<u>Rule 17g-5</u>") with respect to the [Underwritten] Notes, and World Omni has complied and has caused the Depositor to comply with the 17g-5 Representation other than any breach of the 17g-5 Representation (A) that would not have a material adverse effect on the [Underwritten] Notes or (B) arising from a breach by any Underwriter of the representations, warranties and covenants set forth in Section 4(h) hereof. "Rating Agency" means any "nationally recognized statistical organization" (within the meaning of the Exchange Act) hired by World Omni to rate the [Underwritten] Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) The Depositor has complied with Rule 193 under the Act in connection with the offering of the [Underwritten] Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) World Omni has complied and has caused the Depositor to comply with Rule 15Ga-2 of the Exchange Act with respect to any report produced for third-party due diligence services (as defined in Rule 17g-10(d)(1) of the Exchange Act) (a "<u>Third-Party Diligence Report</u>") performed on behalf of World Omni or the Depositor, other than any breach arising from a breach by any Underwriter of the representations, warranties and covenants set forth in Section 4(i) hereof. World Omni or the Depositor has furnished to the Commission any Form ABS-15G with respect to Rule 15Ga-2 and the transactions contemplated by this Agreement whether prepared or furnished by World Omni, the Depositor or any Underwriter (including any revision or amendment thereof or any supplement thereto, each a "<u>Form ABS-15G</u>") required in connection with a Third-Party Diligence Report within the time period required by Rule 15Ga-2. On or prior to the date of this Agreement, neither World Omni nor the Depositor has requested (or caused any person to request) any Third-Party Diligence Report other than the Third-Party Diligence Report described on Schedule III and, to the extent it has requested any Third-Party Diligence Report, it has made available such report to each Representative within a reasonable period prior to furnishing such Third-Party Diligence Report or portion thereof on the Commission's EDGAR website.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) World Omni has complied, as of the Closing Date will comply, and is the appropriate entity to comply, with all requirements imposed on the "sponsor of a securitization transaction" in accordance with the final rules contained in Regulation RR, 17 C.F.R. §246.1, *et seq.* (the "<u>Credit Risk Retention Rules</u>") implementing the credit risk retention requirements of Section 15G of the Exchange Act, in each case directly or (to the extent permitted by the Credit Risk Retention Rules) through one or more majority-owned affiliates (as defined in the Credit Risk Retention Rules) in the manner described in the Preliminary Prospectus under the heading "Credit Risk Retention". World Omni has determined such fair value of the "eligible horizontal residual interest" based on its own valuation methodology, inputs and assumptions and is solely responsible therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Purchase, Sale and Delivery of the [Underwritten] Notes</u>. On the basis of and in reliance on the representations, warranties and agreements herein contained, but subject to the terms and conditions herein set forth, the Depositor agrees to sell to each Underwriter, severally and not jointly, and each Underwriter, severally and not jointly, agrees to purchase from the Depositor the aggregate principal amount of each Class of [Underwritten] Notes set forth in Schedule I hereto opposite the name of such Underwriter, at a purchase price equal to the following percentages of the aggregate initial principal balances thereof, [(i) in the case of the Class A-1[a/b] Notes, [·]%, (ii) in the case of the Class A-2[a/b] Notes, [·]%, (iii) in the case of the Class A-3[a/b] Notes, [·]%, [and] (iv) in the case of the Class A-4[a/b] Notes, [·]%[,] [and] [(v) in the case of the Class B[a/b] Notes, [·]%][,] [and] [(vi) in the case of the Class C[a/b] Notes, [·]%][,] [and] [(vii) in the case of the Class D[a/b] Notes, [·]%][,] [and] [(viii) in the case of the Class E[a/b] Notes, [·]%] [and (ix) in the case of the Class F[a/b] Notes, [·]%].

Each Class of [Underwritten] Notes will initially be represented by one or more notes registered in the name of Cede & Co., as the nominee of The Depository Trust Company ("<u>DTC</u>"). The interests of beneficial owners of each Class of [Underwritten] Notes will be represented by book entries on the records of DTC and participating members thereof. Definitive instruments evidencing the [Underwritten] Notes will be available only under the limited circumstances specified in the Indenture.

The Depositor will deliver the [Underwritten] Notes to the Representatives for the respective accounts of the Underwriters, against payment of the purchase price therefor in immediately available funds payable to the order of the Depositor, at the office of Mayer Brown LLP, 1221 Avenue of the Americas, New York, New York 10020 (or at such other location as agreed upon among the Depositor, World Omni and the Representatives) at [·] a.m., [New York City time], on [·], 20[·] or at such other time not later than five full business days thereafter, as the Depositor, World Omni and the Representatives determine, such time being herein referred to as the "<u>Closing Date</u>". The

instruments evidencing the [Underwritten] Notes will be made available for inspection at the above offices of Mayer Brown LLP (or at such other location agreed upon among the Depositor, World Omni and the Representatives) at least 24 hours prior to the Closing Date.

The Depositor, World Omni and the Underwriters agree that upon request by an investor who has received an electronic Prospectus or a request by such investor's representative (whether such request is delivered to an Underwriter or the Depositor) during the period during which there is an obligation to deliver a Prospectus, the Underwriters will promptly deliver or cause to be delivered without charge, a paper copy of the Prospectus to such investor or representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Certain Agreements of the Underwriters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is understood that the Underwriters propose to offer the [Underwritten] Notes for sale to the public as set forth in the Prospectus and in the Time of Sale Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Until the Representatives inform the Depositor in writing that all of the [Underwritten] Notes have been sold, each Underwriter covenants and agrees to provide to the Depositor each day, with respect to sales of the [Underwritten] Notes made by such Underwriter on such date at any price other than the public offering price set forth on the cover page of the Prospectus, the information in writing (which may be in the form of a telecopy) necessary to enable the Depositor to prepare and file or transmit for filing with the Commission the information requested by the Commission to be filed with respect to the distribution of the [Underwritten] Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Underwriter (severally and not jointly) represents and warrants to, and agrees with, the Depositor and World Omni, that (i) it has only communicated or caused to be communicated, and will only communicate or cause to be communicated an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the Financial Services and Markets Act 2000, as amended ("<u>FSMA</u>")) received by it in connection with the issue or sale of any [Underwritten] Notes in circumstances in which Section 21(1) of the FSMA does not apply to the Trust or the Depositor; and (ii) it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to any [Underwritten] Notes in, from or otherwise involving the United Kingdom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Underwriter (severally and not jointly) hereby represents and warrants to, and agrees with, the Depositor and World Omni, that it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any [Underwritten] Notes to any EU retail investor in the European Economic Area. For purposes of this provision:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the expression "EU retail investor" means a person who is one (or more) of the following: (A) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, "<u>MiFID II</u>"); (B) a customer within the meaning of Directive (EU) 2016/97 (as amended) where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (C) not a qualified investor as defined in Article 2 of Regulation (EU) 2017/1129 (as amended); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the expression "offer" includes the communication in any form and by any means of sufficient information on the terms of the offer and the [Underwritten] Notes to be offered so as to enable an investor to decide to purchase or subscribe for the [Underwritten] Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each Underwriter (severally and not jointly) hereby represents and warrants to, and agrees with, the Depositor and World Omni, that it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any [Underwritten] Notes to any UK retail investor in the United Kingdom. For purposes of this provision:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the expression "UK retail investor" means a person who is one (or more) of the following: (A) a retail client, as defined in point (8) of Article 2 of Commission Delegated Regulation (EU) 2017/565 as it forms part of the domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018 (as amended, the "<u>EUWA</u>"), and as amended; (B) a customer within the meaning of the provisions

of the FSMA and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97 (such rules or regulations, as amended), where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of the domestic law of the United Kingdom by virtue of the EUWA, and as amended; or (C) not a qualified investor as defined in Article 2 of Regulation (EU) 2017/1129 as it forms part of the domestic law of the United Kingdom by virtue of the EUWA, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the expression "offer" includes the communication in any form and by any means of sufficient information on the terms of the offer and the [Underwritten] Notes to be offered so as to enable an investor to decide to purchase or subscribe for the [Underwritten] Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Underwriters covenant and agree that prior to the date which is one year and one day after the last date upon which (i) each Class of Notes has been paid in full, and (ii) all obligations due under any other securitized financing by the Depositor have been paid in full, the Underwriters will not institute against, or join any other person in instituting against, the Depositor any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding or other proceeding under any federal or state bankruptcy or similar law. The foregoing shall not limit the right of any Underwriter to file any claim in or otherwise take actions with respect to any such proceeding otherwise instituted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Each Underwriter that uses the Internet or other electronic means to offer or sell the [Underwritten] Notes severally represents that it has in place, and covenants that it shall maintain internal controls and procedures which it reasonably believes to be sufficient to ensure compliance in all material respects with all applicable legal requirements under the Act and applicable procedures, if any, worked out with the staff of the Commission relating to the use of the Internet or relating to computerized or electronic means of delivery to prospective investors of the Prospectus and any related "road-show" materials referred to in Section 6(f)(i), in each case in connection with the offering of the [Underwritten] Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Each Underwriter, severally and not jointly, represents, warrants and agrees that it (i) has not delivered, and will not deliver, any Rating Information (as defined below) to a Rating Agency or other nationally recognized statistical rating organization, and (ii) has not participated and will not participate, in any oral communication of Rating Information (as defined below) with any Rating Agency or other nationally recognized statistical rating organization unless a designated representative from World Omni participated or participates in such communication*; provided*, *however*, that if an Underwriter receives an oral communication from a Rating Agency, such Underwriter is authorized to inform such Rating Agency that it will respond to the oral communication with a designated representative from World Omni or refer such Rating Agency to World Omni, who will respond to the oral communication. "Rating Information" means any oral or written information provided for the purpose of (i) determining the initial credit rating for the [Underwritten] Notes, including information about the characteristics of the Transaction Units and the legal structure of the [Underwritten] Notes or (ii) undertaking credit rating surveillance on the [Underwritten] Notes, including information about the characteristics and performance of the Transaction Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Underwriter, severally and not jointly, represents, warrants and agrees that it has not obtained any Third-Party Diligence Report, other than the Third-Party Diligence Report described on Schedule III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Certain Agreements of the Depositor and World Omni</u>. The Depositor, with respect to the covenants made by it hereunder, and World Omni, with respect to the covenants made by it hereunder, agree with each of the Underwriters that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Depositor has filed the Preliminary Prospectus with the Commission pursuant to and in accordance with Rule 424(h) no later than the third business day before the Time of Sale, and will file the Prospectus, properly completed, with the Commission pursuant to and in accordance with subparagraph (2) (or, if applicable and if consented to by the Representatives, subparagraph (5)) of Rule 424(b) no later than the second business day following the date it is first used. The Depositor will file with the Commission [the][each] Free Writing Prospectus listed on Schedule II or approved in writing by the Depositor and any "issuer information" (as defined above) included in any Free Writing Prospectus permitted by this Agreement that the Depositor is required to file under the Act and the Rules and Regulations, and in each case will do so within the applicable period of time required under the Act and the Rules and Regulations. The Depositor will advise the Representatives promptly of any such filings. The Depositor

(i) will file all transaction agreements containing the provisions that are required by General Instructions I.B.1(b), I.B.1(c) and I.B.1(d) of Form SF-3 with the Commission no later than the date the Prospectus is required to be filed under Rule 424 of the Act, (ii) will timely file all certifications required by General Instruction I.B.1(a) of Form SF-3 and (iii) has filed all material required to be filed by General Instruction I.A.2 for the use of a registration statement on Form SF-3 within the time periods required by Form SF-3, the Act or the rules and regulations of the Commission thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the period when a prospectus relating to the [Underwritten] Notes is required to be delivered under the Act, the Depositor will advise the Representatives promptly of any proposal to amend or supplement the Registration Statement, the Prospectus or the Time of Sale Information and will not effect or file any such amendment or supplement without the consent of the Representatives (which consent shall not be unreasonably withheld or delayed) and will advise the Representatives promptly of any amendment or supplement of the Registration Statement or the Prospectus; *provided* that, no such consent of the Representatives will be required to file an amendment or supplement under this Section 5(b) if the Depositor receives an opinion of counsel that such amendment or supplement is required to comply with the Act. The Depositor will advise the Representatives promptly of the institution by the Commission of any stop order or other order or action suspending the right to use the Registration Statement, the Prospectus or the Time of Sale Information in respect of the Registration Statement. The Depositor will use commercially reasonable efforts to prevent the issuance of any such stop order and, if a stop order is issued, to obtain its lifting as soon as possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If, at any time when a prospectus relating to the [Underwritten] Notes is required to be delivered under the Act, any event occurs as a result of which the Prospectus as then amended or supplemented would include an untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, or if it is necessary at any time to amend or supplement the Prospectus and the Time of Sale Information to comply with the Act, the Depositor promptly will notify the Representatives and will promptly prepare for review by the Representatives and file, or cause to be prepared for review by the Representatives and filed, with the Commission an amendment or supplement that will correct such statement or omission or effect such compliance; *provided* that, no consent of the Representatives as set forth in Section 5(b) hereof will be required to file an amendment or supplement under this Section 5(c) if the Depositor receives an opinion of counsel that such amendment or supplement is required to comply with the Act. Neither the consent of the Representatives to, nor the delivery by any Underwriter of, any such amendment or supplement shall constitute a waiver or limitation of any right of any Underwriter hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Depositor will furnish to the Representatives copies of the Registration Statement as originally filed with the Commission and each amendment thereto (in each case at least one of which will include all exhibits), the Preliminary Prospectus, [the][each] Free Writing Prospectus listed on Schedule II hereto or agreed upon in writing by the Depositor and the Representatives, the Prospectus and all amendments and supplements to such documents, in each case as soon as available and in such quantities as the Representatives may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Depositor will arrange for the qualification of the [Underwritten] Notes for sale under the laws of such jurisdictions in the United States as the Representatives may designate and will continue such qualifications in effect so long as required for the distribution of the [Underwritten] Notes, *provided* that the Depositor shall not be obligated to qualify to do business nor become subject to service of process generally, but only to the extent required for such qualification, in any jurisdiction in which it is not currently so qualified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) So long as any [Underwritten] Notes are outstanding, unless such information shall have been posted to the World Omni website, the Depositor or World Omni, as the case may be, will deliver or cause to be delivered to the Representatives, as soon as each becomes available, copies of (i) each report relating to the [Underwritten] Notes delivered to Noteholders pursuant to the Basic Documents and, (ii) the annual statement as to compliance and the annual statement of a firm of independent public accountants furnished pursuant to the Basic Documents, (iii) each periodic report required to be filed by the Depositor with the Commission pursuant to the Exchange Act, or any order of the Commission thereunder, and (iv) such other information in the possession of the Depositor concerning the Trust, the Depositor, the Notes or the Certificates as the Representatives may reasonably request from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Depositor and World Omni will pay all expenses incident to the performance of their respective obligations under this Agreement, including without limitation, (i) expenses incident to the word processing, printing

and reproduction of the registration statement as originally filed with the Commission and each amendment thereto, the Preliminary Prospectus, [the][each] Free Writing Prospectus listed on Schedule II hereto or agreed upon in writing by the Depositor and the Representatives and the Prospectus (including any amendments and supplements to any such materials), (ii) the fees and disbursements of the Owner Trustee, the Indenture Trustee and the Trust and their respective counsel, (iii) the fees and disbursements of counsel and the independent public accountants of the Depositor and World Omni, (iv) the fees charged by each of the Rating Agencies in connection with the rating of each Class of [Underwritten] Notes, (v) the fees of DTC in connection with the book-entry registration of the [Underwritten] Notes[,] [and] (vi) the amounts set forth in Section 6(i) [and (vii) expenses (including reasonable fees and disbursements of counsel) incurred by the Underwriters pursuant to Section 5(e) hereof in connection with the qualification of the [Underwritten] Notes for sale under the laws of such jurisdictions in the United States as Representatives may designate].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) To the extent, if any, that the rating provided with respect to any [Underwritten] Notes by any Rating Agency is conditional upon the furnishing of documents or the taking of any other actions by the Depositor or World Omni, the Depositor or World Omni, as the case may be, shall furnish such documents and take any such other actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) World Omni will comply (and will cause the Depositor to comply) with the 17g-5 Representation, other than any breach of the 17g-5 Representation (A) that would not have a material adverse effect on the [Underwritten] Notes or (B) arising from a breach by any Underwriter of the representations, warranties and covenants set forth in Section 4(h) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) World Omni will comply (and will cause the Depositor to comply) with Rule 15Ga-2 under the Exchange Act with respect to any Third-Party Diligence Report, provided that neither World Omni nor the Depositor will be responsible for any breach of the foregoing caused by or arising from a breach by any Underwriter of the representations, warranties and covenants set forth in Section 4(i) hereof. World Omni or the Depositor will furnish to the Commission any Form ABS-15G required in connection with a Third-Party Diligence Report within the time period required by Rule 15Ga-2. To the extent World Omni or the Depositor have requested any Third-Party Diligence Report, World Omni and the Depositor will provide each Representative with a copy of each Third-Party Diligence Report within a reasonable period prior to furnishing such Third-Party Diligence Report or portion thereof on the Commission's EDGAR website.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Time of Sale Information and Free Writing Prospectus</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The following terms have the specified meanings for purposes of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "<u>Free Writing Prospectus</u>" means and includes any information relating to the Notes disseminated by the Depositor or any Underwriter that constitutes a "free writing prospectus" within the meaning of Rule 405 under the Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "<u>Prepricing Information</u>" means information relating to the price, pricing speed, benchmark and status of the Notes and the offering thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "<u>Computer Tape Information</u>" means written information regarding the Notes or the related Transaction Units contained in the electronic data file [·] furnished by the Depositor to [·] by email on [·], 20[·].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Depositor will not disseminate to any potential investor any information relating to the Notes that constitutes a "written communication" within the meaning of Rule 405 under the Act, other than the Time of Sale Information and the Prospectus, unless the Depositor has obtained the prior written consent of the Representatives. The Depositor hereby authorizes each Underwriter to provide potential investors in the Notes access to the road show referred to in Section 6(f)(i) by means of the Internet web site located at [www.dealroadshow.com], which is operated by [Deal Roadshow LLC] for such purpose; *provided*, that the foregoing shall not be deemed to constitute an authorization for any Underwriter to transmit (unless otherwise permissible under Section 6(f)(i)) a "written communication" (as defined in Rule 405 under the Act) contained in a separate file together with the road show.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Neither the Depositor nor any Underwriter shall disseminate or file with the Commission any information relating to the Notes in reliance on Rule 167 or 426 under the Act, nor shall the Depositor or any Underwriter disseminate any Free Writing Prospectus "in a manner reasonably designed to lead to its broad unrestricted dissemination" within the meaning of Rule 433(d) under the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Underwriter and the Depositor represent that each Free Writing Prospectus distributed by it shall bear the following legend, or a substantially similar legend that complies with Rule 433 under the Act:

The depositor has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the depositor has filed with the SEC for more complete information about the issuer, the depositor and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling [·].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In the event that the Depositor or World Omni becomes aware that, as of its date or as of the Time of Sale, any Time of Sale Information contains or contained any untrue statement of material fact or omits or omitted to state a material fact necessary in order to make the statements contained therein (when read in conjunction with all Time of Sale Information) in light of the circumstances under which they were made, not misleading (a "<u>Defective Prospectus</u>"), such entity shall promptly notify the Underwriters of such untrue statement or omission no later than one business day after discovery and the Depositor shall, if requested by the Underwriters, prepare and deliver to the Underwriters, at the expense of the Underwriters if such untrue statement or omission relates solely to Underwriter Information, and otherwise at the expense of the Depositor, a Corrected Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each Underwriter, severally and not jointly, represents, warrants, covenants and agrees with the Depositor that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Other than the "road show" referred to below, the Preliminary Prospectus, the Prospectus and each Free Writing Prospectus listed on Schedule II, it has not made, used, prepared, authorized, approved or referred to and will not prepare, make, use, authorize, approve or refer to any "written communication" (as defined in Rule 405 under the Act) that constitutes an offer to sell or solicitation of an offer to buy the Notes, including but not limited to any "ABS informational and computational materials" as defined in Item 1101(a) of Regulation AB under the Act; *provided*, *however*, that (i) each Underwriter may prepare and convey one or more "written communications" (as defined in Rule 405 under the Act) containing no more than, and the Underwriter conveying such information represents that such written communication contains no more than, the following: (1) the information in [the][any] Free Writing Prospectus listed on Schedule II hereto or approved in writing by the Depositor, (2) information relating to the class, size, rating, CUSIP/ISIN numbers, coupon, yield, spread, closing date, legal maturity, weighted average life, expected final payment date, trade date and payment window of one or more classes of Notes, (3) the servicer clean up call, (4) the eligibility of the Notes to be purchased by ERISA plans, (5) Prepricing Information, (6) a column or other entry showing the status of the subscriptions for the Notes (both for the issuance as a whole and for each Underwriter's retention) and/or expected pricing parameters of the Notes and (7) Intex.cdi files (each such written communication, a "<u>Permitted Underwriter Communication</u>"); and (ii) each Underwriter will be permitted to provide confirmations of sale; *provided*, *however*, that no Underwriter has or may distribute any information described in subclauses (1) through (7) above that would be "issuer information" as defined in Rule 433 under the Act other than (A) information that has already been filed with the Commission, (B) preliminary terms of the Notes not required to be filed with the Commission and (C) information relating to the final terms of the Notes required to be filed with the Commission within two days of the later of the date such final terms have been established for all classes of the Notes and the date of first use of such information pursuant to Rule 433(b)(5)(ii) under the Act. World Omni and the Depositor each authorize each Underwriter to transmit by graphic means (within the meaning of Rule 433 under the Securities Act) the "road show" in which representatives of World Omni and the Depositor participate; *provided* that the foregoing shall not be deemed to constitute an authorization for an Underwriter to transmit a written communication (other than the Preliminary Prospectus and [the][each] Free Writing Prospectus listed in Schedule II hereto) contained in a separate file together with such "road show".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In disseminating information to prospective investors, it has complied and will continue to comply fully with the Rules and Regulations, including but not limited to Rules 164 and 433 under the Act and the requirements thereunder for retention of Free Writing Prospectuses, including retaining any Free Writing Prospectuses it has used but which are not required to be filed for the required period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Prior to entering into any "contract of sale" (within the meaning of Rule 159 under the Act) (a "<u>Contract of Sale</u>"), the applicable Underwriter shall convey the Preliminary Prospectus and each Free Writing Prospectus listed on Schedule II to the prospective investor and it shall deliver a copy of the Preliminary Prospectus to any person who is expected to receive a confirmation of sale at least 48 hours prior to sending such confirmation in accordance with Rule 15c2-8 of the Exchange Act. The Underwriter shall maintain sufficient records to document its conveyance of the Preliminary Prospectus and each Free Writing Prospectus listed on Schedule II to the potential investor prior to the formation of the related Contract of Sale and shall maintain such records as required by the Rules and Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) If a Defective Prospectus has been corrected with a Corrected Prospectus delivered to such Underwriter subsequent to the original Time of Sale and prior to the Closing Date, it shall (A) deliver the Corrected Prospectus to each investor with whom it entered into a Contract of Sale and that received the Defective Prospectus from it prior to entering into a new Contract of Sale with such investor and (B) enter into new Contracts of Sale on the terms described in the Corrected Prospectus with each of such investors or, for those investors who do not enter into new Contracts of Sale, terminate the old Contracts of Sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Each Underwriter shall deliver to the Depositor, not less than one business day prior to the required date of filing thereof, all information included in a Permitted Underwriter Communication relating to the final terms of the [Underwritten] Notes required to be filed with the Commission pursuant to Rule 433(b)(5)(ii) under the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Depositor shall file with the Commission all information required to be filed that is delivered to it pursuant to Section 6(g) not later than two days after the later of the date such final terms have been established for all classes of the [Underwritten] Notes and the date of first use of such information pursuant to Rule 433(b)(5)(ii) under the Act*; provided*, *however*, that the Depositor shall have no liability for any such failure resulting from the failure of any Underwriter to provide such information to the Depositor in accordance with Section 6(g).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In the event that any Underwriter shall incur any costs or suffer any losses or damages in connection with the reformation of the Contract of Sale with any investor that received a Defective Prospectus, the Depositor and World Omni jointly and severally agree to reimburse such Underwriter for such costs, losses or damages on such terms as are consistent with the indemnification provisions of Section 8 hereof; provided, that such reimbursement obligations of the Depositor and World Omni shall not apply to any such reformation to the extent resulting from an untrue statement or omission in a Defective Prospectus contained in or omitted from the Defective Prospectus in reliance upon and in conformity with the Underwriter Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Conditions of the Obligations of the Underwriters</u>. The obligation of the several Underwriters to purchase and pay for the [Underwritten] Notes will be subject to the accuracy of the respective representations and warranties on the part of the Depositor and World Omni herein, to the accuracy of the statements of the respective officers of the Depositor and World Omni made pursuant to the provisions hereof, to the performance by the Depositor and World Omni of their respective obligations hereunder and to the following additional conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On or prior to the Closing Date, the Representatives and the Depositor shall have received letters, dated as of the date of the Preliminary Prospectus and the Prospectus, respectively, of independent public accountants reasonably acceptable to the Representatives confirming that they are independent public accountants within the meaning of the Act and the Rules and Regulations, substantially in the form of the draft or drafts to which the Representatives have previously agreed and otherwise in form and in substance satisfactory to the Representatives and counsel for the Underwriters (and for the avoidance of any doubt, covering any static pool data pursuant to Item 1105 of Regulation AB under the Act included or incorporated by reference in the Time of Sale Information or the Prospectus). For the purposes of the immediately preceding sentence, any of the "Big Four" accounting firms shall be deemed to be acceptable to the Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Prospectus, the Preliminary Prospectus, [the][each] Free Writing Prospectus listed on Schedule II hereto or approved in writing by the Depositor and any "issuer information" as defined above included in any Permitted Underwriter Communication required to be filed with the Commission shall have been filed with the Commission in accordance with the Rules and Regulations and Section 5(a) hereof. Prior to the Closing Date, no stop order suspending the effectiveness of the Registration Statement shall have been issued and no proceedings for that purpose shall have been instituted or, to the knowledge of the Depositor, World Omni or the Representatives, shall be contemplated by the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Representatives shall have received certificates of the President, any Vice President, the Treasurer, the Secretary or any Assistant Treasurer or any Assistant Secretary of each of the Depositor and World Omni, each dated the Closing Date, in which such officer shall state, in the case of (A) the Depositor that (1) the representations and warranties of the Depositor in each Basic Document to which it is a party and in this Agreement were true and correct as of the date therein indicated, (2) to the best knowledge of such officer after reasonable investigation, the Depositor has complied with all agreements and satisfied all conditions on its part to be performed or satisfied hereunder at or prior to the Closing Date, no stop order suspending the effectiveness of the Registration Statement has been issued and no proceedings for that purpose have been instituted or are contemplated by the Commission and (3) subsequent to the date of this Agreement, there has been no material adverse change in the condition, financial or otherwise, or in the earnings, business affairs or business prospects of the Depositor, except as set forth in or contemplated by the Prospectus and the Time of Sale Information and (B) World Omni, that (1) the representations and warranties of World Omni in each Basic Document to which it is a party and in this Agreement were true and correct as of the date therein indicated, (2) to the best knowledge of such officer after reasonable investigation, World Omni has complied with all agreements and satisfied all conditions on its part to be performed or satisfied hereunder and (3) subsequent to the date of this Agreement, there has been no material adverse change in the condition, financial or otherwise, or in the earnings, business affairs or business prospects of World Omni except as set forth in or contemplated by the Prospectus and the Time of Sale Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) With respect to all of the Notes, not less than 25% of the Notes (by principal amount) shall have been purchased on the Closing Date by parties not affiliated with the Depositor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Representatives shall have received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Such customary opinions and letters as may be requested by counsel for the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The favorable opinion of [Bilzin Sumberg Baena Price & Axelrod LLP], special Florida counsel to the Depositor and World Omni, dated the Closing Date and satisfactory in form and substance to the Representatives and counsel for the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Reliance letters relating to each legal opinion relating to the transactions contemplated by this Agreement and the Basic Documents rendered by counsel to ALF, the Depositor or World Omni to the Owner Trustee, the Indenture Trustee or any Rating Agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The favorable opinion of counsel to the Indenture Trustee, dated the Closing Date and satisfactory in form and substance to the Representatives and counsel to the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) The favorable opinion of special counsel to the Owner Trustee and the Titling Trustee, dated the Closing Date and satisfactory in form and substance to the Representatives and counsel to the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) A certificate, executed by the Indenture Trustee, stating that any information contained in the Statement of Eligibility and Qualification (Form T-1) filed with the Registration Statement is true, accurate and complete.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) The favorable letter of [Morgan, Lewis & Bockius LLP], counsel for the Underwriters, dated the Closing Date, which letter shall be satisfactory in form and substance to the Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) The favorable opinion of [Richards, Layton & Finger, P.A.], special Delaware counsel for the Depositor and the Trust, dated the Closing Date and satisfactory in form and substance to the Representatives and counsel to the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) The favorable opinion of in-house counsel for the Asset Representations Reviewer, dated the Closing Date and satisfactory in form and substance to the Representatives and counsel to the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) As of the Closing Date, the [Underwritten] Notes shall be rated by the Rating Agencies as set forth in [the][each] Free Writing Prospectus listed on Schedule II hereto, such ratings shall not have been rescinded and no public announcement shall have been made by any Rating Agency that the rating of any Class of [Underwritten] Notes has been placed under review.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) On or prior to the Closing Date, counsel for the Underwriters shall have been furnished with such documents and opinions as they may reasonably require for the purpose of enabling them to pass upon the issuance of the Notes and the Certificates and sale of the [Underwritten] Notes as herein contemplated and related proceedings, or in order to evidence the accuracy of any of the representations or warranties, or the fulfillment of any of the conditions, herein contained; and all proceedings taken by the parties to the Basic Documents in connection with the issuance of the Notes and the Certificates and sale of the [Underwritten] Notes as herein contemplated shall be satisfactory in form and substance to the Representatives and counsel for the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) If any condition specified in this Section 7 shall not have been fulfilled when and as required to be fulfilled, this Agreement may be terminated by the Representatives by notice to the Depositor and World Omni at any time at or prior to the Closing Date, and such termination shall be without liability of any party to any other party except as provided in Section 5(g) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Depositor and World Omni agrees, jointly and severally, to indemnify and hold harmless each Underwriter and each person, if any, who controls any Underwriter within the meaning of Section 15 of the Act or Section 20 of the Exchange Act as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) against any and all loss, liability, claim, damage and expense whatsoever, as incurred, (A) arising out of any untrue statement or alleged untrue statement of a material fact contained or incorporated by reference in the Registration Statement (or any amendment thereto) or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading, (B) arising out of any untrue statement or alleged untrue statement of a material fact contained in any Time of Sale Information or the Prospectus (or any amendment or supplement thereto) or the omission or alleged omission therefrom of a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, (C) arising out of any untrue statement or alleged untrue statement of a material fact contained in a Permitted Underwriter Communication or the omission or alleged omission therefrom of a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading or (D) arising out of any untrue statement or alleged untrue statement of a material fact contained in any Form ABS-15G (taken as a whole together with the Time of Sale Information) or the omission or alleged omission therefrom of a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; *provided*, however that subsection (C) shall only apply to untrue statements, alleged untrue statements, omissions and alleged omissions that result from errors or omissions (x) in the Registration Statement, [the][any] Free Writing Prospectus listed on Schedule II hereto, the Preliminary Prospectus or the Prospectus (unless such errors or omissions are in the Underwriter Information other than, with respect to the Free Writing Prospectus relating to the Bloomberg Screen, any errors or omissions due to Bloomberg L.P.) or (y) in any Computer Tape Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) against any and all loss, liability, claim, damage and expense whatsoever, as incurred, to the extent of the aggregate amount paid in settlement of any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or of any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission, if such settlement is effected with the written consent of the Depositor and World Omni; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) against any and all expense whatsoever, as incurred (including, subject to Section 8(c) hereof, the fees and disbursements of counsel chosen by the Representatives), reasonably incurred in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission, to the extent that any such expense is not paid under clause (i) or (ii) above;

*provided*, *however*, that this indemnity agreement shall not apply to any loss, liability, claim, damage or expense to the extent arising out of any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with the Underwriter Information; *provided*, further, that the foregoing indemnity with respect to the Time of Sale Information shall not inure to the benefit of any Underwriter (or to the benefit of the person controlling such Underwriter) from whom the person asserting any such losses, liabilities, claims, damages or expenses purchased the [Underwritten] Notes if such untrue statement or omission or alleged untrue statement or omission made in such Time of Sale Information is eliminated or remedied in a Corrected Prospectus delivered to such Underwriter prior to the revised Time of Sale and a copy of the Corrected Prospectus shall not have been furnished to such person at or prior to the revised Time of Sale of such [Underwritten] Notes to such person.

The indemnity agreement in this subsection (a) will be in addition to any liability which the Depositor and World Omni may otherwise have and will extend, upon the same terms and conditions, to each person, if any, who controls any Underwriter within the meaning of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Underwriter severally agrees to indemnify and hold harmless the Depositor and World Omni, each of their respective directors, each of their respective officers who signed the Registration Statement and each person, if any, who controls each of the Depositor and World Omni, respectively, within the meaning of Section 15 of the Act or Section 20 of the Exchange Act, against any and all loss, liability, claim, damage and expense described in the indemnity contained in subsection (a) of this Section, as incurred, but only with respect to untrue statements or omissions, or alleged untrue statements or omissions, made in (i) the Registration Statement (or any amendment thereto) or in any preliminary prospectus, the Time of Sale Information or the Prospectus (or any amendment or supplement thereto), in reliance upon and in conformity with the Underwriter Information, or (ii) any Permitted Underwriter Communication (other than Prepricing Information) that does not result from an error or omission in (A) the Registration Statement, the Time of Sale Information or the Prospectus (unless such error or omission is in the Underwriter Information), (B) any Computer Tape Information or (C) any written information furnished to the related Underwriter by the Depositor or World Omni expressly for use therein, which information was not corrected by information subsequently provided by the Depositor or World Omni to such Underwriter prior to the time of such Permitted Underwriter Communication.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each indemnified party shall give notice as promptly as reasonably practicable to each indemnifying party of any action commenced against it with respect to which indemnity may be sought hereunder, but failure to so notify an indemnifying party shall not relieve it from any liability which it may have on account of this indemnity agreement except to the extent that the indemnifying party shall be materially prejudiced by such failure. An indemnifying party may participate at its own expense in the defense of such action. In no event shall an indemnifying party be liable for the fees and expenses of more than one counsel (in addition to any local counsel) separate from their own counsel for all indemnified parties in connection with any one action or separate but similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened action in respect of which any indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified party unless such settlement (i) includes an unconditional release of such indemnified party from all liability on any claims that are the subject matter of such

action and (ii) does not include a statement as to, or an admission of, fault, culpability or a failure to act by or on behalf of an indemnified party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Contribution</u>. If the indemnification provided for in Section 8 hereof is unavailable or insufficient to hold harmless an indemnified party under subsection (a) or (b) thereof, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of the loss, liability, claim, damage or expense referred to in subsection (a) or (b) of Section 8, (i) in such proportion as is appropriate to reflect the relative benefits received by the Depositor and World Omni on the one hand and the Underwriters on the other from the offering of the [Underwritten] Notes or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Depositor and World Omni on the one hand and the Underwriters on the other in connection with the statements or omissions which resulted in such loss, liability, claim, damage or expense as well as any other relevant equitable considerations. The relative benefits received by the Depositor and World Omni on the one hand and the Underwriters on the other shall be deemed to be in the same proportion as the total net proceeds from the offering (before deducting expenses) received by the Depositor bear to the total underwriting discounts and commissions received by the Underwriters. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Depositor, World Omni or the Underwriters and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such untrue statement or omission. The amount paid by an indemnified party as a result of the loss, liability, claim, damage or expense referred to in the first sentence of this Section shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any action or claim which is the subject of this Section. Notwithstanding the provisions of this Section, no Underwriter shall be required to contribute any amount in excess of the amount by which the total price at which the [Underwritten] Notes underwritten by it and distributed to the public were offered to the public exceeds the amount of any damages which such Underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. Notwithstanding the other provisions of this Section, each person, if any, who controls an Underwriter within the meaning of Section 15 of the Act shall have the same rights to contribution as such Underwriter and each director of the Depositor and World Omni, each officer of the Depositor who signed the Registration Statement and each person, if any, who controls either the Depositor or World Omni within the meaning of Section 15 of the Act shall have the same rights to contribution as the Depositor or World Omni, as the case may be. The Underwriters' respective obligations to contribute pursuant to this Section are several in proportion to the principal amount of the [Underwritten] Notes set forth opposite their respective names in Schedule I hereto and not joint.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Survival of Certain Representations and Obligations</u>. The respective indemnities, agreements, representations, warranties and other statements of the Depositor and World Omni or their respective officers and of the Underwriters set forth in or made pursuant to this Agreement will remain in full force and effect, regardless of any investigation, or statement as to the results thereof, made by or on behalf of any Underwriter, the Depositor, World Omni or any of their respective representatives, officers or directors or any controlling Person, and will survive delivery of and payment for the [Underwritten] Notes. If for any reason the purchase of the [Underwritten] Notes by the Underwriters is not consummated, the Depositor and World Omni shall remain responsible for the expenses to be paid or reimbursed by them pursuant to Section 5(g) hereof and the respective obligations of the Depositor, World Omni and the Underwriters pursuant to Sections 8 and 9 hereof shall remain in effect. If the purchase of the [Underwritten] Notes by the Underwriters is not consummated for any reason other than solely because of the termination of this Agreement pursuant to Section 12 or the occurrence of any event specified in clause (ii), (iii) or (iv) of Section 11 hereof, the Depositor and World Omni will reimburse the Underwriters for all out-of-pocket expenses (including the reasonable fees and disbursements of counsel) reasonably incurred by them in connection with the offering of the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Termination of Agreement</u>. The Representatives may terminate this Agreement, by notice to the Depositor and World Omni, at any time prior to or at the Closing Date (i) if there has been, since the date of this Agreement or since the respective dates as of which information is given in the Registration Statement, any material adverse change in the condition, financial or otherwise, or in the earnings, business affairs or business prospects of the Depositor or World Omni, whether or not arising in the ordinary course of business, the effect of which is such as to make it, in the judgment of the Representatives, impracticable to market any Class of [Underwritten] Notes or to enforce contracts for the sale of any Class of [Underwritten] Notes; (ii) if there has occurred, since the date of this Agreement, any outbreak or escalation of hostilities or a declaration by the United States of a national emergency or war or any other major act of terrorism involving the United States or other calamity or crisis, the effect of which is such as to make it, in the judgment of the Representatives, impracticable to market any Class of [Underwritten] Notes or to enforce contracts for the sale of any Class of [Underwritten] Notes; (iii) if trading generally on the New York Stock Exchange has been suspended, or minimum or maximum prices for trading have been fixed or maximum ranges for prices for securities have been required, by said Exchange or by order of the Commission or any other governmental authority; (iv) if there has been any material disruption in commercial banking securities settlement or clearance services in the United States; or (v) if a banking moratorium has been declared by either federal, New York, Delaware or Florida authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Default By One or More of the Underwriters</u>. If one or more of the Underwriters shall fail at the Closing Date to purchase the [Underwritten] Notes which it or they are obligated to purchase under this Agreement (the "<u>Defaulted Securities</u>"), the Representatives shall have the right, but not the obligation, within 24 hours thereafter, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Defaulted Securities in such amounts as may be agreed upon and upon the terms herein set forth; if, however, the Representatives shall not have completed such arrangements within such 24-hour period, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the aggregate principal amount of Defaulted Securities of any class of [Underwritten] Notes does not exceed 10% of the total aggregate principal amount of such class, the non-defaulting Underwriters with respect to such class shall be obligated to purchase the full amount thereof in such proportions that their respective underwriting obligations hereunder with respect to such class bear to the underwriting obligations of all non-defaulting Underwriters of such class, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the aggregate principal amount of Defaulted Securities of any class of [Underwritten] Notes exceeds 10% of the total aggregate principal amount of such class, this Agreement shall terminate without liability on the part of any non-defaulting Underwriter.

No action pursuant to this Section shall relieve any defaulting Underwriter from liability in respect of its default.

In the event of any such default which does not result in a termination of this Agreement, either the Representatives or the Depositor shall have the right to postpone the Closing Date for a period not exceeding seven days in order to effect any required changes in the Registration Statement or Prospectus or in any other documents or arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Notices</u>. All communications hereunder will be in writing and, if sent to (i) the Underwriters, shall be directed to the Representatives and will be mailed, delivered or sent by facsimile and confirmed to them at (1) [·], (2) [·] and (3) [·], (ii) the Depositor, will be mailed, delivered or sent by facsimile and confirmed to it at World Omni Auto Leasing LLC, 250 Jim Moran Boulevard, Deerfield Beach, Florida 33442, Attention: [·] (facsimile number [ ]), with a copy to [·] (facsimile number [·]) or (iii) World Omni, will be mailed, delivered or sent by facsimile and confirmed to it at World Omni Financial Corp., 250 Jim Moran Boulevard, Deerfield Beach, Florida 33442, Attention: [·] (facsimile number [·]), with a copy to [·] (facsimile number [·]).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Successors</u>. This Agreement will inure to the benefit of and be binding upon the parties hereto and their respective successors and the officers and directors and controlling Persons referred to in Sections 8 and 9 hereof, and no other Person will have any right or obligation hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Severability of Provisions</u>. Any covenant, provision, agreement or term of this Agreement that is prohibited or is held to be void or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Miscellaneous</u>. This Agreement constitutes the entire agreement and understanding of the parties hereto with respect to the matters and transactions contemplated hereby and supersedes all prior agreements and understandings whatsoever relating to such matters and transactions. Neither this Agreement nor any term hereof may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against whom enforcement of the change, waiver, discharge or termination is sought. The headings in this Agreement are for the purposes of reference only and shall not limit or otherwise affect the meaning hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Counterparts</u>. This Agreement shall be valid, binding and enforceable against a party when executed and delivered by an authorized individual on behalf of the party by means of (i) an original manual signature; (ii) a faxed, scanned, or photocopied manual signature or (iii) any other electronic signature permitted by the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, or any other relevant electronic signatures law, including any relevant provisions of the Uniform Commercial Code (collectively, "<u>Signature Law</u>"), in each case to the extent applicable. Each faxed, scanned, or photocopied manual signature, or other electronic signature, shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Delivery of any such faxed, scanned, or photocopied manual signature, or other electronic signature, or a signed copy of, this Agreement may be made by facsimile, email or other electronic transmission. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual signature, or other electronic signature, of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts shall together constitute one and the same Agreement. For the avoidance of doubt, original manual signatures shall be used for execution or indorsement of writings when required under the UCC or other Signature Law due to the character or intended character of the writings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Applicable Law</u>. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York without regard to any otherwise applicable principles of conflicts of laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>No Fiduciary Duty</u>. Each of the Depositor and World Omni acknowledges and agrees that each of the Underwriters is acting solely in the capacity of an arm's length contractual counterparty to itself with respect to the offering of [Underwritten] Notes contemplated hereby (including in connection with determining the terms of the offering) and not as a financial advisor or a fiduciary to, or an agent of, the Depositor, World Omni or the Trust. In addition, the Representatives are not advising the Depositor, World Omni or the Trust as to any legal, tax, investment, accounting or regulatory matters in any jurisdiction. Each of the Depositor and World Omni shall consult with its own advisors concerning such matters. Any review by the Underwriters of the Depositor, World Omni, the transactions contemplated hereby or other matters relating to such transactions will be performed solely for the benefit of the Underwriters and shall not be on behalf of the Depositor nor World Omni.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>USA PATRIOT Act Notification</u>. Each of the Depositor and World Omni acknowledges that the Underwriters are required by U.S. Federal law to obtain, verify and record information that identifies each person or corporation who opens an account or enters into a business relationship with a financial institution to help fight the funding of terrorism and money laundering activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>WAIVER OF JURY TRIAL AND SUBMISSION OF JURISDICTION</u>. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY, TO THE EXTENT PERMITTED BY APPLICABLE LAW, EXPRESSLY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY LITIGATION ARISING OUT OF, RELATING TO, OR OTHERWISE CONNECTED WITH THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY. EACH OF THE PARTIES HERETO ALSO HEREBY IRREVOCABLY AND UNCONDITIONALLY CONSENTS TO, AND HEREBY DOES SUBMIT TO, THE EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND OF THE COURTS OF THE STATE OF NEW YORK LOCATED IN NEW YORK COUNTY FOR ANY LITIGATION ARISING OUT OF, RELATING TO, OR OTHERWISE CONNECTED WITH THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY, AND AGREES NOT TO

COMMENCE ANY SUCH LITIGATION IN ANY COURT OTHER THAN SUCH COURTS. EACH OF THE PARTIES HERETO FURTHER HEREBY WAIVES ANY OBJECTION TO THE LAYING OF VENUE OF ANY SUCH LITIGATION IN SUCH COURTS AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT SUCH LITIGATION HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Recognition of the U.S. Special Resolution Regimes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event that any Underwriter that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from such Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that any Underwriter that is a Covered Entity or a BHC Act Affiliate of such Underwriter becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Underwriter are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.

For purposes of this Section 22: (a) a "BHC Act Affiliate" has the meaning assigned to the term "affiliate" in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k); (b) "Covered Entity" means any of the following: (i) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b); (c) "Default Right" has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable; and (d) "U.S. Special Resolution Regime" means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.

If the foregoing is in accordance with your understanding of our agreement, kindly sign and return to us one of the counterparts duplicate hereof, whereupon it will become a binding agreement between the Depositor and World Omni and the Underwriters in accordance with its terms.

---

| |
|:---|
| Very truly yours, |
| **WORLD OMNI AUTO LEASING LLC** |
| By: |
| Name: |
| Title: |
| **WORLD OMNI FINANCIAL CORP.** |
| By: |
| Name: |
| Title: |

---

S-1 *Underwriting Agreement*

---

| |
|:---|
| CONFIRMED AND ACCEPTED, |
| as of the date first above written. |
| [·] |
| By: |
| Name: |
| Title: |
| For itself and as Representative of the other Underwriters named in Schedule I hereto |
| [·] |
| By: |
| Name: |
| Title: |
| For itself and as Representative of the other Underwriters named in Schedule I hereto |
| [·] |
| By: |
| Name: |
| Title: |
| For itself and as Representative of the other Underwriters named in Schedule I hereto |

---

S-2 *Underwriting Agreement*

SCHEDULE I

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of<br> Underwriter** | **[Principal <br> Amount of <br> Class A- <br> 1[a/b] <br> Notes]** | **[Principal <br> Amount of <br> Class A- <br> 2[a/b] <br> Notes]** | **[Principal <br> Amount of <br> Class A- <br> 3[a/b] <br> Notes]** | **[Principal <br> Amount of <br> Class A- <br> 4[a/b] <br> Notes]** | **[Principal <br> Amount of <br> Class <br> B[a/b] <br> Notes]** | **[Principal <br> Amount of <br> Class <br> C[a/b] <br> Notes]** | **[Principal <br> Amount of <br> Class <br> D[a/b] <br> Notes]** | **[Principal <br> Amount of <br> Class <br> E[a/b] <br> Notes]** | **[Principal <br> Amount of <br> Class <br> F[a/b] <br> Notes]** |
| **Total** |  |  |  |  |  |  |  |  |  |

---

Sch. I

SCHEDULE II

[Free Writing Prospectus dated [·], 20[·] relating to the ratings of the Notes]

Sch. II

SCHEDULE III

[Agreed-Upon Procedures Report, dated [·], 20[·], filed with the Commission on [·], 20[·] on Form ABS-15G]

Sch. III

## Exhibit 3.1

**EXHIBIT 3.1**

**<u>CERTIFICATE OF FORMATTON</u>**

**<u>OF</u>**

**<u>WORLD OMNI AUTO LEASING LLC</u>**

This Certificate of Formation of World Omni Auto Leasing LLC (the "<u>LLC</u>") has been duly executed and is being filed by the undersigned, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 <u>Del. C.</u> § 18-101, <u>et seq.</u>).

FIRST. The name of the limited liability company formed hereby is World Omni Auto Leasing LLC.

SECOND. The address of the registered office of the LLC in the State of Delaware is c/o The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, New Castle County, Delaware 19801.

THIRD. The name and address of the registered agent for service of process on the LLC in the State of Delaware is The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, New Castle County, Delaware 19801.

IN WITNESS WHEREOF, the undersigned has duly executed this Certificate of Formation as of this 26th day of June, 2008.

---

| | |
|:---|:---|
| By: | /s/ Sven H. Soderberg |
| Name: | Sven H. Soderberg |
| Title: | Authorized Person |

---

## Exhibit 3.2

**EXHIBIT 3.2**

**CERTIFICATE OF AMENDMENT** 

**OF** 

**CERTIFICATE OF FORMATION** 

**OF**

**WORLD OMNI AUTO LEASING LLC**

This Certificate of Amendment, dated as of September 28, 2020, is being filed by the undersigned authorized person of World Omni Auto Leasing LLC, a Delaware limited liability company (the "Company"), to amend the Certificate of Formation of the Company, which was filed on June 26, 2008, with the Secretary of State of the State of Delaware, as amended and corrected (the "Certificate of Formation"), pursuant to 6 <u>Del. C.</u> § 18-101, et seq. The Company hereby certifies as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
name of the limited liability company is <u>World Omni Auto Leasing LLC</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Clauses
Second and Third of the Certificate of Formation of the Company are hereby deleted and replaced with the following:

Second. The Registered Office of the Company in the State of Delaware is changed to <u>3411 Silverside Road Tatnall Building #104</u>, <u>Wilmington</u>, <u>19810</u>. The name of the Registered Agent at such address upon whom process against the Company may be served is <u>United Agent Group Inc.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The
Certificate of Formation of the Company otherwise continues in full force and effect.

IN WITNESS WHEREOF, the undersigned authorized person has executed this Certificate of Amendment as of the date first written above.

---

| | |
|:---|:---|
| AUTO LEASE FINANCE LLC, as authorized person | AUTO LEASE FINANCE LLC, as authorized person |
| By: | /s/ Andre L. Hall |
| Name: | Andre L. Hall |
| Title: | Vice President, General Counsel and Secretary |

---

## Exhibit 3.3

**EXHIBIT 3.3**

<u>AMENDED AND RESTATED</u>

<u>LIMITED LIABILITY COMPANY AGREEMENT</u>

<u>OF</u>

<u>WORLD OMNI AUTO LEASING LLC</u>

A Delaware Limited Liability Company

THIS AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT (this "Agreement") is executed as of the 22nd day of April, 2016, by the undersigned parties, to continue the Company (as defined below) under the laws of the State of Delaware for the purposes and upon the terms and conditions hereinafter set forth. The Member, the Independent Directors and the Springing Member (each as defined below) join in the execution of this Agreement so as to be bound by this Agreement.

The undersigned, by execution of this Agreement, hereby continue the Company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq.), as amended from time to time, and hereby desire that this Agreement be, and hereby is, the sole governing document of the Company, amending and restating the Amended and Restated Limited Liability Company Agreement, dated as of November 6, 2009 (the "Original Agreement"), which amended and restated the Limited Liability Company Agreement of the Company, dated as of June 27, 2008 and hereby agree as follows:

ARTICLE I

<u>DEFINITIONS</u>

Section 1.1 <u>Definitions</u>. Whenever used in this Agreement the following terms shall have the meanings respectively assigned to them in this Article I unless otherwise expressly provided herein or unless the context otherwise requires:

<u>Act</u>: "Act" shall mean the Delaware Limited Liability Company Act, 6 Del.C. §§ 18-101-et seq., as amended from time to time.

<u>Affiliate</u>: "Affiliate" of another Person shall mean any Person directly or indirectly controlling, controlled by, or under common control with, such other person.

<u>Agreed Value</u>: "Agreed Value" shall mean the fair market value of Contributed Property or services rendered as agreed to by the contributing Member and the Company, using such reasonable method of valuation as they may adopt.

<u>Agreement</u>: "Agreement" shall mean this Amended and Restated Limited Liability Company Agreement of the Company as the same may be amended or restated from time to time in accordance with its terms.

<u>Assets</u>: shall have the meaning set forth in Section 3.1(a).

<u>Assignee</u>: "Assignee" shall mean a Person who has acquired a share of the Company's profits and losses and such rights to receive distributions from the Company as are assigned to that Person, but who is not a Substitute Member.

<u>Bankruptcy</u>: "Bankruptcy" shall mean, with respect to any Person, (A) if such Person (i) makes an assignment for the benefit of creditors, (ii) files a voluntary petition in bankruptcy, (iii) is adjudged a bankrupt or insolvent, or has entered against it an order for relief, in any bankruptcy or insolvency proceedings, (iv) files a petition or answer seeking for itself any reorganization, arrangement, composition, readjustment, liquidation or similar relief under any statute, law or regulation, (v) files an answer or other pleading admitting or failing to contest the material allegations of a petition filed against it in any proceeding of this nature, or (vi) seeks, consents to or acquiesces in the appointment of a trustee, receiver or liquidator of the Person or of all or any substantial part of its properties, or (B) if 120 days after the commencement of any proceeding against the Person seeking reorganization, arrangement, composition, readjustment, liquidation or similar relief under any statute, law or regulation, if the proceeding has not been dismissed, or if within 90 days after the appointment without such Person's consent or acquiescence of a trustee, receiver or liquidator of such Person or of all or any substantial part of its properties, the appointment is not vacated or stayed, or within 90 days after the expiration of any such stay, the appointment is not vacated. The foregoing definition of "Bankruptcy" is intended to replace and shall supersede and replace the definition of "Bankruptcy" set forth in Sections 18-101(1) and 18-304 of the Act.

<u>Capital Contribution</u>: "Capital Contribution" shall mean the amount in cash contributed and the Agreed Value of other property contributed by each Member (or its predecessors in interest) to the capital of the Company for such Member's Membership Interest.

<u>Cash Flow</u>: "Cash Flow" for any period shall mean operating cash flow, which shall be defined according to generally accepted accounting principles, before deduction for depreciation, cost recovery or other noncash expenses of the Company during that period.

<u>Code</u>: "Code" shall mean the Internal Revenue Code of 1986, as amended.

<u>Company</u>: "Company" shall mean World Omni Auto Leasing LLC, the Delaware limited liability company continued pursuant to the Act and this Agreement.

<u>Contributed Property</u>: "Contributed Property" shall mean each Member's interest in property or other consideration (excluding services and cash) contributed to the Company by such Member.

<u>Director</u>: "Director" shall have the meaning set forth in Section 7.2.

<u>Dispose, Disposing or Disposition</u>: "Dispose," "Disposing" or "Disposition" shall mean a sale, assignment, transfer, exchange, mortgage, pledge, grant of a security interest, or other disposition or encumbrance (including, without limitation, by operation of law), or any act thereof.

<u>Independent Director</u>: "Independent Director" shall mean a Director of the Company who shall not at the present, at anytime during the preceding five years nor while serving as Director

be (i) a director (with the exception of serving as the Independent Director of the Company or any Affiliate), officer, partner; member, attorney or counsel, employee or former employee of the Company or any Affiliate, (ii) a holder (directly or indirectly) of any voting securities of any Affiliate, (iii) a customer, supplier or other person who derives any of its purchases or revenues from its activities with the Company, (iv) a natural person related to any such director, officer, partner, member, attorney or counsel, employee or former employee; customer, supplier, or holder (directly or indirectly) of any voting securities of any Affiliate. For purposes of this definition only, "Affiliate" shall mean any entity other than the Company (but excluding any similarly organized special purpose finance subsidiary of an Affiliate) (i) which owns beneficially, directly or indirectly, more than 10% of the outstanding Membership Interests of the Company, (ii) which is in control of the Company, as currently defined under § 230.405 of the Rules and Regulations of the Securities and Exchange Commission, 17 C.P.R. § 230.405, (iii) of which 10% or more of the outstanding equity interests is owned beneficially, directly or indirectly, by any entity described in clause (i) or (ii) above, or (iv) which is controlled by an entity described in clause (i) or (ii) above, as currently defined under § 230.405 of the rules and Regulations of the Securities and Exchange Commission, 17 C.F.R. § 230.405.

<u>IRS</u>: "IRS" shall mean the Internal Revenue Service.

<u>Managing Member</u>: "Managing Member" shall mean the Member and any successor Managing Member appointed pursuant to this Agreement, each in its capacity as a managing member of the Company.

<u>Member</u>: "Member" shall mean Auto Lease Finance LLC in its capacity as managing member of the Company, and includes any Person admitted as an additional member of the Company or a Substitute Member of the Company pursuant to the provisions of this Agreement, each in its capacity as a member of the Company; provided, however, that the term "Member" shall not include the Springing Member.

<u>Membership Interest</u>: "Membership Interest" shall mean the limited liability company interest of the Member in the Company, including, without limitation, rights in the capital of the Company, rights to receive distributions (liquidating or otherwise) and allocations of profits and losses. The Member's Membership Interest shall be expressed as a percentage which shall equal the ratio that the value of the Capital Contributions made by such Member bears to the Capital Contributions of all members. The initial Member's initial Membership Interest shall be one hundred percent (100%).

<u>Person</u>: "Person" shall have the meaning given that term in Section 18-101(12) of the Act.

<u>Rating Agency</u>: "Rating Agency" shall mean any nationally-recognized statistical rating organization that provides a rating at the request of the Company with respect to Securities.

<u>Securities</u>: "Securities" shall mean any certificate, notes or other securities issued by a Trust.

<u>Securitization Agreements</u>: "Securitization Agreements" shall have the meaning set forth in Section 3.1(a)(iii) and includes, without limitation, any trust agreement between the Company

and an owner trustee or Delaware trustee party thereto, and any amendments, supplements or other modifications made thereto from time to time, any exchange note sale agreement between the Company and Auto Lease Finance LLC or any other seller, and any amendments, supplements or other modifications made thereto from time to time, and any exchange note transfer agreement, between the Company and any Trust or other issuing entity and/or buyer, and amendments, supplements or other modifications made thereto from time to time.

<u>Springing Member</u>: "Springing Member" has the meaning set forth in Section 8.1(b).

<u>Substitute Member</u>: "Substitute Member" shall mean any Person to whom a Membership Interest in the Company has been transferred and who was not the Member immediately prior to such transfer and who has been admitted to the Company as the Member pursuant to and in accordance with the provisions of Article IV of this Agreement.

<u>Trust</u>: "Trust" means any trust (including any statutory trust) formed by the Company.

ARTICLE II

<u>ORGANIZATION</u>

Section 2.1 <u>Continuation</u>. The undersigned hereby amend and restate the Original Agreement and execute this Agreement for the purpose of setting forth the rights and obligations of the Member, the Springing Member and the Independent Directors.

Section 2.2 <u>Name</u>. The name of the limited liability company continued hereby is World Omni Auto Leasing LLC.

Section 2.3 <u>Certificate of Formation; Foreign Qualification</u>. Sven Soderberg, as an authorized person, within the meaning of the Act, executed and caused the delivery and filing of the Certificate of Formation of the Company in the office of the Secretary of State of the State of Delaware, in accordance with the Act on June 26, 2008. Immediately following such filing, the Managing Member was designated as an authorized person, within the meaning of the Act, to execute, deliver and file, or to cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed in the office of the Secretary of State of the State of Delaware. Prior to the Company's conducting business in any jurisdiction other than the State of Delaware, the Managing Member of the Company shall cause the Company to comply, to the extent procedures are available and those matters are reasonably within the control of the Managing Member, with all requirements necessary to qualify the Company as a foreign limited liability company in that jurisdiction. At the request of the Managing Member of the Company, each Member shall execute, acknowledge, swear to, and deliver all certificates and other instruments conforming with this Agreement that are necessary or appropriate to qualify, continue and terminate the qualification of the Company as a foreign limited liability company in all such jurisdictions in which the Company may conduct business.

Section 2.4 <u>No State Law Partnership; Liability to Third Parties; Federal Taxation</u>. The Member intends that the Company not be a partnership (including, without limitation, a

limited partnership) or joint venture, and that no Member be a partner or joint venturer of any other Member, for any purpose including federal and state tax purposes, and that this Agreement not be construed to suggest otherwise. The Member, on behalf of the Company, will elect for the Company to be a nonentity for federal tax purposes. Except as otherwise specifically provided in the Act, no member of the Company shall be liable for the debts, obligations or liabilities of the Company whether arising in contract, tort or otherwise, including under a judgment, decree or order of a court, solely by reason of being a member of the Company.

ARTICLE III

<u>PURPOSES AND POWERS, PRINCIPAL OFFICE, REGISTERED</u>

<u>AGENT, PERIOD OF DURATION AND MEMBER LIST</u>

Section 3.1 <u>Purposes and Powers</u>. (a) The Company has been formed solely for the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) purchasing or otherwise acquiring from time to time all right, title and interest in and to exchange notes secured by a reference pool of motor vehicle lease contracts, monies due thereunder and related rights and other property appurtenant thereto and proceeds of any of the foregoing (collectively, "Assets");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) acquiring, owning, holding, servicing, selling, assigning, pledging granting security interests in, and otherwise dealing with the Assets, collateral securing the Assets, related insurance policies, agreements with motor vehicle dealers or lessors or other originators or servicers of the Assets and any proceeds or further rights associated with any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) forming Trusts and transferring from time to time the Assets, or interests therein, cash or other assets owned by the Company to Trusts pursuant to one or more exchange note transfer agreements, trust agreements or other agreements, including any amendments to any of the foregoing, and executing and delivering the foregoing agreements, purchase agreements, underwriting agreements or similar agreements which may be required or advisable to effect issuances and sales of Securities, administration agreements, custodial agreements, pledge agreements, security agreements, promissory notes, revolving liquidity notes, contribution agreements and any other agreement to provide credit or liquidity enhancement to or maintain the ratings assigned to any Security or increase the credit quality of any Security or that is otherwise necessary, suitable or convenient for the accomplishment of the transactions contemplated by this Section 3.1 (including any amendments to any of the foregoing, collectively, the "Securitization Agreements");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) authorizing, selling, delivering, acquiring, pledging and otherwise dealing with the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) holding and enjoying all of the rights and privileges of any subordinate or residual certificates issued under Securitization Agreements, and selling and delivering any interests for a purchase price determined under fair and commercially reasonable terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) preparing, executing and filing with the Securities Exchange Commission a registration statement, including a prospectus and forms of prospectus supplements relating to Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) preparing private placement memorandums relating to Securities to be offered and sold privately;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) performing its obligations under each Securitization Agreement to which it is a party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) engaging in any activity and exercising any powers permitted to limited liability companies organized under the Act that are incidental to and necessary, suitable or convenient for the accomplishment of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company is hereby authorized to execute, deliver and perform, and the Member or any Director or officer on behalf of the Company are hereby authorized to execute and deliver, the Securitization Agreements and all documents, agreements, certificates, or financing statements contemplated thereby or related thereto, all without any further act, vote or approval of any Member, Director, officer or other Person notwithstanding any other provision of this Agreement. The foregoing authorization shall not be deemed a restriction on the powers of the Member or any Director or officer to enter into other agreements on behalf of the Company.

Section 3.2 <u>Principal Office</u>. The initial principal office of the Company is located at 190 Jim Moran Boulevard, Deerfield Beach, FL 33442. The principal office of the Company may be relocated from time to time by determination of the Managing Member.

Section 3.3 <u>Registered Office; Registered Agent</u>. The address of the registered office of the Company shall be c/o The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, New Castle County Delaware, 19801 and the registered agent for service of process on the Company in the State of Delaware shall be The Corporation Trust Company at such address.

Section 3.4 <u>Period of Duration</u>. The term of the Company shall continue in perpetuity, unless the Company is earlier dissolved pursuant the provisions of this Agreement.

ARTICLE IV

<u>MEMBERSHIP AND DISPOSITIONS OF INTERESTS</u>

Section 4.1 <u>Members</u>. The name and the mailing address of the initial Member are as follows:

<u>Name</u> <u>Address</u> <br> Auto Lease Finance LLC 190 Jim Moran Boulevard<br> Deerfield Beach, FL 33442

Attn: Corporate Treasurer

Section 4.2 <u>Elimination of Preemptive Rights</u>. No Member shall be entitled as such, as a matter of right, to subscribe for or purchase interests in the Company of any class, now or hereafter authorized.

Section 4.3 <u>Resignation</u>. Except as otherwise provided in this Agreement, a Member does not have the right or power to resign from the Company as a Member.

Section 4.4 <u>Restriction on the Disposition of the Membership Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to compliance with all applicable provisions of this Section 4.4, any Member may Dispose of all or any part of its Membership Interest. The Person to whom a transfer of a Membership Interest is made shall be an Assignee of such interest but shall not be a Substitute Member unless admitted as a Substitute Member in accordance with Section 4.4(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Person to whom a Disposition is made as described in Section 4.4(a) shall have the right to become a Substitute Member only if (i) the Member making such Disposition grants the transferee the right to be a Substitute Member (which grant (subject to the following clause (ii)) is hereby permitted) and (ii) such admission as a Substitute Member is consented to by all of the Members and all members of the Board of Directors, which consent may not be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company shall not recognize for any purpose any purported Disposition of all or part of the Member's Membership Interest or any right or interest appertaining thereto unless and until the Company has received a document (i) executed by both the Member effecting the Disposition and the Person acquiring such Membership Interest or part thereof, (ii) including the notice address of any Person to be admitted to the Company as a Substitute Member and such Person's agreement to be bound by this Agreement in respect of the Membership Interest or part thereof being obtained, (iii) setting forth the Membership Interest of the parties to the Disposition after the Disposition, (iv) containing a warranty and representation that the Disposition was made in accordance with this Agreement and all applicable laws and regulations, and (v) the applicable Rating Agencies confirm that the transfer will not result in a qualification, withdrawal or downgrade of any Securities ratings. Each Disposition and, if applicable, admission complying with the provisions of this Section 4.4 is effective as of the date of the document described in this Section 4.4(c), but only if the other requirements of this Section 4.4 have been met and any such admission shall be deemed to be simultaneous with the related Disposition.

Section 4.5 <u>[Reserved]</u>.

Section 4.6 <u>Personal Representative</u>. Upon the occurrence of any event that causes the Member to cease to be a member (other than the assignment by the Member of all its interest in the Company pursuant to Section 4.4 and the simultaneous admission of the assignee as a Substitute Member and continuation of the Company without dissolution) or the last remaining member to cease to be a member of the Company, to the fullest extent permitted by law, the personal representative of such member is hereby authorized to, and shall, within 90 days after the occurrence of the event that terminated the membership of such member in the Company,

agree in writing (i) to continue the Company and (ii) to the admission of the personal representative or its nominee or designee, as the case may be, as a substitute member, effective as of the occurrence of the event that terminated the membership of such member in the Company.

ARTICLE V

<u>CAPITAL CONTRIBUTIONS</u>

Section 5.1 <u>Admission and Initial Capital Contributions</u>. Auto Lease Finance LLC has been admitted as the initial Member of the Company, holding all of the Membership Interest, which Membership Interest has been duly authorized and validly issued to Auto Lease Finance LLC. The Member has contributed $1000.00, in cash and no other property, to the Company and may contribute (but shall have no obligation to contribute) in the future any additional capital deemed necessary by the Managing Member, in its sole discretion, for the operation of the Company. No other Person shall be admitted as an additional Member of the Company without the approval of the Member and the unanimous approvals of all members of the Board of Directors, including, without limitation, the affirmative vote of each of the Independent Directors.

Section 5.2 <u>Additional Capital; Adjustment of Membership Interests</u>. Except as specifically set forth elsewhere in this Agreement, no Member shall be required to contribute capital to the company in excess of such Member's initial Capital Contribution. The Membership Interests of the Members shall be adjusted to reflect (i) additional capital contributed to the Company by one or more Members, (ii) the transfer of Membership Interests, or (iii) the resignation of a Member. As of the time of an event specified in the immediately preceding sentence, the Membership Interest of the Members may be adjusted by the Managing Member, in its discretion, to reflect the relative capital accounts of the Members after giving effect to any additional capital contributed to, or amounts distributed by, the Company, as the case may be, and any appreciation or depreciation in the fair market value of the Company's property.

Section 5.3 <u>Return of Contributions</u>. A Member is not entitled to demand the return of any part of its Capital Contribution or to payment of interest in respect of either its capital account or its Capital Contribution. Except as otherwise expressly set forth in this Agreement, neither the Company nor any Member has any obligation to return the Capital Contribution of a Member.

ARTICLE VI

<u>ACCOUNTING AND DISTRIBUTION</u>

Section 6.1 <u>Books; Fiscal Year Accounting Terms</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The books of the Company shall be kept on the accrual basis and in accordance with generally accepted accounting principles consistently applied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The fiscal year of the Company for financial and tax reporting purposes shall end on December 31 of each year.

Section 6.2 <u>Distributions of Cash Flow</u>. From time to time, the Managing Member shall determine to what extent (if any) there exists sufficient Cash Flow, after taking into account such working capital, capital expenditures and debt service reserves as it deems necessary, to permit a distribution of Cash Flow to the Members. Any such distribution shall be made to the Members proportionately in accordance with their Membership Interests. Notwithstanding any other provisions of this Agreement, any distribution by the Company to a Member on account of its interest in the Company shall be subject to the Act and other applicable law.

ARTICLE VII

<u>MANAGEMENT LIABILITY OF MEMBERS,</u>

<u>RIGHTS TO OBTAIN INFORMATION</u>

Section 7.1 <u>Managing Member</u>. The Managing Member shall have the authority to exercise the rights and obligations expressly granted to it in this Agreement.

Section 7.2 <u>Board of Directors</u>. The Company shall have a Board of Managers which shall be designated as the Company's "Board of Directors" and each member of the Board of Directors shall be designated as a "Director." Except for the authority granted to the Managing Member and the officers of the Company under this Agreement, all Company powers shall be by or under the authority of, and the business and affairs of the Company managed under the direction of, its Board of Directors. The Board of Directors shall also have such other authority set forth in this Agreement. The Directors are hereby designated as "managers" within the meaning of the Act. The Board of Directors in place immediately prior to the execution of this Agreement shall continue as the Board of Directors of the Company. Members of the Board of Directors may be appointed and removed from time to time by the Managing Member, in its sole discretion, provided, however, that the Company shall at all times have at least two Independent Directors. Each Director shall execute a counterpart to this Agreement. The Board of Directors shall hold meetings at such times and places to be agreed upon by a majority of the Board of Directors.

Section 7.3 <u>Action by Directors</u>. (a) Except as set forth in Subsection (d) of this Section, any action required by this Agreement to be taken by the Directors shall require the approval of not less than a majority of the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Anything elsewhere in this Agreement to the contrary notwithstanding, for so long as any Securities which are assigned a rating by a Rating Agency remain outstanding, no Member, Director, officer or other Person on behalf of the Company shall approve, nor shall the Company undertake (except as provided in, or pursuant to, the Securitization Agreements): (i) the incurrence or assumption on behalf of the Company, directly or indirectly, of any indebtedness, or (ii) the grant of a security interest of any nature whatsoever in the Company's assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Anything elsewhere in this Agreement to the contrary notwithstanding, to the fullest extent permitted by law, no Member shall cause or permit the Company to, nor shall the Company (for so long as any Securities which are assigned a rating by a Rating Agency remain outstanding): (i) engage in any dissolution, liquidation, consolidation or merger (with or into any other business entity) or, except as provided in Section 3.1 or pursuant to the Securitization Agreements, sell all or substantially all of its assets; (ii) engage in any business activity not described in Section 3 above; or (iii) amend, modify, waive or terminate the Certificate of Formation of the Company (except as otherwise expressly provided in this Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding any other provision of this Agreement and any provision of law that otherwise so empowers the Company, the Member, the Board of Directors, any officer or any other Person, the Company (and any Member, Director, officer or other Person on behalf of the Company) may take the following actions only with the affirmative vote of the Member and unanimous affirmative vote of all members of the Board of Directors, including, without limitation, the affirmative vote of each of the Independent Directors; provided, however, that the Board of Directors may not vote on, or authorize the taking of, any of the following actions, unless there are two Independent Directors then serving in such capacity:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) make an assignment for the benefit of creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) file a voluntary petition in bankruptcy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) file a petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation or similar relief under any statute, law or regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) file an answer or other pleading admitting or failing to contest the material allegations of a petition filed against the Company in any proceeding of the type described in subclauses (i) through (iii) of this Subsection (d);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) seek, consent to, or acquiesce in the appointment of a trustee, receiver or liquidator of the Company or of all or any substantial part of the Company's properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to the fullest extent permitted by law, voluntarily dissolve and wind up, or consolidate or merge with or into another entity or sell all or substantially all of the assets of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) engage in any business activity not set forth in Section 3.1 of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) to the fullest extent permitted by law, take any action that would cause a Trust to: (a) dissolve or liquidate, in whole or in part, or institute proceedings to be adjudicated bankrupt or insolvent; (b) consent to the institution of bankruptcy or insolvency proceedings against it; (c) file a petition seeking, or consent to, reorganization or relief under any applicable Federal or state law relating to bankruptcy; (d) consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of it or a substantial part of its property; (e) make a general assignment for the benefit of creditors; (f) admit in

writing its inability to pay debts generally as they become due; or (g) take any action in furtherance of the actions set forth in clauses (a) through (f) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company may not amend, alter or repeal the definition of Independent Director, Section 3.1, Section 4.4, Section 7.2, Section 7.3, Section 8.1, Section 9.1 or Section 11.1 without the affirmative vote of the Member and the unanimous affirmative vote of all members of the Board of Directors, including, without limitation, the affirmative vote of each of the Independent Directors and such additional approvals or consents, if any, as may be required under the Securitization Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No Independent Director shall serve as a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Company, any Affiliate of the Company, or a substantial part of their respective property. To the fullest extent permitted by law, including Section 18-1101(c) of the Act, the Independent Directors shall consider only the interests of the Company, including its respective creditors, in acting or otherwise voting on the matters referred to in Section 7.3(d). No resignation or removal of an Independent Director, and no appointment of a successor Independent Director, shall be effective until such successor shall have accepted his or her appointment as an Independent Director by a written instrument, which may be a counterpart signature page to this Agreement. In the event of a vacancy in the position of Independent Director, the Member shall, as soon as practicable, appoint a successor Independent Director. All right, power and authority of the Independent Directors shall be limited to the extent necessary to exercise those rights and perform those duties specifically set forth in this Agreement.

Section 7.4 <u>Officers</u>. (a) The Company shall have an officer designated as the Company's president (the "President") who shall be appointed from time to time by the Managing Member. The President shall be the chief operating officer of the Company. Subject to Section 7.3, the President of the Company is hereby delegated the power, authority and responsibility of the day to day management, administrative, financial and implementive acts of the Company's business. The President of the Company shall have the right and power to bind the Company and to make the final determination on questions relative to the usual and customary daily business decisions, affairs and acts of the Company. Subject to Section 7.3, other primary management functions of the Company shall be assigned by the Managing Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall also have officers designated as vice presidents ("Vice Presidents") who shall be appointed from time to time by the Managing Member. Subject to Section 7.3, the Vice Presidents shall have such powers and duties as may from time to time be assigned to them by the Managing Member or the President. At the request of the President, or in the case of his absence or disability, the Vice President designated by the President (or in the absence of such designation, the Vice President designated by the Managing Member) shall perform all the duties of the President and when so acting, shall have all the powers of the President.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Managing Member may appoint such other officers as it may deem advisable from time to time. Each officer of the Company shall hold office at the pleasure of the Managing Member, and the Managing Member may remove any officer at any time, with or

without cause. Subject to Section 7.3, if appointed by the Managing Member, the officers shall have the duties assigned to them by the Managing Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except to the extent otherwise modified herein, each officer shall have fiduciary duties identical to those of officers of business corporations organized under the General Corporation Law of the State of Delaware.

Section 7.5 <u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General</u>. Except as otherwise provided in this Section 7.5, and to the fullest extent permitted by applicable law, the Company shall indemnify the Member and any Director or officer and may indemnify any employee or agent of the Company, in each case, who was or is a party or is threatened to be made a party to a threatened, pending, or completed action, suit, or proceeding (whether civil, criminal, administrative, or investigative and whether formal or informal) other than an action by or in the right of the Company, where such Person is a party because such Person is or was a Member, Director, officer, employee, or agent of the Company, for expenses, including attorney fees, judgments, penalties, fines and amounts paid in settlement actually and reasonably incurred by such Person. Except as otherwise provided in this Section 7.5, and to the fullest extent permitted by applicable law, the Company shall indemnify its Member and Directors against expenses, including, attorney fees, judgments, penalties, fines and amounts paid in settlement actually and reasonably incurred by the Member or a Director in connection with an action, suit or proceeding relating to acts or omissions of that Member or Director regarding the items set forth in Section 7.3(d) of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Permissive Indemnification</u>. Except as otherwise provided in this Section 7.5, and to the fullest extent permitted by applicable law, the Company shall indemnify such Member, Director or officer and may indemnify such employee or agent against expenses, including attorney's fees, judgments, penalties, fines and amounts paid in settlement actually and reasonably incurred by such Person in connection with the action, suit or proceeding. To the fullest extent permitted by law, the Company shall indemnify such Member, Director or officer and may indemnify such employee or agent pursuant to this Section 7.5 only if the Person acted in good faith and did not engage in willful misconduct or gross negligence. With respect to a criminal action or proceeding, the Person must have had no reasonable cause to believe such Person's misconduct was unlawful. Unless ordered by a court any indemnification permitted under this Section 7.5(b) shall be made by the Company only as the Company authorizes in the specific case after (i) determining that the indemnification is proper under the circumstances because the Person to be indemnified has met the applicable standard of conduct and (ii) evaluating the reasonableness of the expenses and of the amounts paid in settlement. This determination and evaluation shall be made by a majority vote of the Members who are not parties or threatened to be made parties to the action, suit or proceeding or, if there is only one Member, by that Member. However, no indemnification shall be provided to any Member, Director, officer, employee, or agent of the Company for or in connection with (i) the receipt of a financial benefit to which the Person is not entitled; (ii) voting for or assenting to a distribution to Members in violation of this Agreement or the Act; (iii) a knowing violation of law; or (iv) acts or omissions of such Person constituting willful misconduct or gross negligence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Mandatory Indemnification</u>. To the extent that a Member, Director, officer, employee, or agent of the Company has been successful on the merits or otherwise in defense of an action, suit, or proceeding described in Section 7.5(a) or in defense of any claim, issue, or other matter in such action, suit or proceeding, such Person shall, to the fullest extent permitted by law, be indemnified against actual and reasonable expenses, including reasonable attorney fees, incurred by such Person in connection with the action, suit, proceeding and any action, suit or proceeding brought to enforce such mandatory indemnification.

Section 7.6 <u>Exculpation; Duties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Member, Director or officer of the Company shall be liable to the Company or any Person bound by this Agreement for any loss, damage or claim incurred by reason of any act or omission performed or omitted by such Member, Director or officer in good faith on behalf of the Company and in a manner reasonably believed to be within the scope of the authority conferred on such Member, Director or officer by this Agreement, except that a Member, Director or officer shall be liable for any such loss, damage or claim incurred by reason of such Member's, Director's or officer's willful misconduct or gross negligence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the extent that at law or in equity, the Managing Member or a Director, officer, employee or agent of the Company (each, an "Indemnified Person") has duties (including fiduciary duties) and liabilities relating thereto to the Company or to the Member, any such Indemnified Person acting under this Agreement shall not be liable to the Company or to any Member for its good faith reliance on the provisions of this Agreement. The provisions of this Agreement, to the extent that they restrict or eliminate the duties and liabilities of an Indemnified Person otherwise existing at law or in equity, are agreed by the parties hereto to replace such other duties and liabilities of such Indemnified Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding any other provision of this Agreement or any applicable provisions of law or equity or otherwise, whenever in this Agreement the Managing Member is permitted or required to make a decision (i) in its "sole discretion," "discretion" or under a grant of similar authority or latitude, the Managing Member shall be entitled to consider only such interests and factors as it desires, including its own interests, and shall have no duty or obligation to give any consideration to any interest of or factors affecting the Company or any other Member, or (ii) in its "good faith" or under another expressed standard, the Managing Member shall act under such express standard and shall not be subject to any other or different standards imposed by this Agreement or any other agreement contemplated herein or by relevant provisions of law or in equity or otherwise.

ARTICLE VIII

<u>DISSOLUTION, LIQUIDATION AND TERMINATION OF THE COMPANY</u>

Section 8.1 <u>Dissolution</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall be dissolved and its affairs wound up upon the first to occur of the following (i) the termination of the legal existence of the last remaining member of the Company or the occurrence of any event which terminates the continued membership of the last

remaining member of the Company in the Company, unless the Company is continued without dissolution as permitted by this Agreement or the Act, (ii) subject to Section 7.3, the written consent of all the Members and all members of the Board of Directors, including, without limitation, the Independent Directors or (iii) the entry of a decree of judicial dissolution of the Company under Section 18-802 of the Act. The Company shall not be dissolved as a result of there no longer being any members of the Company if the Company is continued without dissolution in accordance with Section 4.6 of this Agreement and the Act. Notwithstanding anything in this Agreement to the contrary, and to the fullest extent permitted by applicable law, the Company shall not be dissolved as long as any Securities which are assigned a rating by a Rating Agency are outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Member shall cause the Company to have at all times one Person (other than the Member) bound by this Agreement who shall automatically become a member having no economic interest in the Company (the "Springing Member") in accordance with this Section 8.1(b). Upon the occurrence of any event that causes the Member to cease to be a member of the Company (other than upon an assignment by the Member of all its interest in the Company pursuant to Section 4.4 and the simultaneous admission of the assignee as a Substitute Member and continuation of the Company without dissolution), the Springing Member shall, without any further act or vote being necessary and simultaneously with the Member ceasing to be a member of the Company, automatically be admitted to the Company as a member having no economic interest in the Company. The Springing Member shall continue the Company without dissolution. In order to implement such admission of the Springing Member as a member, the initial Springing Member has executed a counterpart to this Agreement as of the date hereof and any replacement shall execute a counterpart to this Agreement. No Springing Member that has become a member of the Company may resign from the Company or transfer its rights as Springing Member unless a successor Springing Member has been admitted to the Company as Springing Member by executing a counterpart to this Agreement; provided, however, the Springing Member that has become a member shall automatically cease to be a member of the Company upon the admission to the Company of a Substitute Member. Pursuant to Section 18-301 of the Act, a Springing Member shall not be required to make any capital contributions to the Company and shall not receive a limited liability company interest in the Company. A Springing Member, in its capacity as a member of the Company, may not bind the Company. Except as required by any mandatory provision of the Act, the Springing Member, in its capacity as a member of the Company, shall have no right to vote on, approve or otherwise consent to any action by, or matter relating to, the Company, including, without limitation, the merger, consolidation or conversion of the Company. Prior to its admission to the Company as a member in accordance with this Section 8.1(b), the Springing Member shall not be a member of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding any other provision of this Agreement, the Bankruptcy of the Member or a Springing Member that has been admitted to the Company as a member, shall not cause such Member or Special Member, respectively, to cease to be a member of the Company and upon the occurrence of such an event, the Company shall continue without dissolution.

Section 8.2 <u>Liquidation and Termination</u>. On dissolution of the Company, the Managing Member shall appoint one or more Persons, which appointee or appointees may include itself, to act as a liquidator. The liquidator shall proceed diligently to wind up the affairs

of the Company and make final distributions as provided herein and in the Act. The costs of liquidation shall be borne as a Company expense. Until final distribution, subject to Section 7.3(d), the liquidator shall continue to operate the Company properties with all of the power and authority of the Managing Member and the Board of Directors. A reasonable time shall be allowed for the orderly liquidation of the assets of the Company and the discharge of liabilities to creditors so as to enable the liquidator to minimize any losses resulting from liquidation. The liquidator, as promptly as possible after dissolution and again after final liquidation, shall cause a proper accounting to be made by a nationally recognized firm of certified public accountants of the Company's assets, liabilities, and operations through the last day of the calendar month in which the dissolution occurs or the final liquidation is completed, as applicable, and shall apply the proceeds of liquidation as set forth in the remaining sections of this Article VIII.

Section 8.3 <u>Payment of Debts</u>. The assets shall first be applied to the satisfaction of the liabilities of the Company (including, to the extent otherwise permitted by law, any loans or advances that may have been made by Members to the Company and the expenses of liquidation).

Section 8.4 <u>Remaining Distribution</u>. The remaining assets shall then be distributed to the Member in accordance with the Member's positive capital account balance.

Section 8.5 <u>Reserve</u>. Notwithstanding anything to the contrary Section 8.4, the liquidator may retain such amount as it deems necessary as a reserve for any contingent, conditional or unmatured liabilities or obligations of the Company, which reserve, after the passage of a reasonable period of time as determined by the liquidator, shall be distributed in accordance with this Article VIII.

Section 8.6 <u>Final Accounting</u>. Each of the Members shall be furnished with a statement prepared by the Company's certified public accountants; which shall set forth the assets and liabilities of the Company as of the date of the complete liquidation. Upon compliance by the liquidator with the foregoing distribution plan and the completion of the winding up of the Company, the liquidator shall execute and cause to be filed a Certificate of Cancellation and any and all other documents necessary with respect to termination and cancellation of the Company under the Act. The existence of the Company as a separate legal entity shall continue until the cancellation of the Certificate of Formation of the Company (as amended from time to time).

ARTICLE IX

<u>AMENDMENTS</u>

Section 9.1 <u>Authority to Amend</u>. Subject to Section 7.3, this Agreement and the Certificate of Formation may only be amended with approval of the Managing Member and the majority vote of the members of the full Board of Directors and such additional approvals or consents, if any, as may be required under the Securitization Agreements. The Managing Member shall provide prior written notice of any proposed amendment to each Rating Agency then rating any Security that remains outstanding, but only if such rating initially was provided at the request of the Company, any Trust or an affiliate thereof.

ARTICLE X

<u>POWER OF ATTORNEY</u>

Section 10.1 <u>Power</u>. Each member irrevocably constitutes and appoints the Managing Member as his true and lawful attorney in his name, place and stead to make, execute, swear to, acknowledge, deliver and file:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any certificates or other instruments which may, be required to be filed by the Company under the laws of the State of Delaware or of any other state or jurisdiction in which the Managing Member shall deem it advisable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any documents, certificates or other instruments, including but not limited to, any and all amendments and modifications of this Agreement or of the instruments described in Subsection 10.1(a) which may be required or deemed desirable by the Managing Member to effectuate the provisions of any part of this Agreement, and, by way of extension and not in limitation, to do all such other things as shall be necessary to continue and to carry on the business of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All documents, certificates or other instruments which may be required to effectuate the dissolution and termination of the Company, to the extent such dissolution and termination is authorized hereby. The power of attorney granted hereby shall not constitute a waiver of, or be used to avoid, the rights of the Members to approve certain amendments to this Agreement pursuant to Subsection 9.1 or be used in any other manner inconsistent with the status of the Company as a limited liability company or inconsistent with the provisions of this Agreement.

Section 10.2 <u>Survival of Power</u>. It is expressly intended by each Member that the foregoing power of attorney is coupled with an interest, is irrevocable and shall survive the death, retirement or adjudication of incompetency of such Member. The foregoing power of attorney shall survive the delivery of an assignment by the Member of its entire interest in the Company, except that where an assignee of such entire interest has become a Substitute Member, then the foregoing power of attorney of the assignor Member shall survive the delivery of such assignment for the sole purpose of enabling the Managing Member to execute, acknowledge and file any and all instruments necessary to effectuate such substitution.

ARTICLE XI

<u>SEPARATE LEGAL ENTITY</u>

Section 11.1 <u>Separate Legal Entity</u>. Anything elsewhere in this Agreement or in the Certificate of Formation to the contrary notwithstanding, for so long as any Securities which are assigned a rating by a Rating Agency remain outstanding, the Company covenants that (except as provided in or contemplated by any Securitization Agreement):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It shall not enter into any contractual obligation with any Affiliate of the Company or the Managing Member, any constituent party of the Company or any shareholder of

the Managing Member, except upon terms and conditions that are intrinsically fair and substantially similar to those that would be available on an arm's-length and commercially reasonable basis with a Person other than any such Affiliate, constituent party or shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It shall: (i) maintain and prepare financial reports and statements showing its assets and liabilities separate and apart from those of any other Person and will not have its assets listed on the financial statement of any other entity; (ii) maintain its books, records and bank accounts separate from those of its Affiliates, any constituent party and any other Person; and (iii) not permit any Affiliate or constituent party independent access to its bank accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It shall not commingle any of the funds and other assets of the Company with those of any Affiliate or constituent party or any other Person and shall hold all of its assets in its own name.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It shall conduct its own business in its own name.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) It is and will remain solvent and shall pay its own debts, liabilities and expenses (including employment and overhead expenses) only out of its own assets as the same shall become due, provided, however, the foregoing shall not require the Member to make any additional capital contributions to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) It has done, or caused to be done, and shall do all things necessary to observe limited liability company formalities, as applicable, and other organizational formalities, and preserve its existence, and it shall not, nor will it permit any constituent party to, amend, modify or otherwise change the Certificate of Formation of the Company or this Agreement in a manner which would adversely affect the existence of the Company as a single purpose entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) It shall pay the salaries of its own employees from its own funds and maintain a sufficient number of employees in light of its contemplated business operations, provided, however, the foregoing shall not require the Member to make any additional capital contributions to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) It shall compensate each of its consultants and agents from its own funds for services provided to it and pay from its own assets alt obligations of any kind incurred, provided, however, the foregoing shall not require the Member to make any additional capital contributions to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) It does not, and shall not, guarantee, become obligated for, or hold itself or its credit out to be responsible for or available to satisfy, the debts or obligations of any other Person or the decisions or actions respecting the daily business or affairs of any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) It shall not acquire obligations or securities in any Affiliate or any of the Members. It shall not buy or hold any evidence of indebtedness issued by any other Person (other than cash and investment-grade securities).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) It shall allocate fairly and reasonably the cost of: (i) any overhead expenses shared with any Member, Affiliate or with any Affiliate of any Member; and (ii) any services

(such as asset management, legal and accounting) that are provided jointly to the Company and one or more Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) It shall maintain and utilize separate stationery, invoices and checks bearing its own name and allocate separate office space (which may be a separately identified area in office space shared with one or more Affiliates) and maintain a separate sign in the office directory (if applicable) of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) It has not made any loans or advances to, or pledged its assets (except as provided in the Securitization Agreements) for the benefit of, and shall not make any loans or advances to, or pledge its assets (except as provided in the Securitization Agreements) for the benefit of, any Person, including, without limitation, any Affiliate, constituent party, or any Affiliate of any constituent party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) It shall, at all times, hold itself out to the public as a legal entity separate and distinct from any other Person and shall correct any known misunderstanding regarding its separate identity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) It shall not identify itself as a division of any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) It shall maintain adequate capital for the normal obligations reasonably foreseeable in a business of its size and character and in light of its contemplated business operations, provided, however, the foregoing shall not require the Member to make any additional capital contributions to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) It has and shall maintain its assets in such a manner that it will not be costly or difficult to segregate, ascertain or identify its individual assets from those of any Affiliate or constituent party, any guarantor, or any Affiliate of any constituent party or guarantor, or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) It shall at all times cause there to be at least two duly appointed Independent Directors.

ARTICLE XII

<u>Miscellaneous</u>

Section 12.1 <u>Method of Giving Consent</u>. Any consent of the Member required by this Agreement may be given by a written consent, given by the consenting Member and received by the Person soliciting such consent. Any consent of a member of the Board of Directors required by this Agreement may be given by a written consent given by the consenting member of the Board of Directors and received by the Person soliciting such consent.

Section 12.2 <u>Governing Law</u>. This Agreement and the rights and duties of all Members shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to principles of conflict of laws.

Section 12.3 <u>Agreement for Further Execution</u>. At any time or times upon the request of the Managing Member, each Member agrees to sign and swear to any certificate, any amendment to or cancellation of such certificate, acknowledge similar certificates or affidavits or certificates of fictitious firm name or the like (and any amendments or cancellations thereof) required by the laws of the State of Delaware, or any other jurisdiction in which the Company does, or proposes to do, business. This Section 12.3 shall not prejudice or affect the rights of the Members to approve amendments to this Agreement pursuant to Section 9.1.

Section 12.4 <u>Entire Agreement</u>. This Agreement contains the entire understanding between the parties and supersedes any prior understandings or agreements between them respecting the within subject matter. There are no representations, agreements, arrangements or understandings, oral or written, between the parties hereto relating to the subject matter of this Agreement which are not fully expressed.

Section 12.5 <u>Severability</u>. This Agreement is intended to be performed in accordance with, and only to the extent permitted by, all applicable laws, ordinances, rules and regulations of the jurisdictions in which the Company does business. If any provision of this Agreement or the application thereof to any Person or circumstance shall, for any reason and to any extent, be invalid or unenforceable; the remainder of this Agreement and the application of such provision to other Persons or circumstances shall not be affected thereby, but rather shall be enforced to the greatest extent permitted by law.

Section 12.6 <u>Notices</u>. Notices to Members or to the Company shall be deemed to have been given when personally delivered or mailed, by prepaid registered or certified mail, addressed as set forth in this Agreement, unless a notice of change of address has previously been given in writing by the addressee to the addressor, in which case such notice shall be addressed to the address set forth in such notice of change of address.

Section 12.7 <u>Counterparts</u>. This Agreement may be executed in multiple counterparts, each one of which shall constitute an original executed copy of this Agreement

Section 12.8 <u>Pronouns</u>. All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine, neuter, singular or plural, as the identity of the person or persons may require.

Section 12.9 <u>Titles and Captions</u>. All titles and captions are for convenience only, do not form a substantive part of this Agreement, and shall not restrict or enlarge any substantive provisions of this Agreement.

Section 12.10 <u>Binding Agreement</u>. Notwithstanding any other provision, of this Agreement, the Member agrees that this Agreement constitutes a legal, valid and binding obligation of the Member, and is enforceable against the Member by the Independent Directors, in accordance with its terms. In addition, the Independent Directors shall be intended beneficiaries of this Agreement.

IN WITNESS WHEREOF, the undersigned have duly executed this Agreement, as of the date first set forth above.

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| | |
|:---|:---|
| <u>MEMBER</u>: | <u>MEMBER</u>: |
| AUTO LEASE FINANCE LLC | AUTO LEASE FINANCE LLC |
| By: | WORLD OMNI FINANCIAL CORP.,<br> its sole Member |

---

---

| | | |
|:---|:---|:---|
| By: | /s/ Bryan Romano | /s/ Bryan Romano |
|  | Name: | Bryan Romano |
|  | Title: | Assistant Treasurer |

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| | | |
|:---|:---|:---|
| INDEPENDENT DIRECTOR: | INDEPENDENT DIRECTOR: | INDEPENDENT DIRECTOR: |
| By: | /s/ Bernard J. Angelo | /s/ Bernard J. Angelo |
|  | Name: | Bernard J. Angelo |

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| | | |
|:---|:---|:---|
| INDEPENDENT DIRECTOR: | INDEPENDENT DIRECTOR: | INDEPENDENT DIRECTOR: |
| By: | /s/ Kevin P. Burns | /s/ Kevin P. Burns |
|  | Name: | Kevin P. Burns |

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| | | |
|:---|:---|:---|
| SPRINGING MEMBER: | SPRINGING MEMBER: | SPRINGING MEMBER: |
| WORLD OMNI RECEIVABLES, INC. | WORLD OMNI RECEIVABLES, INC. | WORLD OMNI RECEIVABLES, INC. |
| By: | /s/ Beth M. Kearton | /s/ Beth M. Kearton |
|  | Name: | Beth M. Kearton |

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| | | |
|:---|:---|:---|
| Acknowledged and Agreed by other Directors: | Acknowledged and Agreed by other Directors: | Acknowledged and Agreed by other Directors: |
| By: | /s/ Brent D. Burns | /s/ Brent D. Burns |
|  | Name: | Brent D. Burns |

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| | | |
|:---|:---|:---|
| By: | /s/ Colin W. Brown | /s/ Colin W. Brown |
|  | Name: | Colin W. Brown |

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| | | |
|:---|:---|:---|
| By: | /s/ Daniel M. Chait | /s/ Daniel M. Chait |
|  | Name: | Daniel M. Chait |

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## Exhibit 3.4

**EXHIBIT 3.4**

**<u>AMENDMENT NO. 1 TO</u>**

**<u>AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT</u>**

**<u>OF</u>**

**<u>WORLD OMNI AUTO LEASING LLC</u>**

THIS AMENDMENT NO. 1 TO AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT (this "<u>Amendment</u>") is entered into as of this 25th day of September, 2020, by Auto Lease Finance LLC, as the managing member (the "<u>Managing Member</u>") of World Omni Auto Leasing LLC (the "<u>Company</u>").

<u>RECITALS</u>

WHEREAS, the Managing Member and others entered into that certain Amended and Restated Limited Liability Company Agreement of World Omni Auto Leasing LLC, dated as of April 22, 2016 (the "<u>LLC Agreement</u>");

WHEREAS, all conditions precedent to the adoption of this Amendment have occurred, including those conditions required under Section 7.3 and Section 9.1 of the LLC Agreement; and

WHEREAS, the parties hereto desire to amend the LLC Agreement as described below.

NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements hereinafter set forth, and intending to be legally bound, the parties hereto hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Definitions</u>. Capitalized terms not defined herein shall have the meaning ascribed to such terms in the LLC Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Amendments</u>. The LLC Agreement is amended by deleting Section 3.3 in its entirety and replacing it with the following:

"Section 3.3. *<u>Registered Office; Registered Agent</u>*. The address of the registered office of the Company shall be c/o United Agent Group Inc., 3411 Silverside Road Tatnall Building #104, Wilmington, Delaware 19810 and the registered agent for service of process on the Company in the State of Delaware shall be United Agent Group Inc. at such address, or such other registered agent and registered office as set forth in the Certificate of Formation, as amended from time to time."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>LLC Agreement Remains in Effect</u>. Except as amended and modified by this Amendment, the LLC Agreement remains in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Title and Captions</u>. All titles and captions are for convenience only, do not form a substantive part of this Amendment, and shall not restrict or enlarge any substantive provisions of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Governing Law</u>. This Amendment and the rights and duties of the Members shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to principles of conflict of laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Severability</u>. If any provision of this Amendment shall be held invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

**[remainder of page intentionally left blank]**

IN WITNESS WHEREOF, the undersigned has duly executed this Amendment as of the day and year first above written.

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| | | |
|:---|:---|:---|
| <u>MEMBER</u>: | <u>MEMBER</u>: | <u>MEMBER</u>: |
| AUTO LEASE FINANCE LLC,<br> as Managing Member | AUTO LEASE FINANCE LLC,<br> as Managing Member | AUTO LEASE FINANCE LLC,<br> as Managing Member |
| By: | /s/ Ronald J. Virtue | /s/ Ronald J. Virtue |
|  | Name: | Ronald J. Virtue |
|  | Title: | Assistant Treasurer |

---

---

| | | |
|:---|:---|:---|
| Acknowledged and accepted as of the day and year first above written: | Acknowledged and accepted as of the day and year first above written: | Acknowledged and accepted as of the day and year first above written: |
| WORLD OMNI AUTO LEASING LLC | WORLD OMNI AUTO LEASING LLC | WORLD OMNI AUTO LEASING LLC |
| By: | /s/ Ronald J. Virtue | /s/ Ronald J. Virtue |
|  | Name: | Ronald J. Virtue |
|  | Title: | Assistant Treasurer |

---

## Exhibit 3.5

**EXHIBIT 3.5**

CERTIFICATE OF TRUST

OF

WORLD OMNI LT

THIS Certificate of Trust of WORLD OMNI LT (the "Trust") is being duly executed and filed on behalf of the Trust by the undersigned, as trustees, to form a business trust under the Delaware Business Trust Act (12 Del. C. Section 3801 et seq.) (the "<u>Trust Statute</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Name</u>. The name of the trust formed hereby is "WORLD OMNI LT."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Delaware Trustee</u>. The name and the business address of the trustee of the Trust in the State of Delaware is U.S. Bank Trust National Association, 300 E*.* Delaware Avenue, 8th Floor, Wilmington, DE 19809-1515, Attention: Corporate Trust Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Series</u>, Pursuant to Section 3806(b)(2) of the Trust Statute, the Trust shall issue one or more series of beneficial interests having the rights and preferences set forth in the governing instrument of the Trust, as the same may be amended from time to time (each a "<u>Series</u>").

4*.* <u>Notice of Limitation of Liabilities of each Series</u>. Pursuant to Section 3804(a) of the Trust Statute, there shall be a limitation on liabilities of each Series such that (a) the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular Series shall be enforceable against the assets of such Series only, and not against the assets of the Trust generally or the assets of any other Series thereof and (b) none of the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Trust generally or any other Series thereof shall be enforceable against the assets of such Series.

5*.* <u>Effective Date</u>. This Certificate of Trust shall be effective upon filing.

U.S. BANK TRUST NATIONAL ASSOCIATION, <br> as Trustee

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| | |
|:---|:---|
| By: | /s/ Patricia M. Child |
| Name: Patricia M. Child | Name: Patricia M. Child |
| Title: Vice President | Title: Vice President |

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VT INC., <br> as Trustee,

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| | |
|:---|:---|
| By: | /s/ Patricia M. Child |
| Name: Patricia M. Child | Name: Patricia M. Child |
| Title: President | Title: President |

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**Certificate Of Merger<br> of**

**WORLD OMNI LT,<br> an Alabama business trust<br> into**

**WORLD OMNI LT,<br> a Delaware statutory trust**

THIS Certificate of Merger, is duly executed and filed on behalf of World Omni LT, a statutory trust formed and existing under the Delaware Statutory Trust Act, 12 <u>Del. C.</u> § 1801 et <u>seq</u>. (the "<u>Act</u>"), by the undersigned, as trustees, in accordance with Section 3815 of the Act:

FIRST: The name and jurisdiction of formation or organization of each of the constituent entities which is to merge is World Omni LT, a business trust formed under the laws of the State of Alabama (the "<u>Alabama Trust</u>"), and World Omni LT, a statutory trust formed under the laws of the State of Delaware (the "<u>Delaware Trust</u>").

SECOND: An Agreement and Plan of Merger, dated July 16, 2008 ("<u>the Agreement and Plan of Merger</u>"), between the Alabama Trust and the Delaware Trust has been approved and executed by the Alabama Trust and the Delaware Trust, and their respective beneficial owners and trustees.

THIRD: The name of the surviving Delaware statutory trust is World Omni LT.

FOURTH: The merger of the Alabama Trust into the Delaware Trust shall be effective on July 16, 2008.

FIFTH: The executed Agreement and Plan of Merger is on file at the principal place of business of the surviving Delaware statutory trust. The address of such place of business of the surviving Delaware statutory trust is 190 Jim Moran Boulevard, Deerfield Beach, Florida 33442.

SIXTH: A copy of the Agreement and Plan of Merger will be furnished by the surviving Delaware statutory trust, on request and without cost, to any beneficial owner of the Alabama Trust or the Delaware Trust.

IN WITNESS WHEREOF, the undersigned being all of the trustees of the Delaware Trust, have executed this Certificate of Merger in accordance with Section 3811(a)(4) of the Act.

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| | |
|:---|:---|
| **VT INC.,** not in its individual capacity but solely as Titling Trustee | **VT INC.,** not in its individual capacity but solely as Titling Trustee |
| By: | /s/ Patricia M. Child |
| Name: Patricia M. Child | Name: Patricia M. Child |
| Title: President | Title: President |

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[Signature Page 1 of 2 to World Omni LT Certificate of Merger]

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| | |
|:---|:---|
| **US. BANK TRUST NATIONAL** | **US. BANK TRUST NATIONAL** |
| **ASSOCIATION,** not in its individual capacity but solely as Delaware Trustee | **ASSOCIATION,** not in its individual capacity but solely as Delaware Trustee |
| By: | /s/ Patricia M. Child |
| Name: Patricia M. Child | Name: Patricia M. Child |
| Title: Vice President | Title: Vice President |

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[Signature Page 2 of 2 to World Omni LT Certificate of Merger]

## Exhibit 3.6

**EXHIBIT 3.6**

**SECOND AMENDED AND RESTATED<br> TRUST AGREEMENT**

of

**WORLD OMNI LT,**<br> a Delaware statutory trust

dated as of July 16, 2008

among

**AUTO LEASE FINANCE LLC,**<br> as Initial Beneficiary,

**WORLD OMNI FINANCIAL CORP.,**<br> as Titling Trust Administrator,

**VT INC.,**<br> as Titling Trustee,

**U.S. BANK TRUST NATIONAL ASSOCIATION,**<br> as Delaware Trustee,

and

**U.S. BANK NATIONAL ASSOCIATION,**<br> as Initial Titling Trustee Agent

*Titling Trust Agreement*

**<u>**TABLE OF CONTENTS**</u>**

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| | | |
|:---|:---|:---|
| ARTICLE I USAGE AND DEFINITIONS | ARTICLE I USAGE AND DEFINITIONS | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.1 | Definitions | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.2 | Usage | 11.0 |
| ARTICLE II ORGANIZATION OF THE TRUST | ARTICLE II ORGANIZATION OF THE TRUST | 12.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.1 | Name | 12.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.2 | Office | 13.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.3 | Purposes and Powers | 13.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.4 | Banking Activities | 14.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.5 | Appointment of the Titling Trustee and Delaware Trustee | 15.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.6 | Contribution and Conveyance of Titling Trust Assets | 15.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.7 | Declaration of Trust | 15.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.8 | Representations and Warranties of World Omni as Titling Trust Administrator | 16.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.9 | Tax Reporting and Characterization | 17.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.10 | Execution of Documents | 17.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.11 | Conduct of Operations | 17.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.12 | No State Law Partnership | 21.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.13 | Titling of Titling Trust Vehicles | 21.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.14 | Enforcement of Titling Trust Leases | 21.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.15 | Liability to Third Parties | 21.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.16 | No Personal Liability of any Holder | 22.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.17 | Limited Liability and Bankruptcy Remoteness | 22.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.18 | Term | 22.0 |
| ARTICLE III MANAGEMENT OF THE TITLING TRUST | ARTICLE III MANAGEMENT OF THE TITLING TRUST | 22.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.1 | General Management of the Titling Trust | 22.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.2 | Restrictions on the Power of the Titling Trustee | 23.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.3 | Duties and Obligations of the Titling Trustee | 23.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.4 | Delegation of Certain Titling Trustee Duties and Ob1iations to the Titling Trust Administrator | 25.0 |
| ARTICLE IV SPECIFIED INTERESTS | ARTICLE IV SPECIFIED INTERESTS | 25.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.1 | Designation of the Specified Interests | 25.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.2 | Capital Contributions | 27.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.3 | Allocation of Specified Assets; Servicing Agreements | 28.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.4 | Asset Removal Procedures | 33.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.5 | Accounts of the Titling Trust | 34.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.6 | Titling Trust Debts | 34.0 |
| ARTICLE V THE CERTIFICATES | ARTICLE V THE CERTIFICATES | 34.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.1 | Authentication and Delivery; Form | 34.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.2 | Mutilated, Destroyed, Lost or Stolen Certificates | 35.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.3 | Persons Deemed Holders | 35.0 |

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*Titling Trust Agreement*

i

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.4 | Registration of Transfer and Exchange of Certificates | 36.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.5 | Maintenance of Office or Agency | 37.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.6 | Cooperation with Servicers | 37.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.7 | Registered Pledge | 37.0 |
| &nbsp;&nbsp;ARTICLE VI ACCOUNTING AND REPORTS TO HOLDERS | &nbsp;&nbsp;ARTICLE VI ACCOUNTING AND REPORTS TO HOLDERS | 38.0 |
| &nbsp;&nbsp;ARTICLE VII THE TITLING TRUST ADMINISTRATOR AND THE TRUSTEES | &nbsp;&nbsp;ARTICLE VII THE TITLING TRUST ADMINISTRATOR AND THE TRUSTEES | 38.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.1 | Appointment of the Titling Trust Administrator; Duties of the Tit1ing Trust Administrator and the Titling Trustee | 38.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.2 | Authorization of the Titling Trust Administrator and the Trustees | 39.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.3 | Acceptance of Duties; Limitation of Liability | 39.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.4 | Action upon Instruction by Holders | 40.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.5 | Furnishing of Documents | 41.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.6 | Representations and Warranties of the Trustees; Agreements Regarding Stock | 41.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.7 | Reliance; Advice of Counsel | 44.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.8 | Compensation and Reimbursement | 45.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.9 | Resignation or Removal of Titling Trust Administrator and the Trustees | 45.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.10 | Merger or Consolidation of Titling Trust Administrator or the Titling Trustee | 47.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.11 | Eligibility Requirements for the Trustees | 47.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.12 | Agents of the Trust Representatives | 48.0 |
| &nbsp;&nbsp;ARTICLE VIII TERMINATION OF TRUST AGREEMENT | &nbsp;&nbsp;ARTICLE VIII TERMINATION OF TRUST AGREEMENT | 51.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.1 | Termination of Trust Agreement | 51.0 |
| &nbsp;&nbsp;ARTICLE IX AMENDMENTS | &nbsp;&nbsp;ARTICLE IX AMENDMENTS | 51.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.1 | Amendments | 51.0 |
| &nbsp;&nbsp;ARTICLE X LIABILITIES; INDEMNIFICATION | &nbsp;&nbsp;ARTICLE X LIABILITIES; INDEMNIFICATION | 53.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.1 | Liabilities; Indemnification | 53.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.2 | Indemnification of the Tit1in Trustee Agents and the Trustees | 54.0 |
| &nbsp;&nbsp;ARTICLE XI MISCELLANEOUS | &nbsp;&nbsp;ARTICLE XI MISCELLANEOUS | 55.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.1 | No Legal Title to Titling Trust Assets; Direction of the Titling Trust Administrator | 55.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.2 | Limitations on Rights of Others | 55.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.3 | Notices | 55.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.4 | GOVERNING LAW | 57.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.5 | Severability; Conflict with Delaware Statutory Trust Act | 57.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.6 | Counterparts | 58.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.7 | Headings | 58.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.8 | Successors and Assigns | 58.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.9 | No Recourse | 58.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.10 | No Petition | 58.0 |

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*Titling Trust Agreement*

ii

Section 11.11 Confidential Information 59

*Titling Trust Agreement*

iii

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| | |
|:---|:---|
| **EXHIBITS** |  |
| Exhibit A | Form of Specification Notice |
| Exhibit B | Form of Certificate |
| Exhibit C | Form of Notice of Registered Pledge |
| Exhibit D | Form of Certificate of Trust |
| Exhibit E | Form of Certificate of Merger |
| Exhibit F | Form of Addition Notice |
| Exhibit G | Form of Reallocation Notice |
| **SCHEDULES** |  |
| Schedule A | Authorized Officers of the Initial Beneficiary and the Titling Trust Administrator |
| Schedule B | Authorized Officers of the Titling Trustee |
| Schedule C | Initial Designated Notice Recipients |

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*Titling Trust Agreement*

iv

**<u>INDEX OF TERMS DEFINED IN THIS<br> TITLING TRUST AGREEMENT OR IN THE<br> INTERCREDITOR AGREEMENT</u>**

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| | |
|:---|:---|
| ***A*** |  |
| Addition Date | Titling Trust Agreement, Section 1.1 |
| Addition Notice | Titling Trust Agreement, Section 1.1 |
| Affiliate | Titling Trust Agreement, Section 1.1 |
| Alabama Trust | Titling Trust Agreement, Recitals |
| Alabama Trust Agreement | Titling Trust Agreement, Section 1.1 |
| Alabama Trustee | Titling Trust Agreement, Section 1.1 |
| ALF LLC | Titling Trust Agreement, Preamble |
| ALF LP | Titling Trust Agreement, Recitals |
| ALHC | Schedule Ito the Intercreditor Agreement |
| Applicable Asset Annex | Titling Trust Agreement, Section 1.1 |
| Applicable Law | Titling Trust Agreement, Section 1.1 |
| Asset Removal Procedures | Titling Trust Agreement, Section 4.4 |
| Assignment Date | Titling Trust Agreement, Section 1.1 |
| Assignment Notice | Titling Trust Agreement, Section 1.1 |
| Authorized Officer | Titling Trust Agreement, Section 1.1 |
| ***B*** |  |
| Bank | Titling Trust Agreement, Section 2.4(d) |
| Bank of America | Schedule Ito the Intercreditor Agreement |
| Bankruptcy Code | Titling Trust Agreement, Section 1.1 |
| Beneficial Interest | Titling Trust Agreement, Section 1.1 |
| Borrower Novation Agreement | Titling Trust Agreement, Section 1.1 |
| BTM | Schedule I to the Intercreditor Agreement |
| BTM Receivables Financing Agreement | Schedule I to the Intercreditor Agreement |
| Business Day | Titling Trust Agreement, Section 1.1 |
| ***C*** |  |
| Certificate | Titling Trust Agreement, Section 4.1(a) |
| Certificate of Merger | Titling Trust Agreement, Section 1.1 |
| Certificate of Title | Titling Trust Agreement, Section 1.1 |
| Certificate of Trust | Titling Trust Agreement, Section 1.1 |
| Certificate Register | Titling Trust Agreement, Section 5.4(a) |
| Certificates of Title | Titling Trust Agreement, Section 1.1 |
| Class | Titling Trust Agreement, Section 4.3(b)(iii) |
| Closed-End Collateral Agency Agreement | Schedule I to the Intercreditor Agreement |
| Closed-End Collateral Specified Interest | Schedule I to the Intercreditor Agreement |
| Closed-End Collateral Specified Interest Certificate | Schedule I to the Intercreditor Agreement |
| Closed-End Security Agreement | Schedule I to the Intercreditor Agreement |
| Code | Titling Trust Agreement, Section 1.1 |

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*Titling Trust Agreement*

v

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| | |
|:---|:---|
| Collection Period | Titling Trust Agreement, Section 1.1 |
| Collections | Titling Trust Agreement, Section 1.1 |
| Confidential Information | Titling Trust Agreement, Section 11.11(b) |
| Corporate Trust Office | Titling Trust Agreement, Section 1.1 |
| ***D*** |  |
| Dealer | Titling Trust Agreement, Section 1.1 |
| Delaware Statutory Trust Act | Titling Trust Agreement, Section 1.1 |
| Delaware Trustee | Titling Trust Agreement, Preamble |
| Designated Notice Recipient | Titling Trust Agreement, Section 1.1 |
| ***E*** |  |
| Enhancement | Titling Trust Agreement, Section 1.1 |
| Enhancement Document | Titling Trust Agreement, Section 1.1 |
| Existing Party | Intercreditor Agreement, Section 3.1(a) |
| ***F*** |  |
| First Amended and Restated Trust Agreement | Titling Trust Agreement, Recitals |
| Fixed Specified Interest | Titling Trust Agreement, Section 4.3(b)(ii) |
| ***G*** |  |
| G-L-B Act | Titling Trust Agreement, Section 11.11(a) |
| Governmental Authority | Titling Trust Agreement, Section 1.1 |
| Grantor | Titling Trust Agreement, Recitals |
| ***H*** |  |
| Holder | Titling Trust Agreement, Section 1.1 |
| Holding Company | Intercreditor Agreement, Preamble |
| ***I*** |  |
| Indemnified Person | Titling Trust Agreement, Section 10.1(a) |
| Indemnified Persons | Titling Trust Agreement, Section 10.2(a), Titling Trust Agreement, Section 10.1(a) |
| Information Recipients | Titling Trust Agreement, Section 11.11(a) |
| Initial Beneficiary | Titling Trust Agreement, Preamble |
| Initial Titling Trust Debt Documents | Titling Trust Agreement, Section 1.1 |
| Initial Titling Trustee Agent | Titling Trust Agreement, Section 7.12(d)(i) |
| Insolvency Event | Titling Trust Agreement, Section 1.1 |
| Intercreditor Agreement | Intercreditor Agreement, Preamble, Titling Trust Agreement, Section 1.1 |
| Interest Holder | Intercreditor Agreement, Sect Lou 1.1 |
| Interim Trust Agreement | Titling Trust Agreement, Recitals |

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*Titling Trust Agreement*

vi

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| | |
|:---|:---|
| ***J*** |  |
| Joinder Agreement | Intercreditor Agreement, Section 3.1(a) |
| ***L*** |  |
| Lease Files | Titling Trust Agreement, Sect Lou 1.1 |
| Lessee | Titling Trust Agreement, Section 1.1 |
| Liabilities | Titling Trust Agreement, Section 10.1(a) |
| Lien | Titling Trust Agreement, Section 1.1 |
| Liquid Titling Trustee Assets | Titling Trust Agreement, Section 7.6(c)(ii)(B) |
| ***M*** |  |
| Merger | Titling Trust Agreement, Recitals |
| Merger Agreement | Titling Trust Agreement, Recitals |
| Multi-Bank Receivables Financing Agreement | Schedule I to the Intercreditor Agreement |
| Multiple-Use SPV | Intercreditor Agreement, Section 1.1 |
| ***N*** |  |
| Notice of Registered Pledge | Titling Trust Agreement, Section 5.4(e) |
| ***O*** |  |
| Open-End Collateral Specified Interest | Schedule I to the Intercreditor Agreement |
| Open-End Collateral Specified Interest Certificate | Schedule I to the Intercreditor Agreement |
| Open-End Credit and Security Agreement | Schedule I to the Intercreditor Agreement, |
| Opinion of Counsel | Titling Trust Agreement, Section 1.1 |
| Other Assets, Rights and Interests | Intercreditor Agreement, Section 2.1(b) |
| ***P*** |  |
| Pass-Through Entity | Titling Trust Agreement, Section 5.1 (d)(iii) |
| Permitted Transactions | Titling Trust Agreement, Section 2.3 |
| Person | Titling Trust Agreement, Section 1.1 |
| ***R*** |  |
| Rating Agency | Titling Trust Agreement, Section 1.1 |
| Reallocation Date | Titling Trust Agreement, Section 1.1 |
| Reallocation Notice | Titling Trust Agreement, Section 1.1 |
| Registered Pledge | Titling Trust Agreement, Section 5.4(e) |
| Registered Pledgee | Titling Trust Agreement, Section 1.1 |
| Related Assets, Rights and Interests | Intercreditor Agreement, Section 2.1(b) |
| Related Specified Assets | Intercreditor Agreement, Section 1.1 |
| Related Specified Interest | Intercreditor Agreement, Section 1.1 |
| Representative Capacities | Intercreditor Agreement, Section 1.1 |

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*Titling Trust Agreement*

vii

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| | |
|:---|:---|
| Representative Capacity | Intercreditor Agreement, Section 1.1 |
| Representative Party | Intercreditor Agreement, Section 1.1 |
| Revolving Specified Interest | Titling Trust Agreement, Section 4.3(b)(ii) |
| ***S*** |  |
| Secured Titling Trust Creditor | Titling Trust Agreement, Section 1.1 |
| Secured Titling Trust Debt | Titling Trust Agreement, Section 1.1 |
| Securitization Entity | Titling Trust Agreement, Section 1.1 |
| Series | Titling Trust Agreement, Section 4.1(a) |
| Series Collateral Agents | Intercreditor Agreement, Section 1.1 |
| Series Cutoff Date | Titling Trust Agreement, Section 4.3(b)(v) |
| Series Issue Date | Titling Trust Agreement, Section 4.3(b)(i) |
| Servicer | Titling Trust Agreement, Section 4.3(a) |
| Servicing Agreement | Titling Trust Agreement, Section 1.1 |
| Specification Notice | Titling Trust Agreement, Section 4.3(b) |
| Specified Asset | Titling Trust Agreement, Section 1.1 |
| Specified Asset Amount | Titling Trust Agreement, Section 1.1 |
| Specified Asset Percentage | Titling Trust Agreement, Section 1.1 |
| Specified Asset Titling Trust Administrator Fee | Titling Trust Agreement, Section 1.1 |
| Specified Asset Titling Trustee Fee | Titling Trust Agreement, Section 1.1 |
| Specified Interest | Titling Trust Agreement, Section 4.1(a) |
| Specified Interest Default Condition | Titling Trust Agreement, Section 1.1 |
| Specified Lease | Titling Trust Agreement, Section 1.1 |
| Specified Vehicle | Titling Trust Agreement, Section 1.1 |
| ***T*** |  |
| Titling Trust | Titling Trust Agreement, Recitals |
| Titling Trust Administrator | Titling Trust Agreement, Preamble |
| Titling Trust Agreement | Intercreditor Agreement, Section 1.1, Titling Trust Agreement, Preamble |
| Titling Trust Assets | Titling Trust Agreement, Section 1.1 |
| Titling Trust Creditor | Titling Trust Agreement, Section 1.1 |
| Titling Trust Debt | Titling Trust Agreement, Section 1.1 |
| Titling Trust Debt Document | Titling Trust Agreement, Section 1.1 |
| Titling Trust Debt Specified Interest | Titling Trust Agreement, Section 4.3(b)(vii) |
| Titling Trust Lease | Titling Trust Agreement, Section 1.1 |
| Titling Trust Vehicle | Titling Trust Agreement, Section 1.1 |
| Titling Trustee | Titling Trust Agreement, Preamble |
| Treasury Regulations | Titling Trust Agreement, Section 1.1 |
| TRO Default | Tilling Trust Agreement, Section 1.1 |
| TRO Document | Tilling Trust Agreement, Section 1.1 |
| TRO Holder | Titling Trust Agreement, Section 1.1 |
| TRO Holder Representative | Intercreditor Agreement, Section 1.1 |
| Trust Agency Agreement | Titling Trust Agreement, Section 7.12 |
| Trust Agent | Titling Trust Agreement, Section 7.12 |

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*Titling Trust Agreement*

viii

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| | |
|:---|:---|
| Trust Document | Titling Trust Agreement, Section 1.1 |
| Trust Representative | Titling Trust Agreement, Section 1.1 |
| Trust Representatives | Titling Trust Agreement, Section 1.1 |
| Trustee | Titling Trust Agreement, Section 1.1 |
| Trustee Stock | Titling Trust Agreement, Section 7.6(c) |
| ***U*** |  |
| U.S. Bank | Titling Trust Agreement, Preamble |
| U.S. Bank Trust | Titling Trust Agreement, Preamble |
| Undertaking | Titling Trust Agreement, Section 1.1 |
| ***V*** |  |
| VT Inc. | Intercreditor Agreement, Preamble, Titling Trust Agreement, Section 1.1 |
| ***W*** |  |
| Warehouse Facility Lender | Schedule I to the Intercreditor Agreement |
| Warehouse Facility Lenders | Schedule I to the Intercreditor Agreement |
| World Omni | Titling Trust Agreement, Preamble |

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*Titling Trust Agreement*

ix

**SECOND AMENDED AND RESTATED TRUST AGREEMENT**, dated and effective as of July 16, 2008 (the "**<u>Titling Trust Agreement</u>**"), among **AUTO LEASE FINANCE LLC**, a Delaware limited liability company ("**<u>ALF LLC</u>**"), as initial beneficiary (in such capacity, the "**<u>Initial Beneficiary</u>**"), **WORLD OMNI FINANCIAL CORP.**, a Florida corporation ("**<u>World Omni</u>**") as titling trust administrator (in such capacity, the "**<u>Titling Trust Administrator</u>**"), **VT INC.**, an Alabama corporation, as trustee (in such capacity, the "**<u>Titling Trustee</u>**"), **U.S. BANK TRUST NATIONAL ASSOCIATION**, a national banking association ("**<u>US Bank Trust</u>**"), as co-trustee (in such capacity, the "**<u>Delaware Trustee</u>**"), and **U.S. BANK NATIONAL ASSOCIATION**, a national banking association ("**<u>U.S. Bank</u>**"), as Initial Titling Trustee Agent (as defined herein).

**BACKGROUND**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Auto Lease Finance L.P., a Delaware limited partnership ("**<u>ALF LP</u>**"), has established World Omni LT, a Delaware statutory trust (the "**<u>Titling Trust</u>**"), pursuant to the Certificate of Trust (as defined herein) and a Trust Agreement, dated and effective as of June 25, 2007 (the "**<u>Interim Trust Agreement</u>**"), among ALF LP, as grantor (in such capacity, the "**<u>Grantor</u>**"), World Omni, as Servicer, the Titling Trustee, and the Delaware Trustee, as amended and restated by the Amended and Restated Trust Agreement, dated and effective as of March 30, 2008 (the "**<u>First Amended and Restated Trust Agreement</u>**"), among the Grantor, World Omni, as Servicer and as Titling Trust Administrator, the Titling Trustee, and the Delaware Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. On the date that the Titling Trust was established, (A) ALF LP held the entire beneficial interest in the Titling Trust, (B) the Initial Beneficiary was the general partner of ALF LP and (C) World Omni, as a limited partner, owned 99% of the economic interest in ALF LP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. World Omni LT, an Alabama business trust (the "**<u>Alabama Trust</u>**"), was established pursuant to the Alabama Trust Agreement (as defined herein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. On or around July 16, 2008, the Alabama Trust will merge with and into the Titling Trust (the "**<u>Merger</u>**") pursuant to (A) the Agreement and Plan of Merger, dated July 16, 2008 (the "**<u>Merger Agreement</u>**"), between the Alabama Trust and the Titling Trust, and the filing of a "Certificate of Merger" with the Secretary of State of the State of Alabama and the filing of a "Certificate of Merger" with the Secretary of State of the State of Delaware. The Titling Trust will be the surviving entity pursuant to the Merger. Such merger has been approved by ALF LP, as the sole beneficial owner of each of the Alabama Trust and the Titling Trust, by VT, Inc., as the trustee of each of the Alabama Trust and the Titling Trust and by U.S. Bank Trust, as co-trustee of the Titling Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. On the date of, and simultaneously with the execution and delivery of, this Titling Trust Agreement, (A) World Omni is transferring all of its partnership interests in, and other rights with respect to, ALF LP to the Initial Beneficiary and (B) ALF LP is being dissolved, with the Initial Beneficiary succeeding to all of the rights of ALF LP in and with respect to the Titling Trust. The Initial Beneficiary is executing this Titling Trust Agreement as

*Titling Trust Agreement*

the successor to ALF LP of all the rights of ALF LP in, to and under the First Amended and Restated Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The parties now wish to amend and restate the First Amended and Restated Trust Agreement to more fully set forth the rights and obligations of the parties.

The parties agree as follows:

**ARTICLE I**

**USAGE AND DEFINITIONS**

**Section 1.1 <u>Definitions.</u>**

Capitalized terms used but not otherwise defined in this Titling Trust Agreement are defined below or, if not defined in this Titling Trust Agreement (including in this **Section 1.1**), are defined in the Intercreditor Agreement (as defined below).

"**<u>Addition Date</u>**" means, with respect to any Specified Asset, the date as of which such Specified Asset is acquired by the Titling Trust for allocation to a previously designated Revolving Specified Interest pursuant to **<u>Section 4.3(d)</u>**.

"**<u>Addition Notice</u>**" means a notice provided to the Titling Trust Administrator pursuant to **<u>Section 4.3(d)</u>**.

"**<u>Affiliate</u>**" means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under direct or indirect common control with such Person. For the purposes of this definition. "control" when used with respect to any Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise.

"**<u>Alabama Trust Agreement</u>**" means the Third Amended and Restated Trust Agreement of World Omni LT, an Alabama trust, dated as of September 10, 2004, among ALF LP, as grantor and sole beneficiary, VT Inc., as trustee, and, for the limited purposes set forth therein, U.S. Bank.

"**<u>Alabama Trustee</u>**" means VT Inc., in its capacity as trustee under the Alabama Trust Agreement, and otherwise engaging in the activities described in **<u>Section 6.07(e)</u>** of the Alabama Trust Agreement.

"**<u>Applicable Asset Annex</u>**" means a schedule that is (1) attached to the Specification Notice delivered with respect to any Specified Interest and identifies the Specified Assets with respect to such Specified Interest as of the related Series Cutoff Date, (2) attached to a Reallocation Notice and identifies the Titling Trust Assets to be reallocated pursuant to such notice or (3) attached to an Addition Notice and identifies the Titling Trust Assets to be acquired by the Titling Trust and allocated, pursuant to such notice, to the applicable Specified Interest.

*Titling Trust Agreement*

"**<u>Applicable Law</u>**" means all applicable laws, ordinances, judgments, decrees, injunctions, writs and orders of any Governmental Authority and rules, regulations, orders, interpretations, licenses and permits of any Governmental Authority.

"**<u>Assignment Date</u>**" means, with respect to any Specified Asset allocated to any Specified Interest, the date as of which such Specified Asset is assigned or otherwise transferred from the Titling Trust pursuant to **<u>Section 4.3(e)</u>**.

"**<u>Assignment Notice</u>**" means a notice provided to the Titling Trust Administrator pursuant to **<u>Section 4.3(e)</u>**.

"**<u>Authorized Officer</u>**":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) with respect to the Initial Beneficiary or the Titling Trust Administrator,
 means each of the natural persons set forth on  **<u>Schedule A</u>** (as such  **<u>Schedule A</u>** may be amended from time to time by the Initial Beneficiary or the Titling Trust
 Administrator, as the case may be, in each case by notice to each other party to this Titling
 Trust Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) with respect to the Titling Trustee, means each of the natural persons
 set forth on  **<u>Schedule B</u>** (as such  **<u>Schedule B</u>** may be amended from
 time to time by the Titling Trustee by notice to each other party to this Titling Trust Agreement);
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) with respect to the Delaware Trustee, means any officer in the Corporate
 Trust Office of such Person, including any president, vice president, assistant vice president,
 treasurer, assistant treasurer, secretary, assistant secretary or any other officer of such
 Person customarily performing functions similar to those performed by any of the above designated
 and also, with respect to a particular matter, any other officer to whom such matter is referred
 because of such officer's knowledge of and familiarity with the particular subject.

"**<u>Bankruptcy Code</u>**" means the United States Bankruptcy Code, as set forth in Title 11 of the United States Code.

"**<u>Beneficial Interest</u>**" means the beneficial interest of the Holders of a Series in the related Specified Interest, represented by their Certificates, including such Holders' exclusive right to administer, manage, and control the related Specified Assets in the manner set forth in **<u>Section 4.3(c)</u>**, **<u>but subject</u>**, **<u>however</u>**, to (x) the rights of (A) any related Registered Pledgee and (B) any related Titling Trust Creditors and to the terms of the related Servicing Agreement and (y) any other document to which the Specified Assets of such Specified Interest are subject.

"**<u>Borrower Novation Agreement</u>**" means the Novation Agreement, dated as of July 16, 2008, among ALF LP, as Borrower Transferor, the Titling Trust, as Borrower Transferee, and the Novation Consenting Parties named therein.

*Titling Trust Agreement*

"**<u>Business Day</u>**" means any day that is not a Saturday, Sunday or other day on which commercial banking institutions in New York, New York, Chicago, Illinois, Charlotte, North Carolina, or Boca Raton, Florida are authorized or obligated by law or executive order to be closed.

"**<u>Certificate of Merger</u>**" means the certificate or certificates of merger, a copy (or copies) of which is (or are) attached as **<u>Exhibit E</u>**.

"**<u>Certificate of Trust</u>**" means the certificate of trust of the Titling Trust, as filed with the Secretary of State of the State of Delaware on June 25, 2007, a copy of which is attached as **<u>Exhibit D</u>**.

"**<u>Certificate of Title</u>**" means a certificate of title or other similar evidence of ownership of a Titling Trust Vehicle issued in paper form by the relevant governmental department or agency in the jurisdiction in which the Titling Trust Vehicle is registered, or a record maintained by such governmental department or agency in the form of information stored in electronic media. However, if a certificate of title or other similar evidence of ownership in paper form or such record stored on electronic media has not been issued or is not being maintained, the application (or copy thereof) for the certificate of title or other similar evidence of ownership will constitute the "**<u>Certificate of Title</u>**." "**<u>Certificates of Title</u>**" has a meaning correlative to the foregoing.

"**<u>Code</u>**" means the Internal Revenue Code of 1986.

"**<u>Collection Period</u>**" means, with respect to any Specified Interest, except as otherwise provided in the related Servicing Agreement, a calendar month.

"**<u>Collections</u>**" means, with respect to any Specified Interest, except as otherwise provided in the related Servicing Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) all amounts collected from related Lessees on the Titling Trust Leases
 (including, without limitation, any payments received under terminal rental adjustment clauses);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any and all amounts received with respect to the sale or other disposition
 of the related Titling Trust Vehicles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) all other amounts received in respect of the related Specified Assets.

"**<u>Corporate Trust Office</u>**" means, with respect to the applicable Trustee, the office of the Trustee at which its corporate trust business is administered, which as of the date of this Titling Trust Agreement is located at:

*Titling Trust Agreement*

*In the case of the Titling Trustee*:

VT Inc.

c/o U.S. Bank National Association

209 South LaSalle Street

Suite 300

Chicago, Illinois 60604

Attention: Patricia M. Child

Fax: 312-325-8905

Telephone: 312-325-8902

 

*In the case of the Delaware Trustee*:

U.S. Bank Trust National Association

c/o Corporate Trust Services

209 South LaSalle Street, Suite 300

Chicago, Illinois 60604

Attention: Patricia M. Child

Fax: 312-325-8905

Telephone: 312-325-8902

or at such other address as the applicable Trustee may designate by notice to the Titling Trust Administrator, the Initial Beneficiary and the Holders.

"**<u>Dealer</u>**" means a dealer who in the ordinary course of business leases motor vehicles to Lessees.

"**<u>Delaware Statutory Trust Act</u>**" means Chapter 38 of Title 12 of the Delaware Code, 12 Delaware Code § 3801 <u>et seq</u>.

"**<u>Designated Notice Recipient</u>**" means, with respect to any Trust-Related Obligation, the Person (if any) designated to receive notices pursuant to this Titling Trust Agreement with respect to such Trust-Related Obligation and/or the related Specified Interest by either (1) inclusion of such person as an initial Designated Notice Recipient on **<u>Schedule C</u>** or (2) by notice in writing delivered by one or more TRO Holders of such Trust-Related Obligation to the Initial Beneficiary and each of the Trust Representatives, specifying (at a minimum) the name and notice information of such designee.

"**<u>Enhancement</u>**" means, with respect to any Specified Interest, any reserve fund, overcollateralization, residual value guaranty, residual value insurance policy, financial guarantee insurance policy, letter of credit, guaranteed investment contract, cash collateral account, cash collateral guaranty, interest rate swap, cap, hedge or protection agreement, credit default swap or any other similar contract or agreement for the benefit of the holders of the related TRO Holders.

"**<u>Enhancement Document</u>**" means any document representing, or entered into in connection with, any Enhancement; **<u>provided</u>**, **<u>however</u>**, **<u>that</u>**, "Enhancement Document" does not include any TRO Document.

*Titling Trust Agreement*

"**<u>Governmental Authority</u>**" means the United States of America, any state or other political subdivision thereof and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government.

"**<u>Holder</u>**" means each holder of a Certificate, as indicated in the Certificate Register.

"**<u>Initial Titling Trust Debt Documents</u>**" means, collectively:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Amended and Restated Receivables Financing Agreement, dated as of
 the date of this Titling Trust Agreement, among the Titling Trust, as Borrower, World Omni,
 as Servicer, Bank of America, N.A., as Administrator, and each Conduit Lender, Bank Lender
 and Group Agent from time to time party to such agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Amended and Restated Receivables Financing Agreement, dated as of
 the date of this Titling Trust Agreement, among the Titling Trust, as Borrower, World Omni,
 as Servicer, The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, as Administrator,
 and Gotham Funding Corporation, as Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the Credit and Security Agreement, dated as of the date of this Titling
 Trust Agreement, among ALF LP, as Lender, the Titling Trust, as Borrower, U.S. Bank, as Administrative
 Agent, AL Holding Corp., as Collateral Agent, and World Omni, as Servicer with respect to
 the Specified Interest designated as the "Open-End Collateral Specified Interest";
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) each of the other agreements and documents that are executed pursuant
 to, or in connection with, any of the documents described in  **<u>clauses (1)</u>** ,  **<u>(2)</u>** and/or  **<u>(3)</u>** of this definition.

"**<u>Insolvency Event</u>**" means, with respect to any Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the making of a general assignment for the benefit of creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the filing of a voluntary petition in bankruptcy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) being adjudged as bankrupt or insolvent, or having had entered against
 such Person an order for relief in any bankruptcy or insolvency proceeding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the filing by such Person of a petition or answer seeking reorganization,
 arrangement, composition, readjustment, liquidation, dissolution or similar relief under
 any statute, law or regulation;

*Titling Trust Agreement*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the filing by such Person of an answer or other pleading admitting or
 failing to contest the material allegations of a petition filed against such Person in any
 proceeding specified in  **<u>clause (8</u>**) of this definition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) the seeking, consenting to or acquiescing in the appointment of a trustee,
 receiver, liquidator or similar official of such Person or of all or any substantial part
 of the assets of such Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) the failure by such Person generally to pay its debts as such debts
 become due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) the failure to obtain dismissal within 60 days of the commencement of
 any proceeding against such Person seeking (A) reorganization, arrangement, composition,
 readjustment, liquidation, dissolution or similar relief under any statute, law or regulation,
 or (B) the appointment of a trustee, liquidator, receiver or similar official of such
 Person or of such Person's assets or any substantial portion of such Person's
 assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) the taking of action by such Person in furtherance of any of the foregoing.

"**<u>Intercreditor Agreement</u>**" means the Intercreditor Agreement, dated as of the date of this Titling Trust Agreement, among (i) World Omni, as Titling Trust Administrator and as an Interest Holder, (ii) the Titling Trust, (iii) the Initial Beneficiary, as initial multiple-use SPV and an Interest Holder, (iv) VT Inc., as Titling Trustee and as an Interest Holder, and (v) each of the other Persons from time to time becoming party to such agreement as Interest Holders thereunder.

"**<u>Lease Files</u>**" means, with respect to each Titling Trust Lease, the following documents (which may be photocopies or in electronic format unless otherwise indicated):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the original of the Titling Trust Lease (or an electronic copy of such
 Titling Trust Lease that satisfies section 9-105 of the UCC) that is clearly marked to show
 the Titling Trust as the owner of such Titling Trust Lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the original credit application fully executed by the Lessee or a photocopy
 or electronic facsimile thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the original Certificate of Title and all related documents evidencing
 the ownership of the related Titling Trust Vehicle or Titling Trust Vehicles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any and all other documents that the Servicer with respect to the Specified
 Interest to which such Titling Trust Lease is allocated retains on file relating to the Titling
 Trust Lease, or the related Titling Trust Vehicle or Titling Trust Vehicles or Lessee.

"**<u>Lessee</u>**" means the lessee of one or more Titling Trust Vehicles or any Person who is obligated to make payments on the related Titling Trust Lease.

*Titling Trust Agreement*

"**<u>Lien</u>**" means a security interest, lien, charge, pledge, equity, or encumbrance of any kind other than tax liens, mechanics' liens and any liens that attach to a Titling Trust Lease or Titling Trust Vehicle by operation of law.

"**<u>Opinion of Counsel</u>**" means a written opinion of legal counsel, which counsel may be an employee of World Omni or an Affiliate or may provide legal services to World Omni or an Affiliate.

"**<u>Person</u>**" means any legal person, including any corporation, estate, natural person, firm, joint venture, joint stock company, limited liability company, limited liability partnership, partnership (limited or general), trust, business trust, unincorporated organization, association, enterprise, government, any department or agency of any government or any other entity of whatever nature.

"**<u>Rating Agency</u>**" means each nationally recognized statistical rating organization that has been requested by any Holder or its agent to rate any class of Trust-Related Obligations.

"**<u>Reallocation Date</u>**" means, with respect to any Specified Asset allocated to any Specified Interest, the date as of which such Specified Asset is reallocated to another Specified Interest pursuant to **<u>Section 4.3(f)</u>**.

"**<u>Reallocation Notice</u>**" means a notice provided to the Titling Trust Administrator pursuant to **<u>Section 4.3(f)</u>**.

"**<u>Registered Pledgee</u>**" means, with respect to any Certificate, the Person who is listed in the Certificate Register as the registered pledgee of such Certificate.

"**<u>Secured Titling Trust Creditor</u>**" means any Person to whom any Secured Titling Trust Debt is owed.

"**<u>Secured Titling Trust Debt</u>**" means any Titling Trust Debt that is secured by a voluntary pledge by the Titling Trust of all or any portion of the Titling Trust Assets.

"**<u>Securitization Entity</u>**" means a special-purpose entity that becomes obligated on, or issues, one or more Trust-Related Obligations. For avoidance of doubt, the Titling Trust is not a Securitization Entity.

"**<u>Servicing Agreement</u>**" means a "Servicing Agreement" that is entered into from time to time and appointing the Servicer with respect to any Specified Assets pursuant to **<u>Section 4.3(a)</u>**. As of July 16, 2008, the Servicing Agreements consist of (1) the Fourth Amended and Restated Servicing Agreement, dated as of July 16, 2008, among World Omni, as Servicer with respect to the Open-End Collateral Specified Interest, ALF LLC, as Lender, the Titling Trust, as Borrower and ALHC, as Open-End Collateral Agent, and (2) the Servicing Agreement, dated as of July 16, 2008, among World Omni, as Servicer with respect to the Closed-End Collateral Specified Interest, the Titling Trust, as Borrower, and ALHC, as Closed-End Collateral Agent.

"**<u>Specified Asset</u>**" means, with respect to any Specified Interest, a Titling Trust Lease or Titling Trust Vehicle that, in either case, is identified in the Applicable Asset Annex

*Titling Trust Agreement*

attached to any Specification Notice, Reallocation Notice or Addition Notice reflecting the allocation or reallocation, as the case may be, of such Titling Trust Lease or Titling Trust Vehicle to such Specified Interest pursuant to the applicable provisions of **<u>Section 4.3</u>**. However, a Titling Trust Lease or Titling Trust Vehicle will no longer be a Specified Asset with respect to any Specified Interest as of the date on which such Titling Trust Asset has been (i) transferred from the Titling Trust pursuant to **<u>Section 4.3(e)</u>** or (ii) reallocated to another Specified Interest pursuant to **<u>Section 4.3(f)</u>**.

"**<u>Specified Asset Amount</u>**" has, with respect to any Specified Interest, the meaning set forth in the related Servicing Agreement. Unless otherwise specified in the related Servicing Agreement, the Specified Asset Amount with respect to each Specified Interest will be based on the aggregate lease balances of the Specified Assets allocated thereto (which may be calculated based on a simple interest, actuarial, straight-line or other commercially reasonable method specified in the related Servicing Agreement).

"**<u>Specified Asset Percentage</u>**" means, as of any date with respect to any Specified Interest, the percentage equivalent of a fraction, (i) the numerator of which is the Specified Asset Amount of such Specified Interest and (ii) the denominator of which is the aggregate Specified Asset Amounts of all Specified Interests.

"**<u>Specified Asset Titling Trust Administrator Fee</u>**" means, with respect to any Collection Period and any Specified Interest, an amount equal to the product of the Specified Asset Percentage of such Specified Interest as of the last day of the preceding Collection Period and the sum of (i) the monthly fees of the Titling Trust Administrator determined pursuant to the first sentence of **<u>Section 7.8</u>** plus (ii) the expenses of the Titling Trust Administrator determined pursuant to the second sentence of **<u>Section 7.8</u>**.

"**<u>Specified Asset Titling Trustee Fee</u>**" means, with respect to any Collection Period and any Specified Interest, an amount equal to the product of the Specified Asset Percentage of such Specified Interest as of the last day of the preceding Collection Period and the sum of (i) the monthly fees of the Titling Trustee determined pursuant to the first sentence of **<u>Section 7.8 plus</u>** (ii) the expenses of the Titling Trustee determined pursuant to the second sentence of **<u>Section 7.8</u>**.

"**<u>Specified Interest Default Condition</u>**" means, with respect to any Specified Interest and any date of determination, a condition that will exist if the Titling Trustee **<u>either</u>**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) has actual knowledge,  **<u>or</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) has received notice from a related TRO Holder,

**<u>in either case</u>** that a TRO Default has occurred and is continuing with respect to any Trust- Related Obligation relating to such Specified Interest.

"**<u>Specified Lease</u>**" means a Specified Asset of any Specified Interest that is a Titling Trust Lease.

*Titling Trust Agreement*

"**<u>Specified Vehicle</u>**" means a Specified Asset of any Specified Interest that is a Titling Trust Vehicle.

"**<u>Titling Trust Assets</u>**" means the Titling Trust Leases, Titling Trust Vehicles, all proceeds of the foregoing and all other assets held by the Titling Trust.

"**<u>Titling Trust Creditor</u>**" means any Person to whom any Titling Trust Debt is owed.

"**<u>Titling Trust Debt</u>**" means, as of any date of determination and with respect to any Titling Trust Debt Specified Interest, a promissory note or other debt obligation of the Titling Trust, acting solely with respect to such Specified Interest, (A) which (1) is secured by a voluntary pledge by the Titling Trust of all or a portion of the Titling Trust Assets or (2) otherwise has been designated as "Titling Trust Debt" by the Titling Trust Administrator, with notice to the Titling Trustee and (B) as to which any amounts remain outstanding as of such date of determination. For avoidance of doubt, any fee, indemnity or reimbursement obligation, or other monetary obligation, in each case of the Titling Trust, that (i) is not on account of an equity interest in the Titling Trust and (ii) satisfied subclauses (A)(1) and (A)(2) of the immediately preceding sentence shall constitute "Titling Trust Debt."

"**<u>Titling Trust Debt Document</u>**" means any TRO Document relating to Titling Trust Debt.

"**<u>Titling Trust Lease</u>**" means any lease agreement for motor vehicles as to which the Titling Trust is the lessor, either directly or by assignment. In the case of a master lease, the term "**<u>Titling Trust Lease</u>**" shall include all schedules thereto or, if the provisions of such master lease are incorporated into such schedules, the term "**<u>Titling Trust Lease</u>**" shall include a schedule together with the incorporated provisions of the master lease.

"**<u>Titling Trust Vehicle</u>**" means any motor vehicle, together with all attached items or accessories, that is subject to a Titling Trust Lease.

"**<u>Treasury Regulations</u>**" means the regulations promulgated by the U.S. Department of Treasury pursuant to the Code.

"**<u>TRO Default</u>**" means with respect to any Trust-Related Obligation and any date of determination, a condition that will be deemed to exist if one or more of the following has occurred and is continuing as of such date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) there is any sum due that is not otherwise timely paid by the Titling
 Trust or the applicable Securitization Entity, as the case may be;  **<u>or</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) there is any outstanding and uncured default by the Titling Trust or
 the applicable Securitization Entity, as the case may be (after giving effect to any applicable
 grace period);  **<u>or</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any "Revolving Facility Termination Event" or any "Wind-Down
 Event" (each, as defined in the applicable TRO Documents) has occurred.

*Titling Trust Agreement*

"**<u>TRO Document</u>**" means, with respect to any Trust-Related Obligation, (A) the indenture, deed of trust, pooling and servicing agreement, revolving credit agreement, receivables financing agreement or similar or related agreement or document pursuant to which such Trust- Related Obligation is issued or otherwise arises (which may, for avoidance of doubt, include a single indenture or other document entered into with respect to more than one Trust-Related Obligation or Specified Interest), or governing the terms of, or otherwise related to, such Trust- Related Obligation and (B) each note or other evidence of indebtedness issued pursuant to a document of the type described in clause (A) of this definition and representing such Trust- Related Obligation. For the avoidance of doubt, the TRO Documents in respect of any Trust-Related Obligations will include any related security agreement, collateral agency agreement, Servicing Agreement or other agreement entered into for the benefit of the holders of, or creditors in respect of, such Trust-Related Obligations.

"**<u>TRO Holder</u>**" means each Person that is entitled to payment or performance with respect to a Trust-Related Obligation.

"**<u>Trust Document</u>**" means, as of any date the determination, collectively, (1) this Titling Trust Agreement, (2) the Intercreditor Agreement, (3) the Borrower Novation Agreement, (4) each Titling Trust Debt Document to which the Titling Trust is party as of such date of determination and (4) any other "Basic Document" (as defined in the applicable Titling Trust Debt Document) to which the Titling Trust is a party.

"**<u>Trustee</u>**" means the Titling Trustee or the Delaware Trustee, as the context may require.

"**<u>Trust-Related Obligation</u>**" means, with respect to any Specified Interest, any Certificate, any Titling Trust Debt, any Undertaking and any other obligation or security, the payments on which are derived in any material part from amounts received with respect to the Specified Assets of such Specified Interest (other than solely by reference).

"**<u>Trust Representatives</u>**" means, collectively, the Titling Trustee, the Delaware Trustee and the Titling Trust Administrator. Each of the foregoing is referred to singly as a "**<u>Trust Representative</u>**."

"**<u>Undertaking</u>**" means, with respect to any Series, an agreement, contract or other written obligation of the Holder of such Series, the payments under which are in any material part derived from or collateralized by Collections on the related Specified Assets.

"**<u>VT Inc.</u>**" means VT Inc., an Alabama corporation.

**Section 1.2 <u>Usage.</u>**

The following rules of construction and usage are applicable to this Titling Trust Agreement and to any certificate or other document made or delivered pursuant to this Titling Trust Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All terms used in any certificate or other document made or delivered pursuant to this Titling Trust Agreement are defined in this Titling Trust Agreement.

*Titling Trust Agreement*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Accounting terms not defined in this Titling Trust Agreement or in any such certificate or other document, and accounting terms partly defined in this Titling Trust Agreement or in any such certificate or other document, to the extent not defined, have the respective meanings given to them under U.S. generally accepted accounting principles as in effect on the date of this Titling Trust Agreement. To the extent that the definitions of accounting terms in this Titling Trust Agreement or in any such certificate or other document are inconsistent with the meanings of such terms under U.S. generally accepted accounting principles, the definitions contained in this Titling Trust Agreement or in any such certificate or other document will control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) References in this Titling Trust Agreement to "Article," "Section," "Exhibit," "Schedule" or another subdivision or to an attachment are, unless otherwise specified, to an article, section, exhibit, schedule or other subdivision of or an attachment to this Titling Trust Agreement, and the term "including" means "including without limitation."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The definitions contained in this Titling Trust Agreement are equally applicable to both the singular and plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any agreement or statute defined or referred to in this Titling Trust Agreement means such agreement or statute as from time to time amended, modified, supplemented or replaced, including (in the case of agreements) by waiver or consent and (in the case of statutes) by succession of comparable successor statutes and includes (in the case of agreements) references to all attachments thereto and instruments incorporated therein and (in the case of statutes) any rules and regulations promulgated thereunder and any judicial and administrative interpretations thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) References to a Person are also to its permitted successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) References to deposits, transfers and payments of any amounts refer to deposits, transfers or payments of such amounts in immediately available funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Except where "not less than zero" or similar language is indicated, amounts determined by reference to a mathematical formula may be positive or negative.

**ARTICLE II**

**ORGANIZATION OF THE TRUST**

**Section 2.1 <u>Name.</u>**

*Titling Trust Agreement*

**Section 2.2 <u>Office.</u>**

The office of the Titling Trust will be in care of the Delaware Trustee at 209 South LaSalle Street, Suite 300, Chicago, Illinois 60604, or at such other address in the State of Delaware as the Delaware Trustee may designate by notice to the Titling Trustee, the Initial Beneficiary and the Servicer.

**Section 2.3 <u>Purposes and Powers.</u>**

The nature of the activities or purpose to be conducted or promoted by the Titling Trust is to engage exclusively in the following activities (such activities, collectively, the "**<u>Permitted Transactions</u>**"), in each case in accordance with the terms of this Titling Trust Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) holding title to Titling Trust Leases, Titling Trust Vehicles and other Titling Trust Assets for the benefit of the Holders of the related Certificates, all in accordance with the terms of this Titling Trust Agreement and the Servicing Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at the direction of the Initial Beneficiary or a Holder, issuing Certificates representing a separate series of beneficial interest in the Titling Trust and the related Titling Trust Assets in accordance with the terms of this Titling Trust Agreement and the related Specification Notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) at the direction of the Holders of any Series relating to a Titling Trust Debt Specified Interest, issuing one or more Titling Trust Debts with respect to such Specified Interest, entering into the related Titling Trust Debt Document and pledging any or all of the related Specified Assets to secure such Titling Trust Debts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) performing its obligations under agreements, instruments or other documents to which it is to be a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) assigning or otherwise transferring title to Titling Trust Leases, Titling Trust Vehicles and Titling Trust Assets to, or to the order of, the related Holders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) borrowing on a revolving basis or otherwise under one or more Titling Trust Debt Documents or any other arrangements, as from time to time in effect, to finance the purchase of Titling Trust Leases and related Titling Trust Vehicles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) entering into agreements and transactions relating to, or in furtherance of, any Enhancement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) entering into and performing its obligations under the Intercreditor Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) entering into and performing its obligations under the Initial Titling Trust Debt Documents;

*Titling Trust Agreement*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) entering into and performing its obligations under the Trust Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) entering into and consummating the Merger, pursuant to and in accordance with the Merger Agreement, the Certificate of Merger and/or other documents similar or ancillary to the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) taking any other action in connection with the qualification, licensing or authorization of the Titling Trust to engage in activities in any jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) engaging in such other activities as may be necessary, convenient or advisable in connection with (A) owning and holding title to the Titling Trust Leases, the Titling Trust Vehicles and the other Titling Trust Assets, (B) the management of the Titling Trust Assets, (C) the making of distributions to the Holders of Certificates and (D) the making of payments to any Titling Trust Creditors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) engaging in any activity and exercising any powers permitted to statutory trusts under the laws of the State of Delaware that are related or incidental to the foregoing and necessary, convenient or advisable to accomplish the foregoing.

**Section 2.4 <u>Banking Activities.</u>**

Without limiting the generality of **<u>Section 2.3</u>**, each of the Initial Beneficiary and the Titling Trust Administrator is authorized to act on behalf of the Titling Trust and in its name, through any of its Authorized Officers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to establish bank accounts on behalf of the Titling Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to sign checks, drafts, instruments, bills of exchange, acceptances and/or other orders for the payment of money (including by electronic funds transfer) from any account opened on behalf of the Titling Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to endorse checks, instruments, evidences of indebtedness, and orders payable, owned or held by the Titling Trust or the Titling Trust Administrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to accept drafts, acceptances, instruments and/or other evidences of indebtedness payable at or through the bank at which any such account is maintained (each, a "**<u>Bank</u>**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to waive presentment, demand, protest and notice of protest or dishonor of any check(s), instrument(s), draft(s), acceptance(s), or other evidences of indebtedness made, drawn or endorsed by the Titling Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) otherwise to deal with each Bank in connection with the foregoing activities on behalf of the Titling Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) to enter into one or more agreements with any Bank, which will be deemed to govern the applicable account established at such Bank;

*Titling Trust Agreement*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to authorize the purchase, on behalf of the Titling Trust, of CDs, bonds, notes, commercial paper, money market funds, and other similar savings or investment instruments from each Bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to obtain, on behalf of the Titling Trust, other related services from any Bank, such as the rental of safe deposit boxes from such Bank, obtaining of night depository services, routine cash management services, and the like, which will be governed by night depository agreement(s), safe deposit box lease agreement, and any other such agreement(s) contained on the application or signature cards pertaining to any such services offered to the Titling Trust by such Bank, as amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) to sign and execute signature cards, applications and forms as any Bank will deem appropriate, from time to time, in connection with the opening and maintaining of accounts at such Bank and/or obtaining any of the aforementioned additional related services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) to execute applications for the issuance of any savings or investment instrument in the name of the Titling Trust.

**Section 2.5 <u>Appointment of the Titling Trustee and Delaware Trustee.</u>**

The Initial Beneficiary hereby confirms the appointments of the Titling Trustee as trustee of the Titling Trust, and the Delaware Trustee as co-trustee of the Titling Trust, in each case effective as of the date of this Titling Trust Agreement, to have all the respective rights, powers and duties set forth with respect to the Titling Trustee or the Delaware Trustee, as the case may be, in this Titling Trust Agreement.

**Section 2.6 <u>Contribution and Conveyance of Titling Trust Assets.</u>**

As of June 25, 2007, ALF LP (as the initial holder of the entire beneficial interest in the Titling Trust) contributed to the Titling Trustee the amount of $1,000. The Titling Trustee acknowledges receipt in trust from ALF LP, as of such date, of the foregoing contribution (to be held from and after the date of this Titling Trust Agreement for the benefit of the Initial Beneficiary, as successor to ALF LP), which constitutes the initial Titling Trust Assets and will be deposited in an account of the Titling Trust.

**Section 2.7 <u>Declaration of Trust.</u>**

The Titling Trustee will hold the Titling Trust Assets in trust upon and subject to the conditions set forth in this Titling Trust Agreement for the use and benefit of the Initial Beneficiary and any other beneficiaries, subject to the obligations of the Titling Trust under any other Trust Documents to which it is a party. It is the intention of the parties that the Titling Trust constitutes a statutory trust under the Delaware Statutory Trust Act and that this Titling Trust Agreement constitutes the governing instrument of such statutory trust. Effective as of the date of this Titling Trust Agreement, the Titling Trustee and the Delaware Trustee each will have the rights, powers and duties set forth in this Titling Trust Agreement and in the Delaware Statutory Trust Act with respect to accomplishing the purposes of the Titling Trust. A

*Titling Trust Agreement*

Certificate of Trust and any necessary certificate of amendment thereto has been filed with the Secretary of State of the State of Delaware and is attached as **<u>Exhibit D</u>**.

**Section 2.8 <u>Representations and Warranties of World Omni as Titling Trust Administrator.</u>**

World Omni, as Titling Trust Administrator, represents and warrants to the Titling Trustee that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ***<u>Organization and Good Standing</u>***. World Omni 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***<u>Due Qualification</u>***. World Omni 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 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 World Omni to perform its obligations under this Titling Trust Agreement or the other Trust Documents to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ***<u>Power and Authority; Authorization; Execution and Delivery; Binding Obligation</u>***. World Omni has the power and authority to execute, deliver and perform its obligations under this Titling Trust Agreement and each other Trust Document to which it is a party. World Omni has duly authorized the execution and delivery of this Titling Trust Agreement and each other Trust Document to which it is a party by all necessary corporate action. This Titling Trust Agreement and each other Trust Document to which it is a party has been duly executed and delivered by World Omni. This Titling Trust Agreement and each other Trust Document to which it is a party constitutes a legal, valid and binding obligation of World Omni, enforceable against World Omni in accordance with its 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) ***<u>No Violation</u>***. The consummation of the transactions contemplated by, and the fulfillment of the terms of, this Titling Trust Agreement and of other Trust Documents to which World Omni 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 of incorporation or by-laws or any indenture, mortgage, deed of trust, loan agreement, guarantee, lease financing agreement or similar agreement or instrument to which World Omni is a party or by which World Omni is bound (in each case material to World Omni and its subsidiaries considered as a whole), (ii) result in the creation or imposition of any Lien (material to World Omni and its subsidiaries considered as a whole) upon any of its properties pursuant to any such agreement or instrument (other than as contemplated by this Titling Trust Agreement or the other Trust Documents to which it a party) or (iii) violate or contravene any law or, to the knowledge of World Omni, any order, rule or regulation applicable to World Omni of any court or any Governmental Authority having jurisdiction over World

*Titling Trust Agreement*

Omni or its properties, the failure to comply with which would reasonably be expected to have a material adverse effect upon the ability of World Omni to perform its obligations under this Titling Trust Agreement or any other Trust Document to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) ***<u>No Proceedings</u>***. There are no proceedings pending, or, to the knowledge of World Omni, threatened, and to the knowledge of World Omni there are no investigations pending or threatened, against or affecting World Omni or its property, before any Governmental Authority: (i) asserting the invalidity or unenforceability of this Titling Trust Agreement, (ii) seeking to prevent the consummation of any of the transactions contemplated by this Titling Trust Agreement, (iii) seeking any determination or ruling that would reasonably be expected to have a material adverse effect upon the ability of World Omni to perform its obligations under this Titling Trust Agreement or any other Trust Document to which it is a party or (iv) seeking adversely to affect the tax characterization specified in **<u>Section 2.9</u>**.

**Section 2.9 <u>Tax Reporting and Characterization.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Initial Beneficiary and the Holders of each Series each agrees that for U.S. federal, state and local income and franchise tax purposes it will (i) treat its interest in the related Specified Interest as a direct ownership interest in the related Specified Assets and (ii) not treat the Titling Trust, this Titling Trust Agreement or the arrangement among the Initial Beneficiary and the Holders of any Series as creating a co-ownership of any assets or as creating a separate entity (such as a partnership). Each party agrees that it will not take any action (including filing any tax return) that is inconsistent with this **<u>Section 2.9(a)</u>** unless required to do so by the relevant tax authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) None of the Holders, the Registered Pledgees, the Titling Trust Creditors or the parties to this Titling Trust Agreement will elect or permit an election to be made to treat the Titling Trust or any Specified Interest as an association taxable as a corporation for U.S. federal income tax purposes pursuant to Treas. Reg. § 301.7701-3.

**Section 2.10 <u>Execution of Documents.</u>**

The Initial Beneficiary is authorized and empowered to execute and deliver, on behalf of the Titling Trust, as attorney-in-fact or otherwise, any and all documents, agreements and other instruments, including any registration statement to be filed with the Securities and Exchange Commission or otherwise, on behalf of the Titling Trust. The Initial Beneficiary is authorized and empowered to prepare for filing in connection with such registration statement, balance sheets, income statements and any other financial statements for the Titling Trust.

**Section 2.11 <u>Conduct of Operations.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding any other provision of this Titling Trust Agreement and any provision of Applicable Law that otherwise so empowers the Titling Trust, the Titling Trust may not, without the consent of the Titling Trustee and each Secured Titling Trust Creditor, do any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) engage in any activity other than a Permitted Transaction;

*Titling Trust Agreement*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) create, incur or assume any indebtedness, other than pursuant to any Titling Trust Debts, any Enhancement or any transactions entered into in connection therewith, in each case in accordance with this Titling Trust Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) become or remain liable, directly or contingently, in connection with any indebtedness or other liability of the Initial Beneficiary or any of its Affiliates or, except in connection with a Permitted Transaction, any other Person, whether by assumption, guarantee, endorsement (other than endorsements of negotiable instruments for deposit or collection in the ordinary course of business), agreement to purchase or purchase, agreement to supply or advance funds, or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) make or suffer to exist any loans or advances to, or extend any credit to, or make any investments (by way of transfer of property, contributions to capital, purchase of stock or securities or evidences of indebtedness, acquisition of the business or assets, or otherwise) in, any Affiliate other than in connection with Permitted Transactions; **<u>provided</u>**, **<u>however</u>**, **<u>that</u>**, subject to the terms of any Trust Documents, the Titling Trust will not be prohibited under this **<u>clause (a)(iv)</u>** from causing a distribution of cash to its Initial Beneficiary or to any Holder or from making payments with respect to any Titling Trust Debts or any Enhancement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) enter into any transaction of merger or consolidation with or into any other entity, or convey its properties and assets substantially as an entirety to any entity, other than with respect to a Permitted Transaction, unless (A) the entity (if other than the Titling Trust) formed as a result of or surviving such consolidation or merger, or which acquires the properties and assets of the Titling Trust (i) is organized and existing under the laws of the State of Delaware, (ii) expressly assumes all of the Titling Trust's obligations under this Titling Trust Agreement, all Titling Trust Debts and all Trust Documents and (iii) is governed under a charter document containing provisions substantially identical to **<u>Section 2.3</u>** and this **<u>Section 2.11</u>**; (B) each Rating Agency and each TRO Holder Representative will have received at least 5 days' prior notice of any such merger, consolidation or sale of assets; (C) such merger, consolidation or sale of assets will not conflict with the Certificate of Trust; and (D) immediately after giving effect to such merger, consolidation or sale of assets, no default or event of default by or relating to the Titling Trust will have occurred and be continuing under any material agreement to which the Titling Trust is a party, including any Titling Trust Debt Document, or any agreement or other document pursuant to which any Titling Trust Debt has been issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) become party to, or permit any of its properties to be bound by, any indenture, mortgage, instrument, contract, agreement, lease or other undertaking, with the exception of any Certificate, any Notice of Registered Pledge, any Titling Trust Debt, any Titling Trust Debt Document or any other any documents relating to a Permitted Transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) amend, modify, alter, change or repeal any provision of **<u>Section 2.3</u>** or this **<u>Section 2.11</u>**; **<u>provided</u>**, **<u>however</u>**, **<u>that</u>**, the Titling Trust reserves the right to amend, alter, change or repeal any provision contained in the Certificate of Trust

*Titling Trust Agreement*

or this Titling Trust Agreement in a manner now or hereafter prescribed by the Delaware Statutory Trust Act, and all rights conferred upon the Initial Beneficiary in this Titling Trust Agreement are granted subject to this reservation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Titling Trust will at all times:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) maintain its existence as a statutory trust and remain in good standing under the laws of the State of Delaware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) observe all procedures required by this Titling Trust Agreement and such others, if any, as may be from time to time required by the Delaware Statutory Trust Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) ensure that (x) the activities and affairs of the Titling Trust are at all times managed by or under the direction of the Titling Trustee, (y) the Titling Trustee has duly authorized all actions requiring such authorization and (z) when required by Applicable Law or by this Titling Trust Agreement, the Titling Trust has obtained the proper authorization for action from its Initial Beneficiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) maintain the Titling Trust's books, financial statements, accounting records and other documents and records separate from those of the Initial Beneficiary, any Affiliate of the Initial Beneficiary or any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) not commingle the Titling Trust Assets with those of the Initial Beneficiary or any Affiliate of the Initial Beneficiary (other than in connection with the Permitted Transactions or in connection with the performance by World Omni of its obligations as Servicer or as custodian with respect to any Specified Interest);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) not hold itself out as being liable for the debts of any other Person, except in connection with the Permitted Transactions (and, in any event, not hold itself out as being liable for the debts of World Omni, or of any of its Affiliates, other than a Securitization Entity in connection with a Permitted Transaction);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) maintain its bank accounts, books of account and payroll (if any) separate from those of its Affiliates, the Holders, the Initial Beneficiary or any of the Initial Beneficiary's Affiliates or any other Person; and ensure that its funds and other assets will at all times be readily distinguishable from the funds and other assets of its Affiliates, the Holders, the Initial Beneficiary and any of the Initial Beneficiary's Affiliates or any other Person (other than in connection with the performance of any Servicer or custodian of its obligations with respect to any Specified Interest);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) act solely in its own name and through its own managers and agents so as not to mislead others as to its identity or the identity of any Affiliate and correct any known misunderstanding regarding its separate identity, and conduct all oral and written communications of the Titling Trust, including letters, invoices, contracts, statements and applications solely in the name of the Titling Trust;

*Titling Trust Agreement*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) separately manage its liabilities from those of the Initial Beneficiary or any Affiliate thereof and pay its own liabilities, including all administrative expenses, from its own separate assets, except that (A) the Initial Beneficiary, the Titling Trust Administrator, any Holder, any Servicer or any Affiliate of any of them may pay certain of the organizational costs of the Titling Trust, and the Titling Trust will reimburse the Initial Beneficiary, the Titling Trust Administrator, such Holder, such Servicer or such Affiliate, as the case may be, for its allocable portion of shared expenses paid by such Person, and (B) the Initial Beneficiary, the Titling Trust Administrator, any Holder, any Servicer or any Affiliate of any of them may pay fees and expenses and indemnify parties as provided in this Titling Trust Agreement, any Servicing Agreement or any other agreement entered into in connection with the issuance or undertaking, as the case may be, of any Titling Trust Debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) at all times maintain an arm's length relationship with any Affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) take such actions as are necessary to ensure that the Titling Trustee may not at any time serve as a trustee in bankruptcy for the Titling Trust or any of its Affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) not issue, or permit the issuance of, or enter into, or permit to be entered into, as the case may be, any Undertaking or any Enhancement, unless such Undertaking or Enhancement contains the applicable provisions set forth in **<u>Section 4.1(f)</u>**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) operate in such a manner that it would not be substantively consolidated for purpose of applicable bankruptcy laws with any other entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) not form any subsidiary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) maintain adequate capital in light of its contemplated operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Titling Trust will prepare financial statements in a manner that indicates the separate existence of the Titling Trust and its assets and liabilities. To the extent permitted by law, until one year and one day (or, if longer, any applicable preference period) after all Trust-Related Obligations (including all Secured Titling Trust Debt and other Titling Trust Debt) are paid in full, the Titling Trustee will make decisions with respect to the activities and operations of the Titling Trust independent of, and not dictated by, the Initial Beneficiary or any Affiliate thereof (without limiting the right of the Initial Beneficiary to exercise its rights in such capacity under this Titling Trust Agreement and under the Delaware Statutory Trust Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding any provision in this Titling Trust Agreement to the contrary, the Initial Beneficiary or any of its Affiliates, in each case, in its own capacity (i) may pay fees and expenses of and indemnify trustees relating to the issuance or undertaking of any Trust-Related Obligations and (ii) may indemnify any underwriter, placement agent, initial purchaser for resale, surety provider or other Enhancement provider or other Person performing

*Titling Trust Agreement*

similar functions in connection with the issuance or undertaking of any Trust-Related Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Titling Trust, by or through the Titling Trustee or the Titling Trust Administrator, may enter into and perform all documents, agreements, certificates, or financing statements relating to the Permitted Transactions, all without any further act, vote or approval of any other Person notwithstanding any other provision of this Titling Trust Agreement, the Delaware Statutory Trust Act or Applicable Law. The foregoing authorization is not a restriction on the powers of the Titling Trustee or the Titling Trust Administrator to enter into other agreements on behalf of the Titling Trust.

**Section 2.12 <u>No State Law Partnership.</u>**

The Holders intend that the Titling Trust will not be a partnership (including a general partnership or a limited partnership) or joint venture, and that neither any Holder nor the Titling Trustee will be a partner of or joint venturer with any Holder or the Titling Trustee with respect to the activities of the Titling Trust for any purposes, and this Titling Trust Agreement will not be construed to suggest otherwise.

**Section 2.13 <u>Titling of Titling Trust Vehicles.</u>**

The Servicing Agreement with respect to each Specified Interest will provide that the related Servicer will cause the Certificate of Title for each Titling Trust Vehicle assigned to the Titling Trust for allocation to such Specified Interest to be issued in the name "VT Inc. TSTEE World Omni LT" or "World Omni LT" or in such substantially similar words as the relevant Governmental Authority will accept, with the address of World Omni, its agent or the related Lessee, as the relevant Governmental Authority requires or allows, as the address of the recorded owner of the Titling Trust Vehicle.

**Section 2.14 <u>Enforcement of Titling Trust Leases.</u>**

If in any enforcement suit or legal proceeding with respect to a Titling Trust Lease it is held that the Servicer with respect to the applicable Specified Interest may not enforce the Titling Trust Lease on the ground that it is not a real party in interest or a Holder entitled to enforce the Titling Trust Lease, the Titling Trust and the Holders of the related Series, at such Servicer's expense and direction, will take steps to enforce the Titling Trust Lease, including bringing suit in its name or the name of the applicable Holders.

**Section 2.15 <u>Liability to Third Parties.</u>**

Except as otherwise expressly provided by the Delaware Statutory Trust Act or in this Titling Trust Agreement (including **<u>Section 10.1</u>**), none of the Initial Beneficiary, the Titling Trust Administrator, the Titling Trustee, any Holder, or any officer or Affiliate of any such Person (other than the Titling Trust), will be liable for the debts, obligations or liabilities of the Titling Trust (whether arising in contract, tort or otherwise), including, under a judgment, decree or order of a court, by reason of being the Initial Beneficiary, the Titling Trust Administrator, the Titling Trustee, a Holder, or an officer or Affiliate of any such Person.

*Titling Trust Agreement*

**Section 2.16 <u>No Personal Liability of any Holder.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Initial Beneficiary and the Holders will have the same limitation of personal liability as is extended to stockholders of a private corporation for profit incorporated under the General Corporation Law of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) None of the Initial Beneficiary, the Titling Trust Administrator, the Titling Trustee, any Holder, any officer, director, employee, trustee or manager of any of the foregoing, will be subject in such capacity to any personal liability whatsoever to any Person in connection with the assets or the affairs of the Titling Trust; and, subject to the provisions of **<u>Article X</u>** and any provision for indemnification set forth in the related Servicing Agreements, all such Persons will look solely to the assets of the Titling Trust for satisfaction of claims of any nature arising in connection with the affairs of the Titling Trust. However, such protection from personal liability will apply to the fullest extent permitted by Applicable Law, as the same exists or may hereafter be amended (but, in the case of any such amendment, only to the extent that such amendment permits the Titling Trust to provide greater or broader indemnification rights than such law permitted the Titling Trust to provide prior to such amendment).

**Section 2.17 <u>Limited Liability and Bankruptcy Remoteness.</u>**

Without limiting the generality of **<u>Section 2.11</u>**, the Titling Trust will be operated in such a manner as the Titling Trustee may deem to be reasonable and necessary or appropriate to preserve (a) the limited liability of the Holders and the Initial Beneficiary and their respective Affiliates, (b) the separateness of the Titling Trust from the respective businesses of the Holders and the Initial Beneficiary and their respective Affiliates and (c) until the expiration of the period of one year and one day (or, if longer, any applicable preference period) after the payment in full of all Trust-Related Obligations (including all Secured Titling Trust Debt and other Titling Trust Debt), the bankruptcy-remote status of the Titling Trust.

**Section 2.18 <u>Term.</u>**

Unless terminated in accordance with this Titling Trust Agreement and the Delaware Statutory Trust Act, the Titling Trust will have a perpetual existence.

**ARTICLE III**

**MANAGEMENT OF THE TITLING TRUST**

**Section 3.1 <u>General Management of the Titling Trust.</u>**

The activities, properties and affairs of the Titling Trust will be managed by the Titling Trustee. Without limiting the generality of the foregoing, the Titling Trustee will have the power to appoint and direct agents of the Titling Trust, to grant general or limited authority to officers, employees and agents of the Titling Trust, and to make, execute and deliver contracts and other instruments and documents in the name and on behalf of the Titling Trust, subject to and in accordance with this Titling Trust Agreement.

*Titling Trust Agreement*

**Section 3.2 <u>Restrictions on the Power of the Titling Trustee.</u>**

The Titling Trustee will not have the authority to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) cause the Titling Trust to do any acts in violation of or in breach of any agreement entered into by the Titling Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) take any action in contravention of the Delaware Statutory Trust Act, the Certificate of Trust or this Titling Trust Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to the fullest extent permitted by Applicable Law, take any action that would make it impossible to carry on the ordinary activities of the Titling Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) knowingly perform any act that would subject the Initial Beneficiary or any Holder to loss of limited liability in any jurisdiction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) except as permitted under **<u>Section 9.1</u>**, take any action to amend or modify the Certificate of Trust or this Titling Trust Agreement.

**Section 3.3 <u>Duties and Obligations of the Titling Trustee.</u>**

The Titling Trustee shall do each of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ***<u>Notification to Third Parties</u>***. Use its best efforts, in the conduct of the Titling Trust's activities and business, to put all Persons with whom the Titling Trust deals on notice that the Initial Beneficiary, the Holders, the Titling Trust Creditors and the Registered Pledgees are not liable for the Titling Trust's obligations and all agreements to which the Titling Trust is a party will include a statement to the effect that the Titling Trust is a statutory trust formed under the Delaware Statutory Trust Act. However, the failure to include such a statement in an agreement to which the Titling Trust is a party will not affect the Titling Trust's power and authority or authorization to enter into such agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***<u>State Entity Filings</u>***. As long as any Trust-Related Obligation is outstanding, take all action that may be necessary or appropriate for the continuation of the Titling Trust's valid existence as a statutory trust under the laws of the State of Delaware (and each other jurisdiction in which such existence is necessary to protect the limited liability of the Initial Beneficiary, the Holders, any Registered Pledgees or any Titling Trust Creditors or to enable the Titling Trust to engage in the activities in which it is engaged).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ***<u>Taxes</u>***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) Prepare or cause to be prepared and file or cause to be filed on or before the due date (or any extension thereof) any federal, state or local tax returns required to be filed by the Titling Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) Cause the Titling Trust to pay any taxes payable by the Titling Trust (except that the Titling Trustee will not be required to cause the Titling Trust to pay any tax so long as the Titling Trust is contesting in good faith and by

*Titling Trust Agreement*

appropriate legal proceedings the validity, applicability or amount of such tax and such contest does not materially endanger any right or interest of the Titling Trust).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) Pay or cause to be paid all applicable taxes and fees properly due and owing in connection with its activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) ***<u>Filings With State Securities Administrators</u>***. From time to time, submit, or cause to be submitted, to any appropriate state securities administrator all documents, papers, statistics and reports required to be filed with or submitted to such state securities administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) ***<u>Foreign Qualifications</u>***. Use its best efforts to cause the Titling Trust to be qualified to engage in investment activities in connection with Permitted Transactions, or be registered under any applicable assumed or fictitious name statute or similar law in any state in which the Titling Trust then makes investments or transacts business, if such qualification or registration is necessary or desirable in order to protect the limited liability of the Initial Beneficiary or to permit the Titling Trust lawfully to own or make investments or transact business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) ***<u>Obtain Licenses, Permits and Authorizations</u>***. Apply for and maintain (or cause to be applied for and maintained) all licenses, permits and authorizations necessary and appropriate to carry on its duties as Titling Trustee under this Titling Trust Agreement (including without limitation receiving assignments of Titling Trust Leases and causing Certificates of Title to reflect the Titling Trustee, in such capacity, as the owner of the Titling Trust Vehicles) in each jurisdiction that the Initial Beneficiary or the Servicer reasonably deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) ***<u>Assistance and Cooperation in Vehicle Titling and Lease Assignment</u>***. Assist and cooperate with any Servicer in any manner reasonably requested by such Servicer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) in connection with the performance by such Servicer of the Servicer's obligations under the applicable Servicing Agreement which are in the nature described in **<u>Section 2.13</u>** or related thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) to cause each applicable Titling Trust Lease to be assigned (x) to the Titling Trust or (y) to the Titling Trustee on behalf of the Titling Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) to cause to be reflected on the Certificates of Title with respect to any Titling Trust Vehicles that constitute (or are to become) Titling Trust Assets one or more Liens that are (x) in the nature required by the terms of any Titling Trust Debt Document or Servicing Agreement or (y) subject to the terms of such Servicing Agreement and any applicable Titling Trust Debt Document, otherwise determined by the applicable Servicer to be required, necessary or desirable.

*Titling Trust Agreement*

**Section 3.4 <u>Delegation of Certain Titling Trustee Duties and Ob1iations to the Titling Trust Administrator.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ***<u>Delegation</u>***. The Titling Trustee hereby delegates to the Titling Trust Administrator, and the Titling Trust Administrator hereby accepts and will perform, on behalf of the Titling Trustee, each of the obligations of the Titling Trustee that are set forth in **<u>Section 2.17</u>** and **<u>Section 3.3</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***<u>Prohibition on Certain Actions</u>***. Notwithstanding **<u>Section 3.4(a)</u>**, the Titling Trust Administrator shall not take, or cause the Titling Trust to take, any actions that are prohibited by the terms of this Titling Trust Agreement or any other Trust Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ***<u>Independent Obligations</u>***. The obligations of the Titling Trustee under **<u>Section 3.3</u>** and the obligations of the Titling Trust Administrator under **<u>Section 3.4(a)</u>** shall constitute independent obligations, and the delegation of the duties of the Titling Trustee pursuant to **<u>Section 3.4(a)</u>** shall not relieve the Titling Trustee of its obligations pursuant to **<u>Section 3.3</u>**.

**ARTICLE IV**

**SPECIFIED INTERESTS**

**Section 4.1 <u>Designation of the Specified Interests.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ***<u>Designation</u>***. The Initial Beneficiary or the Holder of a Series (with the consent of the Initial Beneficiary, any Registered Pledgee of a Certificate of such Series and any Titling Trust Creditors with respect to such Series) may direct the Titling Trust Administrator to designate a separate series of Beneficial Interests of the Titling Trust, which will be a separate series of beneficial interest within the Titling Trust within the meaning of Section 3806(b) of the Delaware Statutory Trust Act (each, a "**<u>Specified Interest</u>**," to and from which Titling Trust Assets may be allocated or reallocated, as applicable, from time to time pursuant to the terms of this Titling Trust Agreement. Notwithstanding the foregoing, a new Specified Interest shall not be created to which the Specified Assets of any other Specified Interest will be reallocated if, as to such other Specified Interest, the Titling Trustee has either received notice from any Registered Pledgee or Titling Trust Creditor, as the case may be, or otherwise has obtained actual knowledge, that a TRO Default or other default has occurred and is continuing with respect to any Trust-Related Obligation relating to such other Specified Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***<u>Issuance of Certificates</u>***. In connection with the designation of a Specified Interest by the Holders of any Series pursuant to this **<u>Section 4.1(a)</u>**, the Titling Trust will issue to, or to the order of, such Holders one or more certificates, that at any time will collectively represent the entire Beneficial Interest in the assets allocated to such newly-created Specified Interest at such time (each such certificate, a "**<u>Certificate</u>**" and all of the Certificates issued in connection with a Specified Interest, a "**<u>Series</u>**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ***<u>Delivery of Specification Notice</u>***. The designation of each Specified Interest and the Holders of the related Certificates will be set forth in the Specification Notice delivered to the Titling Trust Administrator (with a copy to each of the Titling Trustee

*Titling Trust Agreement*

and the Delaware Trustee) by the Holders of the related Certificates pursuant to **<u>Section 4.3(b)</u>**. The terms of the Beneficial Interest in the Specified Assets allocated to such Specified Interest will be as set forth in such Specification Notice and in the related Servicing Agreement, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) ***<u>All Titling Trust Assets to be Allocated to Specified Interests</u>***. All Titling Trust Leases, Titling Trust Vehicles and proceeds of the foregoing will be allocated to Specified Interests, and no Titling Trust Asset may at any time be allocated to more than one Specified Interest (without limiting the right of more than one Specified Interest to be a beneficiary of, or named as the loss payee or additional insured with respect to, any insurance policy).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) ***<u>Separateness of Specified Interests</u>***. In accordance with Section 3806(b) of the Delaware Statutory Trust Act, the Titling Trust Administrator, acting on behalf of the Titling Trust and the Holders of the Certificates, will maintain separate and distinct records for the Specified Assets allocated to each Specified Interest. The Specified Assets allocated to each Specified Interest will be accounted for separately from the Specified Assets allocated to each other Specified Interest. Except to the extent required by Applicable Law or specified in this Titling Trust Agreement, the debts, liabilities and obligations incurred, contracted for or otherwise existing with respect to the Specified Assets allocated to any Specified Interest will be enforceable against such Specified Assets only, and not against the Titling Trust generally or the Specified Assets allocated to any other Specified Interest and none of the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Titling Trust generally or the Specified Assets of any other Specified Interest will be enforceable against the Specified Assets allocated to such Specified Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) ***<u>Recitations and Agreements Regarding Separateness</u>***. One or more of the TRO Documents with respect to each Trust-Related Obligation shall contain agreements and acknowledgments to the effect of each of the provisions set forth in the table below, in a manner sufficient such that each related TRO Holder is, and each Person that from time to time subsequently becoming a TRO Holder with respect to such Trust-Related Obligation shall be, bound thereby (either directly or through a representative, such as an indenture trustee or any collateral agent, whose agreement would have the effect of limiting the rights of such TRO Holder for purposes of the matters stated in such agreements and acknowledgments). In addition, each Certificate, and each certificate, security or instrument representing a Trust-Related Obligation, shall contain recitations to the effect of each of the provisions set forth in the table below.

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| | |
|:---|:---|
|  | &nbsp;&nbsp;**<u>Required Provision</u>** |
| &nbsp;&nbsp;(1) ***Limited Recourse*** | &nbsp;&nbsp;The obligation(s) and/or interest(s) represented by such Certificate or TRO Document, as the case may be, (1) are entered into or issued, as applicable, by or in regard to the Titling Trust, solely with respect to (and, if applicable, constitute an interest in or obligation solely of) the Specified Interest to which such Certificate or TRO Document, as the case may be, relates and (2) shall be recourse only to the Specified Assets from time to time allocated to such Specified Interest. |

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*Titling Trust Agreement*

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| | |
|:---|:---|
|  | &nbsp;&nbsp;**<u>Required Provision</u>** |
| (2) ***Subordination*** | If an insolvency Event occurs with respect to the Titling Trust, any claim that any related TRO Holder or Holder of a Certificate, as the case may be, may seek to enforce at any time against the Titling Trust or the Specified Assets of any Specified Interest other than the Specified Interest in connection with which the applicable TRO Document or Certificate, as the case may be, was issued or entered into will be subordinate to the payment in full, including post-petition interest, of the claims of all TRO Holders, and all Holders of Certificates, ill each case related to such other Specified Interest. |
| &nbsp;&nbsp;(3) ***Section 1111(b) Election*** | &nbsp;&nbsp;Such TRO Holder irrevocably makes the election afforded to secured creditors by Section 1111(b)(1f)(A)(i) of the Bankruptcy Code to receive the treatment afforded by Section 1111(b)(2) of the Bankruptcy Code with respect to any secured claim that such TRO Holder may have at any time against the Titling Trust or against any Series other than the Series in connection with which such TRO Document was issued or entered into. |
| &nbsp;&nbsp;(4) ***Non-Petition*** | &nbsp;&nbsp;No such Holder or TRO Holder (and no representative of any such Holder or TRO Holder) shall, prior to the end of the period that is one year and one day (or, if longer, any applicable preference period) after payment in full of all Trust-Related Obligations, (A) institute, or join any other Person in instituting, any bankruptcy, reorganization, arrangement, insolvency or liquidatio11 proceeding, or any other proceeding, against the Initial Beneficiary, the Titling Trustee or the Titling Trust **<u>and/or</u>** (B) cooperate with or encourage others to institute any such proceeding, in each case under the laws of the United States, any state or commonwealth of the United States (including the District of Columbia), or any foreign jurisdiction. |

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**Section 4.2 <u>Capital Contributions.</u>**

The Holders of any Series may make capital contributions to the Titling Trust. Any such capital contributions will be allocated to the related Specified Interest. If the Holders of Certificates relating to any Series make capital contributions to the Titling Trust, except as otherwise specified in the related Certificates, Specification Notice or Servicing Agreement, each such Holder will make capital contributions in an amount such that after giving effect to the capital contributions of all Holders of such Series, the ratio of each Holder's investment in the related Specified Interest remains unchanged. The proceeds of capital contributions made with respect to any Specified Interest will be applied in a manner consistent with the terms (if any) as may be applicable to such capital contributions under the terms of any related Titling Trust Debt Document(s).

*Titling Trust Agreement*

**Section 4.3 <u>Allocation of Specified Assets; Servicing Agreements.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ***<u>Holders Responsible for Servicing Specified Assets</u>***. The Holders of each Series, by accepting their respective Certificates, will be deemed to have acknowledged and agreed that the Holders of such Series will administer, manage and control the Specified Assets allocated to the related Specified Interest. The Holders of each Series may engage one or more third party servicers to administer, manage and control the Specified Assets allocated to the related Specified Interest (with respect to any Series, a "**<u>Servicer</u>**"). The terms and conditions under which any Servicer will perform such functions will be set forth in a Servicing Agreement. The Titling Trust or the Titling Trustee, on behalf of the Titling Trust, will be a party to or execute an acknowledgment and acceptance of each Servicing Agreement and of the appointment of the Servicer. The Holders of any Series may assign to the related Servicer any or all of the rights of the Holders under this Titling Trust Agreement and the related Certificates, including the rights granted to such Holders under **<u>Section 4.3(c)</u>**, to be exercised in connection with the Servicer's performance of its duties under the related Servicing Agreement, and the Titling Trust consents to such assignment. Each Servicing Agreement will set forth the duties and responsibilities of the related Servicer, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) the standards the Servicer will be required to use to service and administer the related Specified Assets and maintain the accounts, records and computer systems pertaining to the related Specified Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) the type, required coverages and principal terms of the insurance policies, if any, that the Servicer will maintain with respect to the related Specified Assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) the appointment of a custodian of the Lease Files with respect to the related Specified Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***<u>Designation of Specified Interests</u>***. At least one Business Day prior to the Series Issue Date with respect to any Specified Interest, the Holders of the applicable Series (with prior notice to the Initial Beneficiary, any Registered Pledgee of any Certificate of such Series and the holders of any Titling Trust Debts issued with respect to the related Specified Interest) will deliver to the Titling Trust Administrator a notice executed by the Initial Beneficiary or such Holders (each, a "**<u>Specification Notice</u>**"), setting forth the terms of the related Series, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) the date that the related Series will be issued (the "**<u>Series Issue Date</u>**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) that (A) additional Titling Trust Leases and Titling Trust Vehicles may be allocated to the Specified Interest (any such Specified Interest, a "**<u>Revolving Specified Interest</u>**") or (B) no additional Titling Trust Leases and Titling Trust Vehicles may be allocated to the Specified Interest (any such Specified Interest, a "**<u>Fixed Specified Interest</u>**");

*Titling Trust Agreement*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) that the Certificates of the related Series will collectively represent the entire Beneficial Interest in the related Specified Assets and (1) will be issued in more than one class (each, a "**<u>Class</u>**") having different rights with respect to the related Specified Assets and specifying the terms of each such Class or (2) will be issued only in a single Class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv) the Persons to whom the Certificates of such Series initially will be issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (v) the first date as of which Collections on the related Specified Assets will be allocated to such Specified Interest (the "**<u>Series Cutoff Date</u>**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (vi) a Applicable Asset Annex identifying the Titling Trust Assets to be initially allocated to such Specified Interest (or, solely in the case of a Specified Interest whose Series Issue Date occurs on July 16, 2008, containing a description of the Titling Trust Assets to be allocated to such Specified Interest); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (vii) that (A) Titling Trust Debts may be issued by the Titling Trust with respect to such Specified Interest (if so specified, such Specified Interest a "**<u>Titling Trust Debt Specified Interest</u>**") or (B) Titling Trust Debts may not be issued by the Titling Trust with respect to such Specified Interest.

No Applicable Asset Annex delivered pursuant to this **<u>Section 4.3(b)</u>** may include any Titling Trust Leases or Titling Trust Vehicles that will be allocated (and as to which Collections will be allocable) to another Specified Interest as of the day immediately following the applicable Series Cutoff Date.

On the Series Issue Date, the Titling Trust will issue the related Certificates to the Persons named in the Specification Notice. The Titling Trust will provide notice of each such issuance to the Titling Trustee, and the Titling Trustee will record such issuance in the Certificate Register. Each Specification Notice will be substantially in the form of **<u>Exhibit A</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ***<u>Rights of Holders With Respect to Specified Interests</u>***. The Holders of each Series, with respect to the related Specified Interest, subject to the rights of (A) any related Registered Pledgee and (B) any related Secured Titling Trust Creditors or other Titling Trust Creditors and to the terms of the related Servicing Agreement and any other document to which the related Specified Assets are subject, will have the exclusive right to administer, manage, and control the related Specified Assets, including the right to, at any time and, for any reason or for no reason to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) direct the Titling Trust to assign or otherwise transfer any related Specified Leases, Specified Vehicles or other Specified Assets to, or to the order of, such Holders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) receive or direct the application of all Collections on the related Specified Assets;

*Titling Trust Agreement*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) designate, remove and direct the actions of the related Servicer and specify the terms of the related Servicing Agreement in accordance with **<u>Section 4.3(a)</u>**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv) direct the Titling Trust to accept assignment of title to Titling Trust Leases and Titling Trust Vehicles (or instruct the related Servicer, as their agent, to so direct the Titling Trust) for allocation to such Specified Interest (if designated as a Revolving Specified Interest) in accordance with **<u>Section 4.3(d)</u>**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (v) direct the Titling Trust to reallocate any related Specified Leases, Specified Vehicles or other Specified Assets to a different Specified Interest in accordance with **<u>Section 4.3(f)</u>**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (vi) in the case of a Titling Trust Debt Specified Interest, direct the Titling Trust to issue Titling Trust Debts with respect to the related Specified Interest and pledge any or all of the related Specified Assets to secure such Titling Trust Debts, subject to and in accordance with the terms of this Titling Trust Agreement and the related Specification Notice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (vii) provide directions to the Titling Trust Administrator, the Titling Trust, the Titling Trustee or the related Servicer with respect to the related Specified Interest pursuant to **<u>Section 7.4(a)</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) ***<u>Subsequent Addition of Specified Assets to Revolving Specified Interests</u>***. The Holders of the Series relating to any Revolving Specified Interest will, or will cause the related Servicer to, identify to the Titling Trust Administrator in accordance with **<u>Section 4.3(h)</u>** any Titling Trust Leases, Titling Trust Vehicles or other assets that have been acquired or are to be acquired by the Titling Trust for allocation to such Revolving Specified Interest, and provide to the Titling Trust Administrator the following information with respect to any such assets:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) the Revolving Specified Interest to which Titling Trust Leases, Titling Trust Vehicles or other assets have been or are to be allocated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) the Addition Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) the date as of which Collections on such assets will be allocated to such Revolving Specified Interest.

Effective as of the Addition Date set forth in any Addition Notice, the Titling Trust Leases, Titling Trust Vehicles or other assets identified therein will be Specified Assets allocated to the Specified Interest set forth in the Addition Notice. Notwithstanding the foregoing, if the Specification Notice related to a Revolving Specified Interest specifies that Titling Trust Leases and Titling Trust Vehicles having specifically identified characteristics shall be automatically allocated to such Specified Interest upon the acquisition thereof by the Titling Trust, then no separate Addition Notices will be required in respect of any Titling Trust Leases and Titling Trust Vehicles acquired by the Titling Trust with such specifically identified characteristics.

*Titling Trust Agreement*

Notwithstanding the foregoing part of this **<u>Section 4.3(d)</u>**, no assets may be added to any Specified Interest pursuant to this **<u>Section 4.3(d)</u>** if such assets will be allocated (and as to which Collections will be allocable) to another Specified Interest immediately following the applicable Addition Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) ***<u>Assignment and Transfer of Specified Assets from the Titling Trust</u>***. The Holders of the Series relating to any Specified Interest will, or will cause the related Servicer to, identify to the Titling Trust Administrator in accordance with **<u>Section 4.3(h)</u>** any related Specified Assets that have been or are to be assigned or otherwise transferred from the Titling Trust, and provide to the Titling Trust Administrator the following information with respect to such Specified Assets:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) the Specified Interest from which the Specified Assets have been or are to be assigned or otherwise transferred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) the Assignment Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) the date as of which Collections on such Specified Assets will cease to be allocated to such Specified Interest.

Effective as of the Assignment Date set forth in any Assignment Notice, but subject to compliance with the Asset Removal Procedures set forth in **<u>Section 4.4</u>**, the Specified Assets identified in the Applicable Asset Annex attached to such Assignment Notice will cease to be Titling Trust Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) ***<u>Reallocation of Specified Assets from one Specified Interest to Another</u>***. The Holders of the Series relating to any Specified Interest will, or will cause the related Servicer to, identify to the Titling Trust Administrator in accordance with **<u>Section 4.3(h)</u>** any related Specified Assets that have been or are to be reallocated to another existing Specified Interest, and provide to the Titling Trust Administrator the following information with respect to such Specified Assets:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) the Specified Interest from which the Specified Assets have been or are to be reallocated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) the Specified Interest to which the Specified Assets have been or are to be reallocated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) the Reallocation Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv) the date as of which Collections on such Specified Assets will be allocated to the Specified Interest to which such Specified Assets have been or are to be reallocated.

Subject to compliance with the Asset Removal Procedures set forth in **<u>Section 4.4</u>**, and as of the Reallocation Date set forth in any Reallocation Notice, the Titling Trust Leases, Titling Trust Vehicles or other assets identified therein will be reallocated to the Specified Interest set forth in the Reallocation Notice.

*Titling Trust Agreement*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) ***<u>Identification of Assets</u>***. In identifying Titling Trust Leases, Titling Trust Vehicles and other assets to be allocated, acquired, assigned, transferred or reallocated pursuant to **<u>Section 4.3(b)</u>**, **<u>(d)</u>**, **<u>(e)</u>**, or **<u>(f)</u>**, the Holders of the Series relating to the Specified Interest from which such assets will be allocated will identify:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) Titling Trust Leases by account number;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) Titling Trust Vehicles by vehicle identification number; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) any other Titling Trust Assets by such description in such form that will permit the Titling Trustee to identify such Titling Trust Assets separately from any other Titling Trust Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) ***<u>Reporting to Titling Trust Administrator</u>***. The Holders (or the related Servicer on their behalf) will report to the Titling Trust Administrator with respect to assets acquired, assigned, transferred, or reallocated pursuant to **<u>Section 4.3(b)</u>**, **<u>(d)</u>**, **<u>(e)</u>**, and **<u>(f)</u>** at such times, in such manner and in such form as may be agreed to from time to time by such Holders (or the related Servicer on their behalf) and the Titling Trust Administrator, which may include any electronic means.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) ***<u>Certain Rights and Duties of the Titling Trust Administrator With Respect to Specified Interests and Specified Assets</u>***. In accordance with procedures set forth in the related Servicing Agreement, each Servicer (or, if no Servicer has been appointed with respect to a Specified Interest, the Holders of the related Series) will provide information with respect to the related Specified Assets to the Titling Trust Administrator in detail sufficient to permit the Titling Trust Administrator to maintain on an ongoing basis adequate records with respect to the investments of the Holders in the Titling Trust and to provide the Holders and the Titling Trust Creditors with any information required to be provided to them pursuant to this Titling Trust Agreement and the other Trust Documents. The Titling Trust Administrator has no responsibility for determining, monitoring or verifying the value or quality of any assets contributed to or held by the Titling Trust. The Titling Trust Administrator, upon receipt of all certificates, statements, opinions, reports, documents, orders, other instruments or property furnished to the Titling Trust Administrator that are required to be furnished pursuant to this Titling Trust Agreement, will examine them to determine whether they are on their face in the form required by this Titling Trust Agreement. If any such item is found on its face not to conform to the requirements of this Titling Trust Agreement in a material manner, the Titling Trust Administrator will take such action as it deems appropriate to have the item corrected by the related Servicer, and if the item is not corrected to the Titling Trust Administrator's reasonable satisfaction by the related Servicer, the Titling Trust Administrator will provide notice thereof to the Titling Trustee and to the applicable Holders. The Titling Trust Administrator will make all books and records maintained by the Titling Trust Administrator with respect to the Titling Trust and the Titling Trust Assets available to the Titling Trustee for inspection, but only upon reasonable notice and during the normal business hours of the respective offices of the Titling Trust Administrator.

*Titling Trust Agreement*

**Section 4.4 <u>Asset Removal Procedures.</u>**

Notwithstanding any provision to the contrary set forth in **<u>Section 4.3</u>**, the effectiveness of the reallocation of a Specified Asset of any Specified Interest to any other Specified Interest pursuant to any Specification Notice or Reallocation Notice, or the assignment or transfer by the Titling Trust of a Specified Asset of any Specified Interest, shall be subject to compliance with the following procedures, conditions and limitations (such procedures, the "**<u>Asset Removal Procedures</u>**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Titling Trustee has neither received notice from any related Registered Pledgee or Titling Trust Creditor, as the case may be, nor otherwise obtained actual knowledge, that a TRO Default (i) has occurred and is continuing with respect to any Trust- Related Obligation relating to the Specified Interest from which such Specified Assets are to be reallocated or (ii) would occur under any such Trust-Related Obligation as a result of such reallocation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notice of such reallocation or assignment shall have been provided by the related Holder or Servicer to each TRO Holder Representative, if any, with respect to the Specified Interest from which such assets are to be reallocated at least five (5) Business Days prior to the applicable Series Cutoff Date, Reallocation Date or Assignment Date, as the case may be;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a copy of such Specification Notice or Reallocation Notice (including the related Applicable Asset Annex) shall have been delivered to each TRO Holder Representative, if any, with respect to the Specified Interest from which such Titling Trust Assets are to be reallocated or assigned no later than the fifth (5th) Business Day following the applicable Series Cutoff Date, Reallocation Date or Assignment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the rights of the Titling Trust Creditors or Registered Pledgees with respect to the Specified Interest from which such Titling Trust Assets are being reallocated would not otherwise be violated by such reallocation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in the case of an asset to be reallocated from another Specified Interest pursuant to a Specification Notice or Reallocation Notice, such asset will not be allocated to, or constitute a Specified Asset of, in each case as of the applicable Series Cutoff Date or Reallocation Date, as applicable, specified in such notice, any Specified Interest other than the Specified Interest to which such asset is to be reallocated pursuant to such notice.

Notwithstanding the foregoing part of this **<u>Section 4.4</u>**, if and to the extent that procedures with respect to the reallocation of assets from any Specified Interest are set forth in the TRO Documents for the Trust-Related Obligations, if any, of such Specified Interest, the procedures set forth in such TRO Documents shall govern, and compliance with such procedures shall be deemed to constitute compliance with this **<u>Section 4.4</u>** (including as to delivery of any required notices to TRO Holders or their representatives).

*Titling Trust Agreement*

**Section 4.5 <u>Accounts of the Titling Trust.</u>**

If so specified in the Servicing Agreement with respect to any Specified Interest, the Titling Trust Administrator will, in the manner so specified, establish and maintain in the name of the Titling Trust, or in such other name that identifies the Titling Trust as the holder of the account, one or more separate deposit accounts or securities accounts for the benefit of the Holders of the related Series. Any such account will be under the sole dominion and control of the related Holders, subject to the rights of any related Registered Pledgees or any related TRO Holders, except to the extent otherwise specified in such Servicing Agreement.

**Section 4.6 <u>Titling Trust Debts.</u>**

The Titling Trust may issue Titling Trust Debts with respect to (and only with respect to) any Titling Trust Debt Specified Interest. If so specified in the Titling Trust Debt Document with respect to any Titling Trust Debts or in the Specification Notice with respect to the related Specified Interest, the related Titling Trust Creditors may designate an indenture trustee, agent or other third party to exercise the rights of such Titling Trust Creditors under this Titling Trust Agreement. If no such third party is designated, unless otherwise specified in the related Specification Notice, the rights of the Titling Trust Creditors may be exercised only with the consent of 100% of such holders.

**ARTICLE V**

**THE CERTIFICATES**

**Section 5.1 <u>Authentication and Delivery; Form.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Certificate will be substantially in the form set forth in **<u>Exhibit B</u>**, subject to modifications as required by this Titling Trust Agreement or the related Specification Notice. Each Certificate will be executed by manual or facsimile signature by an Authorized Officer of the Titling Trustee. Each Certificate bearing the manual or facsimile signatures of individuals who were authorized to sign on behalf of the Titling Trustee at the time when such signatures were affixed will be a valid and binding representation of interests in the Titling Trust notwithstanding that any or all of such individuals will have ceased to be so authorized prior to or did not hold such offices at the date of authentication and delivery of such Certificate or thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Certificates may be typewritten or produced by any other method, all as determined by the Titling Trustee, as evidenced by the Titling Trustee's execution of such Certificates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the case of Certificates issued in connection with the issuance of Trust-Related Obligations, Certificates will be issued only upon delivery of an Opinion of Counsel addressed to the Titling Trust Administrator, the Titling Trustee and the Titling Trust that (i) such issuance and the transactions entered into in connection therewith (including transfers of such Certificates permitted by the documents executed in connection with such transactions) will not 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 and (ii) the issuance of

*Titling Trust Agreement*

such Certificates will not have a material adverse effect on the U.S. federal income tax characterization of the Trust-Related Obligations, if any, issued in connection with any previously issued Certificates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding any other part of this Titling Trust Agreement, no Person may acquire any Certificate or be admitted as a Holder unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) such Person is not acquiring its interest in the Titling Trust through an "established securities market" within the meaning of section 7704(b) of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) after giving effect to such acquisition, there are no more than 95 beneficial owners of the Titling Trust as determined by Section 1.7704-1(h) of the Treasury Regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) such Person either (A) is not (or, if it is disregarded as an entity separate from its owner within the meaning of Treasury Regulations Section 301.7701-3(a), its owner is not), for U.S. federal income tax purposes, a partnership, grantor trust, or S Corporation (as defined in the Code) (any such entity, a "**<u>Pass-Through Entity</u>**") or (B) is a Pass-Through Entity, but (x) after giving effect to such transaction less than 50 percent of the value of each beneficial ownership interest in such Pass-Through Entity is attributable to such entity's interest in the Titling Trust or (y) adequate provisions are in place that restrict any transfer of beneficial interests in such Pass-Through Entity or the actions of such Pass-Through Entity in such a manner to prevent any increase in the number of beneficial owners of the Pass-Through Entity for purposes of Section 1.7704-1(h) of the Treasury Regulations without the consent of the Titling Trust (as confirmed by an Opinion of Counsel).

**Section 5.2 <u>Mutilated, Destroyed, Lost or Stolen Certificates.</u>**

If (i) any mutilated Certificate is surrendered to the Titling Trustee, or the Titling Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Certificate, and (ii) there is delivered to the Titling Trustee such security or indemnity as may be required by it to indemnify and hold it harmless, then the Titling Trustee will execute on behalf of the Titling Trust and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a replacement Certificate of the same Class and proportionate interest in the Titling Trust, the related Specified Interest and the Specified Assets allocated thereto. Such substitute Certificate will constitute for all purposes a substitute for the original Certificate and the original Certificate will be deemed canceled and the books and records of the Titling Trustee will indicate such cancellation. Any replacement Certificate will be delivered to the Holder of the applicable Series. However, if there is a Registered Pledgee of such Certificate, then a replacement Certificate will be delivered to the Registered Pledgee if the Notice of Registered Pledge so provides.

**Section 5.3 <u>Persons Deemed Holders.</u>**

Prior to due presentation of a Certificate for registration of transfer, the Titling Trustee will regard the Person in whose name such Certificate is registered as the Holder for all

*Titling Trust Agreement*

purposes. The Holder of any Certificate may covenant or enter into agreements with other Persons with respect to the exercise of any or all of its rights as Holder of such Certificate and, subject to **<u>Section 5.4(e)</u>**, upon receipt of notification of such arrangements by the Titling Trustee (with a copy to the Titling Trust Administrator), such Persons will be treated as Holders in accordance with and to the extent provided in such agreement.

**Section 5.4 <u>Registration of Transfer and Exchange of Certificates.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Titling Trustee will keep or cause to be kept, at the office or agency maintained pursuant to **<u>Section 5.5</u>**, a register (the "**<u>Certificate Resister</u>**") that, subject to such reasonable regulations as it may prescribe, the Titling Trustee will provide for the registration of Certificates and of transfers and exchanges of Certificates. The Titling Trustee will not register any transfer, sale, assignment, hypothecation, pledge or other conveyance of any Certificate unless the request for such transfer, sale, assignment, hypothecation, pledge or other conveyance is accompanied by either (i) in the case of a conveyance that constitutes a Registered Pledge, a Notice of Registered Pledge and the other documentation required under **<u>Section 5.4(e)</u>** and **<u>Section 5.4(f)</u>** or (ii) in the case of any other conveyance of a Certificate subject to a Registered Pledge, evidence that the related Registered Pledgees have consented to such conveyance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon surrender for registration of transfer of any Certificate to the Titling Trustee at its Corporate Trust Office, an Authorized Officer of the Titling Trustee will execute, authenticate, and deliver, in the name of the designated transferee or transferees, one or more new Certificates in a like aggregate amount dated the date of authentication by the Titling Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Every Certificate presented or surrendered for registration of transfer or exchange will be accompanied by an instrument of transfer or exchange in form satisfactory to the Titling Trustee duly executed by the Holder, including, with respect to any Certificate subject to a Registered Pledge, the documentation described in **<u>Section 5.4(a)(ii)</u>**. Each Certificate surrendered for registration of transfer and exchange will be canceled and subsequently disposed of by the Titling Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No service charge will be made for any registration of transfer or exchange of Certificates, but the Titling Trustee may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer or exchange of Certificates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Except to the extent specified in this Titling Trust Agreement or in the related Servicing Agreement, Certificates may be assigned, pledged or otherwise transferred. However, the Certificates may be assigned, pledged or otherwise transferred only upon delivery of an Opinion of Counsel addressed to the Titling Trust Administrator, the Titling Trustee and the Titling Trust that such assignment, pledge or transfer will not 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. Any attempted assignment, pledge, or other transfer in violation of this **<u>Section 5.4(e)</u>** will be void <u>ab initio</u>. In addition, each assignee, pledgee or other transferee must, prior to or contemporaneously with any such assignment, pledge or other transfer, execute

*Titling Trust Agreement*

an agreement containing a non-petition covenant substantially similar to that set forth in **<u>Section 11.10</u>** and deliver to the Titling Trust Administrator, the Titling Trustee and the Initial Beneficiary an executed copy of such agreement. In addition to the foregoing, in the case of a pledge of a Certificate, the Holder will deliver to the Titling Trustee (with a copy to the Titling Trust Administrator) a notice of registered pledge substantially in the form of **<u>Exhibit C</u>** (a "**<u>Notice of Registered Pledge</u>**"), an executed copy of the related security agreement and any agreements governing the exercise by the pledgee of the rights of a Holder with respect to the applicable Certificate (any such pledge, a "**<u>Registered P1edge</u>**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Titling Trustee will deliver, or cause to be delivered, a copy of this Titling Trust Agreement to each Person that becomes a Holder or Registered Pledgee.

**Section 5.5 <u>Maintenance of Office or Agency.</u>**

The Titling Trustee will maintain an office or offices or agency or agencies where Certificates may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Titling Trustee in respect of the Certificates and this Titling Trust Agreement may be served. The Titling Trustee initially designates its Corporate Trust Office as its office for such purposes. The Titling Trustee will give prompt notice to the Initial Beneficiary, the Holders and any Registered Pledgees of any change in the location of such office.

**Section 5.6 <u>Cooperation with Servicers.</u>**

The Titling Trust will furnish each Servicer with any powers of attorney and such other documents as have been prepared by such Servicer for execution by the Titling Trust as are necessary or appropriate to enable such Servicer to carry out its duties under the applicable Servicing Agreement.

**Section 5.7 <u>Registered Pledge.</u>**

Each Notice of Registered Pledge will be executed by the Holder of the subject Certificate and each Registered Pledgee of such Certificate and will set forth the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) the name of the Holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) the name and address of the Registered Pledgee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) the Series and Class, if applicable, of the Certificate subject to the Registered Pledge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv) any rights of the Holder under this Titling Trust Agreement and the applicable Certificate that the Holder has agreed may be exercised by the Registered Pledgee;

*Titling Trust Agreement*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (v) if there is more than one Registered Pledgee of a Certificate, a brief statement of the relative rights of each Registered Pledgee in such Certificate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (vi) any additional information required by the Titling Trust Administrator or the Titling Trustee.

**ARTICLE VI**

**ACCOUNTING AND REPORTS TO HOLDERS**

The Titling Trust Administrator will (a) maintain (or cause to be maintained) the books of the Titling Trust on a calendar year basis on the accrual method of accounting, (b) deliver to each Holder and Registered Pledgee such information as may be required by the Code and applicable Treasury Regulations or otherwise, including such information as may be required to enable each Holder and Registered Pledgee to prepare its U.S. federal income tax returns, (c) file (or cause to be filed) any tax returns relating to the Titling Trust and make (or cause to be made) such elections as may be required or appropriate under any Applicable Law, and (d) cause such tax returns to be signed in the manner required by Applicable Law.

**ARTICLE VII**

**THE TITLING TRUST ADMINISTRATOR AND THE TRUSTEES**

**Section 7.1 <u>Appointment of the Titling Trust Administrator; Duties of the Tit1ing Trust Administrator and the Titling Trustee.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ***<u>Appointment of the Titling Trust Administrator</u>***. The Initial Beneficiary appoints World Omni as Titling Trust Administrator and World Omni hereby accepts such appointment. Each Holder of a Certificate, by acceptance thereof, will be deemed to have consented to the appointment of World Omni as Titling Trust Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***<u>Duties of the Titling Trust Administrator and the Trustees</u>***. The Titling Trust Administrator and the Trustees will each perform such duties, and only such duties, as are specifically set forth in this Titling Trust Agreement. No implied covenants or obligations will be read into this Titling Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ***<u>Reliance on Certificates and Opinions</u>***. In the absence of bad faith, gross negligence or willful misconduct on its part, the Titling Trust Administrator and each Trustee may conclusively rely upon certificates or opinions furnished to the Titling Trust Administrator or the applicable Trustee, as the case may be, and conforming to the requirements of this Titling Trust Agreement in determining the truth of the statements and the correctness of the opinions contained therein. However, the immediately preceding sentence will not apply unless the Titling Trust Administrator or the applicable Trustee, as the case may be, have examined such certificates or opinions so as to determine compliance of the same with the requirements of this Titling Trust Agreement.

*Titling Trust Agreement*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) ***<u>No Duty to Segregate Funds; No Liability for Interest</u>***. Subject to **<u>Section 4.3</u>**, the Titling Trust Administrator is not required to segregate funds received under this Titling Trust Agreement in any manner except to the extent required by Applicable Law and the related Servicing Agreement and may deposit such funds under such general conditions as may be prescribed by Applicable Law. The Titling Trust Administrator will not be liable for any interest on any such funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) ***<u>Limitation on Direction by Holders</u>***. A Holder will not direct the Titling Trust Administrator or either Trustee to take any action that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) is inconsistent with any of the Permitted Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) would result in the Titling Trust's becoming an association (or publicly traded partnership) taxable as a corporation for U.S. federal income tax purposes or that is otherwise inconsistent with the intended tax characterization of the Titling Trust and the Titling Trust Assets as set forth in **<u>Section 2.9</u>**; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) is otherwise inconsistent with any provision of this Titling Trust Agreement or any other Trust Document.

**Section 7.2 <u>Authorization of the Titling Trust Administrator and the Trustees.</u>**

Each Trust Representative is authorized and directed by the Initial Beneficiary to execute and deliver this Titling Trust Agreement, the Intercreditor Agreement, each of the other Trust Documents, and each certificate or other document attached as an exhibit to or contemplated by this Titling Trust Agreement to which the Titling Trust is to be a party, in such form as the Initial Beneficiary may approve.

**Section 7.3 <u>Acceptance of Duties; Limitation of Liability.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ***<u>General Standard of Care</u>***. Each Trust Representative agrees to perform its respective duties under this Titling Trust Agreement but only upon the terms of this Titling Trust Agreement. Each Trust Representative also agrees to disburse any and all moneys received by it constituting part of the Titling Trust Assets upon the terms of this Titling Trust Agreement and the other Trust Documents. In carrying out its duties hereunder, each Trust Representative shall exercise such of the rights and powers vested in it using the same degree of care and skill in their exercise as a prudent Person would exercise or use under the circumstances in the conduct of such Person's own affairs. No provision of this Titling Trust Agreement shall be construed to relieve any Trust Representative from liability for its own negligent action, its own negligent failure to act, its own bad faith or its own willful misfeasance or, in the case of the Titling Trustee, similar acts or omissions of any Titling Trustee Agent; **<u>provided</u>**, **<u>however</u>**, **<u>that</u>**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) no Trustee shall be personally liable for any action taken, suffered or omitted by it or any error of judgment, in each case made in good faith by any officer of, or any other employee of the corporate trust office of, such Trustee (or, in the case of the Titling Trustee, any Titling Trustee Agent), including any vice-president, trust

*Titling Trust Agreement*

officer or any other officer of such Trustee (or, in the case of the Titling Trustee, any Titling Trustee Agent) customarily performing functions similar to those performed by such officers or to whom any corporate trust matter is referred because of such Person's knowledge of or familiarity with the particular subject, unless it shall be proved that such Trustee (or, in the case of the Titling Trustee, such Titling Trustee Agent) was negligent or acted with willful misfeasance in performing its duties in accordance with the terms of this Titling Trust Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) no Trustee shall be personally liable with respect to any action taken, suffered or omitted to be taken in good faith in accordance with the express direction of the Initial Beneficiary or, to the extent of actions taken with respect to any Specified Interest or the related Specified Assets, the Holder of the related Series, relating to the exercise of any trust power conferred upon such Trustee under this Titling Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***<u>Limitation on Requirement of Trust Representatives to Take Actions Exposing Them to Risk</u>***. Notwithstanding **<u>Section 7.3(a)</u>**, no Trust Representative will be under any obligation to exercise any of the rights or powers vested in it by this Titling Trust Agreement, or to institute, conduct or defend any litigation under this Titling Trust Agreement or otherwise or in relation to this Titling Trust Agreement, at the request, order or direction of any Holder, unless such Holder has offered to such Trust Representative security or indemnity satisfactory to it against the fees, costs, expenses and liabilities that may be incurred by such Trust Representative therein or thereby. The right of each Trust Representative to perform any discretionary act enumerated in this Titling Trust Agreement will not be construed as a duty, and neither Trust Representative will not be answerable for other than its negligence or willful misconduct in the performance of any such act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ***<u>Limitation on Actions That Impair Beneficial Interests, Asset Value or Ratings</u>***. Except for actions expressly authorized or required by this Titling Trust Agreement or another Trust Document related to a Specified Interest (or any particular subset of Titling Trust Assets included therein), no Trustee shall take any action as to which such Trustee (i) has been notified by the Initial Beneficiary, or any related Securitization Entity, Holder or Titling Trust Creditor or (ii) has actual knowledge, that, in either case, such action would impair the related Beneficial Interests, would impair the value of any related Specified Asset or would result in a downgrade or withdrawal of the rating assigned by any Rating Agency to any related Trust-Related Obligation.

**Section 7.4 <u>Action upon Instruction by Holders.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Holders of any Series, subject to the rights of the related Registered Pledgee, if any, may direct the Titling Trust Administrator, the Titling Trust, each Trustee or the Servicer with respect to the related Specified Interest to take action or refrain from taking action with respect to the related Specified Assets except to the extent that such action or inaction would conflict with any other provision of this Titling Trust Agreement, any other Trust Document or any other document to which the related Titling Trust Assets are subject. Such direction may be exercised at any time by instructions signed by the Holders holding a 100% beneficial interest in such Specified Assets.

*Titling Trust Agreement*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, and in accordance with **<u>Section 7.7</u>**, the Titling Trust Administrator will not be required to take any action or refrain from taking action under this Titling Trust Agreement if the Titling Trust Administrator has reasonably determined, or has been advised by counsel, that such action is likely to result in liability on the part of the Titling Trust Administrator or is contrary to the terms hereof or is otherwise contrary to Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Whenever the Titling Trust Administrator is unable to decide between alternative courses of action permitted or required by this Titling Trust Agreement, or is unsure as to the application, intent, interpretation or meaning of any provision of this Titling Trust Agreement, the Titling Trust Administrator may request an Opinion of Counsel as to such application, intent, interpretation or meaning, or may give notice (in a form appropriate under the circumstances) to the Holders requesting instruction as to the course of action to be adopted, and, to the extent the Titling Trust Administrator acts in good faith in accordance with such Opinion of Counsel or any such instruction received from such Holders, as the case may be, the Titling Trust Administrator will not be liable on account of such action to any Person. If the Titling Trust Administrator does not receive an Opinion of Counsel or appropriate instructions within 10 days of such notice (or within such shorter period of time as reasonably may be specified in such notice or may be necessary under the circumstances) it may, but will be under no duty to, take or refrain from taking such action that is consistent, in its view, with this Titling Trust Agreement, and as it deems to be in the best interests of the Holders, and the Titling Trust Administrator will have no liability to any Person for any such action or inaction.

**Section 7.5 <u>Furnishing of Documents.</u>**

The Titling Trust Administrator will furnish to the Holders, promptly upon receipt of a request therefor, duplicates or copies of all reports, notices, requests, demands, certificates, financial statements and any other instruments furnished to the Titling Trust Administrator by the Servicer or others.

**Section 7.6 <u>Representations and Warranties of the Trustees; Agreements Regarding Stock.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ***<u>Representations and Warranties of the Trustees</u>***. Each Trustee represents and warrants to the Initial Beneficiary and the Holders as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) *<u>Due Organization</u>*. It is a corporation duly organized, validly existing and in good standing under the laws of its jurisdiction of organization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) *<u>Power and Authority; Authorization</u>*. It has full power, authority and legal right to execute, deliver and perform this Titling Trust Agreement, and has taken all necessary action to authorize the execution, delivery and performance by it of this Titling Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) *<u>No Violation</u>*. The execution, delivery and performance by it of this Titling Trust Agreement (i) does not violate any provision of any law or regulation governing the banking and trust powers of the Titling Trustee or any order, writ, judgment or decree of any court, arbitrator or governmental authority applicable to

*Titling Trust Agreement*

the Titling Trustee or any of its assets, (ii) does not violate any provision of the corporate charter or by-laws of the Titling Trustee, and (iii) does not violate any provision of, or constitute, with or without notice or lapse of time, a default under, or result in the creation or imposition of any Lien on any properties of the Titling Trustee pursuant to the provisions of any mortgage, indenture, contract, agreement or other undertaking to which it is a party, violation, default or Lien would reasonably be expected to have a materially adverse effect on the Titling Trustee's performance or ability to perform its duties under this Titling Trust Agreement or on the transactions contemplated in this Titling Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv) *<u>Consents and Approvals</u>*. The execution, delivery and performance by the Titling Trustee of this Titling Trust Agreement does not require the authorization, consent or approval of, the giving of notice to, the filing or registration with, or the taking of any other action in respect of, any Governmental Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (v) *<u>Execution, Delivery and Enforceability</u>*. This Titling Trust Agreement has been duly executed and delivered by the Titling Trustee and constitutes the legal, valid and binding agreement of the Titling Trustee, enforceable in accordance with its terms, except as 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***<u>Single Purpose</u>***. The Titling Trustee represents and warrants to the Initial Beneficiary and the Holders that, except in its capacity as the Alabama Trustee, the Titling Trustee has not engaged, is not currently engaged, and will not engage during the term of this Titling Trust Agreement in any other activity other than sewing as Titling Trustee and in such ancillary activities as are necessary and proper in order to act as Titling Trustee in accordance with this Titling Trust Agreement and the other Trust Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ***<u>Representations and Warranties of U.S. Bank; Agreements Regarding Stock</u>***. U.S. Bank represents and warrants to the Initial Beneficiary and the Holders that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) *<u>Ownership of Stock</u>*. All of the issued and outstanding capital stock of the Titling Trustee (together with any additional capital stock of the Titling Trustee that may be issued from time to time in the future, the "**<u>Trustee Stock</u>**") is owned by U.S. Bank, free and clear of any lien, encumbrance or any other restriction, agreement or commitment of any kind (other than as provided for in this Titling Trust Agreement) that would in any way restrict U.S. Bank's ability freely to transfer, convey and assign the Trustee Stock. All such Trustee Stock currently outstanding is (and any Trustee Stock that may be issued in the future will be) validly issued, fully paid and nonassessable and has not been (and will not be) issued in violation of any preemptive, first refusal or other subscription rights of any Person. There are no outstanding options, warrants, conversion rights, subscription rights, preemptive rights, exchange rights or other rights, agreements or commitments of any kind obligating U.S. Bank to sell any Trustee Stock or to issue any additional capital stock in the Titling Trustee to any Person.

*Titling Trust Agreement*

U.S. Bank will not issue any additional Trustee Stock without the express written consent of the Initial Beneficiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) *<u>Transfer of Trustee Stock</u>*. For so long as U.S. Bank is acting as a Titling Trustee Agent pursuant to **<u>Section 7.12</u>** of this Titling Trust Agreement or any Trust Agency Agreement, but subject to any applicable legal or regulatory requirements, it will retain ownership of all of the Trustee Stock. If at any time (and for any reason, including without limitation U.S. Bank's resignation or termination as Titling Trustee Agent or the termination of the Titling Trust) U.S. Bank either is no longer acting as a Titling Trustee Agent, is no longer able, because of legal or regulatory changes, to own the Trustee Stock, or the Titling Trustee would have to be removed pursuant to **<u>Section 7.11</u>** because of is being owned by U.S. Bank, U.S. Bank will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) notify the Initial Beneficiary of such event; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) sell to the Initial Beneficiary's designee (who shall not be the Initial Beneficiary or any Affiliate thereof), at the Initial Beneficiary's option, without recourse except with respect to the representations, warranties and covenants contained herein, all of the Trustee Stock for the sum of Ten United States Dollars (U.S.$10) plus the face value of any cash or cash equivalents then held by the Titling Trustee for its own account, but not in excess of its net worth as set forth on its financial books and records ("**<u>Liquid Titling Trustee Assets</u>**").

The Initial Beneficiary's designee shall have sixty (60) days from the date of receipt of such notice in which to exercise such option and to consummate such acquisition, during which time U.S. Bank shall refrain from offering for sale or selling any Trustee Stock to any Person other than the Initial Beneficiary's designee. If the Initial Beneficiary's designee shall not consummate such acquisition within such period, U.S. Bank shall be free to offer for sale or sell to any Person any or all of the Trustee Stock or to dissolve the Titling Trustee; **<u>provided</u>**, **<u>however</u>**, **<u>that</u>**, if, upon or in connection with U.S. Bank's no longer being a Titling Trustee Agent, a successor Titling Trustee Agent shall be appointed by the Titling Trustee in replacement of U.S. Bank, and U.S. Bank will next grant to such successor Titling Trustee Agent an option for it or its designee to buy the Trustee Stock without recourse except with respect to the representations, warranties and covenants contained herein, for the sum of Ten United States Dollars (U.S.$10) plus the face value of the Liquid Titling Trustee Assets. Such successor Titling Trustee Agent or its designee shall have sixty (60) days from the date of receipt of such offer in which to exercise such option and consummate such acquisition, during which time U.S. Bank shall refrain from offering for sale or selling any Trustee Stock to any Person other than such successor Titling Trustee Agent or its designee.

If any of the Initial Beneficiary's designee, a successor Titling Trustee Agent or its designee shall timely exercise its option to acquire the Trustee Stock, U.S. Bank shall promptly tender all such Trustee Stock to such buyer at a time and place determined by the buyer, duly endorsed in blank or with duly endorsed stock powers attached, against payment of the purchase price. The Initial Beneficiary shall pay any transfer or similar

*Titling Trust Agreement*

taxes arising from a transfer of the Trustee Stock as contemplated by this Titling Trust Agreement.

**Section 7.7 <u>Reliance; Advice of Counsel.</u>**

Except as otherwise provided in this Titling Trust Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ***<u>Reliance on Documents</u>***. Each Trust Representative may rely and shall be protected in acting or refraining from acting upon any resolution, officer's certificate, certificate of auditors or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, appraisal, bond or other paper or document reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties. In particular, but without limitation, whenever in this Titling Trust Agreement it is provided that the applicable Trust Representative shall receive or may rely on the instructions or directions of the Initial Beneficiary, any Securitization Entity, any Holder or any Titling Trust Creditor, any written instruction or direction purporting to bear the signature of any officer of such Person reasonably believed by it to be genuine may be deemed by such Trust Representative to have been signed or presented by the proper party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***<u>Reliance on Counsel</u>***. Each Trust Representative may consult with counsel, and any opinion of counsel shall be full and complete authorization and protection in respect of any action taken or suffered or omitted by it under this Titling Trust Agreement in good faith and in accordance with such opinion of counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ***<u>No Requirement to Take Discretionary Action Without Indemnity</u>***. No Trust Representative shall be under any obligation to exercise any of the discretionary rights or powers vested in it by this Titling Trust Agreement, or to institute, conduct or defend any litigation under this Titling Trust Agreement or in relation to this Titling Trust Agreement at the request, order or direction of the Initial Beneficiary, any Securitization Entity, any Holder or any Titling Trust Creditor pursuant to the provisions of this Titling Trust Agreement, unless such requesting Person(s) shall have offered to such reasonable security or indemnity against the costs, expenses and liabilities that may be incurred therein or thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No Trust Representative shall be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document, unless requested in writing to do so by the Initial Beneficiary, any Securitization Entity, any Holder or any Titling Trust Creditor in connection with a Trust-Related Obligation; **<u>provided</u>**, **<u>however</u>**, **<u>that</u>**, if the payment within a reasonable time to such Trust Representative of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of such Trust Representative, not reasonably assured to such Trust Representative by the security afforded to it by the terms of this Titling Trust Agreement or any other Trust Document, such Trust Representative may require reasonable indemnity against such cost, expense or liability as a condition to so proceeding; the reasonable expense of every such examination shall be paid by the Person(s) requesting such examination or, if paid by such Trust Representative, shall be reimbursed to such Trust Representative as an expense of the Titling Trust upon demand.

*Titling Trust Agreement*

**Section 7.8 <u>Compensation and Reimbursement.</u>**

The Titling Trust Administrator and each of the Trustees will receive as compensation for its services under this Titling Trust Agreement such reasonable fees as separately agreed upon between the Initial Beneficiary and the Titling Trust Administrator or the applicable Titling Trustee, as the case may be. The Titling Trust Administrator and each of the Trustees will be entitled to be reimbursed by the Initial Beneficiary for its reasonable expenses under this Titling Trust Agreement, including the reasonable compensation, expenses and disbursements of such agents, custodians, nominees, representatives, experts and counsel as the Titling Trust Administrator or the applicable Trustee may employ in connection with the exercise and performance of its rights and its duties under this Titling Trust Agreement. However, pursuant to the terms of the Servicing Agreements entered into in connection with the issuance of any Certificate, the related Holders (or the related Servicer or another Person if so specified therein) will pay the Specified Asset Titling Trust Administrator Fee and the Specified Asset Titling Trustee Fee in the manner and at the times set forth therein.

**Section 7.9 <u>Resignation or Removal of Titling Trust Administrator and the Trustees.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither the Titling Trust Administrator nor either of the Trustees may resign without the consent of the Initial Beneficiary unless the Titling Trust Administrator or the applicable Titling Trustee ceases to be eligible (in the case of the Trustees, in accordance with the provisions of **<u>Section 7.11</u>**) or the Titling Trust Administrator or the applicable Trustee is incapable of acting or it is illegal for the Titling Trust Administrator or the applicable Trustee to act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Initial Beneficiary may remove the Titling Trust Administrator or either Trustee (and will remove the Titling Trust Administrator or the applicable Trustee in the case of the occurrence of the events described in clauses (i) through (v)):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) in the case of either Trustee, if the Trustee ceases to be eligible in accordance with the provisions of **<u>Section 7.11</u>**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) if the Titling Trust Administrator or the applicable Trustee is adjudged bankrupt or insolvent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) if a receiver or other public officer is appointed or takes charge or control of the applicable Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation or if an Insolvency Event occurs with respect to the Titling Trust Administrator or the applicable Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv) if the Titling Trust Administrator or the applicable Trustee otherwise is incapable of acting or it is illegal for the Titling Trust Administrator or the applicable Trustee to act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (v) in the case of either Trustee, (A) any representation or warranty made by such Trustee pursuant to **<u>Section 7.6</u>** shall prove to have been untrue in any material respect when made, **<u>and</u>** (B) such representation or warranty shall continue

*Titling Trust Agreement*

to be untrue for 30 days following actual knowledge thereof by such Trustee, or notice thereof to such Trustee by the Initial Beneficiary, any Holder or any Registered Pledgee, **<u>and</u>** (C) such Trustee shall fail to resign after written request therefor, following the 30- day period referred to in the immediately preceding **<u>subclause (B)</u>**, by the Initial Beneficiary, any Holder or any Registered Pledgee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (vi) at its discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Titling Trust Administrator or a Trustee is removed or if a vacancy exists in the office of Titling Trust Administrator or either Trustee for any reason, the Initial Beneficiary will promptly appoint a successor Titling Trust Administrator or successor Trustee by written instrument (one copy will be delivered to the outgoing Titling Trust Administrator or Trustee so removed, one copy to the successor Titling Trust Administrator or successor Trustee, as the case may be, and one copy to each Rating Agency then rating any Trust- Related Obligation). Any successor Trustee must satisfy the requirements of **<u>Section 7.11</u>**. All costs associated with the resignation or removal of the Titling Trust Administrator or a Trustee and the appointment of a successor will be borne by the Holders of the Certificates based on their respective Specified Asset Percentages of such costs. However, if the Initial Beneficiary (i) consents to the resignation of the Titling Trust Administrator or a Trustee pursuant to **<u>Section 7.9(a)</u>** or (ii) removes the Titling Trust Administrator or a Trustee pursuant to **<u>Section 7.9(b)(vi)</u>**, all such costs will be borne exclusively by the Initial Beneficiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any resignation or removal of the Titling Trust Administrator or a Trustee and appointment of a successor Titling Trust Administrator or Trustee pursuant to any of the provisions of this **<u>Section 7.9</u>** will not become effective until an acceptance of appointment is delivered by the successor Titling Trust Administrator or Trustee, as the case may be, upon which the successor Titling Trust Administrator or Trustee, as the case may be, must become fully vested with all the rights, powers, duties and obligations of its predecessor under this Titling Trust Agreement, with like effect as if originally named as Titling Trust Administrator or Trustee, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The predecessor Titling Trust Administrator or Trustee, as the case may be, will deliver to the successor Titling Trust Administrator or Trustee, as the case may be, all books, records, accounts, documents, statements and monies held by it under this Titling Trust Agreement. The predecessor Titling Trust Administrator or Trustee, as the case may be, will execute and deliver such instruments and do such other things as may reasonably be required to fully and certainly vest and confirm in the successor Titling Trust Administrator or Trustee, as the case may be, all such rights, powers, duties and obligations. The predecessor Titling Trust Administrator or Trustee, as the case may be, will cooperate with the successor Titling Trust Administrator or Trustee, as the case may be, to ensure that the successor Titling Trust Administrator or Titling Trustee, as the case may be, has all books, records, accounts, documents, statements and monies held by it under this Titling Trust Agreement and any other relevant information relating to the Titling Trust Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Upon the acceptance by a successor Titling Trust Administrator or Trustee, as the case may be, of its appointment pursuant to this **<u>Section 7.9</u>**, the Initial Beneficiary will mail notice of such appointment to each Holder or Registered Pledgee of a

*Titling Trust Agreement*

Certificate, and to each Designated Notice Recipient with respect to any Trust-Related Obligation. If the Initial Beneficiary fails to mail such notice within 10 days after the successor Titling Trust Administrator or Trustee, as the case may be, has accepted its appointment under this Titling Trust Agreement, the successor Titling Trust Administrator or Trustee, as the case may be, will cause such notice to be mailed at the expense of the Initial Beneficiary.

**Section 7.10 <u>Merger or Consolidation of Titling Trust Administrator or the Titling Trustee.</u>**

Any Person that may be merged, converted or consolidated with the Titling Trust Administrator or either Trustee, as the case may be, or any Person resulting from any merger, conversion or consolidation to which the Titling Trust Administrator or either Trustee, as the case may be, is a party, or any Person succeeding to all or substantially all of the corporate trust business of the Titling Trust Administrator or either Trustee, as the case may be, will be deemed the successor of the Titling Trust Administrator or the applicable Trustee, as the case may be, under this Titling Trust Agreement, in the case of a Trustee, so long as such Person satisfies the requirements of **<u>Section 7.11</u>**, and without the execution or filing of any instrument or any further act on the part of any of the parties to this Titling Trust Agreement.

**Section 7.11 <u>Eligibility Requirements for the Trustees.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Trustee will at all times satisfy each of the following requirements or be a wholly owned subsidiary of an entity that satisfies each of the following requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) be either (a) a corporation organized under the laws of one of the fifty states of the United States, the District of Columbia or the Commonwealth of Puerto Rico or (b) a banking association organized under the laws of the United States or any state thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) not be the Initial Beneficiary or any Affiliate thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) be qualified as a trustee to hold Titling Trust Assets located in each of Florida, Alabama, Georgia, North Carolina and South Carolina (to the extent that the Titling Trustee is required to hold such Titling Trust Assets);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv) be authorized to exercise corporate trust powers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (v) have a combined capital and surplus of not less than $50,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Titling Trust will at all times have at least one trustee that will comply with all of the requirements of Section 3807(a) of the Delaware Statutory Trust Act relating to the qualification of a trustee for a Delaware statutory trust.

*Titling Trust Agreement*

**Section 7.12 <u>Agents of the Trust Representatives.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ***<u>Appointment</u>***. In the performance of its duties and obligations under this Titling Trust Agreement, each Trust Representative may act directly or through its agents, attorneys, custodians or nominees pursuant to agreements entered into with any of them, and neither Trust Representative will be liable for the conduct or misconduct of such agents, attorneys, custodians or nominees if such agents, attorneys, custodians or nominees were selected by such Trust Representative with reasonable care. Each Trust Representative may consult with counsel, accountants and other skilled professionals to be selected with reasonable care and employed by it. No Trust Representative will be liable for anything done, suffered or omitted in good faith by it in accordance with any Opinion of Counsel or advice of such accountants or other such skilled professionals and not contrary to this Titling Trust Agreement. By way of illustration and not in limitation of the foregoing, the Titling Trustee may enter from time to time into one or more agency agreements (each a "**<u>Trust Agency Agreement</u>**") with such Person or Persons, including without limitation any Affiliate of the Titling Trustee (each a "**<u>Titling Trustee Agent</u>**"), as are by experience and expertise qualified to act in a trustee capacity and otherwise acceptable to the Initial Beneficiary (U.S. Bank being hereby deemed both qualified and acceptable for these purposes).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***<u>Removal</u>***. Notwithstanding **<u>Section 7.12(a)</u>**, each Trust Representative agrees that it shall replace any Titling Trustee Agent appointed by such Trust Representative (including U.S. Bank) upon the occurrence and continuation of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) the Initial Beneficiary determines in its good faith judgment that the compensation or level of service of such Titling Trustee Agent shall no longer be reasonably competitive with those of any alternative agent reasonably proposed by the Initial Beneficiary, and the Initial Beneficiary provides notice to such effect to the Titling Trustee and the Titling Trustee Agent; **<u>or</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) such Titling Trustee Agent is adjudged bankrupt or insolvent; **<u>or</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) a receiver or other public officer is appointed or takes charge or control of such Titling Trustee Agent or of its property or affairs for the purpose of rehabilitation, conservation or liquidation or an Insolvency Event occurs with respect to such Titling Trustee Agent; **<u>or</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv) such Titling Trustee Agent otherwise is incapable of acting with respect to the performance of its obligations under the applicable Trust Agency Agreement, or it is illegal for such Titling Trustee Agent to so act; **<u>or</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (v) all of the following have occurred: (A) any representation or warranty made by such Titling Trustee Agent pursuant to the applicable Trust Agency Agreement shall prove to have been untrue in any material respect when made, **<u>and</u>** (B) such representation or warranty shall continue to be untrue for 30 days following actual knowledge thereof by such Titling Trustee Agent, or notice thereof to the Titling Trustee

*Titling Trust Agreement*

and such Titling Trustee Agent by the Initial Beneficiary, **<u>and</u>** (C) such Titling Trustee Agent shall fail to resign after written request therefor, following the 30-day period referred to in the immediately preceding **<u>subclause (B)</u>**, by the Initial Beneficiary (with a copy of such notice being delivered to the Titling Trustee); **<u>or</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (vi) all of the following have occurred:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Titling Trustee Agent has materially breached its obligations under the applicable Trust Agency Agreement; **<u>and</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the Initial Beneficiary has given written notice to the Titling Trustee and the Titling Trustee Agent of such breach; **<u>and</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the Titling Trustee Agent has not cured such breach in all material respects within 30 Business Days thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ***<u>Trust Agency Agreements</u>***. Each Trust Agency Agreement shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) specify the duties, powers, liabilities, obligations and compensation of the applicable Titling Trustee Agent(s) to carry out on behalf of the Titling Trustee any or all of its obligations in such capacity that arise under this Titling Trust Agreement or otherwise; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) contain a non-petition covenant substantially identical to that set forth in **<u>Item 4</u>** of the table in **<u>Section 4.1(f)</u>**;

**<u>provided</u>**, **<u>however</u>**, **<u>that</u>**, nothing contained in any Trust Agency Agreement shall excuse, limit or otherwise affect any power, duty, obligation, liability or compensation otherwise applicable to the Titling Trustee under this Titling Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) ***<u>Appointment of U.S. Bank as Initial Titling Trustee Agent</u>***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) *<u>Appointment</u>*. The Titling Trustee hereby engages U.S. Bank as its Initial Titling Trustee Agent (in such capacity, the "**<u>Initial Titling Trustee Agent</u>**"), and U.S. Bank by its signature to this Titling Trust Agreement accepts such engagement. All provisions of this **<u>Section 7.12(d)</u>** shall constitute a Trust Agency Agreement between the Initial Titling Trustee Agent and the Titling Trustee, subject to any amendment or supplement between such parties that is not inconsistent with the terms of this Titling Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) *<u>Duties</u>*. The Initial Titling Trustee Agent shall perform and carry out, on behalf of the Titling Trustee, each and every obligation of the Titling Trustee under this Titling Trust Agreement and under each other Trust Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) *<u>Compensation</u>*. The Titling Trustee shall from time to time pay to the Initial Titling Trustee Agent reasonable compensation for its services and shall provide such reimbursement of expenses as are separately agreed from time to time by the Titling Trustee and the Initial Titling Trustee Agent.

*Titling Trust Agreement*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv) *<u>Non-Petition</u>*. To the extent permitted by applicable law, the Initial Titling Trustee Agent shall not, prior to the end of the period that is one year and one day (or, if longer, any applicable preference period), (A) file or join in filing any bankruptcy petition against the Titling Trust **<u>and/or</u>** (B) cooperate with or encourage others to file a bankruptcy petition against the Titling Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (v) *<u>Vacancy; Appointment of Successor</u>*. If the Initial Titling Trustee Agent is removed or if a vacancy exists in the office of the Initial Titling Trustee Agent (or any successor thereto performing similar functions) for any reason (and the rights and obligations of the Initial Titling Trustee Agent, or such other Person, as the case may be, under this Titling Trust Agreement have not been transferred to a Person that is willing and able to perform the functions currently performed by the Initial Titling Trustee Agent), the Initial Beneficiary will promptly appoint a successor to the Initial Titling Trustee Agent by written instrument (one copy will be delivered to the outgoing Initial Titling Trustee Agent, one copy to its successor, and one copy to each Rating Agency then rating any Trust-Related Obligation). The Titling Trustee must satisfy the requirements of **<u>Section 7.11</u>** immediately following any such appointment. All costs associated with the resignation or removal of the Initial Titling Trustee Agent (or any other Person performing the obligations of the Initial Titling Trustee Agent and the appointment of a successor will be borne by the Holders of the Certificates based on their respective Specified Asset Percentages of such costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (vi) *<u>Effectiveness of Appointment of Successor</u>*. Any resignation or removal of any Person performing the functions of the Initial Titling Trustee Agent and appointment of a successor Titling Trustee Agent performing such functions pursuant to any of the provisions of this **<u>Section 7.12</u>** will not become effective until an acceptance of appointment is delivered by such successor, upon which such successor must become fully vested with all the rights, powers, duties and obligations of its predecessor under this Titling Trust Agreement, with like effect as if originally named as the Initial Titling Trustee Agent under this Titling Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (vii) *<u>Delivery of Books and Records: Cooperation in Transition</u>*. The predecessor to any Person appointed pursuant to **<u>clauses (v)</u>** and/or **<u>(vi)</u>** above will deliver to the successor to such Person all books, records, accounts, documents, statements and monies held by it under this Titling Trust Agreement. Such predecessor will execute and deliver such instruments and do such other things as may reasonably be required to fully and certainly vest and confirm in such successor all such rights, powers, duties and obligations. Such predecessor will cooperate with such successor to ensure that such successor has all books, records, accounts, documents, statements and monies held by it under this Titling Trust Agreement and any other relevant information relating to the Titling Trust Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (viii) *<u>Notice of Appointment of Successor</u>*. Upon the acceptance by a successor to the Initial Titling Trustee Agent (or a Person performing the functions thereof) of its appointment pursuant to this **<u>Section 7.12</u>**, the Initial Beneficiary will mail notice of such appointment to each Holder or Registered Pledgee of a Certificate, and to each Designated Notice Recipient with respect to any Trust-Related Obligation.

*Titling Trust Agreement*

**ARTICLE VIII**

**TERMINATION OF TRUST AGREEMENT**

**Section 8.1 <u>Termination of Trust Agreement.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Titling Trust Agreement (other than **<u>Section 10.1</u>** and **<u>Section 11.8</u>**) and the Titling Trust will terminate and be of no further force or effect on the final distribution by the Titling Trust Administrator of all moneys or other property constituting Titling Trust Assets.

Any Specified Interest may be terminated upon receipt by the Titling Trust Administrator of direction to such effect signed by the Holders of all of the related Certificates, with the consent of the Registered Pledgee, if any, and subject to the rights of any Titling Trust Creditors. Upon any such termination of a Specified Interest, the Titling Trust Administrator will distribute to the Holders of the Certificates related to the terminating Specified Interest, subject to the rights of any Registered Pledgees and of any Titling Trust Creditors, all related Specified Assets, including title to the related Specified Vehicles, by causing the Certificates of Title with respect thereto to be reregistered in the name of, or at the direction of, such Holders.

This Titling Trust Agreement and the Titling Trust may also terminate at the direction of the Initial Beneficiary so long as no Trust-Related Obligations are outstanding.

Neither this Titling Trust Agreement nor the Titling Trust will terminate upon the occurrence of an Insolvency Event with respect to any Holder and the Titling Trust will continue following the occurrence of an Insolvency Event with respect to any Holder, in each case, subject to the first paragraph of this **<u>Section 8.1(a)</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon the termination of the Titling Trust, the Titling Trust Administrator will distribute to each Holder of a Certificate its interest in the related Specified Assets by causing the Certificates of Title to be reregistered in the name of, or at the direction of, each such Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the liquidation in whole of the Titling Trust pursuant to **<u>Section 8.1(a)</u>**, Titling Trust Administrator will take all other actions required under the Delaware Statutory Trust Act in connection with the wind-up and liquidation of the Titling Trust, including the filing of a Certificate of Cancellation with the Secretary of State of the State of Delaware.

**ARTICLE IX**

**AMENDMENTS**

**Section 9.1 <u>Amendments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Titling Trust Agreement and the Certificate of Trust may be amended by the parties hereto without the consent of any Holder of any Certificate at any time. Any such amendment will not (x) as evidenced by an Opinion of Counsel, materially and

*Titling Trust Agreement*

adversely affect the interests of any Holder (unless each such Holder has consented thereto), (y) as confirmed by each Rating Agency then rating any class or series of Trust-Related Obligations issued in connection with any Certificates, cause the then current rating assigned to such class or series to be withdrawn or reduced or (z) 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding **<u>Section 9.1(a)</u>**, this Titling Trust Agreement may be amended at any time by the parties hereto without satisfaction of the conditions set forth in **<u>Section 9.1(a)</u>**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to correct or amplify the description of any Specified Asset, or better to assure, convey and confirm unto the Titling Trust any Specified Asset;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to convey, transfer, assign, mortgage or pledge any additional Specified Assets to the Titling Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to cure any ambiguity, to correct or supplement any provision in this Titling Trust Agreement or in any supplemental agreement that may be inconsistent with any other provision in this Titling Trust Agreement or in any supplemental agreement or to make any other provisions with respect to matters or questions arising under this Titling Trust Agreement or under any supplemental agreement which will not be inconsistent with the provisions of this Titling Trust Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to evidence the acceptance of the appointment under this Titling Trust Agreement of a successor trustee and to add to or change any of the provisions of this Titling Trust Agreement as will be necessary to facilitate the administration of the trusts under this Titling Trust Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to the extent reasonably necessary to assure that none of the Titling Trust or any transferee of any Certificate will be classified as an association (or publicly traded partnership) taxable as a corporation for U.S. federal income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding **<u>Section 9.1(a)</u>** and **<u>Section 9.1(b)</u>**, any amendment to this Titling Trust Agreement shall require such additional approvals, if any, as may be specified in any other Trust Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Initial Beneficiary will deliver a copy of each amendment entered into pursuant to this **<u>Section 9.1</u>** to each Rating Agency then rating any then-outstanding Trust-Related Obligations.

*Titling Trust Agreement*

**ARTICLE X**

**LIABILITIES; INDEMNIFICATION**

**Section 10.1 <u>Liabilities; Indemnification.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ***<u>Indemnification by Holders for all Liabilities</u>***. To the extent permitted under Applicable Law, each Holder of a Certificate (but not any Registered Pledgee, Titling Trust Creditor or Secured Titling Trust Creditor) will be liable to third parties and will indemnify, defend and hold harmless the Titling Trust Administrator and each Trustee, including their respective officers, directors, shareholders, employees and agents (each, with respect to this **<u>Section 10.1</u>**, an "**<u>Indemnified Person</u>**" and, collectively, the "**<u>Indemnified Persons</u>**") for all liabilities, obligations, losses, claims, damages, actions and suits, expenses and any and all costs, expenses and disbursements (including legal fees and expenses) of any kind and nature whatsoever ("**<u>Liabilities</u>**") incurred in connection with the related Specified Assets, including any Liabilities arising out of or incurred in connection with such Persons' acceptance or performance of the duties contained in this Titling Trust Agreement other than, in each case, Liabilities incurred solely:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by reason of such Person's willful malfeasance, bad faith or gross negligence; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by reason of such Person's breach of its representations and warranties set forth in this Titling Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***<u>Holders' Liability Limited to Related Specified Interest</u>***. No Holder of a Certificate and none of the related Specified Assets will be subject to Liabilities arising from or with respect to the Indemnified Persons or the Specified Assets relating to any other Specified Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ***<u>Indemnification by Holders for State and Local Taxes</u>***. Without limiting the generality of **<u>Section 10.1(a)</u>**, the Holders of each Series will defend and hold harmless the Indemnified Persons against all state and local taxes assessed on such Persons resulting from the location of the related Specified Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) ***<u>Specified Assets Not Subject to Liabilities</u>***. No claim for indemnification pursuant to this **<u>Section 10.1</u>** will be payable from any Titling Trust Assets, including any Specified Assets, and neither the Titling Trust Administrator, nor any other Indemnified Person, will have any recourse against the assets of the Titling Trust, including any Specified Assets, with respect to any indemnification claim that any such Person may have against the Titling Trust or any Holder, Registered Pledgee, Servicer or Affiliate of any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) ***<u>Indemnification Procedures; Defense of Claims</u>***. The Indemnified Persons will promptly notify the Initial Beneficiary and the Holders of each Series of any claim for which such Indemnified Persons may seek indemnity. Failure by the Indemnified Persons to so notify such Holders will not relieve such Holder or Holders of its obligations under this Titling Trust Agreement. Any claim against the Indemnified Persons will

*Titling Trust Agreement*

be defended by such Holders and the Indemnified Persons will be entitled to separate counsel, the fees and expenses of which will be paid by such Holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) ***<u>Survival</u>***. The indemnities contained in this **<u>Section 10.1</u>** will survive the resignation, removal or termination of any Indemnified Person or the termination of this Titling Trust Agreement.

**Section 10.2 <u>Indemnification of the Tit1in Trustee Agents and the Trustees.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ***<u>Indemnification</u>***. To the extent permitted under Applicable Law, the Titling Trust Administrator will indemnify, defend and hold harmless each Trustee and each Titling Trustee Agent (including U.S. Bank, as Initial Titling Trustee Agent), and their respective officers, directors, employees and agents (each, with respect to this **<u>Section 10.2</u>**, an "**<u>Indemnified Person</u>**" and, collectively, the "**<u>Indemnified Persons</u>**"), from and against any and all Liabilities incurred by it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in connection with the administration of and the performance of its duties under this Titling Trust Agreement or the related Trust Agency Agreement, as the case may be, including the costs and expenses of defending itself against any loss, damage, claim or liability incurred by it in connection with the exercise or performance of any of its powers or duties under this Titling Trust Agreement or such Trust Agency Agreement, as the case may be, but excluding any cost, expense, loss, damage, claim or liability (A) incurred by the applicable Trustee or Titling Trustee Agent, as the case may be, through its own willful misconduct, negligence or bad faith or (B) arising from the breach of any representation or warranty contained in **<u>Section 7.6</u>**; **<u>or</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by reason of (A) the Titling Trust Administrator's willful misconduct, negligence or bad faith in the performance of its duties under this Titling Trust Agreement (including the obligations delegated to the Titling Trust Administrator under **<u>Section 3.4(a)</u>**) or (B) the Titling Trust Administrator's reckless disregard of its obligations and duties under this Titling Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***<u>Indemnification Procedures</u>***. Promptly upon receipt by any Indemnified Person of notice of the commencement of any suit, action, claim, proceeding or governmental investigation against any such Indemnified Person, such Indemnified Person will, if a claim in respect of such suit, action, claim, proceeding or investigation is to be made against the Titling Trust Administrator under **<u>Section 10.2(a)</u>**, notify the Titling Trust Administrator of the commencement of such suit, action, claim, proceeding or investigation. The Titling Trust Administrator may participate in and assume the defense and settlement of any such suit, action, claim, proceeding or investigation at its expense, and no settlement of such suit, action, claim, proceeding or investigation may be made without the approval of the Titling Trust Administrator and such Indemnified Person, which approvals will not be unreasonably withheld or delayed. After notice from the Titling Trust Administrator to the Indemnified Person of the Titling Trust Administrator's intention to assume the defense of such suit, action, claim, proceeding or investigation with counsel reasonably satisfactory to the Indemnified Person, and so long as the Titling Trust Administrator so assumes the defense of such suit, action, claim, proceeding or investigation in a manner reasonably satisfactory to the Indemnified Person, as applicable, the

*Titling Trust Agreement*

Titling Trust Administrator will not be liable for any legal expenses of counsel to the Indemnified Person unless there is a conflict between the interests of the Titling Trust Administrator and an Indemnified Person, in which case the Titling Trust Administrator will pay for the separate counsel to the Indemnified Person which is reasonably satisfactory to the Titling Trust Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ***<u>Survival of Indemnities</u>***. The indemnities contained in this **<u>Section 10.2</u>** will survive the resignation, removal or termination of any Indemnified Person or the termination of this Titling Trust Agreement.

**ARTICLE XI**

**MISCELLANEOUS**

**Section 11.1 <u>No Legal Title to Titling Trust Assets; Direction of the Titling Trust Administrator.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Legal title to all Titling Trust Assets will be vested at all times in the Titling Trust. The Holders will not have legal title to any Titling Trust Assets. However, as set forth in **<u>Section 4.3(c)(i)</u>**, the Holders may direct the Titling Trust Administrator and the Titling Trustee to deliver the related Specified Assets to such Holders or at their direction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding **<u>Section 11.1(a)</u>** or anything else in this Titling Trust Agreement to the contrary, the Titling Trust Administrator will take no action with respect to entering into, disposing of or making any payment or distribution with respect to any Titling Trust Vehicle, Titling Trust Lease, Certificate of Title or insurance policy except in accordance with the procedures set forth in the applicable Servicing Agreement or (subject to the terms of the applicable Servicing Agreement and any applicable TRO Documents) as directed by the related Holders in accordance with **<u>Section 7.4(a)</u>**.

**Section 11.2 <u>Limitations on Rights of Others.</u>**

This Titling Trust Agreement is solely for the benefit of the Titling Trustee, the Delaware Trustee, the Titling Trust Administrator, the Initial Titling Trustee Agent, each additional Titling Trustee Agent, the Initial Beneficiary, each Registered Pledgee, the Secured Titling Trust Creditors, the other Titling Trust Creditors and the Holders, and nothing in this Titling Trust Agreement, whether express or implied, will be construed to give to any other Person any legal or equitable right, remedy or claim in the Titling Trust or the Titling Trust Assets or under or in respect of this Titling Trust Agreement or any covenants, conditions or provisions contained in this Titling Trust Agreement.

**Section 11.3 <u>Notices.</u>**

Unless otherwise specified in this Titling Trust Agreement, all notices, requests, demands, consents, instructions or other communications to or from the parties to this Titling Trust Agreement will be in writing (which may be transmitted electronically or posted to a password-protected website, provided that recipients will be notified of any such electronic posting and receipt of such notification will be confirmed in accordance with this **<u>Section 11.3</u>** or

 

*Titling Trust Agreement*

confirmed by telephone). Notices, requests, demands, consents, instructions and other communications will be deemed to have been given and made, (i) in the case of a letter, upon delivery or, in the case of a letter mailed via registered first class mail, postage prepaid, three (3) days after deposit in the mail; (ii) in the case of a facsimile, when receipt is confirmed by telephone or by reply email or reply facsimile from the recipient; (iii) in the case of an email, when receipt is confirmed by telephone or by reply email from the recipient; and (iv) in the case of an electronic posting to a password-protected website, upon printed confirmation of the recipient's access to such website, or when notification of such electronic posting is confirmed in accordance with clauses (i) through (iii) above. Unless otherwise specified in this Titling Trust Agreement, any such notice, request, demand, consent, instructions or other communication will be delivered or addressed as follows (or at such other address or facsimile number as any party may designate by notice to the other parties):

***<u>If to the Titling Trust Administrator</u>***, addressed to World Omni Financial Corp.:

World Omni Financial Corp.

190 Jim Moran Boulevard

Deerfield Beach, FL 33442

Attention: Treasurer

Fax: 954-429-2685

***If to the Titling Trustee:***

 ****

VT Inc.

c/o U.S. Bank Trust National Association

209 South LaSalle Street

Suite 300

Chicago, Illinois 60604

Attention: Patricia M. Child

Fax: 312-325-8905

Telephone: 312-325-8902

***If to the Initial Beneficiary***, addressed to ALF LLC as follows:

Auto Lease Finance LLC

190 Jim Moran Boulevard

Deerfield Beach, FL 33442

Attention: Treasurer

Fax: 954-429-2685

*Titling Trust Agreement*

***If to the Delaware Trustee:***

U.S. Bank Trust National Association

c/o Corporate Trust Services

209 South LaSalle Street, Suite 300

Chicago, Illinois 60604

Attention: Patricia M. Child

Fax: 312-325-8905

Telephone: 312-325-8902

***If to the Initial Titling Trustee Agent:***

U.S. Bank National Association

c/o Corporate Trust Services

209 South LaSalle Street, Suite 300

Chicago, Illinois 60604

Attention: Patricia M. Child

Fax: 312-325-8905

Telephone: 312-325-8902

***If to any TRO Holder***, to the address specified for delivery of notices to such Person in the Intercreditor Agreement (or, if no address is specified therein, the address so specified in the applicable TRO Documents).

Any notice to be delivered to any Holder (whether an initial Holder of a Certificate, or a permitted assignee of a Certificate) will be delivered at the address provided to the Titling Trust Administrator by such Holder.

**Section 11.4 <u>GOVERNING LAW.</u>**

**THIS TITLING TRUST AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, EXCEPT THAT, PURSUANT TO SECTION 3809 OF TITLE 12 OF THE DELAWARE CODE, THE DOCTRINE OF MERGER SHALL NOT BE APPLICABLE TO THIS TITLING TRUST AGREEMENT.**

**Section 11.5 <u>Severability; Conflict with Delaware Statutory Trust Act.</u>**

If any one or more of the covenants, agreements, provisions or terms of this Titling Trust 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 Titling Trust Agreement and will in no way affect the validity, legality or enforceability of the other provisions of this Titling Trust Agreement or of the Certificates or any Trust-Related Obligations or the rights of any Holders or TRO Holders. If there is a direct conflict between the provisions of this Titling Trust Agreement and any mandatory provision of the Delaware Statutory Trust Act, then the applicable provision of the Delaware Statutory Trust Act will control.

*Titling Trust Agreement*

**Section 11.6 <u>Counterparts.</u>**

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

**Section 11.7 <u>Headings.</u>**

The headings in this Titling Trust Agreement are included for convenience only and will not affect the meaning or interpretation of any provision of this Titling Trust Agreement.

**Section 11.8 <u>Successors and Assigns.</u>**

All covenants and agreements contained herein are binding upon, and inure to the benefit of, the Initial Beneficiary, the Titling Trust Administrator and each Holder and their respective successors and permitted assigns. Notwithstanding the foregoing, the interests of the Initial Beneficiary hereunder will not be assigned, pledged, or otherwise transferred unless an Opinion of Counsel, delivered to the Titling Trust Administrator, is rendered that such assignment, pledge or other transfer will not 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. Any attempted assignment, pledge or other transfer in violation of this **<u>Section 11.8</u>** will be void ab initio. Any request, notice, direction, consent, instruction, waiver or other instrument or action by a Holder will bind the successors and assigns of such Holder.

**Section 11.9 <u>No Recourse.</u>**

Each Holder by accepting a Certificate acknowledges that such Holder's Certificate or Certificates represent a beneficial interest in the related Specified Assets only and does not represent interests in or obligations of the Initial Beneficiary, any other Holder, the Titling Trustee, the Delaware Trustee, the Titling Trust Administrator, the Initial Titling Trustee Agent, any other Titling Trustee Agent, or any Affiliate thereof and no recourse may be had against such Persons or their assets, except as may be expressly set forth or contemplated in this Titling Trust Agreement or the Certificates.

**Section 11.10 <u>No Petition.</u>**

The Titling Trust Administrator, the Titling Trustee, the Delaware Trustee, the Initial Titling Trustee Agent, any other Titling Trustee Agent, the Initial Beneficiary, each Holder, each Registered Pledgee and each TRO Holder (including each Secured Titling Trust Creditor and each other Titling Trust Creditor) covenants that for a period of one year and one day (or, if longer, any applicable preference period) after payment in full of all distributions to all Holders, Registered Pledgees and holders of Trust-Related Obligations pursuant to this Titling Trust Agreement, it will not institute against, or join any Person in instituting against, the Titling Trust any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding, or other proceeding, under the laws of the United States or any state of the United States. Notwithstanding any other provision of this Titling Trust Agreement, none of the Titling Trust Administrator, the Titling Trustee or the Delaware Trustee will commence a voluntary

*Titling Trust Agreement*

proceeding in bankruptcy relating to the Titling Trust without the unanimous prior approval of all Holders and TRO Holders (or applicable TRO Holder Representatives on their behalf) and the delivery by each such Person of a certificate certifying that such Person reasonably believes that the Titling Trust is insolvent.

**Section 11.11 <u>Confidential Information.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Trustee agrees to hold and treat all Confidential Information (defined in **<u>Section 11.11(b)</u>**) provided to it in connection with the transactions contemplated by this Titling Trust Agreement in confidence and in accordance with this **<u>Section 11.11</u>**, and will implement and maintain safeguards to further assure the confidentiality of such Confidential Information. Such Confidential Information will not, without the prior written consent of the Initial Beneficiary, be disclosed or used by the Titling Trustee or the Delaware Trustee or its directors, officers, employees or agents (collectively, the "**<u>Information Recipients</u>**") other than in connection with the transactions contemplated by this Titling Trust Agreement, **<u>provided</u>**, **<u>however</u>**, **<u>that</u>**, such disclosure is not in violation of the Right to Financial Privacy Act of 1978, the Gramm-Leach-Bliley Act of 1999 (the "**<u>G-L-B Act</u>**") or other Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As used in this Titling Trust Agreement, "**<u>Confidential Information</u>**" means (A) all information obtained by the applicable Trustee regarding the administration of the Titling Trust, whether upon the exercise of its rights under this Titling Trust Agreement or otherwise and (B) without limiting the generality of the foregoing sub-clause (A), all non-public personal information (as defined in the G-L-B Act and its enabling regulations issued by the Federal Trade Commission) regarding Lessees on the Titling Trust Leases that is identified as such by the Initial Beneficiary. However, notwithstanding the preceding sentence, Confidential Information will not include information that (i) is or becomes generally available to the public other than as a result of disclosure by the Titling Trustee or any of its Information Recipients, (ii) was available to the applicable Trustee on a non-confidential basis from a Person other than the Servicer prior to its disclosure to such Trustee, (iii) is requested to be disclosed by a Governmental Authority or related governmental, administrative, or regulatory or self- regulatory agencies having or claiming authority to regulate or oversee any aspect of the applicable Trustee's business or that of its Affiliates or is otherwise required by Applicable Law or by legal or regulatory process to be disclosed, (iv) becomes available to the applicable Trustee on a non-confidential basis from a Person other than the Initial Beneficiary who, to the knowledge of the applicable Trustee, is not otherwise bound by a confidentiality agreement with the Initial Beneficiary and is not otherwise prohibited from transmitting the information to the applicable Trustee or (v) the Initial Beneficiary provides written permission to the applicable Trustee to release.

[SIGNATURE PAGE FOLLOWS]

*Titling Trust Agreement*

**IN WITNESS WHEREOF**, the parties hereto have caused this Titling Trust Agreement to be duly executed by their respective officers hereunto duly authorized, as of the day and year first above written.

---

| | |
|:---|:---|
| **AUTO LEASE FINANCE LLC,** as Initial Beneficiary | **AUTO LEASE FINANCE LLC,** as Initial Beneficiary |
| By: | /s/ Ben Miller |
| Name: | Ben Miller |
| Title: | Assistant Treasurer |

---

**[Signature Pages to Titling Trust Agreement – 1 of 5]**

*Titling Trust Agreement*

---

| | |
|:---|:---|
| **WORLD OMNI FINANCIAL CORP.**, as Titling Trust Administrator | **WORLD OMNI FINANCIAL CORP.**, as Titling Trust Administrator |
| By: | /s/ Ben Miller |
| Name: | Ben Miller |
| Title: | Assistant Treasurer |

---

**[Signature Pages to Titling Trust Agreement – 2 of 5]**

*Titling Trust Agreement*

---

| | |
|:---|:---|
| **VT INC.**, not in its individual capacity but solely as Titling Trustee | **VT INC.**, not in its individual capacity but solely as Titling Trustee |
| By: | /s/ Patricia M. Child |
| Name: | Patricia M. Child |
| Title: | President |

---

**[Signature Pages to Titling Trust Agreement – 3 of 5]**

*Titling Trust Agreement*

---

| | |
|:---|:---|
| **U.S. BANK TRUST NATIONAL ASSOCIATION,** as Delaware Trustee | **U.S. BANK TRUST NATIONAL ASSOCIATION,** as Delaware Trustee |
| By: | /s/ Patricia M. Child |
| Name: | Patricia M. Child |
| Title: | Vice President |

---

**[Signature Pages to Titling Trust Agreement – 4 of 5]**

*Titling Trust Agreement*

---

| | |
|:---|:---|
| **U.S. BANK NATIONAL ASSOCIATION**, as Initial Titling Trustee Agent | **U.S. BANK NATIONAL ASSOCIATION**, as Initial Titling Trustee Agent |
| By: | /s/ Patricia M. Child |
| Name: | Patricia M. Child |
| Title: | Vice President |

---

**[Signature Pages to Titling Trust Agreement – 5 of 5]**

*Titling Trust Agreement*

EXHIBIT A

[FORM OF SPECIFICATION NOTICE]

WORLD OMNI LT

SPECIFICATION NOTICE

[ ]

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| | |
|:---|:---|
| To: | World Omni Financial Corp.,<br> as Titling Trust Administrator of World Omni LT |
| Re: | Designation of [ ] Specified Interest |
| cc: | [ ], as Registered Pledgee;<br> VT Inc., as Titling Trustee |

---

Reference is made to the Second Amended and Restated Trust Agreement, dated as of July 16, 2008 (the "**<u>Titling Trust Agreement</u>**"), of World Omni LT, a Delaware statutory trust (the "**<u>Titling Trust</u>**") among Auto Lease Finance LLC, as Initial Beneficiary, World Omni Financial Corp., as Titling Trust Administrator (in such capacity, the "**<u>Titling Trust Administrator</u>**"), VT Inc., an Alabama corporation, as Titling Trustee (in such capacity, the "**<u>Titling Trustee</u>**"), U.S. Bank Trust National Association, a national banking association, as Delaware Trustee (in such capacity, the "**<u>Delaware Trustee</u>**"), and U.S. Bank National Association, a national banking association, as Initial Titling Trustee Agent (in such capacity, the "**<u>Initial Titling Trustee Agent</u>**"). Capitalized terms used but not defined in this Specification Notice are defined in the Titling Trust Agreement, which also contains rules as to usage that are applicable herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Pursuant to **<u>Section 4.1(a)</u>** of the Titling Trust Agreement, you are directed to designate a Specified Interest of the Titling Trust, to be known as the "**<u>[</u>________<u>]</u> <u>Specified Interest</u>**" and to issue a Series of Certificates, to be known as the "**[________] <u>Certificates</u>**," substantially in the form of **<u>Exhibit A</u>** hereto, representing the entire Beneficial Interest in the Specified Assets allocated from time to time to such Specified Interest. [The Specified Assets to be initially allocated to such Specified Interest are [ ].]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The [ ] Specified Interest will be a separate series of the Titling Trust within the meaning of Section 3806(b) of the Delaware Statutory Trust Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Pursuant to **<u>Section 4.3(b)(i)</u>** of the Titling Trust Agreement, the Series Issue Date of the [ ] Specified Interest is [ ].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Pursuant to **<u>Section 4.3(b)(iv)</u>** of the Titling Trust Agreement, [ ] is designated as the registered Holder of the entire Series relating to the [ ] Specified Interest as of the [ ] Series Issue Date, and you are directed to cause the Titling Trust to execute and deliver to [ ], or to its order, as of the [ ] Series Issue Date, a single Certificate, designated as [ ] Certificate No. [ ], which will represent the entire beneficial interest in the Specified Assets allocated to the [ ] Specified Interest at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The [ ] Specified Interest will be a [Fixed Specified Interest] [Revolving Specified Interest].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The [ ] Certificates will be issued [as a single Class] [in multiple Classes].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Pursuant to **<u>Section 4.3(b)(v)</u>** of the Titling Trust Agreement, the Series Cutoff Date for the [ ] Specified Interest will be [ ].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Pursuant to **<u>Section 4.3(b)(vii)</u>** of the Titling Trust Agreement, Titling Trust Debts [may] [may not] be issued with respect to the [ ] Specified Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The Specified Assets with respect to the [ ] Specified Interest as of the Series Cutoff Date specified in **<u>paragraph 7</u>** hereof shall consist of the assets identified on the Applicable Asset Annex attached as **<u>Annex A</u>** hereto.

**[SIGNATURE PAGE FOLLOWS]**

**IN WITNESS WHEREOF**, the Initial Beneficiary has caused this [ ] Specification Notice to be duly executed and delivered by its officer hereunto duly authorized, as of the date first above written.

---

| |
|:---|
| [ ]**<br> as Holder** |
| By: |
| Name: |
| Title: |

---

EXHIBIT B

[Form of Certificate]

**WORLD OMNI LT**

**[ ] CERTIFICATE**

No. [ ]<br> evidencing the entire beneficial interest in the [ ] Specified Assets.

This Certificate evidences an interest in World Omni LT, a Delaware statutory trust (the "**<u>Titling Trust</u>**"), to the extent and in the manner set forth herein.

This Closed-End Collateral Specified Interest Certificate (this "**<u>Certificate</u>**") does **<u>not</u>** evidence or represent an interest in or obligation of (1) World Omni Financial Corp., a Florida corporation ("**<u>World Omni</u>**"), (2) VT Inc., an Alabama corporation ("**<u>VT Inc.</u>**"), (3) U.S. Bank National Association, a national banking association ("**<u>U.S. Bank</u>**"), (4) U.S. Bank Trust National Association, a national banking association ("**<u>U.S. Bank Trust</u>**"), (5) Auto Lease Finance LLC, a Delaware limited liability company ("**<u>ALF LLC</u>**"), or any of their respective affiliates (other than the Titling Trust, to the extent expressly set forth herein).

**THIS CERTIFIES THAT** [ ] is the registered owner of a nonassessable, fully-paid, 100% beneficial interest in the [ ] Specified Assets of World Omni LT (the "**<u>Titling Trust</u>**").

The Titling Trust is a Delaware statutory trust governed by the Second Amended and Restated Trust Agreement, dated as of July 16, 2008 (the "**<u>Titling Trust Agreement</u>**"), among Auto Lease Finance LLC, as Initial Beneficiary, World Omni Financial Corp., as Titling Trust Administrator (in such capacity, the "**<u>Titling Trust Administrator</u>**"), VT Inc., an Alabama corporation, as Titling Trustee (in such capacity, the "**<u>Titling Trustee</u>**"), U.S. Bank Trust National Association, a national banking association, as Delaware Trustee (in such capacity, the "**<u>Delaware Trustee</u>**"), and U.S. Bank National Association, as Initial Titling Trustee Agent (in such capacity, the "**<u>Initial Titling Trustee Agent</u>**").

This Certificate is one of a duly authorized Series of Certificates. This [ ] Certificate is issued under and is subject to the Titling Trust Agreement and the Servicing Agreement (the "**<u>Servicing Agreement</u>**"), dated as of [ ], 20[ ] between World Omni Financial Corp. ("**<u>World Omni</u>**") as Servicer, and [ ], as Holder. Capitalized terms used but not defined in this Certificate are defined in the Titling Trust Agreement, or, if not defined in the Titling Trust Agreement, are defined in the Servicing Agreement, which also contains rules as to usage that are applicable herein.

Any rights of the Holder of this [ ] Certificate are limited to the related Specified Assets and the related Specified Interest (and will include the right to receive or direct the application of all Collections on the related Specified Assets pursuant to **<u>Section 4.3(c)(ii)</u>** of the Titling Trust Agreement). If an Insolvency Event occurs with respect to the Titling Trust, any claim that the Holder of this Certificate may seek to enforce against the Titling Trust or the

Specified Assets allocated to any Specified Interest of the Titling Trust other than the Specified Interest represented by this [ ] Certificate will be subordinate to the payment in full, including post-petition interest, of the claims of the TRO Holders related to the Specified Assets allocated to such other Specified Interests of the Titling Trust.

The Holder of this [ ] Certificate, by acceptance of this [ ] Certificate, covenants that for a period of one year and one day (or, if longer, any applicable preference period) after payment in full of all distributions to all Holders and TRO Holders pursuant to the Titling Trust Agreement and the related Certificates or Trust-Related Obligations, as the case may be, 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 proceeding, or other proceeding, under the laws of the United States or any state of the United States.

This [ ] Certificate may be transferred only in accordance with the Titling Trust Agreement.

**THIS [ ] CERTIFICATE WILL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES UNDER THIS CERTIFICATE WILL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.**

Unless this [ ] Certificate is executed by an Authorized Officer of the Titling Trustee, this [ ] Certificate will not entitle the Holder thereof to any benefit under the Titling Trust Agreement or be valid for any purpose.

The parties hereto acknowledge and agree that the [ ] Specified Interest is a separate Specified Interest of the Titling Trust as described in the Titling Trust Agreement. Accordingly, separate and distinct records shall be maintained (directly or indirectly, including through a nominee or otherwise) for the [ ] Specified Interest, and the Specified Assets allocated to such Specified Interest shall be accounted for in such separate and distinct records separate from the assets of the Titling Trust generally or any other Specified Interest such that the debts, liabilities and obligations incurred, contracted for, or otherwise existing with respect to the [ ] Specified Interest shall be enforceable against the Specified Assets allocated to the [ ] Specified Interest only and not against any other assets of the Titling Trust generally or the assets of any other Specified Interest.

**N WITNESS WHEREOF**, the Titling Trustee, on behalf of the Titling Trust and not in its individual capacity, has caused this [ j Certificate to be duly executed.

---

| | | |
|:---|:---|:---|
|  | **WORLD OMNI LT,** | **WORLD OMNI LT,** |
|  | By: | **VT INC.,**<br> not in its individual capacity but solely as Titling Trustee |
| Date: [ ] | By: |  |
|  |  | Name: |
|  |  | Title: |

---

FOR VALUE RECEIVED, the undersigned transfers and assigns unto _____________ the within [ ] Certificate, and all rights thereunder, irrevocably constituting and appointing _____________ as Attorney to transfer said [ ] Certificate on the books of the Titling Trustee, with full power of substitution in the premises.

Dated: [ ] By:  

EXHIBIT C

[Form of Notice of Registered Pledge]

WORLD OMNI LT

NOTICE OF REGISTERED PLEDGE

[_______ __], 20__

---

| | |
|:---|:---|
| To: | VT Inc.,<br> as Titling Trustee |
| cc: | World Omni Financial Corp.,<br> as Titling Trust Administrator |
| Re: | Pledge of Certificates related to<br> [ ] Series to[ ] |

---

Reference is made to the Second Amended and Restated Trust Agreement, dated as of July 16, 2008 (the "**<u>Titling Trust Agreement</u>**"), among Auto Lease Finance LLC, as Initial Beneficiary, World Omni Financial Corp., as Titling Trust Administrator (in such capacity, the "**<u>Titling Trust Administrator</u>**"), VT Inc., an Alabama corporation, as Titling Trustee (in such capacity, the "**<u>Titling Trustee</u>**"), U.S. Bank Trust National Association, a national banking association, as Delaware Trustee (in such capacity, the "**<u>Delaware Trustee</u>**"), and U.S. Bank National Association, as Initial Titling Trustee Agent (in such capacity, the "**<u>Initial Titling Trustee Agent</u>**"). Capitalized terms used but not defined in this Specification Notice are defined in the Titling Trust Agreement, which also contains rules as to usage that are applicable herein.

Each of the undersigned hereby certifies, represents and warrants as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Pursuant to **<u>Section 5.4(a)</u>**, **<u>(c)</u>** and **<u>(e)</u>** and **<u>Section 5.7</u>** of the Titling Trust Agreement, [all of the outstanding Certificates] [Certificates Nos. [___] and [___]] related to the [_______] Series [, [Class [___]] (collectively, the "**<u>Pledged Certificates</u>**"), [each] designated pursuant to the Specification Notice dated as of [_______ __], 20__, a true and complete copy of which is attached as **<u>Exhibit A</u>**, have been pledged by [_______] and [_______], the [______] existing registered Holders thereof (collectively, the "**<u>Pledgors</u>**"), to [_______] and [________] (collectively, the "**<u>Pledgees</u>**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Attached as Exhibits [B and C] are true and complete copies of the related security agreements and other agreements governing the exercise by the Pledgees of the Pledged Rights with respect to the Pledged Certificates: [list documents] (collectively, the "**<u>Pledge Documents</u>**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Pursuant to the Pledge Documents, the Pledgors have agreed that the Pledgees may exercise the following rights: [list rights] (collectively, the "**<u>Pledged Rights</u>**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The pledge of the Pledged Certificates by the Pledgors to the Pledgees pursuant to the Pledge Documents, and the exercise by the Pledgees of the Pledged Rights, are each permitted by the Titling Trust Agreement, and duly authorized and enforceable by each Pledgee against each Pledgor.

[5. The relative rights of the Pledgees are as follows: [specify if applicable].]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Accordingly, you are authorized and directed to cause the Titling Trustee to reflect that the Pledgees have become the Registered Pledgees with respect to the Pledged Certificates, entitled to exercise the Pledged Rights with respect to the Pledged Certificates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. [The Titling Trustee will act in accordance with any direction provided by the Registered Pledgee to the Titling Trustee in accordance with **<u>Section 7.4</u>** of the Titling Trust Agreement.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. [Any replacement Certificate with respect to the Pledged Certificate will be delivered to the Registered Pledgee.]

IN WITNESS WHEREOF, each of the undersigned has caused this Notice of Registered Pledge to be duly executed and delivered by its respective officer hereunto duly authorized, as of the date first above written.

---

| | |
|:---|:---|
| <u>[ ]</u>, | <u>[ ]</u>, |
| as Pledgor | as Pledgor |
| By: |  |
|  | Name: |
|  | [Title:] |

---

---

| | |
|:---|:---|
| <u>[</u> ], | <u>[</u> ], |
| as Pledgor | as Pledgor |
| By: |  |
|  | Name: |
|  | [Title:] |

---

---

| | |
|:---|:---|
| <u>[ ]</u>, | <u>[ ]</u>, |
| as Pledgee | as Pledgee |
| By: |  |
|  | Name: |
|  | [Title:] |

---

---

| | |
|:---|:---|
| <u>[</u> ], | <u>[</u> ], |
| as Pledgee | as Pledgee |
| By: |  |
|  | Name: |
|  | [Title:] |

---

Furthermore, each Pledgee covenants that for a period of one year and one day (or, if longer, any applicable preference period) after payment in full of all distributions to all Holders and TRO Holders pursuant to the terms of the Titling Trust Agreement and the related Certificates or TRO Documents, as the case may be, it will not institute against, or join any Person in instituting against, the Titling Trust any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding, or other proceeding, under the laws of the United States or any state of the United States.

---

| | |
|:---|:---|
| [ ], | [ ], |
| as Pledgee | as Pledgee |
| By: |  |
|  | Name: |

---

<u>EXHIBIT D</u>

**<u>FORM OF CERTIFICATE OF TRUST</u>**

CERTIFICATE OF TRUST

OF

WORLD OMNI LT

THIS Certificate of Trust of WORLD OMNI LT (the "<u>Trust</u>") is being duly executed and filed on behalf of the Trust by the undersigned, as trustees, to form a business trust under the Delaware Business Trust Act (12 <u>Del. C.</u> Section 3801 <u>et seq</u>.) (the "<u>Trust Statute</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Name</u>. The name of the trust formed hereby is "WORLD OMNI LT."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Delaware Trustee</u>. The name and the business address of the trustee of the Trust in the State of Delaware is U.S. Bank Trust National Association, 300 E. Delaware Avenue, 8th Floor, Wilmington, DE 19809-1515, Attention: Corporate Trust Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Series</u>. Pursuant to Section 3806(b)(2) of the Trust Statute, the Trust shall issue one or more series of beneficial interests having the rights and preferences set forth in the governing instrument of the Trust, as the same may be amended from time to time (each a "<u>Series</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Notice of Limitation of Liabilities of each Series</u>. Pursuant to Section 3-804(a) of the Trust Statute, there shall be a limitation on liabilities of each Series such that (a) the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular Series shall be enforceable against the assets of such Series only, and not against the assets of the Trust generally or the assets of any other Series thereof and (b) none of the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Trust generally or any other Series thereof shall be enforceable against the assets of such Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Effective Date</u>. This Certificate of Trust shall be effective upon filing.

---

| | |
|:---|:---|
| **U.S. BANK TRUST NATIONAL ASSOCIATION,**<br> as Trustee | **U.S. BANK TRUST NATIONAL ASSOCIATION,**<br> as Trustee |
| By: |  |
|  | Name: |
|  | Title: |
| **VT INC.,**<br> as Trustee | **VT INC.,**<br> as Trustee |
| By: |  |
|  | Name: |
|  | Title: |

---

<u>EXHIBIT E</u>

**<u>FORM OF CERTIFICATE OF MERGER</u>**

**Certificate Of Merger<br> of<br> WORLD OMNI LT,<br> an Alabama business trust<br> into<br> WORLD OMNI LT,<br> a Delaware statutory trust**

THIS Certificate of Merger, is duly executed and filed on behalf of World Omni LT, a statutory trust formed and existing under the Delaware Statutory Trust Act, 12 <u>Del. C.</u> § 1801 <u>et seq</u>. (the "Act"), by the undersigned, as trustees, in accordance with Section 3815 of the Act:

FIRST: The name and jurisdiction of formation or organization of each of the constituent entities which is to merge is World Omni LT, a business trust formed under the laws of the State of Alabama (the "<u>Alabama Trust</u>"), and World Omni LT, a statutory trust formed under the laws of the State of Delaware (the "<u>Delaware Trust</u>").

SECOND: An Agreement and Plan of Merger, dated as of July 16, 2008 (the "<u>Agreement and Plan of Merger</u>"), between the Alabama Trust and the Delaware Trust has been approved and executed by the Alabama Trust and the Delaware Trust, and their respective beneficial owners and trustees.

THIRD: The name of the surviving Delaware statutory trust is World Omni LT.

FOURTH: The merger of the Alabama Trust into the Delaware Trust shall be effective upon the later of the filing of this Certificate of Merger with the Secretary of State of the State of Delaware and the filing of a Certificate of Merger with the Secretary of State of the State of Alabama.

FIFTH: The executed Agreement and Plan of Merger is on file at the principal place of business of the surviving Delaware statutory trust. The address of such place of business of the surviving Delaware statutory trust is World Omni LT, c/o U.S. Bank Trust National Association, 300 E. Delaware Avenue, 8th Floor, Wilmington, DE 19809-1515, Attention: Corporate Trust Services.

SIXTH: A copy of the Agreement and Plan of Merger will be furnished by the surviving Delaware statutory trust, on request and without cost, to any beneficial owner of the Alabama Trust or the Delaware Trust.

IN WITNESS WHEREOF, the undersigned, being all of the trustees of the Delaware Trust, have executed this Certificate of Merger in accordance with Section 3811(a)(4) of the Act.

---

| | |
|:---|:---|
| **VT INC.**, not in its individual capacity but solely as Trustee | **VT INC.**, not in its individual capacity but solely as Trustee |
| By: |  |
|  | Name: |
|  | Title: |
| U.S. BANK TRUST NATIONAL ASSOCIATION, not in its individual capacity but solely as Delaware Trustee | U.S. BANK TRUST NATIONAL ASSOCIATION, not in its individual capacity but solely as Delaware Trustee |
| By: |  |
|  | Name: |

---

<u>EXHIBIT F</u>

**<u>FORM OF ADDITION NOTICE</u>**

[_________], 20__

---

| | |
|:---|:---|
| To: | WORLD OMNI FINANCIAL CORP.,<br> as Titling Trust Administrator, of World Omni LT (the "**<u>Titling Trust</u>**") |

---

Re: Addition of Specified Assets to the [_____] Specified Interest

Reference is made to the Second Amended and Restated Trust Agreement, dated as of July 16, 2008 (the "**<u>Titling Trust Agreement</u>**"), among Auto Lease Finance LLC, as Initial Beneficiary, World Omni Financial Corp., as Titling Trust Administrator (in such capacity, the "**<u>Titling Trust Administrator</u>**"), VT Inc., an Alabama corporation, as Titling Trustee (in such capacity, the "**<u>Titling Trustee</u>**"), U.S. Bank Trust National Association, a national banking association, as Delaware Trustee (in such capacity, the "**<u>Delaware Trustee</u>**"), and U.S. Bank National Association, as Initial Titling Trustee Agent (in such capacity, the "**<u>Initial Titling Trustee Agent</u>**"). Unless otherwise defined herein, all capitalized terms shall have the meanings ascribed thereto in the Titling Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Pursuant to  **<u>Section 4.3(d)</u>** of the Titling
 Trust Agreement, you are hereby directed to add to the Titling Trust and allocate to the
 [______________] Specified Interest those Leases and Vehicles listed on Annex A hereto (collectively,
 the "  **<u>Additional Specified Assets</u>** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Addition Date for the Additional Specified Assets is [_______], 20__.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The date as to which Collections on the Additional Specified Assets will be allocated to [_______] Specified Interest is [_______], 20__.

[SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, the undersigned on behalf of the Series relating to the [Closed-End] [Open-End] Specified Interest has caused this Addition Notice to be duly executed and delivered by its officer hereunto duly authorized, as of the date and year first above written.

---

| | |
|:---|:---|
| ALF LLC,<br> as Initial Beneficiary, | ALF LLC,<br> as Initial Beneficiary, |
| By: |  |
|  | Name: |
|  | Title: |

---

<br> [Signature page to Form of Additional Notice 1 of 1]

AnnexA

**ADDITION NOTICE APPLICABLE**

([To Be Provided Electronically])

<u>EXHIBIT G</u>

**<u>FORM OF REALLOCATION NOTICE</u>**

[_________], 20__

---

| | |
|:---|:---|
| To: | WORLD OMNI FINANCIAL CORP.,<br> as Titling Trust Administrator, of World Omni LT (the "**<u>Titling Trust</u>**") |

---

Re: Addition of Specified Assets to<br> the [_______] Specified Interest

Reference is made to the Second Amended and Restated Trust Agreement, dated as of July 16, 2008 (the "**<u>Titling Trust Agreement</u>**"), among Auto Lease Finance LLC, as Initial Beneficiary, World Omni Financial Corp., as Titling Trust Administrator (in such capacity, the "**<u>Titling Trust Administrator</u>**"), VT Inc., an Alabama corporation, as Titling Trustee (in such capacity, the "**<u>Titling Trustee</u>**"), U.S. Bank Trust National Association, a national banking association, as Delaware Trustee (in such capacity, the "**<u>Delaware Trustee</u>**"), and U.S. Bank National Association, as Initial Titling Trustee Agent (in such capacity, the "**<u>Initial Titling Trustee Agent</u>**"). Unless otherwise defined herein, all capitalized terms shall have the meanings ascribed thereto in the Titling Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Pursuant to  **<u>Section 43(f)</u>** of the Titling Trust
 Agreement, you are hereby directed to reallocate from the [_____] Specified Interest to the
 [_____] Specified Interest those Leases and Leased Vehicles listed on Annex A hereto, together
 with all [_____] Specified Assets relating to such Leases and Leased Vehicles (collectively,
 the " <u>Reallocated Specified Assets</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Reallocation Date for the Reallocated Specified Assets is [_____],
 20[_]. (This is the date as of which the reallocation described in paragraph 1 is effective.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) As of [_____], 20[_____], all Collections on the Reallocated Specified
 Assets shall be Specified Assets allocated to the [_____] Specified Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) As used herein (i) "[_________]" means the Specified
 Interest designated as the "[_________] Specified Interest" pursuant to the Series Specification
 Notice dated [_________], 20[_] and (ii) "[_________]" means the Specified
 Interest designated as the Specified Interest" pursuant to the Series Specification
 Notice dated [_____], 20[_].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) The date as to which Collections on the Reallocated Specified Assets
 will be allocated to [___________] Specified Interest is [________], 20__.

<br> [SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, the undersigned on behalf of the Series relating to the [___________] Specified Interest has caused this Addition Notice to be duly executed and delivered by its officer hereunto duly authorized, as of the date and year first above written.

---

| | |
|:---|:---|
| ALF LLC,<br> as Initial Beneficiary, | ALF LLC,<br> as Initial Beneficiary, |
| By: |  |
|  | Name: |
|  | Title: |

---

AnnexA

**REALLOCATION NOTICE APPLICABLE ASSET ANNEX**

([To Be Provided Electronically])

**<u>Schedule A</u>**

**<u>Authorized Officers of World Omni, as<br> Servicer and as Titling Trust Administrator</u>**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheryl Scully | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice President/Treasurer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arthur J. Mirandi, Jr. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assistant Treasurer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ben Miller | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assistant Treasurer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brick A. Toifel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice President |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peter J. Sheptak | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice President, General Counsel & Secretary |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stephen P. Artusi | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assistant Secretary |

---

Schedule A—Page 1

**<u>Schedule B</u>**

**<u>Authorized Officers of the Titling Trustee</u>**

---

| | |
|:---|:---|
| &nbsp;&nbsp;Name | &nbsp;&nbsp;Title |
| &nbsp;&nbsp;Patricia M. Child | &nbsp;&nbsp;President |
| &nbsp;&nbsp;Melissa A. Rosal | &nbsp;&nbsp;Vice President and Secretary |
| &nbsp;&nbsp;Nancie J. Arvin | &nbsp;&nbsp;Vice President and Chief Financial Officer |
| &nbsp;&nbsp;Julia Linian | &nbsp;&nbsp;Assistant Vice President and Assistant Secretary |
| &nbsp;&nbsp;Erika Forshtay | &nbsp;&nbsp;Trust Officer and Assistant Secretary |

---

Schedule B—Page 1

**SCHEDULE C**

**INITIAL DESIGNATED NOTICE RECIPIENTS**

**<u>Designation of Desinated Notice Recipient for Certain Warehouse<br> Arrangements Relating to the Closed-End Collateral Specified Interest</u>**

Reference is hereby made to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the Third Amended and Restated Collateral Agency Agreement, dated as of July 16, 2008 (the "**<u>Collateral Agency Agreement</u>**"), among the Titling Trust, as Borrower, ALF LLC, as Initial Beneficiary, AL Holding Corp., a Delaware corporation, as Closed-End Collateral Agent, Bank of America, N.A., a national banking association ("**<u>Bank of America</u>**"), as Deal Agent (in such capacity, the "Deal Agent"), U.S. Bank, as Closed-End Administrative Agent, and the other secured parties from time to time party to such agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the Second Amended and Restated Receivables Financing Agreement, dated as of July 16, 2008 (the "**<u>BTM Receivables Financing Agreement</u>**"), among the Titling Trust, as Borrower, ALF LLC, as Holding Company and as Initial Beneficiary, World Omni, as Closed-End Servicer, Gotham Funding Corporation, as Lender, and The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, as Warehouse Facility Agent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. the Second Amended and Restated Receivables Financing Agreement, dated as of July 16, 2008 (the "**<u>Multi-Lender Receivables Financing Agreement</u>**" and, together with the BTM Receivables Financing Agreement, the "Receivables Financing Areements' and each a "**<u>Receivables Financing Agreement</u>**"), among the Titling Trust, as Borrower, ALF LLC, as Holding Company and as Initial Beneficiary, World Omni, as Closed-End Servicer, Bank of America, as Warehouse Facility Agent, and each of the "Conduit Lenders," Alternate Lenders and Group Agents from time to time party to such agreement.

Bank of America, in its capacity as Deal Agent under the Collateral Agency Agreement, is hereby designated as the Designated Notice Recipient for each of the Warehouse Facility Lenders and Warehouse Facility Agents under the BTM Receivables Financing Agreement and the Multi-Lender Receivables Financing Agreement, and under each other Receivables Financing Agreement entered into from time to time pursuant to **<u>Section 2.1(b)</u>** of the Collateral Agency Agreement. Each such Warehouse Facility Lender and Warehouse Facility Agent has agreed into such designation by its signature to the Collateral Agency Agreement, as specified therein.

Capitalized terms used but not defined (or as to which a meaning is assigned) in this **<u>Schedule C</u>** or in the Titling Trust Agreement to which this **<u>Schedule C</u>** is a part, have the respective meanings assigned to such terms in the Collateral Agency Agreement (including in **<u>Appendix A</u>** to such agreement); or, if no meaning is assigned to such term therein, such term shall have the meanings assigned to such terms in the applicable Receivables Financing Agreement.

Schedule C—Page 1

## Exhibit 4.1

**EXHIBIT 4.1**

**[·],<br> as Indenture Trustee, WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST 20[·]-[·], as Issuing Entity, and**

**[·],<br> as Account Bank**

**INDENTURE**<sup>1</sup>

**Dated as of [·], 20[·]**

<sup>1</sup> In a particular transaction, there may be more or fewer classes of notes offered (including one or more or no subordinated classes) or one or more or no floating rate classes.

**TRUST INDENTURE ACT CROSS-REFERENCE CHART<br> (THIS CHART IS NOT A PART OF THIS INDENTURE)**

---

| | |
|:---|:---|
| **TIA SECTION** | **INDENTURE REFERENCE** |
| 310(a)(1) | 6.8, 6.11 |
| 310(a)(2) | 6.8, 6.11 |
| 310(a)(3) | 6.10(b) |
| 310(a)(4) | Not applicable |
| 310(a)(5) | 6.11 |
| 310(b) | 6.11 |
| 310(c) | Not applicable |
| 311(a) | 6.12 |
| 311(b) | 6.12 |
| 311(c) | Not applicable |
| 312(a) | 7.1, 7.2(a) |
| 312(b) | 7.2(b) |
| 312(c) | 7.2(c) |
| 313(a) | 7.4 |
| 313(b) | 7.4 |
| 313(c) | 7.4 |
| 313(d) | 7.4 |
| 314(a) | 3.9, 7.3 |
| 314(b) | 3.6 |
| 314(c)(1) | 11.1(a) |

---

i

---

| | |
|:---|:---|
| 314(c)(2) | 11.1(a) |
| 314(c)(3) | 11.1(a) |
| 314(d) | 11.1(b) |
| 314(e) | 11.1(a) |
| 315(a) | 6.1(b) |
| 315(b) | 6.5 |
| 315(c) | 6.1(a) |
| 315(d) | 6.1(c) |
| 315(d)(1) | 6.1(b), 6.1(c)(i) |
| 315(d)(2) | 6.1(c)(ii) |
| 315(d)(3) | 6.1(c)(iii) |
| 315(e) | 5.13 |
| 316(a)(1)(A) | 5.11 |
| 316(a)(1)(B) | 5.12 |
| 316(a)(2) | Not Applicable |
| 316(b) | 5.7 |
| 316(c) | 5.6(b) |
| 317(a)(1) | 5.3(a), 5.3(b) |
| 317(a)(2) | 5.3(d) |
| 317(b) | 3.3 |
| 318(a) | 11.17 |

---

ii

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | **<u>Page</u>** |
| ARTICLE I DEFINITIONS | ARTICLE I DEFINITIONS | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.1 | Definitions | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.2 | Interpretive Provisions | 2 |
| ARTICLE II THE NOTES | ARTICLE II THE NOTES | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.1 | Form | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.2 | Execution, Authentication and Delivery | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.3 | Temporary Notes | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.4 | TRANSFER RESTRICTIONS | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.5 | Registration; Registration of Transfer and Exchange | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.6 | Mutilated, Destroyed, Lost or Stolen Notes | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.7 | Persons Deemed Owners | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.8 | Cancellation | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.9 | Release of Collateral | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.10 | Book-Entry Notes | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.11 | Notices to Clearing Agency | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.12 | Definitive Notes | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.13 | Authenticating Agents | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.14 | Tax Treatment | 17 |
| ARTICLE III REPRESENTATIONS, WARRANTIES AND COVENANTS | ARTICLE III REPRESENTATIONS, WARRANTIES AND COVENANTS | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.1 | Payment of Principal and Interest | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.2 | Maintenance of Office or Agency | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.3 | Money for Payments to be Held in Trust | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.4 | Existence | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.5 | Protection of Collateral | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.6 | Opinions as to Collateral | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.7 | Performance of Obligations; Administration of the Exchange Note | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.8 | Negative Covenants | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.9 | Issuing Entity Certificates and Reports | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.10 | Notice of Defaults | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.11 | Further Instruments and Acts | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.12 | Delivery of Exchange Note | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.13 | Compliance with Laws | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.14 | Perfection Representations | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.15 | Exchange Act Filings | 26 |
| ARTICLE IV SATISFACTION AND DISCHARGE | ARTICLE IV SATISFACTION AND DISCHARGE | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.1 | Satisfaction and Discharge of Indenture | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.2 | Application of Trust Money | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.3 | Repayment of Monies Held by Paying Agent | 27 |

---

iii

---

| | | |
|:---|:---|:---|
| ARTICLE V EVENT OF DEFAULT | ARTICLE V EVENT OF DEFAULT | 27.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.1 | Events of Default | 27.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.2 | Acceleration of Maturity; Waiver of Event of Default | 29.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.3 | Collection of Indebtedness and Suits for Enforcement by Indenture Trustee | 29.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.4 | Remedies; Priorities | 31.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.5 | Optional Preservation of the Exchange Note Assets | 35.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.6 | Limitation of Suits | 35.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.7 | Unconditional Rights of Noteholders to Receive Principal and Interest | 36.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.8 | Restoration of Rights and Remedies | 36.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.9 | Rights and Remedies Cumulative | 36.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.10 | Delay or Omission Not a Waiver | 36.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.11 | Control By Noteholders | 36.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.12 | Waiver of Past Defaults | 37.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.13 | Undertaking For Costs | 37.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.14 | Waiver of Stay or Extension Laws | 38.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.15 | Action on Notes | 38.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.16 | Performance and Enforcement of Certain Obligations | 38.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.17 | Sale of Collateral | 39.0 |
| ARTICLE VI THE INDENTURE TRUSTEE | ARTICLE VI THE INDENTURE TRUSTEE | 39.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.1 | Duties of Indenture Trustee | 39.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.2 | Rights of Indenture Trustee | 41.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.3 | Individual Rights of Indenture Trustee | 44.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.4 | Indenture Trustee's Disclaimer | 44.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.5 | Notice of Defaults | 44.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.6 | Reports by Indenture Trustee to Noteholders | 44.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.7 | Compensation and Indemnity | 45.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.8 | Removal, Resignation and Replacement of Indenture Trustee | 45.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.9 | Successor Indenture Trustee by Merger | 46.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.10 | Appointment of Co-Trustee or Separate Trustee | 47.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.11 | Eligibility; Disqualification | 48.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.12 | Preferential Collection of Claims Against the Issuing Entity | 48.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.13 | Representations and Warranties of Indenture Trustee | 49.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.14 | Trustee as Holder of the Exchange Note | 49.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.15 | Communications Regarding Demands to Repurchase TRANSACTION UNITS | 50.0 |
| ARTICLE VII NOTEHOLDERS' LISTS AND REPORTS | ARTICLE VII NOTEHOLDERS' LISTS AND REPORTS | 50.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.1 | Issuing Entity to Furnish Indenture Trustee Noteholder Names and Addresses | 50.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.2 | Preservation of Information; Communications to Noteholders; Noteholder Communications with Indenture Trustee; Communications Between Noteholders | 51.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.3 | Reports by Issuing Entity | 52.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.4 | Reports by Indenture Trustee | 53.0 |

---

iv

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.5 | Noteholder Demand For Asset Representations Review | 53.0 |
| ARTICLE VIII ACCOUNTS, DISBURSEMENTS AND RELEASES | ARTICLE VIII ACCOUNTS, DISBURSEMENTS AND RELEASES | 54.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.1 | Collection of Money | 54.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.2 | Accounts | 54.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.3 | Servicer Certificate | 59.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.4 | [BENCHMARK DETERMINATION | 61.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.5 | Disbursement of Funds | 63.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.6 | General Provisions Regarding Accounts | 69.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.7 | Release of Collateral | 70.0 |
| ARTICLE IX SUPPLEMENTAL INDENTURES | ARTICLE IX SUPPLEMENTAL INDENTURES | 71.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.1 | Supplemental Indentures without Consent of Noteholders | 71.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.2 | Supplemental Indentures with Consent of Noteholders | 72.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.3 | Execution of Supplemental Indentures | 73.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.4 | Effect of Supplemental Indenture | 73.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.5 | Reference in Notes to Supplemental Indentures | 73.0 |
| ARTICLE X REDEMPTION OF NOTES | ARTICLE X REDEMPTION OF NOTES | 74.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.1 | Redemption | 74.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.2 | Form of Redemption Notice | 74.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.3 | Notes Payable on Redemption Date | 75.0 |
| ARTICLE XI MISCELLANEOUS | ARTICLE XI MISCELLANEOUS | 75.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.1 | Compliance Certificates and Opinions | 75.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.2 | Form of Documents Delivered to the Indenture Trustee | 77.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.3 | Acts of Noteholders | 77.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.4 | Notices | 78.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.5 | Notices to Noteholders; Waiver | 79.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.6 | Effect of Headings and **Table of Contents** | 80.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.7 | Successors and Assigns | 80.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.8 | Severability | 80.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.9 | Benefits of Indenture | 80.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.10 | Legal Holidays | 80.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.11 | Governing Law | 80.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.12 | Counterparts; ELECTRONIC SIGNATURES | 80.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.13 | Recording of Indenture | 81.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.14 | Trust Obligation; No Recourse | 81.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.15 | No Petition | 81.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.16 | Limitation of Liability of Owner Trustee | 82.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.17 | TIA Incorporation and Conflicts | 82.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.18 | Intent | 82.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.19 | Each Exchange Note Separate; Assignees of the Exchange Note | 82.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.20 | Submission to Jurisdiction; Waiver of Jury Trial | 84.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.21 | Subordination of Claims | 84.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.22 | Information Requests | 84.0 |

---

v

<br> Section 11.23 Regulation AB Information To Be Provided By The Indenture Trustee 84

---

| | |
|:---|:---|
| SCHEDULE I | PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS |
| EXHIBIT A-1 | FORM OF CLASS A-[·][a/b] NOTES |
| EXHIBIT A-2 | FORM OF CLASS B[a/b] NOTE |
| [EXHIBIT A-3 | FORM OF CLASS C[a/b] NOTES] |
| [EXHIBIT A-4 | FORM OF CLASS D[a/b] NOTES] |
| [EXHIBIT A-5 | FORM OF CLASS E[a/b] NOTES] |
| [EXHIBIT A-6 | FORM OF CLASS F[a/b] NOTES] |
| EXHIBIT B | FORM OF DEPOSITORY AGREEMENT |
| EXHIBIT C | SERVICING CRITERIA TO BE ADDRESSED IN INDENTURE TRUSTEE'S ASSESSMENT OF COMPLIANCE |
| EXHIBIT D | FORM OF INDENTURE TRUSTEE'S ANNUAL CERTIFICATION |
| [EXHIBIT E | FORM OF TRANSFEROR CERTIFICATE] |
| [EXHIBIT F | FORM OF INVESTMENT LETTER] |
| APPENDIX A | DEFINITIONS |

---

vi

THIS INDENTURE, dated as of [·], 20[·] (this "<u>Indenture</u>") is among WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST 20[·]-[·], a Delaware statutory trust (the "<u>Issuing Entity</u>"), [·], a [·], as trustee (the "<u>Indenture Trustee</u>"), and [·], a [·], as account bank (the "<u>Account Bank</u>").

Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the Issuing Entity's Class A-1[a/b] [Floating Rate][·]% Asset-Backed Notes, Series 20[·]-[·] (the "<u>Class A-1 Notes</u>"), Class A-2[a/b] [Floating Rate][·]% Asset-Backed Notes, Series 20[·]-[·] (the "<u>Class A-2 Notes</u>"), Class A-3[a/b] [Floating Rate][·]% Asset-Backed Notes, Series 20[·]-[·] (the "<u>Class A-3 Notes</u>"), Class A-4[a/b] [Floating Rate][·]% Asset-Backed Notes, Series 20[·]-[·] (the "<u>Class A-4 Notes</u>" and together with the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes, the "<u>Class A Notes</u>")[,] [and] the Class B[a/b] [Floating Rate][·]% Asset-Backed Notes, Series 20[·]-[·] (the "<u>Class B Notes</u>"[ and together with the Class A Notes, the "<u>Notes</u>"])[,][and] [the Class C[a/b] [Floating Rate][·]% Asset-Backed Notes, Series 20[·]-[·] (the "<u>Class C Notes</u>" and, together with the Class A Notes and the Class B Notes, the "<u>Notes</u>"][,][and] [the Class D[a/b] [Floating Rate][·]% Asset-Backed Notes, Series 20[·]-[·] (the "<u>Class D Notes</u>" and, together with the Class A Notes, the Class B Notes and the Class C Notes, the "<u>Notes</u>"])[,] [and] [the Class E[a/b] [Floating Rate][·]% Asset-Backed Notes, Series 20[·]-[·] (the "<u>Class E Notes</u>" and, together with the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes, the "<u>Notes</u>"] [and the Class F[a/b] [Floating Rate][·]% Asset-Backed Notes, Series 20[·]-[·] (the "<u>Class F Notes</u>" and, together with the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes, the "<u>Notes</u>"]:

**GRANTING CLAUSE**

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

The foregoing Grant is made in trust to secure the payment of principal of and interest on, and any other amounts owing in respect of, the Notes [and the Interest Rate Swaps], equally and

ratably without prejudice, priority or distinction, and to secure compliance with the provisions of this Indenture, all as provided in this Indenture.

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

**ARTICLE I**

**DEFINITIONS**

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

Section 1.2 <u>Interpretive Provisions</u>.

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

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

**ARTICLE II**

**THE NOTES**

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

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

Section 2.2 <u>Execution, Authentication and Delivery.</u> The Notes shall be executed by the Owner Trustee on behalf of the Issuing Entity by any of the Issuing Entity's Authorized Officers. The signature of any Authorized Officer of the Issuing Entity on the Notes may be manual or by facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuing Entity shall bind the Issuing Entity, notwithstanding that any such individuals have ceased to hold such offices prior to the authentication and delivery of such Notes or did not hold such offices at the date of such Notes.

The Indenture Trustee shall, upon receipt of an Issuing Entity Order, authenticate and deliver for original issue the following aggregate principal amounts of the Notes: (i) $[·] of Class A-1[a/b] Notes, (ii) $[·] of Class A-2[a/b] Notes, (iii) $[·] of Class A-3[a/b] Notes, [and] (iv) $[·] of Class A-4[a/b] Notes[,] [and] (v) $[·] of Class B[a/b] Notes][,] [and] [(vi) $[·] of Class C[a/b] Notes][,] [and] [(vii) $[·] of Class D[a/b] Notes][,] [and] [(viii) $[·] of Class E[a/b] Notes] [and (ix) $[·] of Class F[a/b] Notes]. The aggregate principal amount of Class A-1[a/b] Notes, Class A-2[a/b] Notes, Class A-3[a/b] Notes, [and] Class A-4[a/b] Notes[,] [and] Class B[a/b] Notes[,] [and] [Class C[a/b] Notes][,] [and] [Class D[a/b] Notes][,] [and] [Class E[a/b] Notes] [and Class F[a/b] Notes] Outstanding at any time may not exceed such respective amounts, except as provided in <u>Section 2.6</u>.

Each Note shall be dated the date of its authentication. The Notes shall be issuable as registered notes in book-entry form in minimum denominations of $[1,000] and in integral multiples of $[1,000] in excess thereof[, except that the Retained Notes shall be issuable as registered notes in definitive form in minimum denominations of $[2,000,000] and integral multiples of $[1,000] in excess thereof]; <u>provided</u>, <u>however</u>, that on the [Initial] Closing Date, one Class A-1[a/b] Note, one Class A-2[a/b] Note, one Class A-3[a/b] Note, one Class A-4[a/b] Note[,] [and] one Class B[a/b] Note[,] [and] [one Class C[a/b] Note][,] [and] [and one Class D[a/b] Note][,] [and] [one Class E[a/b] Note] [and one Class F[a/b] Note] may be issued in a denomination that includes any remaining portion of the Initial Class A-1 Note Balance, the Initial Class A-2 Note Balance, the Initial A-3 Note Balance, the Initial Class A-4 Note Balance[,] [and] the Initial Class B Note Balance[,] [and] [the Initial Class C Note Balance][,] [and] [the initial Class D Note Balance][,] [and] [the initial Class E Note Balance] [and the initial Class F Note Balance], respectively[; provided further, that the minimum amounts of any Retained Notes shall also be subject to the restrictions set forth in <u>Section 2.4</u>.

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

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

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

Section 2.4 <u>TRANSFER RESTRICTIONS.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [As of the date of this Indenture, the Retained Notes have not been registered under the Securities Act and will not be listed on any exchange. Unless and until such Notes have been sold pursuant to a transaction registered under the Securities Act, no transfer of such a Note shall be made unless such transfer is made pursuant to an effective registration statement under the Securities Act and any applicable state securities laws or is exempt from the registration requirements under the Securities Act and such state securities laws. Except in a transfer pursuant to Rule 144A or a transfer to the Depositor or by the Depositor to an Affiliate thereof, in the event that a transfer is to be made in reliance upon an exemption from the Securities Act and state securities laws, in order to assure compliance with the Securities Act and such laws, the Noteholder desiring to effect such transfer and such Noteholder's prospective transferee shall each certify to the Issuing Entity, the Indenture Trustee and the Depositor in writing the facts surrounding the transfer in substantially the forms set forth in <u>Exhibit E</u> (the "<u>Transferor Certificate</u>") and <u>Exhibit F</u> (the "<u>Investment Letter</u>"). Except in a transfer pursuant to Rule 144A or a transfer to the Depositor or by the Depositor to an Affiliate thereof, there shall also be delivered to the Issuing Entity and the Indenture Trustee an Opinion of Counsel that such transfer may be made pursuant to an exemption from the Securities Act, which Opinion of Counsel shall not be an expense of the Issuing Entity, the Owner Trustee or the Indenture Trustee (unless it is the transferee from whom such opinion is to be obtained) or of the Depositor or World Omni. The Depositor shall provide to any Noteholder and any prospective transferee designated by any such Noteholder information regarding the Retained Notes and the Transaction Units and such other information as shall be necessary to satisfy the condition to eligibility set forth in Rule 144A(d)(4) for transfer of any such Retained Notes without registration thereof under the Securities Act pursuant to the registration exemption provided by Rule 144A. Each Noteholder desiring to effect such a transfer shall, and does hereby agree to, indemnify the Issuing Entity, the Owner Trustee, the Indenture Trustee, the Depositor and World Omni (in any capacity) against any liability that may result if the transfer is not so exempt or is not made in accordance with federal and state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Transfer of a Retained Note shall not be made to any Person unless the Indenture Trustee has received a certificate in the form of paragraph 3 to the Investment Letter attached hereto as <u>Exhibit F</u> from such Person to the effect that such Person is not acquiring and will not hold the Retained Notes or beneficial interests therein on behalf of or with the assets of, a Plan or the opinion of counsel referenced in paragraph 3 to the Investment Letter attached hereto as <u>Exhibit F</u>. The preparation and delivery of the certificate or opinion referred to above with respect to a proposed transfer shall not be an expense of the Issuing Entity, the Owner Trustee, the Indenture Trustee, World Omni (in any capacity) or the Depositor. Any attempted or purported

transfer in violation of these transfer restrictions will be null and void and will vest no rights in any purported transferee.

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

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

For the purposes of this Section 2.4, "flow-through entity" means a grantor trust, S corporation, or partnership where more than 50% of the value of a beneficial owner's interest in such flow-through entity is attributable to the flow-through entity's interest in the Retained Note.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [Each investor in the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes will be deemed, by its acceptance of such Notes, or of a beneficial interest in such Notes, to have acknowledged, represented and agreed to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) It will treat the Notes as indebtedness for all tax purposes and report all payments and transactions with respect to the Notes for purposes of all taxes in a manner consistent with the foregoing characterization, unless otherwise required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If it is acquiring any such Notes, or any interest or participation therein, as a fiduciary or agent for one or more investor accounts, it represents that it has sole investment discretion with respect to each such account and that it has full power to make the acknowledgements, representations and agreements contained herein on behalf of each such account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) It is purchasing such Notes for its own account, or for one or more investor accounts for which it is acting as fiduciary or agent, in each case for investment, and not with a view to, or for offer or sale in connection with, any distribution thereof in violation of the Securities Act, subject to any requirements of law that the disposition of its property or the property of such investor account or accounts be at all times within its

or their control and subject to its or their ability to resell such Notes, or any interest or participation therein, as described in this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) It agrees to provide, prior to the date on which the first payment under the Notes is due to it, to the Issuing Entity, the Indenture Trustee and the Servicer (i) unless otherwise agreed by the Issuing Entity, the Indenture Trustee and the Servicer, a duly completed U.S. Internal Revenue Service Form W-9, Form W-8BEN, Form W-8BEN-E, Form W-8ECI or other relevant form or successor applicable or required forms, and (ii) such other forms and information as may be required to confirm the availability of any applicable exemption from U.S. federal, state or local withholding taxes. It also agrees to deliver to the Issuing Entity, the Indenture Trustee and the Servicer any successor applicable forms or other manner of certification, on or before the date that any such form expires or becomes obsolete or after the occurrence of any event requiring a change in the most recent form previously delivered by it hereunder, and such extensions or renewals thereof as may reasonably be requested by the Issuing Entity, the Indenture Trustee or the Servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) It acknowledges and represents that it is not a member of an "expanded group" (within the meaning of the regulations issued under Section 385 of the Code that includes a domestic corporation (as determined for U.S. federal income tax purposes) if such domestic corporation, directly or indirectly (through one or more entities that are treated for U.S. federal income tax purposes as partnerships, disregarded entities, or grantor trusts), owns 80% or more of the capital or profits of the Issuing Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) It acknowledges that the Depositor, the Issuing Entity, the underwriters and others will rely on the truth and accuracy of the foregoing acknowledgments, representations and agreements, and agrees that if any of the foregoing acknowledgments, representations and agreements deemed to have been made by it are no longer accurate, it shall promptly notify the Issuing Entity and the underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) It acknowledges that transfers of such Notes or any interest or participation therein shall otherwise be subject in all respects to the restrictions applicable thereto contained in this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Either (A) it is not acquiring and will not hold such Notes (or beneficial interest therein) on behalf of, or with the assets of, (i) an "employee benefit plan" (as defined in Section 3(3) of ERISA) that is subject to Title I of ERISA; (ii) a "plan" (as described in Section 4975 of the Code) that is subject to Section 4975 of the Code; (iii) an entity or account the underlying assets of which are considered to include "plan assets" (within the meaning of the United States Department of Labor regulation located at 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA (the "<u>Plan Asset Regulation</u>")); or (iv) any governmental, non-U.S. or church plan or any other employee benefit plan or arrangement that is subject to any federal, state or local law that is substantially similar to Title I of ERISA or Section 4975 of the Code ("<u>Similar Law</u>") (each, a "<u>Plan</u>"); or (B) its acquisition, holding and disposition of the Notes (or any interest therein) will not constitute or give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of any Similar Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Any resale, pledge or other transfer of any of the Class A Notes, Class B Notes, Class C Notes and Class D Notes contrary to the restrictions set forth above will be deemed void *ab initio* by the Indenture Trustee and the Issuing Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each investor in the Class E Notes and Class F Notes will be deemed, by its acceptance of such Notes or of a beneficial interest in such Notes, to have acknowledged, represented and agreed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) It will treat the Notes as indebtedness for all tax purposes and report all payments and transactions with respect to the Notes for purposes of all taxes in a manner consistent with the foregoing characterization, unless otherwise required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) It is a "United States Person" as defined in Section 7701(a)(30) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) It understands that such Class E Notes and Class F Notes will be offered and may be resold by each underwriter only in the United States to a "United States Person" as defined in Section 7701(a)(30) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) It acknowledges that none of the Issuing Entity or any of the underwriters or any Person representing the Issuing Entity or any of the underwriters has made any representation to it with respect to the Issuing Entity or the offering or sale of any Class E Notes and Class F Notes, other than the information contained in the prospectus, which has been delivered to it and upon which it is relying in making its investment decision with respect to the Class E Notes and Class F Notes. It has had access to such financial and other information concerning the Issuing Entity, the Depositor and the Class E Notes and Class F Notes as it has deemed necessary in connection with its decision to purchase the Class E Notes and Class F Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) It acknowledges that the Class E Notes and Class F Notes will bear a legend to the following effect unless the Issuing Entity determines otherwise, consistent with applicable law:

"THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE, OR ANY INTEREST OR PARTICIPATION HEREIN, MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS AND ONLY TO A "UNITED STATES PERSON" AS DEFINED IN SECTION 7701(A)(30) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "<u>CODE</u>").

BY ACQUIRING THIS NOTE (OR ANY INTEREST HEREIN), EACH PURCHASER AND TRANSFEREE WILL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (1) IT IS NOT ACQUIRING AND WILL NOT HOLD SUCH NOTE (OR ANY INTEREST HEREIN) ON BEHALF OF, OR WITH THE ASSETS OF, (i) AN "EMPLOYEE BENEFIT PLAN" (AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("<u>ERISA</u>")) THAT IS SUBJECT TO TITLE I OF

ERISA; (ii) A "PLAN" (AS DESCRIBED IN SECTION 4975 OF THE CODE) THAT IS SUBJECT TO SECTION 4975 OF THE CODE; (iii) AN ENTITY OR ACCOUNT, THE UNDERLYING ASSETS OF WHICH ARE CONSIDERED TO INCLUDE "PLAN ASSETS" (WITHIN THE MEANING OF THE UNITED STATES DEPARTMENT OF LABOR REGULATION LOCATED AT 29 C.F.R. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA (THE "<u>PLAN ASSET REGULATION</u>")) OR (iv) ANY GOVERNMENTAL, NON-U.S. OR CHURCH PLAN OR OTHER EMPLOYEE BENEFIT PLAN ("<u>NON-ERISA PLAN</u>") THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE ("<u>SIMILAR LAW</u>"), (2) (i) IT IS AN "INSURANCE COMPANY GENERAL ACCOUNT" WITHIN THE MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60, AS AMENDED ("<u>PTCE 95-60</u>") , (ii) ITS ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE (OR ANY INTEREST HEREIN) IS ELIGIBLE FOR AND SATISFIES ALL CONDITIONS FOR RELIEF UNDER PTCE 95-60, (iii) NEITHER IT, NOR ANY OF ITS AFFILIATES HAS DISCRETIONARY AUTHORITY OR CONTROL WITH RESPECT TO THE ASSETS OF THE ISSUING ENTITY OR PROVIDES INVESTMENT ADVICE FOR A FEE (DIRECT OR INDIRECT) WITH RESPECT TO THE ASSETS OF THE ISSUING ENTITY AND, (iv) FOR SO LONG AS IT HOLDS THIS NOTE (OR ANY INTEREST HEREIN), LESS THAN 25% OF THE ASSETS OF SUCH GENERAL ACCOUNT WILL CONSTITUTE "PLAN ASSETS" (WITHIN THE MEANING OF THE PLAN ASSET REGULATION) OR (3) IT IS A NON-ERISA PLAN THAT IS SUBJECT TO SIMILAR LAW AND ITS ACQUISITION, HOLDING AND DISPOSITION OF THE NOTE (OR ANY INTEREST HEREIN) WILL NOT GIVE RISE TO A VIOLATION OF ANY SIMILAR LAW.

NO TRANSFER (OR PURPORTED TRANSFER) OF ALL OR ANY PART OF A NOTE (OR ANY BENEFICIAL INTEREST THEREIN) SHALL BE EFFECTIVE UNLESS, PRIOR TO AND AS A CONDITION TO EACH SUCH TRANSFER, THE PROSPECTIVE TRANSFEREE (INCLUDING THE INITIAL BENEFICIAL OWNER AS THE INITIAL TRANSFEREE) AND ANY SUBSEQUENT TRANSFEREE REPRESENTS AND WARRANTS TO THE INDENTURE TRUSTEE, THE DEPOSITOR AND ANY OF THEIR RESPECTIVE SUCCESSORS AND ASSIGNS, THAT: (A) EITHER (I) IT IS NOT AND WILL NOT BECOME FOR U.S. FEDERAL INCOME TAX PURPOSES A PARTNERSHIP, SUBCHAPTER S CORPORATION OR GRANTOR TRUST (OR A DISREGARDED ENTITY THE SINGLE OWNER OF WHICH IS ANY OF THE FOREGOING) (EACH SUCH ENTITY A "<u>FLOW-THROUGH ENTITY</u>") OR (II) IF IT IS OR BECOMES A FLOW-THROUGH ENTITY, THEN (X) NONE OF THE DIRECT OR INDIRECT BENEFICIAL OWNERS OF ANY OF THE INTERESTS IN SUCH FLOW-THROUGH ENTITY HAS OR EVER WILL HAVE MORE THAN 50% OF THE VALUE OF ITS INTEREST IN SUCH FLOW-THROUGH ENTITY ATTRIBUTABLE TO THE INTEREST OF SUCH FLOW-THROUGH ENTITY IN THE NOTES, OTHER INTEREST (DIRECT OR INDIRECT) IN THE ISSUING ENTITY, OR

ANY INTEREST CREATED UNDER THE INDENTURE AND (Y) IT IS NOT AND WILL NOT BE A PRINCIPAL PURPOSE OF THE ARRANGEMENT INVOLVING THE INVESTMENT OF SUCH FLOW-THROUGH ENTITY IN ANY NOTE TO PERMIT ANY PARTNERSHIP TO SATISFY THE 100 PARTNER LIMITATION OF SECTION 1.7704-1(H)(1)(II) OF THE TREASURY REGULATIONS NECESSARY FOR SUCH PARTNERSHIP NOT TO BE CLASSIFIED AS A PUBLICLY TRADED PARTNERSHIP UNDER THE CODE, AND (B) IT DOES NOT AND WILL NOT BENEFICIALLY OWN A NOTE (OR ANY BENEFICIAL INTEREST THEREIN) IN AN AMOUNT THAT IS LESS THAN THE MINIMUM DENOMINATION FOR SUCH NOTE, ANY TRANSFER OF A NOTE (OR ANY BENEFICIAL INTEREST THEREIN) THAT DOES NOT COMPLY WITH THE FOREGOING REQUIREMENTS WILL BE DEEMED NULL AND VOID AB INITIO.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) If it is acquiring any Class E Notes and Class F Notes, or any interest or participation therein, as a fiduciary or agent for one or more investor accounts, it represents that it has sole investment discretion with respect to each such account and that it has full power to make the acknowledgements, representations and agreements contained herein on behalf of each such account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) It is purchasing such Class E Notes and Class F Notes for its own account, or for one or more investor accounts for which it is acting as fiduciary or agent, in each case for investment, and not with a view to, or for offer or sale in connection with, any distribution thereof in violation of the Securities Act, subject to any requirements of law that the disposition of its property or the property of such investor account or accounts be at all times within its or their control and subject to its or their ability to resell such Class E Notes and Class F Notes, or any interest or participation therein, as described in this prospectus or as provided in this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) It agrees that if in the future it should sell or otherwise transfer any Class E Notes and Class F Notes or any interest or participation therein, it will do so only to a Person whom it reasonably believes is a "United States Person" as defined in Section 7701(a)(30) of the Code purchasing for its own account or for the account of a person who is also a "United States Person" as defined in Section 7701(a)(30) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Transfers of the Class E Notes and Class F Notes or any interest or participation therein shall be subject in all respects to the restrictions applicable thereto contained in this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) It agrees to provide, prior to the date on which the first payment under the Notes is due to it, to the Issuing Entity, the Indenture Trustee and the Servicer (i) unless otherwise agreed by the Issuing Entity, the Indenture Trustee and the Servicer, a duly completed U.S. Internal Revenue Service Form W-9, or other relevant form or successor applicable or required forms, and (ii) such other forms and information as may

be required to confirm the availability of any applicable exemption from U.S. federal, state or local withholding taxes. It also agrees to deliver to the Issuing Entity, the Indenture Trustee and the Servicer any successor applicable forms or other manner of certification, on or before the date that any such form expires or becomes obsolete or after the occurrence of any event requiring a change in the most recent form previously delivered by it hereunder, and such extensions or renewals thereof as may reasonably be requested by the Issuing Entity, the Indenture Trustee or the Servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) It acknowledges and represents that it is not a member of an "expanded group" (within the meaning of the regulations issued under Section 385 of the Code) that includes a domestic corporation (as determined for U.S. federal income tax purposes) if such domestic corporation, directly or indirectly (through one or more entities that are treated for U.S. federal income tax purposes as partnerships, disregarded entities, or grantor trusts), owns 80% or more of the capital or profits of the Issuing Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) It acknowledges that the Depositor, the Issuing Entity, each underwriter and others will rely on the truth and accuracy of the foregoing acknowledgments, representations and agreements, and agrees that if it becomes aware that any of the foregoing acknowledgments, representations and agreements made by it or deemed to have been made by it are no longer accurate, it shall promptly notify the Issuing Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) Either (1) it is not acquiring and will not hold such Note (or any interest therein) on behalf of, or with the assets of, (a) an "employee benefit plan" (as defined in Section 3(3) of ERISA) that is subject to Title I of ERISA; (b) a "plan" (as described in Section 4975 of the Code) that is subject to Section 4975 of the Code; (c) an entity or account, the underlying assets of which are considered to include "plan assets" (within the meaning of the Plan Asset Regulation) or (d) any governmental, non-U.S. or church plan or other employee benefit plan ("<u>Non-ERISA Plan</u>") that is subject to Similar Law; or (2) (a) it is an "insurance company general account" within the meaning of Prohibited Transaction Class Exemption 95-60, as amended ("<u>PTCE 95-60</u>"), (b) its acquisition, holding and disposition of such Note (or any interest therein) is eligible for and satisfies all conditions for relief under PTCE 95-60, (c) neither it, nor any of its affiliates have discretionary authority or control with respect to the assets of the Issuing Entity or provides investment advice for a fee (direct or indirect) with respect to the assets of the Issuing Entity and, (d) for so long as it holds any such Note (or any interest therein), less than 25% of the assets of such general account will constitute "plan assets" (within the meaning of the Plan Asset Regulation); or (3) it is a Non-ERISA Plan that is subject to Similar Law and its acquisition, holding and disposition of such Note (or any interest therein) will not give rise to a violation of any Similar Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) Either (a) it is not and will not become, for U.S. federal income tax purposes, a flow-through entity or (b) if it is or becomes a flow-through entity, then (1) none of the direct or indirect beneficial owners of any of the interests in such flow-through entity has or ever will have 50% or more of the value of its interest in such flowthrough entity attributable to the beneficial interest of such flow-through entity in the Class E Notes and Class F Notes, other interest (direct or indirect) in the Issuing Entity, or any interest

created under the Indenture and (2) it is not and will not be a principal purpose of the arrangement involving the flow-through entity's beneficial interest in any Class E Note and Class F Note to permit any entity to satisfy the 100-partner limitation of Section 1.7704-1(h)(1)(ii) of the Treasury Regulations necessary for such entity not to be classified as a publicly traded partnership for U.S. federal income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) It will not (a) acquire, sell, transfer, assign, pledge or otherwise dispose of any of its interests in a Class E Note and Class F Note (or any interest therein that is described in Section 1.7704-1(a)(2)(i)(B) of the Treasury Regulations) on or through (x) a U.S. national, regional or local securities exchange, (y) a foreign securities exchange or (z) an inter-dealer quotation system that regularly disseminates firm buy or sell quotations by identified brokers or dealers (including, without limitation, the National Association of Securities Dealers Automated Quotation System) ((x), (y) and (z), collectively, an "<u>Exchange</u>") or (b) cause any of its interests in a Class E Note and Class F Note to be marketed on or through an Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) It will not cause any beneficial interest in a Class E Note and Class F Note to be traded or otherwise marketed on or through an "established securities market" or a "secondary market (or the substantial equivalent thereof)," each within the meaning of Section 7704(b) of the Code and the Treasury Regulations promulgated thereunder, including, without limitation, an interdealer quotation system that regularly disseminates firm buy or sell quotations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) It does not and shall not hold a beneficial interest in any Class E Note and Class F Note that does not have an initial principal amount of at least [$600,000], and it does not and shall not hold any interest in any Class E Note and Class F Note on behalf of any Person unless such Person's beneficial interest is in respect of at least [$600,000] initial principal amount of such Class E Note and Class F Note. It will not sell, transfer, assign, participate, or otherwise dispose of any beneficial interest in any Class E Note and Class F Note or enter into any financial instrument or contract the value of which is determined by reference in whole or in part to any Class E Note and Class F Note, in each case, if the effect of doing so would be that the beneficial interest of any Person in a Class E Note and Class F Note would be in in respect of Class E Notes and Class F Notes with an initial principal amount that is less than [$600,000].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) It will not enter into any financial instrument the payment on which, or the value of which, is determined in whole or in part by reference to an interest in the Class E Note and Class F Note (including the amount of payments on the Class E Note and Class F Note, the value of the Class E Note, Class F Note or any contract that otherwise is described in Section 1.7704-1(a)(2)(i)(B) of the Treasury Regulations).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) It will not use the Class E Note and Class F Note as collateral for the issuance of any securities that could cause the Issuing Entity to become subject to taxation as a corporation or a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) It will not take any action that could cause, and will not omit to take any action, which omission could cause, the Issuing Entity to become taxable as a corporation for U.S. federal income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) It acknowledges that the Depositor, the Indenture Trustee, any note registrar, the Issuing Entity and others will rely on the truth and accuracy of the foregoing representations, warranties and covenants and agrees that if it becomes aware that any of the foregoing are no longer accurate, it shall notify the Issuing Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) It will treat the Class E Note and Class F Note as indebtedness for all tax purposes and report all payments and transactions with respect to the Class E Note and Class F Note for purposes of all taxes in a manner consistent with the foregoing characterization, unless otherwise required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) Any resale, pledge or other transfer of any of the Class E Notes and Class F Notes contrary to the restrictions set forth above will be deemed void ab initio by the Indenture Trustee and the Issuing Entity. If, at any time, any investor (or beneficial owner) in the Class E Notes and Class F Notes is determined not to have met the foregoing requirements at the time it acquired such Notes (or its beneficial interest therein), and such investor's (or beneficial owner's) investment was not otherwise disregarded as in violation of that Noteholder restriction, the Issuing Entity may compel that Person to sell its Class E Notes and Class F Notes (or its beneficial interest therein) within 30 calendar days after notice of such determination is given to such investor (or beneficial owner), to a Person that otherwise satisfies the foregoing requirements. If the investor (or beneficial owner) fails to sell its Class E and Class F Notes (or its beneficial interest therein) within this time period, the Issuing Entity will have the right to sell such Notes (or beneficial interest) to an investor selected by the Issuing Entity who meets the foregoing requirements. The Issuing Entity will have the right either (i) to cause the investor's Class E Notes and Class F Notes (or its beneficial interest therein) to be transferred in a commercially reasonable sale to a Person that satisfies the foregoing requirements, or (ii) to redeem the investor's Class E Notes and Class F Notes (or its beneficial interest therein) for an amount equal to the outstanding principal amount of such Class E Notes and Class F Notes plus accrued and unpaid interest.]

Section 2.5 <u>Registration; Registration of Transfer and Exchange</u>(a) . The Issuing Entity shall cause a note registrar (the "<u>Note Registrar</u>") to keep a register (the "<u>Note Register</u>") in which, subject to such reasonable regulations as it may prescribe, the Issuing Entity shall provide for the registration of Notes and the registration of transfers of Notes. The Indenture Trustee is hereby appointed the Note Registrar for the purpose of registering Notes and transfers of Notes as herein provided. Upon any resignation of any Note Registrar, the Issuing Entity shall promptly appoint a successor or, if it elects not to make such an appointment, assume the duties of Note Registrar.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If a Person other than the Indenture Trustee is the Note Registrar, the Issuing Entity shall give the Indenture Trustee prompt written notice of such appointment and the location, and any change in such location, of the Note Register, and the Indenture Trustee shall have the right to inspect the Note Register at all reasonable times and to obtain copies thereof, and the

Indenture Trustee shall have the right to rely upon a certificate executed on behalf of the Note Registrar by an Authorized Officer of the Note Registrar as to the names and addresses of the Noteholders and the principal amounts and number of such Notes.

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

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

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

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

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

The preceding provisions of this Section notwithstanding, the Issuing Entity shall not be required to make, and the Note Registrar need not register, transfers or exchanges of any Note (i) selected for redemption or (ii) for a period of 15 days preceding the due date for any payment with respect to such Note.

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

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

Section 2.6 <u>Mutilated, Destroyed, Lost or Stolen Notes</u>. If (i) any mutilated Note is surrendered to the Indenture Trustee or Note Registrar, or the Indenture Trustee or the Note Registrar receives evidence to its satisfaction of the destruction, loss or theft of any Note and (ii) there is delivered to the Indenture Trustee and Note Registrar such security or indemnity as may be required by them to hold the Issuing Entity, the Indenture Trustee and the Note Registrar harmless, then, in the absence of notice to the Issuing Entity, the Note Registrar or the Indenture Trustee that such Note has been acquired by a "protected purchaser" (as contemplated by Article 8 of the UCC), and provided that the requirements of Section 8-405 of the UCC are met, the Issuing Entity shall execute and upon Issuing Entity Request the Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note; <u>provided</u>, <u>however</u>, that if any such destroyed, lost or stolen Note (but not a mutilated Note) shall have become or within seven days shall become due and payable, or shall have been called for redemption, instead of issuing a replacement Note, the Issuing Entity may upon delivery of the security or indemnity herein required pay such destroyed, lost or stolen Note when so due or payable or upon the Redemption Date without the surrender thereof. If, after the delivery of such replacement Note or payment of a destroyed, lost or stolen Note pursuant to the proviso to the preceding sentence, a "protected purchaser" (as contemplated by Article 8 of the UCC) of the original Note in lieu of which such replacement Note was issued presents for payment such original Note, the Issuing Entity and the Indenture Trustee shall be entitled to recover such replacement Note (or such payment) from the Person to whom it was delivered or any Person taking such replacement Note from such Person to whom such replacement Note was delivered or any assignee of such Person, except a "protected purchaser" (as contemplated by Article 8 of the UCC), and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Issuing Entity, the Note Registrar or the Indenture Trustee in connection therewith.

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

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

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

Section 2.7 <u>Persons Deemed Owners</u>. Prior to due presentment for registration of transfer of any Note, the Issuing Entity, the Indenture Trustee and their respective

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

Section 2.8 <u>Cancellation</u>. All Notes surrendered for payment, registration of transfer, exchange or redemption shall, if surrendered to any Person other than the Indenture Trustee, be delivered to the Indenture Trustee and shall be promptly cancelled by the Indenture Trustee. The Issuing Entity may at any time deliver to the Indenture Trustee for cancellation any Notes previously authenticated and delivered hereunder that the Issuing Entity may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly cancelled by the Indenture Trustee. No Notes shall be authenticated in lieu of or in exchange for any Notes cancelled as provided in this Section, except as expressly permitted by this Indenture. All cancelled Notes may be held or disposed of by the Indenture Trustee in accordance with its standard retention or disposal policy as in effect at the time unless the Issuing Entity shall direct by an Issuing Entity Order that they be returned to it; <u>provided</u>, that such Issuing Entity Order is timely and that such Notes have not been previously disposed of by the Indenture Trustee. [The Indenture Trustee shall issue a certificate of destruction to the Issuing Entity for all cancelled Notes that have been disposed of.]

Section 2.9 <u>Release of Collateral</u>. Subject to <u>Section 11.1</u> and the terms of those Transaction Documents to which the Indenture Trustee is a party, the Indenture Trustee shall release property from the lien of this Indenture only upon receipt of an Issuing Entity Request accompanied by an Officer's Certificate of the Issuing Entity, an Opinion of Counsel and Independent Certificates in accordance with TIA §§ 314(c) and 314(d)(1) or an Opinion of Counsel in lieu of such Independent Certificates to the effect that the TIA does not require any such Independent Certificates[, and the Indenture Trustee shall provide copies of such documents to the Swap Counterparty].

Section 2.10 <u>Book-Entry Notes</u>. Unless otherwise specified herein, the Notes, upon original issuance, will be issued in the form of one or more typewritten, printed, lithographed or engraved or produced by any combination of such methods (with or without steel engraved borders) Notes representing the Book-Entry Notes, to be delivered to the Indenture Trustee, as agent for DTC, the initial Clearing Agency, by, or on behalf of, the Issuing Entity. Such Notes shall initially be registered on the Note Register in the name of Cede & Co., the nominee of the initial Clearing Agency, and no Note Owner shall receive a Definitive Note representing such Note Owner's interest in such Note except as provided in <u>Section 2.12</u>. Unless and until Definitive Notes have been issued to Note Owners pursuant to <u>Section 2.12</u>:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Note Registrar and the Indenture Trustee shall be entitled to deal with the Clearing Agency for all purposes of this Indenture (including the payment of principal of and interest on the Notes and the giving of instructions or directions hereunder) as the sole Noteholder, and shall have no obligation to Note Owners, except as stated in <u>Section 7.5</u>;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the rights of Note Owners shall be exercised only through the Clearing Agency and shall be limited to those established by law and agreements between or among such Note Owners and the Clearing Agency or Clearing Agency Participants; pursuant to the Depository Agreement, unless and until Definitive Notes are issued pursuant to <u>Section 2.12</u>, the initial Clearing Agency will make book-entry transfers among the Clearing Agency Participants and receive and transmit payments of principal of and interest on the Notes to such Clearing Agency Participants; and

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

SECTION 2.11 <u>NOTICES TO CLEARING AGENCY</u>. Whenever a notice or other communication to Noteholders is required under this Indenture, unless and until Definitive Notes shall have been issued to Note Owners pursuant to <u>Section 2.12</u>, the Indenture Trustee shall give all such notices and communications specified herein to be given to Noteholders to the Clearing Agency, and shall have no obligation to the Note Owners; provided, that, if Definitive Notes shall have been issued to the Note Owners pursuant to <u>Section 2.12</u>, the Indenture Trustee's obligation to provide or forward any notice or other communication to the Noteholders may be satisfied by the Indenture Trustee posting a copy of such information on its internet website described in Section 6.6 promptly following its receipt thereof, unless otherwise required by the TIA or other applicable law.

SECTION 2.12 <u>DEFINITIVE NOTES</u>. [Any Retained Notes, upon original issuance, will be in the form of Definitive Notes, but, at the request of all of the holders thereof, may be exchanged for Book-Entry Notes.] If (i) (A) the Administrator advises the Indenture Trustee in writing that the Clearing Agency is no longer willing or able to properly discharge its responsibilities as described in the Depository Agreement and (B) the Administrator is unable to locate a qualified successor, (ii) the Administrator, at its option, advises the Indenture Trustee, in writing, that it elects to terminate the book-entry system through the Clearing Agency or (iii) after the occurrence of an Event of Default, Note Owners representing in the aggregate not less than a majority of the Outstanding Note Amount, voting together as a single class, advise the Indenture Trustee through the Clearing Agency in writing that the continuation of a book-entry system through the Clearing Agency or its successor is no longer in the Note Owners' best interest, the Indenture Trustee shall be required to notify all Note Owners, through the Clearing Agency, of the occurrence of such event and the availability through the Clearing Agency of Definitive Notes to Note Owners requesting the same. Upon surrender to the Indenture Trustee by the Clearing Agency of the Note or Notes representing the Book-Entry Notes and the receipt of instructions for re-registration, the Indenture Trustee shall issue Definitive Notes to Note Owners, who thereupon shall become Noteholders for all purposes of this Indenture. None of the Issuing Entity, the Note

Registrar or the Indenture Trustee shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be protected in relying on, such instructions.

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

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

Section 2.13 <u>Authenticating Agents</u>. Upon the request of the Issuing Entity, the Indenture Trustee shall, and if the Indenture Trustee so chooses the Indenture Trustee may, appoint one or more Authenticating Agents with power to act on its behalf and subject to its direction in the authentication of Notes in connection with issuance, transfers and exchanges under <u>Sections 2.2</u>, <u>2.5</u>, <u>2.6</u> and <u>9.5</u>, as fully to all intents and purposes as though each such Authenticating Agent had been expressly authorized by such Sections to authenticate such Notes. For all purposes of this Indenture, the authentication of Notes by an Authenticating Agent pursuant to this Section shall be deemed to be the authentication of Notes by the Indenture Trustee. The Indenture Trustee shall be the Authenticating Agent in the absence of any appointment thereof.

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

Any Authenticating Agent may at any time resign by giving written notice of resignation to the Indenture Trustee and the Issuing Entity. The Indenture Trustee may at any time terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating Agent and the Issuing Entity. Upon receiving such notice of resignation or upon such termination, the Indenture Trustee shall promptly appoint a successor Authenticating Agent and shall give written notice of such appointment to the Issuing Entity. The provisions of <u>Sections 2.8</u> and <u>6.4</u> shall be applicable to any Authenticating Agent.

Section 2.14 <u>Tax Treatment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Issuing Entity has entered into this Indenture, and the Notes shall be issued, with the intention that, for all purposes, including U.S. federal, state and local income, franchise and any other taxes imposed upon, measured by or based upon gross or net income, the Notes shall qualify as indebtedness secured by the Collateral (except a Note or interest therein acquired by the Depositor or other Person considered for U.S. federal income tax purposes the

issuer of such Note). The Issuing Entity, by entering into this Indenture, and each Noteholder, by its acceptance of a Note (and each Note Owner by its acceptance of an interest in the applicable Book-Entry Note or Definitive Note), unless otherwise required by appropriate taxing authorities, agree to treat the Notes (other than Notes held by any entity whose separate existence from the Issuing Entity is disregarded for U.S. federal income tax purposes, but only so long as such Notes are held by such entity) as indebtedness for U.S. federal, state and local income, franchise and any other taxes imposed upon, measured by or based upon gross or net income.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees that the Indenture Trustee has the right to withhold any amounts of interest (properly withholdable under law and without any corresponding gross-up) payable to a Noteholder or holder of an interest in a Note as required by applicable law.

**ARTICLE III**

**REPRESENTATIONS, WARRANTIES AND COVENANTS**

Section 3.1 <u>Payment of Principal and Interest</u>. The Issuing Entity shall duly and punctually pay the principal of and interest, if any, on the Notes in accordance with the terms of the Notes and this Indenture. Without limiting the foregoing, subject to and in accordance with <u>Sections 8.5(a)</u>, <u>8.5(b)</u>, <u>8.5(h)</u> and <u>8.5(i)</u>, the Issuing Entity will cause to be distributed all amounts deposited in the Principal Distribution Account on a Payment Date [or the Additional Class A-1 Payment Date, as applicable,] pursuant to this Indenture (i) for the benefit of the Class A-1 Notes, to the Class A-1 Noteholders, (ii) for the benefit of the Class A-2 Notes, to the Class A-2 Noteholders, (iii) for the benefit of the Class A-3 Notes, to the Class A-3 Noteholders, (iv) for the benefit of the Class A-4 Notes, to the Class A-4 Noteholders[,] [and] (v) for the benefit of the Class B Notes, to the Class B Noteholders[,] [and] [(vi) for the benefit of the Class C Notes, to the Class C Noteholders][,] [and] [(vii) for the benefit of the Class D Notes, to the Class D Noteholders][,] [and] [(viii) for the benefit of the Class E Notes, to the Class E

Noteholders] [and (ix) for the benefit of the Class F Notes, to the Class F Noteholders]. Amounts properly withheld under the Code by any Person from a payment to any Noteholder of interest or principal shall be considered to have been paid by the Issuing Entity to such Noteholder for all purposes of this Indenture. The final interest payment on each Class of Notes is due on the earlier of (a) the Payment Date (including any Redemption Date) [or, with respect to the Class A-1 Notes, the Additional Class A-1 Payment Date (if applicable),] in each case, on which the principal amount of that Class of Notes is reduced to zero or (b) the applicable Final Scheduled Payment Date for that Class of Note.

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

Section 3.3 <u>Money for Payments to be Held in Trust</u>. As provided in <u>Sections 5.4(b)</u> and <u>8.5</u>, all payments of amounts due and payable with respect to any Notes that are to be made from amounts withdrawn from the Trust Collection Account shall be made on behalf of the Issuing Entity by the Indenture Trustee or by another Paying Agent, and no amounts so withdrawn therefrom for payments on Notes shall be paid over to the Issuing Entity except as provided in this Section.

On or before the Business Day preceding each Payment Date[, the Additional Class A-1 Payment Date (if applicable)] and Redemption Date, the Issuing Entity shall allocate or cause to be allocated into the Trust Collection Account for distribution an aggregate sum sufficient to pay the amounts then becoming due under the Notes, and the Paying Agent shall hold such sum in trust for the benefit of the Persons entitled thereto and (unless the Paying Agent is the Indenture Trustee) shall promptly notify the Indenture Trustee of any failure by the Issuing Entity to effect such deposit.

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

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

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

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

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

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

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

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

Section 3.4 <u>Existence</u>. The Issuing Entity shall keep in full effect its existence and rights as a statutory trust under the laws of the State of Delaware (unless it becomes, or any successor Issuing Entity hereunder is or becomes, organized under the laws of any other State or of the United States, in which case the Issuing Entity shall keep in full effect its existence, rights

and franchises under the laws of such other jurisdiction) and shall obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Indenture, the Notes, the Collateral and each other instrument or agreement included in the Trust Estate.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) enforce any of the Collateral;

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

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

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

Section 3.6 <u>Opinions as to Collateral</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On the [Initial] Closing Date, the Issuing Entity shall furnish or cause to be furnished to the Indenture Trustee, an Opinion of Counsel to the effect that, in the opinion of such counsel (subject to standard limitations, qualifications and assumptions) the provisions of the Indenture are effective under the New York UCC to create in favor of the Indenture Trustee a

security interest in the Issuing Entity's rights in the Collateral, and upon filing of the applicable financing statement, the Indenture Trustee's security interest in the Issuing Entity's rights in the Collateral will be perfected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On or before April 30th of each calendar year, beginning in 20[·], the Issuing Entity shall furnish to the Indenture Trustee an Opinion of Counsel to the effect that in the opinion of such counsel, either (i) all financing statements and continuation statements have been filed that are necessary to continue the lien and security interest of the Indenture Trustee in the Exchange Notes and reciting the details of such filings or referring to prior Opinions of Counsel in which such details are given, or (ii) no such action is necessary to continue such lien and security interest.

Section 3.7 <u>Performance of Obligations; Administration of the Exchange Note</u>.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Without derogating from the absolute nature of the assignment granted to the Indenture Trustee under this Indenture or the rights of the Indenture Trustee hereunder, the Issuing Entity agrees (i) that it will not, without the prior written consent of the Indenture Trustee or the Holders of at least a majority of the Note Balance of the Controlling Securities [and, if such action would result in a material adverse effect on the Swap Counterparty, the Swap Counterparty], amend, modify, waive, supplement, terminate or surrender, or agree to any amendment,

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

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

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

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

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

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

contingently to do so) any stock, obligations, assets or securities of, or any other interest in, or make any capital contribution to, any other Person, or (vii) make any expenditure (by long-term or operating lease or otherwise) for capital assets (either realty or personalty);

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

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

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

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

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

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

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

Section 3.9 <u>Issuing Entity Certificates and Reports</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Issuing Entity shall make available to the Indenture Trustee [with a copy to the Swap Counterparty], at [·], or such other website or distribution service or provider as the Issuing Entity shall designate by written notice to the Indenture Trustee, within 120 days after the end of each fiscal year of the Issuing Entity (commencing with the fiscal year 20[·]), an Officer's Certificate stating, as to the Authorized Officer signing such Officer's Certificate, that:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to the best of such Authorized Officer's knowledge, based on such review, the Issuing Entity has complied in all material respects with all conditions and covenants under this Indenture throughout such year, or, if there has been a material default in the compliance of any such condition or covenant, specifying each such default known to such Authorized Officer and the nature and status thereof.

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

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

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

Section 3.12 <u>Delivery of Exchange Note</u>. On the [Initial] Closing Date, the Issuing Entity shall deliver or cause to be delivered to the Indenture Trustee as security for its obligations hereunder, the Closed-End Exchange Note. The Indenture Trustee shall take possession of the Closed-End Exchange Note in [New York][, or such other location where the Indenture Trustee holds such notes and other security items] and shall at all times during the period of this Indenture maintain custody of the Closed-End Exchange Note in [at such location][New York].

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

Section 3.14 <u>Perfection Representations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The representations, warranties and covenants set forth in <u>Schedule I</u> hereto shall be a part of this Indenture for all purposes.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to <u>Section 9.2</u>, the parties to this Indenture: (i) shall not amend or waive any of the perfection representations contained in <u>Schedule I</u> hereto; (ii) shall provide the Rating Agencies with prompt written notice of any breach of perfection representations contained

in <u>Schedule I</u> hereto and (iii) shall not waive a breach of any of the perfection representations contained in Schedule I hereto.

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

**ARTICLE IV**

**SATISFACTION AND DISCHARGE**

Section 4.1 <u>Satisfaction and Discharge of Indenture</u>. This Indenture shall discharge with respect to the Collateral securing the Notes except as to (a) rights of registration of transfer and exchange, (b) substitution of mutilated, destroyed, lost or stolen Notes, (c) rights of Noteholders to receive payments of principal thereof and interest thereon, (d) <u>Sections 3.3</u>, <u>3.4</u>, <u>3.5</u>, <u>3.8</u>, <u>3.10</u> and <u>3.12</u>, (e) the rights, obligations under this Article IV and immunities of the Indenture Trustee hereunder (including the rights of the Indenture Trustee under <u>Section 6.7</u>) and (f) the rights of Noteholders as beneficiaries hereof with respect to the property so deposited with the Indenture Trustee payable to all or any of them, and the Indenture Trustee, on demand and at the expense and on behalf of the Issuing Entity, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when (i) either (A) all Notes theretofore authenticated and delivered (other than (1) Notes that have been mutilated, destroyed, lost or stolen and that have been replaced or paid as provided in <u>Section 2.6</u> and (2) Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuing Entity and thereafter paid to the Persons entitled thereto or discharged from such trust, as provided in <u>Section 3.3</u>) have been delivered to the Indenture Trustee for cancellation; or (B) all Notes not theretofore delivered to the Indenture Trustee for cancellation (1) have become due and payable, (2) will become due and payable within one year either because the applicable Final Scheduled Payment Date is within one year or because the Indenture Trustee has received written notice of the exercise of the option granted pursuant to Section 15.1 of the Exchange Note Servicing Supplement or (3) are to be called for redemption within one year under arrangements satisfactory to the Indenture Trustee for the giving of notice of redemption by the Indenture Trustee in the name, and at the expense, of the Issuing Entity, and the Issuing Entity, in the case of clauses (1), (2) or (3) above, has irrevocably deposited or caused to be irrevocably deposited with the Indenture Trustee, or the Account Bank on behalf of the Indenture Trustee, cash or direct obligations of or obligations guaranteed by the United States (that will mature prior to the date such amounts are payable), in trust for such purpose, in an amount sufficient to pay and discharge the entire indebtedness on such Notes (including interest and any fees and expenses due and payable to the Owner Trustee and the Indenture Trustee) not theretofore delivered to the Indenture Trustee for cancellation, when due, to the applicable Final Scheduled Payment Date for each Class, or to the Redemption Date (if Notes shall have been called for redemption pursuant to <u>Section 10.1</u>), as the case may be; (ii) the Issuing Entity has paid or caused to be paid all other sums payable hereunder [or under the Interest Rate [Swaps][Caps]] by the Issuing Entity; and (iii) the Issuing Entity has delivered to the Indenture Trustee an Officer's Certificate and an Opinion of Counsel, each meeting the applicable requirements of <u>Section 11.1</u> and, subject to <u>Section 11.2</u>, each stating

that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with (and, in the case of an Officer's Certificate, stating that the Rating Agency Condition has been satisfied; <u>provided</u>, <u>that</u>, with respect to a redemption of the Notes pursuant to <u>Section 10.1</u> or if the Depositor (or any of its Affiliates) is the sole Noteholder, the satisfaction of the Rating Agency Condition shall not be required).

Section 4.2 <u>Application of Trust Money.</u> All monies deposited with the Indenture Trustee, or the Account Bank on its behalf, pursuant to <u>Section 4.1</u> shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent, as the Indenture Trustee may determine, to the Noteholders of the particular Notes for the payment or redemption of which such monies have been deposited with the Indenture Trustee, or the Account Bank on its behalf, of all sums due and to become due thereon for principal and interest [and to the Swap Counterparty, all of the sums, if any, due to or to become due to the Swap Counterparty under and in accordance with the Interest Rate Swaps]; but such monies need not be segregated from other funds of the Indenture Trustee or the Account Bank, as applicable, except to the extent required herein or in the Servicing Agreement or as required by law.

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

**ARTICLE V**

**EVENT OF DEFAULT**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) default in the payment of any interest on any Note of the Controlling Securities when the same becomes due and payable, and such default shall continue for a period of five Business Days;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) default in the observance or performance of any covenant or agreement of the Issuing Entity made in this Indenture (other than a covenant or agreement, a default in the observance or performance of which is elsewhere in this Section specifically dealt with), or any

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

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

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

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

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

Subject to the provisions herein relating to the duties of the Indenture Trustee, if an Event of Default occurs and is continuing, the Indenture Trustee shall be under no obligation to exercise any of the rights or powers under this Indenture at the request or direction of any Noteholder, if the Indenture Trustee reasonably believes that it will not be adequately indemnified against the costs, expenses and liabilities that might be incurred by it in complying with such request. Subject to such provisions for indemnification and certain limitations contained herein, Noteholders holding not less than a majority of the Note Balance of the Controlling Securities shall have the right to direct the time, method and place of conducting any proceeding or any remedy available to the Indenture Trustee or exercising any trust power conferred on the Indenture Trustee, and

Noteholders holding not less than a majority of the Note Balance of the Controlling Securities may, in certain cases, waive any default with respect thereto, except a default in the payment of principal or interest or a default in respect of a covenant or provision of the Indenture that cannot be modified or amended without the waiver or consent of all of the holders of the Outstanding Notes.

Section 5.2 <u>Acceleration of Maturity; Waiver of Event of Default.</u> If an Event of Default should occur and be continuing, the Indenture Trustee or Noteholders representing a majority of the Note Balance of the Controlling Securities may declare the principal of the Notes, together with accrued and unpaid interest thereon through the date of acceleration, to be immediately due and payable by a notice in writing to the Issuing Entity (and to the Indenture Trustee if given by the Noteholders). Upon such declaration, the Indenture Trustee shall promptly provide written notice to each Rating Agency [and to the Swap Counterparty]. Such declaration may be rescinded by Noteholders holding a majority of the Note Balance of the Controlling Securities before a judgment or decree for payment of the amount due has been obtained by the Indenture Trustee if (a) the Issuing Entity has deposited with the Indenture Trustee, or the Account Bank on its behalf, an amount sufficient to pay (i) all interest on and principal of the Notes as if the Event of Default giving rise to such declaration had not occurred and (ii) all reasonable amounts previously advanced by the Indenture Trustee and its reasonable costs and expenses [and (iii) any amounts then due and payable by the Issuing Entity to the Swap Counterparty under the Interest Rate Swap Agreements] and (b) all Events of Default (other than the nonpayment of principal of the Notes that has become due solely by such acceleration) have been cured or waived.

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

Section 5.3 <u>Collection of Indebtedness and Suits for Enforcement by Indenture Trustee</u>.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If an Event of Default occurs and is continuing, the Indenture Trustee may proceed to protect and enforce its rights and the rights of the Noteholders, by such appropriate Proceedings as the Indenture Trustee may deem necessary to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested in the Indenture Trustee by this Indenture or by law.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee or the

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

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

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

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

Section 5.4 <u>Remedies; Priorities</u>.

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that Notes are declared to be due and payable following the occurrence of an Event of Default, unless such Event of Default has been waived or rescinded, Available Funds, after the deduction of Servicing Fees and unpaid Servicing Fees, paid to or retained by the Servicer, will be distributed in the following order or priority:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to the Administrator, the Administration Fee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) [pro rata] [(a)] [to the Swap Counterparty, the Monthly Swap Payment Amount and (b)] to the Asset Representations Reviewer, all fees, expenses and indemnities due to the Asset Representations Reviewer under the Asset Representations Review Agreement not previously paid by the Servicer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) pro rata [(a)] to the Holders of the Class A Notes, [pro rata,] the Class A Noteholders' Interest Distributable Amount [and (b) to the Swap Counterparty, any Senior Swap Termination Payment Amounts];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) [[if the Notes have been declared to be due and payable as a result of occurrence of an Event of Default as a result of default in payment of any interest on or principal of any Note in accordance with <u>Section 8.5(a)</u> or <u>8.5(h)</u>, unless such Event of Default has been waived or rescinded,] [to the Holders of the Class A Notes, [pro rata,] the Outstanding Amount of each such Class of Notes][to the Holders of the Class A-1 Notes[, pro rata among any Class A-1a Notes and any Class A-1b Notes, as applicable], the Outstanding Amount of such Class of Notes][to the Holders of each Class of the Notes, pro rata, the Outstanding Amount of each such Class of Notes];]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) [[if the Notes have been declared to be due and payable as a result of occurrence of an Event of Default as a result of default in payment of any interest on or principal of any Note in accordance with <u>Section 8.5(a)</u> or <u>8.5(h)</u>, unless such Event of Default has been waived or rescinded, [to the Holders of the other Class A Notes[, pro rata among any fixed rate tranche and any floating rate tranche of each such Class of Notes, as applicable], pro rata, the Outstanding Amount of each such Class of Notes][to the Holders of the other Class A Notes[, pro rata among any fixed rate tranche and any floating rate tranche of each such Class of Notes, as applicable], the Outstanding Amount of such Notes, sequentially];]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) [to the Holders of the Class B Notes, the Class B Noteholders' Interest Distributable Amount;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) [[if the Notes have been declared to be due and payable as a result of occurrence of an Event of Default as a result of default in payment of any interest on or principal of any Note in accordance with <u>Section 8.5(a)</u> or <u>8.5(h)</u>, unless such Event of Default has been waived or rescinded,] to the Holders of the Class B Notes[, pro rata among any Class Ba Notes and any Class Bb Notes, as applicable], the Outstanding Amount of the Class B Notes;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) [to the Holders of the Class C Notes, the Class C Noteholders' Interest Distributable Amount;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) [[if the Notes have been declared to be due and payable as a result of occurrence of an Event of Default as a result of default in payment of any interest on or principal of any Note in accordance with <u>Section 8.5(a)</u> or <u>8.5(h)</u>, unless such Event of Default has been waived or rescinded,] to the Holders of the Class C Notes[, pro rata among any Class Ca Notes and any Class Cb Notes, as applicable], the Outstanding Amount of the Class C Notes;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) [to the Holders of the Class D Notes, the Class D Noteholders' Interest Distributable Amount;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) [if the Notes have been declared to be due and payable as a result of occurrence of an Event of Default as a result of default in payment of any interest on or

principal of any Note in accordance with <u>Section 8.5(a)</u> or <u>8.5(h)</u>, unless such Event of Default has been waived or rescinded,] to the Holders of the Class D Notes[, pro rata among any Class Da Notes and any Class Db Notes, as applicable], the Outstanding Amount of the Class D Notes;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) [to the Holders of the Class E Notes, the Class E Noteholders' Interest Distributable Amount;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) [if the Notes have been declared to be due and payable as a result of occurrence of an Event of Default as a result of default in payment of any interest on or principal of any Note in accordance with <u>Section 8.5(a)</u> or <u>8.5(h)</u>, unless such Event of Default has been waived or rescinded] to the Holders of the Class E Notes[, pro rata among any Class Ea Notes and any Class Eb Notes, as applicable], the Outstanding Amount of the Class E Notes;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) [to the Holders of the Class F Notes, the Class F Noteholders' Interest Distributable Amount;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) [[if the Notes have been declared to be due and payable as a result of occurrence of an Event of Default as a result of default in payment of any interest on or principal of any Note in accordance with <u>Section 8.5(a)</u> or <u>8.5(h)</u>, unless such Event of Default has been waived or rescinded]to the Holders of the Class F Notes[, pro rata among any Class Fa Notes and any Class Fb Notes, as applicable], the Outstanding Amount of the Class F Notes;] [and]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) [to the Swap Counterparty, any Subordinate Swap Termination Payment Amounts; and]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) [(A) on any Payment Date prior to the Final Scheduled Payment Date for the Class [·] Notes, if the sum of (i) Available Funds remaining after payment of clauses (i) through (xv) above and (ii) the remaining available balance in the Class [·] Reserve Account after payment of all amounts due pursuant to clause (xv) above, is equal to or greater than the Outstanding Amount of the Class [·] Notes, principal of the Class [·] Notes in an amount equal to the Outstanding Amount of the Class [·] Notes, otherwise, in an amount equal to Available Funds remaining after payment of clauses (i) through [(xvi)] above; and]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) [to the Reserve Account Letter of Credit Bank, any unreimbursed draws on the Reserve Account Letter of Credit; and]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) to the Certificateholders, any remaining amounts.

If the Outstanding Amount of any Class of Notes remains greater than zero after application of <u>clauses (i)</u> through <u>([xv])</u> above, in accordance with the instructions of the Servicer based on information contained in the related Servicer Certificate, the Indenture Trustee shall, or shall cause the Account Bank to, apply funds from the Reserve Account[, or drawn on the Reserve Account Letter of Credit] in the same order of priority as described above to repay the Outstanding Amount of such Class of Notes in full[; <u>provided</u>, that amounts withdrawn from the [Risk Retention]

Reserve Account may not be used to pay any fees or expenses of World Omni or its Affiliates, including the Servicer and the Administrator)].

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

Section 5.5 <u>Optional Preservation of the Exchange Note Assets.</u> If the Notes have been declared to be due and payable under <u>Section 5.2</u> following an Event of Default and such declaration and its consequences have not been rescinded and annulled, the Indenture Trustee may, unless directed to sell pursuant to <u>Section 9.4</u> of the Trust Agreement, but need not, elect to maintain possession of the Trust Estate and continue to apply the proceeds thereof in accordance with <u>Section 3.1</u> and <u>8.5</u>. It is the intent of the parties hereto and the Noteholders that there be at all times sufficient funds for the payment of principal of and interest on the Notes, and the Indenture Trustee shall take such intent into account when determining whether or not to maintain possession of the Trust Estate. In determining whether to maintain possession of the Trust Estate, the Indenture Trustee may but need not obtain (at the expense of the Issuing Entity) and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Trust Estate for such purpose.

Section 5.6 <u>Limitation of Suits</u>.

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

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

In the event the Indenture Trustee shall receive conflicting or inconsistent requests and indemnity from two or more groups of Noteholders, each representing less than a majority of the Outstanding Note Amount, the Indenture Trustee shall act at the direction of the group of Holders of Notes representing the greater Outstanding Amount of the Controlling Securities. If the Indenture Trustee receives, in connection with this Section 5.6, conflicting or inconsistent requests

and indemnity from two or more groups of Holders of Notes representing an equal Outstanding Amount of the Controlling Securities, the Indenture Trustee shall notify the applicable Holders of Notes and request a joint direction regarding what action, if any, shall be taken, notwithstanding any other provisions of this Indenture.

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

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

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

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

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

Section 5.11 <u>Control By Noteholders</u>. Subject to the provisions of <u>Sections 5.6</u>, <u>6.2(d)</u>, <u>6.2(e)</u> and <u>6.2(f)</u>, Noteholders holding not less than a majority of the

Outstanding Note Amount shall have the right to direct the time, method and place of conducting any Proceeding for any remedy available to the Indenture Trustee with respect to the Notes or with respect to the exercise of any trust or power conferred on the Indenture Trustee, provided that:

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

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

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

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

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

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

Upon any such waiver, such Event of Default shall cease to exist and be deemed to have been cured and not to have occurred, and any Event of Default arising therefrom shall be deemed to have been cured and not to have occurred for every purpose of this Indenture, but no such waiver shall extend to any subsequent or other Event of Default or impair any right consequent thereto.

Section 5.13 <u>Undertaking For Costs</u>. All parties to this Indenture agree, and each Noteholder by such Noteholder's acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Indenture Trustee for any action taken, suffered or omitted by it as Indenture Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys' fees and reasonable expenses, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant, but

the provisions of this Section shall not apply to (i) any suit instituted by the Indenture Trustee, (ii) any suit instituted by any Noteholder or group of Noteholders, in each case holding in the aggregate more than 10% of the Outstanding Note Amount or (iii) any suit instituted by any Noteholder for the enforcement of the payment of principal of or interest on any Note on or after the related due dates expressed in such Note and in this Indenture (or, in the case of redemption, on or after the Redemption Date).

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

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

Section 5.16 <u>Performance and Enforcement of Certain Obligations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Promptly following a request from the Indenture Trustee to do so and at the Administrator's expense, the Issuing Entity shall take all such lawful action as the Indenture Trustee may request to compel or secure the performance and observance by the Servicer of its obligations to the Issuing Entity under or in connection with the Servicing Agreement and the Exchange Note Servicing Supplement, in accordance with the terms thereof [or by any obligor under the Interest Rate [Swap][Cap] of its obligations under or in accordance with such Interest Rate [Swap][Cap]], and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuing Entity under or in connection with each such agreement to the extent and in the manner directed by the Indenture Trustee, including the transmission of notices of default on the part of the Servicer thereunder [or on the part of the Interest Rate [Swap][Cap] obligor under any such Interest Rate [Swap][Cap]] and the institution of legal or administrative actions or proceedings to compel or secure performance by the Servicer [and the Interest Rate [Swap][Cap] obligor] of its [each of their respective] obligations under the Servicing Agreement [and any Interest Rate [Swap][Cap]].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If an Event of Default has occurred and is continuing, the Indenture Trustee may, and at the direction (which direction shall be in writing) of Noteholders holding not less than

66-2/3% of the Outstanding Note Amount, shall, exercise all rights, remedies, powers, privileges and claims of the Issuing Entity against the Depositor and the Servicer [or the Interest Rate [Swap][Cap] obligor] under or in connection with the Servicing Agreement [or any Interest Rate [Swap][Cap]] or any other Transaction Document, including the right or power to take any action to compel or secure performance or observance by the Servicer [or the Interest Rate [Swap][Cap] obligor] of its obligations to the Issuing Entity thereunder and to give any consent, request, notice, direction, approval, extension or waiver under such Transaction Document, and any right of the Issuing Entity to take such action shall be suspended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [The Indenture Trustee shall give prompt written notice to the [Swap][Cap] Counterparty of each request for action that is made and direction received pursuant to this <u>Section 5.16</u>.]

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

**ARTICLE VI**

**THE INDENTURE TRUSTEE**

Section 6.1 <u>Duties of Indenture Trustee</u>.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Indenture Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and no implied covenants or

obligations shall be read into this Indenture or any other document against the Indenture Trustee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the absence of bad faith on its part, the Indenture Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Indenture Trustee and conforming to the requirements of this Indenture; however, in the case of certificates or opinions specifically required by any provision of this Indenture to be furnished to it, the Indenture Trustee shall examine the certificates and opinions to determine whether or not they conform on their face to the requirements of this Indenture (but need not confirm or investigate the accuracy of any mathematical calculations or other facts stated therein).

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) this paragraph does not limit the effect of paragraph (b) of this <u>Section 6.1</u>;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Indenture Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it from not less than a majority of the Outstanding Note Amount in accordance with the terms of this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Every provision of this Indenture that in any way relates to the Indenture Trustee is subject to this Article VI.

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Indenture Trustee shall not be charged with knowledge of any Default or Event of Default, or be required to act thereon, unless either (1) a Responsible Officer shall have actual knowledge of such Default or Event of Default or (2) written notice of such Default or Event of Default shall have been given to such Indenture Trustee in accordance with the provisions of this Indenture. Except as expressly set forth in the Transaction Documents, the Indenture Trustee shall have no obligation to take any action to determine whether any such default or event has occurred. For the avoidance of doubt, receipt by the Indenture Trustee of a Review Report shall not constitute actual knowledge of any breach of representation or warranty.

Section 6.2 <u>Rights of Indenture Trustee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Indenture Trustee, in the absence of bad faith, may conclusively rely on any document (including any such document delivered in electronic format) reasonably believed by it to be genuine and to have been signed or presented by the proper person. Except as expressly stated herein or in the other Transaction Documents, the Indenture Trustee need not investigate or re-calculate, evaluate, certify, verify or independently determine the accuracy of any information, report, certificate, statement, representation or warranty or any fact or matter stated in any such document and may conclusively rely as to the truth of the statements and the accuracy of the information therein.

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Indenture Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture or to institute, conduct or defend any litigation hereunder or in relation hereto or to honor the request or direction of any of the Noteholders pursuant to this Indenture, other than requests, demands or directions relating to communications between Noteholders or Note Owners under <u>Section 7.2(e)</u> or an asset representations review demand under <u>Section 7.5</u> unless such Noteholders shall have offered to the Indenture Trustee security or indemnity reasonably satisfactory to it against the reasonable costs, expenses, disbursements, advances and liabilities which might be incurred by it, its agents and its counsel in compliance with such request or direction.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) In no event shall the Indenture Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, acts of war or terrorism, civil or military disturbances, epidemics or pandemics, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or

computer systems and services; it being understood that the Indenture Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) [The Indenture Trustee shall have no obligation to monitor or verify compliance with the Securitisation Rules or any other similar laws, rules or regulations.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) In order to comply with Applicable Anti-Money Laundering Law, the Indenture Trustee is required to obtain, verify and record certain information relating to individuals and entities which maintain a business relationship with the Indenture Trustee. Accordingly, each of the parties agrees to provide to the Indenture Trustee upon its reasonable request from time to time such identifying information and documentation as may be reasonably available for such party in order to enable the Indenture Trustee to comply with such Applicable Anti-Money Laundering Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Each Holder, by its acceptance of a Note hereunder, represents that it has, independently and without reliance upon the Indenture Trustee or any other Person, and based on such documents and information as it has deemed appropriate, made its own investment decision in respect of the Notes. Each Holder also represents that it will, independently and without reliance upon the Indenture Trustee or any other Person, and based on such documents and information as it shall deem appropriate at the time, continue to make its own decisions in taking or not taking action under this Indenture or any other document and in connection with the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The Indenture Trustee may, from time to time, request that the Issuing Entity, the Administrator, the Servicer and any other applicable party deliver a certificate (upon which the Indenture Trustee may conclusively rely) setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture or any related document together with a specimen signature of such authorized officers and the Indenture Trustee shall be entitled to conclusively rely on the then current certificate until receipt of a superseding certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) The Indenture Trustee shall not be required to take any action it is directed to take under this Indenture if the Indenture Trustee reasonably determines in good faith that the action so directed would involve the Indenture Trustee in personal liability, would violate the rights of the non-directing Noteholders, or is contrary to applicable law or inconsistent with this Indenture or other Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) The Indenture Trustee shall not be liable for any action or inaction of the Issuing Entity, Servicer, Depositor, or any other party (or agent thereof) to this Indenture or any related document and may assume compliance by such parties with their obligations under this Indenture or any related agreements, unless a Responsible Officer of the Indenture Trustee shall

have actual knowledge or received written notice to the contrary at the Corporate Trust Office of the Indenture Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Knowledge of the Indenture Trustee shall not be attributed or imputed to [·]'s other roles in the transaction and knowledge of any [Paying Agent] or [Note Registrar] shall not be attributed or imputed to each other or to the Indenture Trustee (in either case, other than those where the roles are performed by the same group or division within [·] or otherwise share the same Responsible Officers), or any affiliate, line of business, or other division of [·] (and vice versa).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) The Account Bank and the Securities Intermediary shall be afforded the same rights, privileges and protections as the Indenture Trustee under this Article VI.

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

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

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

Section 6.6 <u>Reports by Indenture Trustee to Noteholders</u>. The Indenture Trustee shall make available to each Noteholder such information as may be required to enable such holder to prepare its federal and State income tax returns (including, without limitation, Form 1099, which for the avoidance of doubt, will be filed with the Internal Revenue Service as may be required by the Code). On or before each Payment Date [or the Additional Class A-1 Determination Date (if applicable)], the Indenture Trustee will post a copy of the statement or statements provided to the Indenture Trustee by the Servicer pursuant to <u>Section 13.4</u> and <u>Section 13.15</u> (if applicable) of the Exchange Note Servicing Supplement with respect to such related Payment Date [or Additional Class A-1 Payment Date] on its internet website promptly following its receipt thereof, for the benefit of the Noteholders. The Indenture Trustee's internet website shall initially be located at [·]. Assistance in using the website can be obtained by calling

the Indenture Trustee's [customer service desk] at [·]. The Indenture Trustee may change the way the statements and information are posted or distributed in order to make such distribution more convenient and/or accessible for such Noteholders, and the Indenture Trustee shall provide on the website timely and adequate notification to all parties regarding any such change.

Section 6.7 <u>Compensation and Indemnity</u>. The Issuing Entity shall pursuant to Section 5.4(b)(i), or shall cause the Administrator to, pay to the Indenture Trustee from time to time such compensation for its services as is agreed in writing between the Issuing Entity, Administrator and the Indenture Trustee. The Indenture Trustee's compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuing Entity shall pursuant to Section 5.4(b)(i), or shall cause the Administrator to, reimburse the Indenture Trustee for all reasonable and documented out-of-pocket expenses, advances and disbursements reasonably incurred or made by it in connection with the administration of this Indenture and the performance of its duties hereunder, including costs of collection, in addition to the compensation for its services. Such expenses shall include the reasonable and documented compensation and out-of-pocket expenses, disbursements and advances of the Indenture Trustee's agents, counsel, accountants and experts. The Issuing Entity shall pursuant to Section 5.4(b)(i), or shall cause the Administrator to, indemnify for, and hold the Indenture Trustee harmless against, any and all loss, liability, claim, damage or expense (including reasonable attorneys' fees and reasonable expenses (including reasonable attorneys' fees and reasonable expenses incurred in connection with any enforcement, including any action, claim or suit brought by the Indenture Trustee for any indemnification or other obligation of the Issuing Entity or the Administrator)) incurred by it in connection with the administration of this Indenture and the performance of its duties hereunder. The Indenture Trustee shall notify the Issuing Entity and the Administrator promptly of any claim of which the Indenture Trustee has received written notice and for which it may seek indemnity. Failure by the Indenture Trustee to so notify the Issuing Entity and the Administrator shall not relieve the Issuing Entity or the Administrator of its obligations hereunder. The Issuing Entity shall cause the Administrator to defend any such claim and the Indenture Trustee may have separate counsel and the Issuing Entity shall, or shall cause the Administrator to, pay the fees and expenses of such counsel. None of the Issuing Entity, the Depositor, the Servicer or the Administrator need reimburse any expense or indemnify against any loss, liability or expense incurred by the Indenture Trustee through the Indenture Trustee's own willful misconduct, negligence or bad faith.

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

Section 6.8 <u>Removal, Resignation and Replacement of Indenture Trustee</u>. No resignation or removal of the Indenture Trustee and no appointment of a successor Indenture Trustee shall become effective until the acceptance of appointment by the successor Indenture Trustee pursuant to this <u>Section 6.8</u> and the payment of all fees and expenses owed to the retiring Indenture Trustee. The Indenture Trustee may resign at any time by so notifying the Issuing Entity [and the Swap Counterparty]. The Indenture Trustee shall resign

following the occurrence of an Event of Default if required by <u>Section 310</u> of the TIA. The Holders of at least majority of the Note Balance of the Notes may remove the Indenture Trustee by providing 30 days' prior written notice to the Indenture Trustee and the Depositor and may appoint a successor Indenture Trustee. The Issuing Entity shall remove the Indenture Trustee if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Indenture Trustee fails to comply with <u>Section 6.11</u>;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Indenture Trustee otherwise becomes incapable of acting as such under the Transaction Documents or if acting would result in a violation of applicable law (including, without limitation, ERISA).

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

A successor Indenture Trustee shall deliver a written acceptance of its appointment to the retiring Indenture Trustee, the Issuing Entity and the Depositor [and the Swap Counterparty]. Thereupon the resignation or removal of the retiring Indenture Trustee shall become effective, and the successor Indenture Trustee shall have all the rights, powers and duties of the Indenture Trustee under this Indenture. The successor Indenture Trustee shall mail a notice of its succession to Noteholders. The retiring Indenture Trustee shall promptly transfer all property held by it as Indenture Trustee to the successor Indenture Trustee.

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

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

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

Section 6.9 <u>Successor Indenture Trustee by Merger</u>. If the Indenture Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation without any further act shall be the successor Indenture Trustee;

provided, that such corporation or banking association shall be otherwise qualified and eligible under Section 6.11. The Indenture Trustee shall provide the Depositor (who shall promptly provide such notice to the Rating Agencies) prior written notice of any such transaction (<u>provided</u>, that if the Indenture Trustee shall be a public company or a wholly-owned subsidiary of a public company, no earlier than at such time as the Indenture Trustee or such Affiliate is required to make such information public). Additionally, the Indenture Trustee shall provide the Depositor with written notice of the consummation of such transaction no later than one (1) Business Day after the effective date of such event, together with the information reasonably requested by the Depositor in order to comply with its reporting obligations under the Exchange Act with respect to a successor Indenture Trustee. The automatic succession provisions of this <u>Section 6.9</u> shall also apply to the Account Bank so long as such successor Account Bank would be the Indenture Trustee or an affiliate of the Indenture Trustee and meets the requirements of either an Eligible Institution or an Eligible Trust Account Institution.

Section 6.10 <u>Appointment of Co-Trustee or Separate Trustee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding any other provisions of this Indenture, at any time, for the purpose of meeting any legal requirement of any jurisdiction in which any part of the Trust Estate may at the time be located, the Indenture Trustee shall have the power and may execute and deliver all instruments to appoint one or more Persons to act as a co-trustee or co-trustees, or separate trustee or separate trustees, of all or any part of the Trust Estate, and to vest in such Person or Persons, in such capacity and for the benefit of the Noteholders, such title to the Trust Estate, or any part hereof, and, subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the Indenture Trustee may consider necessary or desirable. No co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a successor trustee under <u>Section 6.11</u> and no notice to Noteholders of the appointment of any co-trustee or separate trustee shall be required under <u>Section 6.8</u> hereof.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all rights, powers, duties and obligations conferred or imposed upon the Indenture Trustee shall be conferred or imposed upon and exercised or performed by the Indenture Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act separately without the Indenture Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed the Indenture Trustee

shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Trust Estate or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the Indenture Trustee;

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

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

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

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

Section 6.11 <u>Eligibility; Disqualification</u>. The Indenture Trustee shall at all times satisfy the requirements of TIA § 310(a). The Indenture Trustee shall have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition, and, if the Indenture Trustee shall have time deposits, then such time deposits shall be rated at least [·] by [·] and [·] by [·], or such other rating that is acceptable to each Rating Agency. The Indenture Trustee shall comply with TIA § 310(a), including the optional provision permitted by the second sentence of TIA § 310(b)(9); <u>provided</u>, <u>however</u>, that there shall be excluded from the operation of TIA § 310(b)(1) any indenture or indentures under which other securities of the Issuing Entity are outstanding if the requirements for such exclusion set forth in TIA § 310(b)(1) are met. Additionally, prior to the appointment of any successor Indenture Trustee, the Rating Agency Condition must be satisfied with respect to such successor Indenture Trustee.

Section 6.12 <u>Preferential Collection of Claims Against the Issuing Entity</u>. The Indenture Trustee shall comply with TIA Section 311(a), excluding any

creditor relationship listed in TIA Section 311(b). Any Indenture Trustee who has resigned or been removed shall be subject to TIA Section 311(a) to the extent indicated therein.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Indenture Trustee is a [·] duly organized, validly existing and in good standing under the laws of the jurisdiction of its formation;

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

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

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

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

Section 6.14 <u>Trustee as Holder of the Exchange Note</u>. Following the occurrence and continuation of an Event of Default, to the extent that the Issuing Entity has rights as an Exchange Noteholder, including rights to distributions and notice, or is entitled to consent to any actions taken by the Depositor, the Issuing Entity may initiate such action or grant such consent only with consent of the Indenture Trustee at the direction of the Noteholders of not less than a majority of the Outstanding Note Amount. Following the occurrence and continuation of an Event of Default, the Indenture Trustee shall exercise rights as an Exchange Noteholder or the right to consent or withhold consent with respect to actions taken by the Depositor or the Issuing Entity, upon the written direction of holders of a majority of the Outstanding Note Amount; <u>provided</u>, <u>however</u>, that any direction to the Indenture Trustee to remove or replace the Servicer upon a Servicer Default shall be made by Noteholders holding not less than 66-2/3% of the Outstanding Note Amount.

Section 6.15 <u>Communications Regarding Demands to Repurchase TRANSACTION UNITS</u>. The Indenture Trustee shall provide prompt notice to World Omni, the Initial Beneficiary and the Depositor of all demands received by a Responsible Officer of the Indenture Trustee for the repurchase or replacement of any Transaction Unit for breach of the representations and warranties concerning such Transaction Unit. The Indenture Trustee shall, upon written request and at the sole cost and expense of either World Omni or the Depositor, provide notification to World Omni, the Initial Beneficiary and the Depositor with respect to any actions taken by the Indenture Trustee or determinations made by the Indenture Trustee, in each case with respect to any such demand communicated to the Indenture Trustee in respect of any Transaction Unit, such notifications to be provided by the Indenture Trustee as soon as practicable and in any event within five Business Days of receipt of such request or such other time frame as may be mutually agreed to by the Indenture Trustee and World Omni or the Depositor, as applicable. Such notices shall be provided to World Omni, the Initial Beneficiary and the Depositor at 250 Jim Moran Boulevard, Deerfield Beach, Florida 33442, Telecopy: [·], Attention: [·], or at such other address or by such other means of communication as may be specified by World Omni or the Depositor to the Indenture Trustee from time to time. The Indenture Trustee and the Issuing Entity acknowledge and agree that the purpose of this <u>Section 6.15</u> is to facilitate compliance by World Omni and the Depositor with Rule 15Ga-1 under the Exchange Act, as amended, and Items 1104(e) and 1121(c) of Regulation AB (the "<u>Repurchase Rules and Regulations</u>"). The Indenture Trustee acknowledges that interpretations of the requirements of the Repurchase Rules and Regulations may change over time, whether due to interpretive guidance provided by the Commission or its staff, consensus among participants in the asset-backed securities markets, advice of counsel, or otherwise, and agrees to comply with reasonable requests made by World Omni and the Depositor in good faith for delivery of information accessible by the Indenture Trustee under these provisions on the basis of evolving interpretations of the Repurchase Rules and Regulations. The Indenture Trustee shall cooperate fully with World Omni and the Depositor to deliver any and all records and any other information reasonably available to it and necessary in the good faith determination of World Omni and the Depositor to permit them to comply with the provisions of the Repurchase Rules and Regulations. In no event shall the Indenture Trustee have any responsibility or liability in connection with any filing required to be made by a securitizer under the Exchange Act or Regulation AB, and except as required by the express terms of the Transaction Documents, nor shall the Indenture Trustee have any duty or obligation to undertake any investigation or inquiry related to repurchase activity or otherwise to assume any additional duties or responsibilities in respect of this Indenture.

**ARTICLE VII**

**NOTEHOLDERS' LISTS AND REPORTS**

Section 7.1 <u>Issuing Entity to Furnish Indenture Trustee Noteholder Names and Addresses</u>. The Issuing Entity shall furnish or cause to be furnished to the Indenture Trustee (i) not more than five days after the earlier of (i) each Record Date and (ii) three months after the last Record Date, a list, in such form as the Indenture Trustee may reasonably require, of the names and addresses of the Noteholders as of such Record Date and (ii) at such other times as the Indenture Trustee may request in writing, within 30 days after receipt by the Issuing Entity of any such request, a list of similar form and content as of a date not more than ten days prior to the time such list is furnished; <u>provided</u>, <u>however</u>, that so long as the

Indenture Trustee is the Note Registrar or the Notes are issued as Book-Entry Notes, no such list shall be required to be furnished to the Indenture Trustee.

Section 7.2 <u>Preservation of Information; Communications to Noteholders; Noteholder Communications with Indenture Trustee; Communications Between Noteholders</u>.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Noteholder Communications with Indenture Trustee</u>. A Noteholder (if the Notes are represented by Definitive Notes) or a Note Owner (if the Notes are represented by Book-Entry Notes) may communicate with the Indenture Trustee and give notices and make requests and demands and give directions to the Indenture Trustee through the procedures of the Clearing Agency and by notice to the Indenture Trustee. Any Note Owner must provide a written certification stating that the Person is a beneficial owner of a Note, together with at least one form of documentation such as a trade confirmation, an account statement, a letter from a broker or dealer verifying ownership or another similar document evidencing ownership of a Note, upon which the Indenture Trustee may conclusively rely. The Indenture Trustee will not be required to take action in response to requests, demands or directions of a Noteholder or a Note Owner, other than requests, demands or directions relating to communications between Noteholders or Note Owners under <u>Section 7.2(e)</u> or an asset representations review demand under <u>Section 7.5</u>, unless such Noteholder or Note Owner shall have offered to the Indenture Trustee security or indemnity reasonably satisfactory to it against the reasonable costs, expenses, disbursements, advances and liabilities which might be incurred by it, its agents and its counsel in compliance with such request, demand or direction. The Indenture Trustee shall provide the Seller, the Servicer and the Issuing Entity with notification, as soon as practicable and in any event within five (5) Business Days, of receipt of any requests by any Noteholder or Note Owner to communicate with other Noteholders or Note Owners pursuant to <u>Section 7.2(e)</u> or any requests to repurchase a Transaction Unit as the result of a breach of a representation or warranty pursuant to the Exchange Note Sale Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Communications between Noteholders</u>. A Noteholder (if the Notes are represented by Definitive Notes) or a Note Owner (if the Notes are represented by Book-Entry Notes) that seeks to communicate with other Noteholders or Note Owners, as applicable, about a possible exercise of rights under this Indenture or the other Transaction Documents may send a written request to the Issuing Entity or the Servicer, on behalf of the Issuing Entity, to include

information regarding the communication in a Form 10-D to be filed by the Servicer with the Commission. Each request must include (i) the name of the requesting Noteholder or Note Owner, (ii) the method by which other Noteholders or Note Owners, as applicable, may contact the requesting Noteholder or Note Owner and (iii) in the case of a Note Owner, written certification stating that the Person is a beneficial owner of a Note, together with at least one form of documentation such as a trade confirmation, an account statement, a letter from a broker or dealer verifying ownership or another similar document evidencing ownership of a Note, upon which the Indenture Trustee may conclusively rely. A Noteholder or Note Owner, as applicable, that delivers a request under this <u>Section 7.2(e)</u> will be deemed to have certified to the Issuing Entity and the Servicer that its request to communicate with other Noteholders or Note Owners, as applicable, relates solely to a possible exercise of rights under this Indenture or the other Transaction Documents, and will not be used for other purposes. The Issuing Entity will promptly deliver any request to the Servicer. On receipt of a request, the Servicer will include in the Form 10-D filed by the Issuing Entity with the Commission for the Collection Period in which the request was received (A) a statement that the Issuing Entity has received a request from a Noteholder or Note Owner, as applicable, that is interested in communicating with other Noteholders or Note Owners, as applicable, about a possible exercise of rights under this Indenture or the other Transaction Documents, (B) the name of the requesting Noteholder or Note Owner, (C) the date the request was received and (D) a description of the method by which the other Noteholders or Note Owners, as applicable, may contact the requesting Noteholder or Note Owner. The Servicer will bear any costs associated with including any such communication in the Form 10-D and each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that such requesting Noteholder or Note Owner will pay any costs associated with communicating with other Noteholders or Note Owners, and none of the Seller, the Servicer, the Depositor, the Issuing Entity, the Titling Trustee, the Closed-End Administrative Agent, the Closed-End Collateral Agent, the Administrator, the Indenture Trustee or the Owner Trustee will be responsible for such costs.

Section 7.3 <u>Reports by Issuing Entity</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Issuing Entity shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) file with the Indenture Trustee, within 15 days after the Issuing Entity is required (if at all) to file the same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) that the Issuing Entity may be required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) supply to the Indenture Trustee (and the Indenture Trustee shall transmit to The Depository Trust Company, on behalf of the Noteholders as described in

TIA Section 313(c)) such summaries of any information, documents and reports required to be filed by the Issuing Entity pursuant to clauses (i) and (ii) of this <u>Section 7.3(a)</u> and by rules and regulations prescribed from time to time by the Commission; and

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

Section 7.4 <u>Reports by Indenture Trustee</u>. If required by TIA Section 313(a), within 60 days after each February 1, beginning with February 1, 20[·], the Indenture Trustee shall transmit to each Noteholder and shall file with the Commission as required by TIA Sections 313(c) and 313(d), respectively, a brief report dated as of such date that complies with TIA Section 313(a). The Indenture Trustee also shall comply with TIA Section 313(b).

Section 7.5 <u>Noteholder Demand For Asset Representations Review</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Delinquency Percentage for any Payment Date exceeds the Delinquency Trigger, a Noteholder (if the Notes are represented by Definitive Notes) or a Note Owner (if the Notes are represented by Book-Entry Notes) may make a demand on the Indenture Trustee to cause a vote of the Noteholders or Note Owners, as applicable, about whether to direct the Asset Representations Reviewer to conduct a Review of the Review Transaction Leases under the Asset Representations Review Agreement. In the case of a Note Owner, each demand and vote must be accompanied by a written certification stating that the Person is a beneficial owner of a Note, together with at least one form of documentation such as a trade confirmation, an account statement, a letter from a broker or dealer verifying ownership or another similar document evidencing ownership of a Note, upon which the Indenture Trustee may conclusively rely. If Noteholders and Note Owners that collectively hold Notes evidencing at least 5% of the Outstanding Amount of the Notes demand a vote within 90 days of the filing of the Form 10-D reporting that the Delinquency Percentage for the related Payment Date exceeds the Delinquency Trigger, the Indenture Trustee will promptly request a vote of the Noteholders through the Clearing Agency; <u>provided</u>, that for the purpose of determining the holders of the Notes Outstanding, any Notes held by World Omni or any of its Affiliates shall not be included in such calculation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon the direction of the requisite Noteholders or Note Owners set forth in <u>Section 7.5(a)</u>, the Indenture Trustee shall conduct a vote of all Noteholders in accordance with the Indenture Trustee's standard vote solicitation procedures (if the Notes are represented by Definitive Notes) and shall cause a vote to be conducted in accordance with applicable Depository Trust Company procedures of all Note Owners (if the Notes are represented by Book-Entry Notes). The Indenture Trustee shall provide to the Servicer the voting instructions and procedures applicable to the Noteholders and Note Owners to be included in the Form 10-D filed by the Issuing Entity with the Commission. Such Form 10-D will also include a statement that sufficient Noteholders are requesting a full Noteholder vote to commence a Review and applicable voting deadline. Each Note Owner or Noteholder that elects to vote shall vote whether or not the Asset

Representations Reviewer should be directed to conduct a Review. The vote will remain open until the 150th day after the filing of the Form 10-D reporting that the Delinquency Percentage for the related Payment Date exceeds the Delinquency Trigger.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Indenture Trustee shall cooperate with the Asset Representations Reviewer in the event a Review is commenced pursuant to this <u>Section 7.5</u> and shall provide the Asset Representations Reviewer with any documents or other information reasonably requested by the Asset Representations Reviewer in connection with the Review. The Indenture Trustee shall have no obligation to obtain missing information from any other party or source; provided, however, that the Indenture Trustee shall promptly forward any requests for information not available to it to the Servicer, the Initial Beneficiary and the Depositor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Indenture Trustee shall not be required to (i) give notice to Noteholders or determine whether the Delinquency Percentage for any Payment Date exceeds the Delinquency Trigger or (ii) determine which assets are subject to Review by the Asset Representations Reviewer.

**ARTICLE VIII**

**ACCOUNTS, DISBURSEMENTS AND RELEASES**

Section 8.1 <u>Collection of Money</u>.

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

Section 8.2 <u>Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) There shall be established and there shall be maintained an Eligible Account (initially at the [Indenture Trustee][Account Bank]) until the Outstanding Note Amount is reduced to zero, which is designated the "<u>Trust Collection Account</u>". The Servicer, on behalf of the Noteholders, shall establish and maintain with the [Indenture Trustee][Account Bank] and in the name of the [Issuing Entity][Indenture Trustee], the Trust Collection Account bearing a

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There shall be established and there shall be maintained an Eligible Account (initially at the [Indenture Trustee][Account Bank]) until the Outstanding Note Balance is reduced to zero, which is designated as the "<u>Principal Distribution Account</u>." The Servicer, on behalf of the Noteholders, shall establish and maintain with the [Indenture Trustee][Account Bank] and in the name of the [Issuing Entity][Indenture Trustee], the Principal Distribution Account bearing a designation clearly indicating that the funds on deposit therein are held for the benefit of the Noteholders. The Principal Distribution Account shall be under the sole dominion and control of the Indenture Trustee until the Outstanding Note Amount has been reduced to zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) There shall be established and there shall be maintained an Eligible Account (initially at the [Indenture Trustee][Account Bank]) until the Outstanding Note Balance is reduced to zero, which is designated as the "<u>[Risk Retention] Reserve Account</u>." The Servicer on behalf of the [Noteholders][Issuing Entity], shall establish and maintain with the [Indenture Trustee[Account Bank][and in the name of the Issuing Entity], the [Risk Retention] Reserve Account bearing a designation clearly indicating that the funds on deposit therein are held for the benefit of the [Noteholders][Issuing Entity]. The [Risk Retention] Reserve Account shall be under the sole dominion and control of the Indenture Trustee until the Outstanding Note Amount has been reduced to zero[, and the final distribution on the Certificates has been made].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) [There shall be established and there shall be maintained an Eligible Account (initially at the [Indenture Trustee][Account Bank]) until the Outstanding Amount of the Class [●] Notes is reduced to zero, which is designated as the "<u>Class [●] Reserve Account</u>." The Servicer on behalf of the Class [●] Noteholders, shall establish and maintain with the [Indenture Trustee][Account Bank] and in the name of the [Issuing Entity][Indenture Trustee], the Class [●] Reserve Account bearing a designation clearly indicating that the funds on deposit therein are held for the benefit of the Class [●] Noteholders. The Class [●] Reserve Account shall be under the sole dominion and control of the Indenture Trustee until the Outstanding Amount of the Class [●] Notes has been reduced to zero.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) [There shall be established and there shall be maintained an Eligible Account (initially at the Indenture Trustee [Account Bank]) until the Outstanding Note Balance is reduced to zero, which is designated as the "<u>Pre-Funding Account</u>." The Servicer on behalf of the Noteholders, shall establish and maintain with the [Indenture Trustee][Account Bank] and in the name of the [Issuing Entity][Indenture Trustee], the Pre-Funding Account bearing a designation clearly indicating that the funds on deposit therein are held for the benefit of the Noteholders. The Pre-Funding Account shall be under the sole dominion and control of the Indenture Trustee until the Outstanding Note Amount has been reduced to zero. On the [Initial] Closing Date, the Depositor shall deposit into the Pre-Funding Account $[●] (the "<u>Pre-Funding Account Initial Deposit</u>") from the net proceeds of the sale of the Notes. On each Subsequent Transfer Date, if any, the Servicer shall instruct the Indenture Trustee to withdraw from the Pre-Funding Account (i) an amount equal to [●]% of the aggregate Securitization Value of the Subsequent Units allocated to the 20[●]-[●] Reference Pool on such Subsequent Transfer Date and (ii) on behalf of the Depositor, deposit into the [Risk Retention] Reserve Account a portion of such funds equal to

the [Risk Retention] Reserve Account Subsequent Transfer Deposit with respect to such Subsequent Transfer Date and distribute the remainder to or upon the order of the Depositor as payment for such Subsequent Units. If the Pre-Funded Amount has not been reduced to zero on the Payment Date immediately following the calendar month in which the Pre-Funding Period, if any, ends, then the Servicer shall instruct the Indenture Trustee to transfer from the Pre-Funding Account on such Payment Date any amount then remaining in the Pre-Funding Account to the Principal Distribution Account for distribution in accordance with <u>Section 8.5</u> hereof.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) [There shall be established and there shall be maintained an Eligible Account (initially at the Indenture Trustee [Account Bank]) until the Outstanding Note Balance is reduced to zero, which is designated as the "<u>Negative Carry Account</u>." The Servicer on behalf of the Noteholders, shall establish and maintain with the [Indenture Trustee][Account Bank] and in the name of the [Issuing Entity][Indenture Trustee], the Negative Carry Account bearing a designation clearly indicating that the funds on deposit therein are held for the benefit of the Noteholders. The Negative Carry Account shall be under the sole dominion and control of the Indenture Trustee until the Outstanding Note Amount has been reduced to zero. On the [Initial] Closing Date, the Depositor shall deposit into the Negative Carry Account $[●] (the "<u>Negative Carry Account Initial Deposit</u>") from the net proceeds of the sale of the Notes. On each Payment Date during the Pre-Funding Period, if any, the Servicer will instruct the Indenture Trustee to withdraw from the Negative Carry Account (i) an amount equal to the Negative Carry Amount and deposit it into the Trust Collection Account for application as Available Funds for such Payment Date, and (ii) the excess of the amount on deposit in the Negative Carry Account, if any, over the Required Negative Carry Account Balance (after withdrawal of the Negative Carry Amount for such Payment Date) and deposit it into the Trust Collection Account for application as Available Funds for such Payment Date. In addition, on the Payment Date following the calendar month in which the last day of the Pre-Funding Period occurs, the Servicer will instruct the Indenture Trustee to withdraw from the Negative Carry Account the amount remaining on deposit in the Negative Carry Account (after giving effect to all withdrawals from the Negative Carry Account on that Payment Date) and deposit it into the Trust Collection Account for application as Available Funds for such Payment Date.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) [There shall be established and there shall be maintained an Eligible Account (initially at the Indenture Trustee [Account Bank]) until the Outstanding Note Balance is reduced to zero, which is designated as the "<u>Accumulation Account</u>." The Servicer on behalf of the Noteholders, shall establish and maintain with the [Indenture Trustee][Account Bank] and in the name of the [Issuing Entity][Indenture Trustee], the Accumulation Account bearing a designation clearly indicating that the funds on deposit therein are held for the benefit of the Noteholders. The Accumulation Account shall be under the sole dominion and control of the Indenture Trustee until the Outstanding Note Amount has been reduced to zero. On or before each Payment Date related to the Revolving Period, the Servicer will instruct the Indenture Trustee to re-deposit any portion of the funds on deposit in the Accumulation Account not used to cause Subsequent Units to be allocated to the 20[●]-[●] Reference Pool into the Accumulation Account to be applied on subsequent Payment Dates to cause Subsequent Units to be allocated to the 20[●]-[●] Reference Pool. The [Depositor] will seek to cause Subsequent Units in an aggregate amount equal to the Target Reinvestment Amount to be allocated to the 20[●]-[●] Reference Pool, to the extent of the funds available in the Accumulation Account.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) All monies deposited from time to time in the Accounts pursuant to this Indenture or the other Transaction Documents shall be held by the Indenture Trustee as part of the Collateral and shall be applied to the purposes herein provided; <u>provided</u>, <u>that</u> on each Determination Date [and the Additional Class A-1 Determination Date (if applicable)] all interest and other investment earnings (net of losses and investment expenses) on funds on deposit in the Accounts shall be deposited into the Trust Collection Account and shall be deemed to constitute a portion of Available Funds for the related Payment Date [and Available Funds for the Additional Class A-1 Payment Date (if applicable)]. If any Account shall cease to be an Eligible Account, the Servicer (upon written notice from the Indenture Trustee that such account no longer qualifies), until the Outstanding Note Amount has been reduced to zero, shall, as necessary, assist the Administrator within [10] Business Days (or such longer period, not to exceed [30] calendar days, as to which each Rating Agency may consent) to establish a new Account at an institution at which it shall be an Eligible Account and shall cause the Indenture Trustee, who shall instruct the Account Bank, to transfer any cash and/or any investments to such new Account. The Account Bank hereby agrees that the Accounts shall be under the sole dominion and control of the Indenture Trustee. The Indenture Trustee, the Account Bank or the other Person holding the Accounts as provided in this <u>Section 8.2(h)</u> shall be the "<u>Securities Intermediary</u>." If the Securities Intermediary shall be a Person other than the Indenture Trustee or the Account Bank, the Servicer shall obtain the express agreement of such Person to the obligations of the Securities Intermediary set forth in this <u>Section 8.2(h)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) With respect to the Trust Account Property, the Securities Intermediary agrees, by its acceptance hereof, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The Accounts are accounts to which Financial Assets will be credited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) All securities or other property underlying any Financial Assets credited to the Accounts shall be registered in the name of the Securities Intermediary, indorsed to the Securities Intermediary or in blank or credited to another securities account maintained in the name of the Securities Intermediary and in no case will any Financial Asset credited to any of the Accounts be registered in the name of the Trust, the Servicer or the Depositor, payable to the order of the Trust, the Servicer or the Depositor or specially indorsed to the Owner Trustee, the Servicer or the Depositor except to the extent the foregoing have been specially indorsed to the Securities Intermediary or in blank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) All property delivered to the Securities Intermediary pursuant to this Agreement will be promptly credited to the appropriate Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) Each item of property (whether investment property, Financial Asset, security, instrument or cash) credited to an Account shall be treated as a "financial asset" within the meaning of Section 8-102(a)(9) of the New York UCC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) If at any time the Securities Intermediary shall receive any order from the Indenture Trustee directing transfer or redemption of any Financial Asset relating to the Accounts, the Securities Intermediary shall comply with such entitlement order without further consent by the Trust, the Servicer, the Depositor or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) The Accounts shall be governed by the laws of the State of New York, regardless of any provision in any other agreement. For purposes of the UCC, New York shall be deemed to be the Securities Intermediary's jurisdiction and the Trust Accounts (as well as the securities entitlements (as defined in Section 8-102(a)(17) of the UCC) related thereto) shall be governed by the laws of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) The Securities Intermediary has not entered into, and until the termination of this Agreement will not enter into, any agreement with any other person relating to the Accounts and/or any Financial Assets credited thereto pursuant to which it has agreed to comply with entitlement orders (as defined in Section 8-102(a)(8) of the New York UCC) of such other person and the Securities Intermediary has not entered into, and until the termination of this Agreement will not enter into, any agreement with the Trust, the Depositor, the Servicer or the Indenture Trustee purporting to limit or condition the obligation of the Securities Intermediary to comply with entitlement orders as set forth in <u>Section 8.2(d)(i)(E)</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) Except for the claims and interest of the Indenture Trustee and of the Trust in the Accounts, the Securities Intermediary knows of no claim to, or interest in, the Accounts or in any Financial Asset credited thereto. If any other person asserts any lien, encumbrance or adverse claim (including any writ, garnishment, judgment, warrant of attachment, execution or similar process) against the Accounts or in any Financial Asset carried therein, the Securities Intermediary will promptly notify the Indenture Trustee, the Servicer and the Trust thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) The Securities Intermediary will promptly send copies of all statements, confirmations and other correspondence concerning the Accounts and/or any Trust Account Property simultaneously to each of the Servicer and the Indenture Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(J) The Securities Intermediary shall treat the Indenture Trustee as entitled to exercise the rights that comprise each Financial Asset credited to any Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(K) Each item of property credited to each Account shall not be subject to, and the Securities Intermediary hereby waives, any security interest, lien, claim, encumbrance, or right of setoff in favor of the Securities Intermediary or anyone claiming through the Securities Intermediary (other than the Indenture Trustee).

Section 8.3 <u>Servicer Certificate</u>.

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) [the Noteholders' Third Priority Principal Distributable Amount, if any, for the related Payment Date;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) [the Noteholders' Fourth Priority Principal Distributable Amount, if any, for the related Payment Date;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) [the Noteholders' Fifth Priority Principal Distributable Amount, if any, for the related Payment Date;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) [the Noteholders' Sixth Priority Principal Distributable Amount, if any, for the related Payment Date;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) the Noteholders' Regular Principal Distributable Amount for the related Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) the Interest Rate for each Class of Notes [(including the SOFR Rate or the then-current Benchmark, as applicable)] for the related Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) the amount of any Class A-1 Noteholders' Interest Carryover Shortfall, Class A-2 Noteholders' Interest Carryover Shortfall, Class A-3 Noteholders' Interest Carryover Shortfall, Class A-4 Noteholders' Interest Carryover Shortfall[,] [and] Class B Noteholders' Interest Carryover Shortfall[,] [and] [Class C Noteholders' Interest Carryover Shortfall][,] [and] [Class D Noteholders' Interest Carryover Shortfall][,] [and] [Class E Noteholders' Interest Carryover Shortfall] [and Class F Noteholders' Interest Carryover Shortfall], on the related Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) the balance of the Reserve Account [and][,] [the amount available for draw under the Reserve Account Letter of Credit] [and the Risk Retention Reserve Account] after giving effect to deposits and withdrawals to be made on that Closed-End Exchange Note Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) the Administration Fee for the related Collection Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) the aggregate Securitization Value and aggregate Base Residual Value of Transaction Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) the number and Securitization Value of Transaction Unit turn-ins;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) the Overcollateralization Amount for the related Payment Date on the Exchange Note and the Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) whether the Delinquency Trigger has occurred on the related Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) Available Funds for the related Payment Date;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) any amounts payable to the Asset Representations Reviewer, Indenture Trustee or Owner Trustee from Available Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi) delinquency, Credit Loss and Residual Loss information on the lease assets for the related Closed-End Collection Period; [and]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvii) [confirmation of ongoing retention of the Retained Interest;] [and]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxviii) [any SOFR Adjustment Conforming Changes or Benchmark Replacement Conforming Changes;][and][.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxix) a material change in World Omni or the Depositor's retained interest in the Notes or Certificates[; and][.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxx) [the Monthly Swap Payment Amount, the Senior Swap Termination Payment Amount, if any, and the Subordinate Swap Termination Payment Amount, if any[; and][.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxi) [the amount, if any, reinvested in additional Units during the Revolving Period, if any][; and][.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxii) [if applicable, whether the Revolving Period has terminated early due to the occurrence of an Early Amortization Event][; and][.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxiii) [if applicable, the balance in the Accumulation Account, after giving effect to changes in the Accumulation Account on that date.]

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Upon determination by the Administrator (on behalf of the Issuing Entity) of a Benchmark Replacement or the making of any Benchmark Replacement Conforming Changes, the Administrator shall also cause the Servicer to include any information regarding the Unadjusted Benchmark Replacement, the Benchmark Replacement Adjustment and such Benchmark Replacement Conforming Changes, or SOFR Adjustment Conforming Changes provided by the Administrator (on behalf of the Issuing Entity) in the Servicer Certificate.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Indenture Trustee shall have no duty or obligation to verify or confirm the accuracy of any of the information or numbers set forth in the Servicer Certificate delivered to the Indenture Trustee in accordance with this Section or any certificate delivered to the Indenture Trustee pursuant to [<u>Section 13.4]</u> of the Exchange Note Servicing Supplement, and the Indenture Trustee shall be fully protected in relying upon such Servicer Certificate.

Section 8.4 <u>[BENCHMARK DETERMINATION.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On each SOFR Adjustment Date, the Administrator shall determine the SOFR Rate in accordance with the definition thereof and shall send to the Servicer by email transmission notification of the SOFR Rate for the Interest Period. The Servicer shall include the SOFR Rate for the Interest Period in the Servicer Certificate. All determinations of the SOFR Rate, in the absence of manifest error, shall be conclusive and binding on the Noteholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Administrator (on behalf of the Issuing Entity) determines prior to the relevant Reference Time that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to the determination of the then-current Benchmark, the Benchmark Replacement determined by the Administrator (on behalf of the Issuing Entity) will replace the then-current Benchmark for all purposes relating to the Class [●]-[●] Notes in respect

of such determination on such date and all such determinations on all subsequent dates. The Administrator (on behalf of the Issuing Entity) shall deliver written notice (including by email) to each Rating Agency, the Indenture Trustee and the Servicer on any SOFR Adjustment Date if, as of the applicable Reference Time, the Administrator (on behalf of the Issuing Entity) has determined with respect to the related Interest Period that there will be a change in the SOFR Rate or the terms related thereto since the immediately preceding SOFR Adjustment Date due to a determination by the Administrator that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred. The Administrator (on behalf of the Issuing Entity) shall have the right to make SOFR Adjustment Conforming Changes and, in connection with the implementation of a Benchmark Replacement, Benchmark Replacement Conforming Changes, from time to time. Notwithstanding anything in this Indenture or the other Transaction Documents to the contrary, upon the receipt of such notice by the Rating Agencies, the Indenture Trustee and the Servicer, and the inclusion of such information in the Servicer Certificate, this Indenture and/or any other relevant Transaction Document will be deemed to have been amended to reflect such Unadjusted Benchmark Replacement, Benchmark Replacement Adjustment and/or Benchmark Replacement Conforming Changes without further compliance with the provisions of Article IX of this Indenture, or the amendment provisions of any other relevant Transaction Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All percentages resulting from any calculation on the Class [●]-[●] Notes shall be rounded to the nearest one hundred-thousandth of a percentage point, with five-millionths of a percentage point rounded upwards (e.g., 9.8765445% (or 0.098765445) would be rounded to 9.87655% (or 0.0987655)), and all dollar amounts used in or resulting from that calculation on the Class [●]-[●] Notes will be rounded to the nearest cent (with one-half cent being rounded upwards).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any determination, decision or election that may be made by the Administrator (on behalf of the Issuing Entity) pursuant to this <u>Section 8.4</u> (or pursuant to any capitalized term used in this <u>Section 8.4</u> or in any such capitalized term), including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error, may be made in the Administrator's sole discretion, and, notwithstanding anything to the contrary in the Transaction Documents, will become effective without consent from any other party. None of the Issuing Entity, the Owner Trustee, the Administrative Agent, the Delaware Trustee, the Titling Trustee Agent, the Indenture Trustee, the Account Bank, the Securities Intermediary, the Administrator, the Sponsor, the Depositor, the Servicer or the Closed-End Collateral Agent, or their respective Affiliates, will have any liability for any determination made by or on behalf of the Issuing Entity pursuant to this <u>Section 8.4</u> (or pursuant to any capitalized term used in this <u>Section 8.4</u> or in any such capitalized term), and each Noteholder and Note Owner, by its acceptance of a Note or a beneficial interest in a Note, will be deemed to waive and release any and all claims against the Issuing Entity, the Owner Trustee, the Administrative Agent, the Delaware Trustee, the Titling Trustee Agent, the Indenture Trustee, the Account Bank, the Securities Intermediary, the Administrator, the Sponsor, the Depositor, the Servicer, the Closed-End Collateral Agent, and their respective Affiliates relating to any such determinations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) None of the Owner Trustee, the Administrative Agent, the Delaware Trustee, the Titling Trustee Agent or the Indenture Trustee shall be under any obligation to (i)

monitor, determine or verify the unavailability or cessation of the SOFR Rate (or the then-current Benchmark), or whether or when there has occurred, or to give notice to any other transaction party of the occurrence of, any Benchmark Transition Event or Benchmark Replacement Date, (ii) select, determine or designate any Benchmark Replacement, or other successor or replacement benchmark index, or whether any conditions to the designation of such a rate have been satisfied, (iii) select, determine or designate any Benchmark Replacement Adjustment, or other modifier to any replacement or successor index, or (iv) determine whether or what Benchmark Replacement Conforming Changes are necessary or advisable, if any, in connection with any of the foregoing. The foregoing obligations will be performed by the Administrator, on behalf of the Issuing Entity, pursuant to the Administration Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) None of the Owner Trustee, the Administrative Agent, the Delaware Trustee, the Titling Trustee Agent or the Indenture Trustee shall be liable for any inability, failure or delay on its part to perform any of its duties set forth in this Agreement as a result of the unavailability of the SOFR Rate (or the then-current Benchmark) and absence of a designated replacement Benchmark, including as a result of any inability, delay, error or inaccuracy on the part of any other transaction party, including without limitation the Issuing Entity, in providing any direction, instruction, notice or information required or contemplated by the terms of this Agreement and reasonably required for the performance of such duties. The Indenture Trustee shall be entitled to rely conclusively upon any determination made, and any instruction, notice, Officer's Certificate or other instrument or information provided by the Administrator, Servicer or Depositor without independent verification, investigation or inquiry of any kind by the Indenture Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) None of the Owner Trustee, the Administrative Agent, the Delaware Trustee, the Titling Trustee Agent or the Indenture Trustee shall be liable for any interest rate published by any publication that is the source of determining the interest rates of the Notes, including but not limited to the FRBNY's Website (or any successor source), for any rates compiled by the FRBNY or any successor thereto, or for any rates published on any publicly available source, or in any of the foregoing cases for any delay, error or inaccuracy in the publication of any such rates, or for any subsequent correction or adjustment thereto.]

Section 8.5 <u>Disbursement of Funds</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On each Payment Date (prior to the acceleration of the Notes following an Event of Default which has not been waived or rescinded in accordance with the provisions of <u>Article V</u> hereof), prior to 1:00 p.m., New York City time, in accordance with the instructions of the Servicer based on information contained in the related Servicer Certificate, the Indenture Trustee shall, or shall cause the Account Bank to, transfer from the Trust Collection Account all Available Funds, after the deduction of Servicing Fees and unpaid Servicing Fees, paid to or retained by the Servicer, and shall apply such amount, in accordance with the following priorities [(provided, that, amounts withdrawn from the [Risk Retention] Reserve Account may not be used to pay any fees or expenses of World Omni or its Affiliates, including the Servicer and the Administrator)]:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the Administrator, the Administration Fee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [pro rata (a) to the Swap Counterparty, the Monthly Swap Payment Amount and (b)] to the Asset Representations Reviewer, all fees, expenses and indemnities due to the Asset Representations Reviewer under the Asset Representations Review Agreement not previously paid by the Servicer, up to a maximum of $[●] per calendar year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) [pro rata (a)] to the Holders of the Class A Notes, [pro rata,] the Class A Noteholders' Interest Distributable Amount, for such Payment Date [and (b) to the Swap Counterparty, any Senior Swap Termination Payment Amounts];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) [during the Revolving Period, reinvestments in additional Units and deposits into the Accumulation Account, as applicable, in the amount of the Parity Reinvestment Amount][during the Amortization Period,][pro rata,] to the Principal Distribution Account, the Noteholders' First Priority Principal Distributable Amount for such Payment Date, which amount shall be paid in the order of priority set forth in <u>Section 8.5(b)</u>;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) [[during the Revolving Period, reinvestments in additional Units and deposits into the Accumulation Account, as applicable, in the amount of the Parity Reinvestment Amount][during the Amortization Period,] to the Principal Distribution Account, the Noteholders' Second Priority Principal Distributable Amount for such Payment Date, which amount shall be paid in the order of priority set forth in <u>Section 8.5(b)</u>;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) [to the holders of the Class C Notes for distribution in respect of interest on the Class C Notes, the Class C Noteholders' Interest Distributable Amount for such Payment Date;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) [[during the Revolving Period, reinvestments in additional Units and deposits into the Accumulation Account, as applicable, in the amount of the Parity Reinvestment Amount][during the Amortization Period,] to the Principal Distribution Account, the Noteholders' Third Priority Principal Distributable Amount for such Payment Date, which amount shall be paid in the order of priority set forth in <u>Section 8.5(b)</u>;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) [to the holders of the Class D Notes for distribution in respect of interest on the Class D Notes, the Class D Noteholders' Interest Distributable Amount for such Payment Date;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) [[during the Revolving Period, reinvestments in additional Units and deposits into the Accumulation Account, as applicable, in the amount of the Parity Reinvestment Amount][during the Amortization Period,] to the Principal Distribution Account, the Noteholders' Fourth Priority Principal Distributable Amount for such Payment Date, which amount shall be paid in the order of priority set forth in <u>Section 8.5(b)</u>;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) [to the holders of the Class E Notes for distribution in respect of interest on the Class E Notes, the Class E Noteholders' Interest Distributable Amount for such Payment Date;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) [[during the Revolving Period, reinvestments in additional Units and deposits into the Accumulation Account, as applicable, in the amount of the Parity Reinvestment Amount][during the Amortization Period,] to the Principal Distribution Account, the Noteholders' Fifth Priority Principal Distributable Amount for such Payment Date, which amount shall be paid in the order of priority set forth in <u>Section 8.5(b)</u>;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) [to the holders of the Class F Notes for distribution in respect of interest on the Class F Notes, the Class F Noteholders' Interest Distributable Amount for such Payment Date;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) [[during the Revolving Period, reinvestments in additional Units and deposits into the Accumulation Account, as applicable, in the amount of the Parity Reinvestment Amount][during the Amortization Period,] to the Principal Distribution Account, the Noteholders' Sixth Priority Principal Distributable Amount for such Payment Date, which amount shall be paid in the order of priority set forth in <u>Section 8.5(b)</u>;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) [to the [Risk Retention] Reserve Account, the excess, if any, of the [Risk Retention] Required Reserve Account Balance over the amount then on deposit in the [Risk Retention] Reserve Account;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) [[during the Revolving Period, reinvestments in additional Units and deposits into the Accumulation Account, as applicable, in the amount of the Parity Reinvestment Amount][during the Amortization Period,] to the Principal Distribution Account, the Noteholders' Regular Principal Distributable Amount for such Payment Date, if any, which amount shall be paid in the order of priority set forth in <u>Section 8.5(b)</u>;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) [to the Swap Counterparty, any Subordinate Swap Termination Payment Amounts and any other amounts owed by the Issuing Entity to the Swap Counterparty pursuant to the Interest Rate Swap;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) [[during the Revolving Period, reinvestments in additional Units and deposits into the Accumulation Account, as applicable, in the amount of the Parity Reinvestment Amount][during the Amortization Period,] [(A) on any Payment Date prior to the Final Scheduled Payment Date for the Class [●] Notes, if the sum of (i) Available Funds remaining after payment of clauses (i) through (xiv) above and (ii) the remaining available balance in the Class [●] Reserve Account after payment of all amounts due pursuant to clause [(xiv)] above, is equal to or greater than the Outstanding Amount of the Class [●] Notes, principal of the Class [●] Notes in an amount equal to the Outstanding Amount of the Class [●] Notes, otherwise, in an amount equal to Available Funds remaining after payment of clauses (i) through [(xv)] above; (B) on the Final Scheduled Payment Date for the Class [●] Notes, principal to the Class [●] Notes in an amount equal to the Outstanding Amount of the Class [●] Notes;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) [to the Asset Representations Reviewer, all fees, expenses and indemnities due to the Asset Representations Reviewer under the Asset Representations Review Agreement but not paid pursuant to <u>clause ([ii])</u> above;] and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) any remaining funds shall be distributed to or at the direction of the Certificateholders.

In the event that the Available Funds for a Payment Date are not sufficient to make the full amount of the payments required pursuant to <u>clauses (i)</u> through <u>([xiv])</u> above on such Payment Date, in accordance with such instructions of the Servicer, the Indenture Trustee shall, or shall cause the Account Bank to, [withdraw from the [Risk Retention] Reserve Account] [or draw on the Reserve Account Letter of Credit] on such Payment Date an amount equal to such shortfall, to the extent of funds available therein, and pay such amount according to the priorities specified in <u>clause (i)</u> through <u>([xiv])</u> above [(provided, that, amounts withdrawn from the [Risk Retention] Reserve Account may not be used to pay any fees or expenses of World Omni or its Affiliates, including the Servicer and the Administrator)].

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [to the Holders of the Class A Notes, pro rata, based upon their respective Outstanding Amount until they are paid in full][to the Holders of the Class A-1 Notes[, pro rata to the Class A-1a Notes and the Class A-1b Notes, based upon the Outstanding Amount of such Class] in respect of principal, until they are paid in full][to the Holders of each Class of the Notes, pro rata, based on the Outstanding Amount of each such Class, until they are paid in full][; then][.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [[to the Holders of the other Class A Notes[, pro rata among the fixed rate tranche and the floating rate tranche of each Class of such Class A Notes,] until they are paid in full][to the Holders of the other Class A Notes[, pro rata among the fixed rate tranche and the floating rate tranche of each Class of such Class A Notes,] sequentially until they are paid in full][; and then][.]]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) [to the Holders of the Class A-2 Notes[, pro rata to the Class A-2a Notes and the Class A-2b Notes, based upon the Outstanding Amount of such Class] in respect of principal, until they are paid in full[; and then][.]]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) [to the Holders of the Class A-3 Notes[, pro rata to the Class A-3a Notes and the Class A-3b Notes, based upon the Outstanding Amount of such Class] in respect of principal, until they are paid in full[; and then][.]]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) [to the Holders of the Class A-4 Notes[, pro rata to the Class A-4a Notes and the Class A-4b Notes, based upon the Outstanding Amount of such Class] in respect of principal, until they are paid in full[; and then][.]]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) [to the Holders of the Class B Notes[, pro rata to the Class Ba Notes and the Class Bb Notes, based upon the Outstanding Amount of such Class] in respect of principal, until they are paid in full[; and then][.]]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) [to the Holders of the Class C Notes [pro rata to the Class Ca Notes and the Class Cb Notes based upon the Outstanding Amount of such Class] in respect of principal, until they are paid in full[; and then][.]]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) [to the Holders of the Class D Notes [pro rata to the Class Da Notes and the Class Db Notes, based upon the Outstanding Amount of such Class] in respect of principal, until they are paid in full[; and then][.]]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) [to the Holders of the Class E Notes [pro rata to the Class Ea Notes and the Class Eb Notes, based upon the Outstanding Amount of such Class] in respect of principal, until they are paid in full[; and then][.]]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) [to the Holders of the Class F Notes [pro rata to the Class Fa Notes and the Class Fb Notes, based upon the Outstanding Amount of such Class] in respect of principal, until they are paid in full.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [If on any Payment Date, after giving effect to all deposits to and withdrawals from the [Risk Retention] Reserve Account, the amount on deposit in the [Risk Retention] Reserve Account exceeds the [Risk Retention] Required Reserve Account Balance, in accordance with the instructions of the Servicer based on information contained in the related Servicer Certificate, the Indenture Trustee shall, or shall cause the Account Bank to, distribute any such excess to or at the direction of the Certificateholder. Upon any such distributions to the Certificateholder, the Noteholders will have no further rights in, or claims to such amounts[; <u>provided</u> that amounts withdrawn from the [Risk Retention] [Reserve Account shall only be used in the manner permitted under §246.4(b)(3) of Regulation RR, as determined solely by the Servicer.][Reserved.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In addition, on the Final Scheduled Payment Date for any Class of Notes, if the Outstanding Amount of any Class of Notes remains greater than zero, in accordance with the instructions of the Servicer based on information contained in the related Servicer Certificate, the Indenture Trustee shall, or shall cause the Account Bank to, apply funds from the [Risk Retention] Reserve Account to repay the Outstanding Amount of such Class of Notes in full [(provided, that, amounts withdrawn from the [Risk Retention] Reserve Account may not be used to pay any fees or expenses of World Omni or its Affiliates, including the Servicer and the Administrator)].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) On each Payment Date[, the Additional Class A-1 Payment Date] or Redemption Date, from the amounts allocated therefor in accordance with <u>Section 8.5(a)</u>, <u>Section 8.5(b)</u>, <u>Section 8.5(h)</u> and <u>Section 8.5(i)</u>, the Paying Agent shall, or shall cause the Account Bank to, duly and punctually distribute payments of principal and interest on the Notes due and payable by check or wire transfer sent to the Person whose name appears as the Registered Holder of a Note (or one or more Predecessor Notes) on the Note Register as of the close of business on the related Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of DTC (initially, such nominee to be Cede & Co.), payments will be made by wire

transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed (or wires sent) to the Person entitled thereto at the address or to the designated account of such Person as it appears on the Note Register as of the applicable Record Date without requiring that the Note be submitted for notation of payment. Any reduction in the principal amount of any Note (or any one or more Predecessor Notes) affected by any payments made on any Payment Date[, the Additional Class A-1 Payment Date] or Redemption Date shall be binding upon all future holders of any Note issued upon the registration of transfer thereof or in exchange hereof or in lieu hereof, whether or not noted thereon. Amounts properly withheld under the Code by any Person from payment to any Noteholder of interest or principal shall be considered to have been paid by the Indenture Trustee to such Noteholder for purposes of this Indenture. If funds are expected to be available pursuant to a notice delivered to the Indenture Trustee for payment in full of the remaining unpaid principal amount of the Notes on a Payment Date[, the Additional Class A-1 Payment Date] or Redemption Date, then the Indenture Trustee, in the name of and on behalf of the Issuing Entity, will notify each Person who was the Registered Holder of a Note as of the Record Date preceding the most recent Payment Date[, the Additional Class A-1 Payment Date] or Redemption Date prior to such Payment Date[, the Additional Class A-1 Payment Date] or Redemption Date, in accordance with the terms of this Indenture, and the amount then due and payable shall be payable only upon presentation and surrender of the Note at the Corporate Trust Office of the Indenture Trustee or at the office of the Indenture Trustee's agent appointed for such purposes located in [●].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) On or before each Payment Date [and the Additional Class A-1 Payment Date (if applicable)], the Indenture Trustee shall make available (including, but not limited to, the posting on the Indenture Trustee's website at [●]) the Servicer Certificate prepared by the Servicer pursuant to <u>Section 8.3</u> and the certificate delivered to the Indenture Trustee by the Servicer pursuant to Section 13.15 of the Exchange Note Supplement to each Person that was a Noteholder as of the close of business on the related Record Date (which shall be Cede & Co. as shown on the applicable Servicer Certificate as the nominee of DTC unless Definitive Notes are issued under the limited circumstances described herein) and each Rating Agency (via electronic delivery in accordance with <u>Section 11.4</u>). Note Owners may obtain copies of such reports upon a request in writing to the Indenture Trustee at the Corporate Trust Office.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [to the Principal Distribution Account, the amount of the Class A-1 Note Balance, which amount shall be paid as set forth in <u>Section 8.5(i)</u>.]

[In the event that the funds for the Additional Class A-1 Payment Date are not sufficient to make the full amount of the payments and deposits required pursuant to <u>clauses (i)</u> and <u>(ii)</u> above on such Additional Class A-1 Payment Date, the Indenture Trustee shall withdraw from the [Risk Retention] Reserve Account on such Additional Class A-1 Payment Date an amount equal to such shortfall, to the extent of funds available therein, and pay or deposit such amount according to the priorities specified in <u>clause (i)</u> and <u>(ii)</u> above [(provided, that, amounts withdrawn from the [Risk Retention] Reserve Account may not be used to pay amounts owing to World Omni or any Affiliate of World Omni to the extent such Person is the Servicer, the Administrator, a Noteholder or a Note Owner)].]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [If the Class A-1 Note Balance is greater than zero on the Additional Class A-1 Determination Date, then on the Additional Class A-1 Payment Date, prior to 1:00 p.m., New York City time, the Paying Agent, in accordance with the related Servicer Certificate delivered by the Servicer pursuant to <u>Section 13.15</u> of the Exchange Note Servicing Supplement and pursuant to the instructions of the Servicer, shall transfer from the Principal Distribution Account all amounts on deposit therein and shall distribute such amounts to the Holders of the Class A-1 Notes in respect of principal, until the Class A-1 Notes are paid in full.]

Section 8.6 <u>General Provisions Regarding Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) So long as no Event of Default shall have occurred and be continuing, all of the funds in the Trust Collection Account (if the Servicer is required to deposit collections in the Trust Collection Account within two Business Days of receipt), Principal Distribution Account and the [Risk Retention] Reserve Account shall be invested and reinvested by the Account Bank on behalf of the Indenture Trustee, until the Outstanding Note Amount has been reduced to zero, at the direction of the Administrator, in Permitted Investments[; provided that funds in the [Risk Retention] Reserve Account shall only be invested in Permitted Investments that meet the requirements of §246.4(b)(2) of Regulation RR,] selected by the Administrator which mature no later than the Payment Date [or Additional Class A-1 Payment Date, as applicable,] succeeding the date of such investment. All such Permitted Investments shall be held to maturity, to the extent such Permitted Investments have an applicable maturity date. Moreover, the Administrator shall not direct the Indenture Trustee or the Account Bank acting on behalf of the Indenture Trustee, to invest funds in the Accounts in any Permitted Investment that would not mature or be capable of being liquidated on or prior to the relevant Payment Date. Net investment earnings on any Account shall be deposited into the Trust Collection Account. Permitted Investments may be purchased by or through an Affiliate of the Indenture Trustee or the Account Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to <u>Section 6.1(c)</u>, neither the Indenture Trustee nor the Account Bank shall not in any way be held liable by reason of any insufficiency in any Account resulting from any loss on any Permitted Investment included therein, except for losses attributable to the Indenture Trustee's failure to make payments on any such Permitted Investments issued by the

Indenture Trustee in its commercial capacity as principal obligor and not as trustee, in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If (i) the Administrator shall have failed to give investment directions for any funds on deposit in the Accounts to the Indenture Trustee, or the Account Bank acting on its behalf, by 11:00 a.m., New York City time (or such other time as may be agreed by the Administrator and the Indenture Trustee), on any Business Day or (ii) a Default or Event of Default shall have occurred and be continuing with respect to the Notes but the Notes shall not have been declared due and payable pursuant to <u>Section 5.2</u> or (iii) the Notes shall have been declared due and payable following an Event of Default and amounts collected or receivable from the Collateral are being applied in accordance with <u>Section 5.5</u> as if there had not been such a declaration, then the Indenture Trustee shall, to the fullest extent practicable, invest and reinvest funds in one or more Permitted Investments as specified in the most recent instruction received from the Administrator, or in the absence thereof, or unavailability of such specified investments, such funds shall remain uninvested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Indenture Trustee will make available to the Administrator periodic cash transaction statements which include detail for all investment transactions effected by the Indenture Trustee or brokers selected by the Administrator or any investment advisor. Such statements will be made available via the Indenture Trustee's website, initially [●], and paper statements will be provided only upon request. The Administrator waives the right to receive brokerage confirmations of security transactions effected by the Indenture Trustee as they occur, to the extent permitted by law. The Administrator further understands that trade confirmations for securities transactions effected by the Indenture Trustee will be available upon request and at no additional cost and other trade confirmations may be obtained from the applicable broker.

Section 8.7 <u>Release of Collateral</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to <u>Section 2.9</u>, the payment of its fees and expenses under <u>Section 6.7</u> and the satisfaction of the conditions set forth in <u>Section 4.1</u>, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any monies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Indenture Trustee shall, at such time as there are no Notes Outstanding, and all sums due the Indenture Trustee pursuant to <u>Section 6.7</u> have been paid [and all amounts owing by the Issuing Entity under the Interest Rate Swaps have been paid (the Indenture Trustee shall be permitted to rely on a certificate from the Swap Counterparty to that effect)] release any remaining portion of the Collateral that secured the Notes from the lien of this Indenture and release to the Issuing Entity or any other Person entitled thereto any funds then on deposit in the Accounts. Such release shall include delivery to the Issuing Entity or its designee of the Exchange Note and release of the lien of this Indenture and transfer of dominion and control over the Accounts to the Issuing Entity or its designee. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section only upon receipt of an Issuing Entity Request.

**ARTICLE IX**

**SUPPLEMENTAL INDENTURES**

Section 9.1 <u>Supplemental Indentures without Consent of Noteholders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as provided in <u>Section 9.2</u>, without the consent of the Noteholders or any other Person, the Issuing Entity and the Indenture Trustee (when so directed by an Issuing Entity Request), may enter into one or more indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or for the purpose of modifying in any manner the rights of the Noteholders under this Indenture; <u>provided</u> that (i) any supplement that materially and adversely affects the interests of the Noteholders shall require the consent of Noteholders evidencing not less than a majority of the Outstanding Amount of the Notes, voting as a single class, and (ii) any supplement that materially and adversely affects the interests of the Indenture Trustee, the Owner Trustee, the Servicer, the Certificateholders or the Administrator shall require the prior written consent of the Persons whose interests are materially and adversely affected; <u>provided further</u>, that such action shall not, as evidenced by an Opinion of Counsel delivered to the Indenture Trustee, (A) affect the treatment of the Notes characterized as debt to continue to be characterized as debt for U.S. federal income tax purposes, (B) be deemed to cause a taxable exchange of the Notes for U.S. federal income tax purposes that results in income or gain to the Noteholders or (C) cause the Issuing Entity, the Depositor or the Titling Trust to be classified as an association (or a publicly traded partnership), in either case, taxable as a corporation for U.S. federal income tax purposes. A supplement shall be deemed not to materially and adversely affect the interests of the Noteholders if the Rating Agency Condition is satisfied with respect to such supplement. The consent of the Servicer, the Certificateholders or the Administrator shall be deemed to have been given if the Servicer does not receive a written objection from such Person within 10 Business Days after a written request for such consent shall have been given.

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) modify or alter the provisions of the proviso to the definition of the term "<u>Outstanding</u>";

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) impair the right to institute suit for the enforcement of payment as provided in <u>Section 5.7</u>.

The Indenture Trustee shall be entitled to receive and conclusively rely upon an Officer's Certificate certifying as to whether or not any Notes would be materially adversely affected by any supplemental indenture and any such determination shall be conclusive upon the Noteholders, whether theretofore or thereafter authenticated and delivered hereunder. The Indenture Trustee shall not be liable for any such determination made in good faith.

[Notwithstanding any other provision of this Indenture, no indenture supplement shall be effective unless the Swap Counterparty, if any, consents in writing to such supplement or such supplement will, as evidenced by a Materiality Opinion, have no material adverse effect on the interests of the Swap Counterparty, if any; provided, however, that if an indenture supplement is entered into pursuant to Article IX, in lieu of providing a Materiality Opinion, the Issuing Entity may provide an Officers' Certificate stating that such supplement will have no material adverse effect on the interests of the Swap Counterparty.] Notwithstanding anything in this Indenture to the contrary, no supplemental indenture shall be effective without the prior written consent of the Asset Representations Reviewer if the supplemental indenture would adversely modify the amount or timing of distributions to be made to the Asset Representations Reviewer under this Indenture. The Indenture Trustee shall have no responsibility for determining whether any supplemental indenture would adversely modify the amount or timing of distributions to be made to the Asset Representations Reviewer under this Indenture.

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

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

Section 9.5 <u>Reference in Notes to Supplemental Indentures</u>. Notes authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and if required by the Indenture Trustee shall, bear a notation in form approved

by the Indenture Trustee as to any matter provided for in such supplemental indenture. If the Issuing Entity or the Indenture Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Indenture Trustee and the Issuing Entity, to any such supplemental indenture may be prepared and executed by the Issuing Entity and authenticated and delivered by the Indenture Trustee in exchange for Outstanding Notes.

**ARTICLE X**

**REDEMPTION OF NOTES**

Section 10.1 <u>Redemption</u>. The Outstanding Notes are subject to redemption in whole, but not in part, at the direction of the Servicer pursuant to <u>Section 15.1</u> of the Exchange Note Servicing Supplement, on any Payment Date on which the Servicer exercises its option to purchase the Trust Estate pursuant to said <u>Section 15.1</u>, for a purchase price equal to the Redemption Price; <u>provided</u> that the Issuing Entity has available funds sufficient to pay the Redemption Price. [At the end of the Pre-Funding Period, all or a portion of the Notes will be prepaid on the Payment Date immediately following the Collection Period in which the last day of the Pre-Funding Period occurs if and to the extent any amount remains on deposit in the Pre-Funding Account on that Payment Date, after giving effect to the allocation of all Subsequent Units.] [At the end of a Revolving Period, all or a portion of the Notes will be prepaid if there are amounts on deposit in the Accumulation Account following the end of the Revolving Period, after giving effect to the allocation of all Subsequent Units.] The Servicer or the Issuing Entity shall furnish the Rating Agencies notice of such redemption. If the Outstanding Notes are to be redeemed pursuant to this Section, the Servicer or the Issuing Entity shall furnish notice of such election to the Indenture Trustee not later than the close of business on the first Business Day of the month in which the Redemption Date occurs. The Issuing Entity shall deposit by 10:00 A.M. New York City time on the Redemption Date with the Indenture Trustee in the Principal Distribution Account the Redemption Price of the Notes to be redeemed, whereupon all such Notes shall be due and payable on the Redemption Date upon the furnishing of a notice complying with <u>Section 10.2</u> to each Holder of the Notes.

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

All notices of redemption shall state:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Redemption Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Redemption Price;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) applicable "CUSIP" numbers.

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

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

**ARTICLE XI**

**MISCELLANEOUS**

Section 11.1 <u>Compliance Certificates and Opinions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon any application or request by the Issuing Entity to the Indenture Trustee to take any action under any provision of this Indenture, the Issuing Entity shall furnish to the Indenture Trustee (i) an Officer's Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with, (ii) an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with, and (iii) in the case of conditions precedent compliance with which is subject to verification by accountants, a certificate or opinion of an accountant that satisfies TIA Section 314(c)(3).

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition to any obligation imposed in <u>Section 11.1(a)</u> or elsewhere in this Indenture:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Other than with respect to any release described in clause (A) or (B) of <u>Section 11.1(b)(v)</u>, whenever any property or securities are to be released from the lien of this Indenture, the Issuing Entity shall also furnish to the Indenture Trustee an Officer's Certificate certifying or stating the opinion of each Person signing such certificate as to the fair value (within 90 days of such release) of the property or securities proposed to be released and stating that in the opinion of such Person, the proposed release will not impair the security under this Indenture in contravention of the provisions hereof.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Notwithstanding <u>Section 2.9</u> or any other provision of this Section, the Issuing Entity may without compliance with the requirements of other provisions of this Section (A) collect, liquidate, sell or otherwise dispose of the Collateral as and to the extent permitted or required by the Transaction Documents and (B) make cash payments out of the Accounts as and to the extent permitted or required by the Transaction

Documents, so long as the Issuing Entity shall make available to the Indenture Trustee every six months, commencing [●], 20[●], at [●], or such other website or distribution service or provider as the Issuing Entity shall designate by written notice to the Indenture Trustee, an Officer's Certificate of the Issuing Entity stating that all the dispositions of Collateral described in <u>clauses (A)</u> or <u>(B)</u> above that occurred during the preceding six calendar months were in the ordinary course of the Issuing Entity's business and that the proceeds thereof were applied in accordance with the Transaction Documents.

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

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

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

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

Section 11.3 <u>Acts of Noteholders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by agents duly appointed in writing; and except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Indenture Trustee, and, where it is hereby expressly required, to the Issuing Entity. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein

sometimes referred to as the "<u>Act</u>" of the Noteholders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to <u>Section 6.1</u>) conclusive in favor of the Indenture Trustee and the Issuing Entity, if made in the manner provided in this Section.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) [The Indenture Trustee shall promptly deliver to the Swap Counterparty copies of any notice it receives from the Noteholders.]

Section 11.4 <u>Notices</u>. All demands, requests, notices and communications hereunder shall be in writing and shall be delivered or mailed by registered or certified first-class United States mail, postage prepaid, hand delivery, prepaid courier service, or by telecopier, and addressed in each case as follows: (i) if to the Issuing Entity, at the Corporate Trust Office of the Owner Trustee, with a copy to the Administrator, at 250 Jim Moran Boulevard, Deerfield Beach, Florida 33442 (telecopier no. [●], Attention: [●]), with a copy to the Indenture Trustee; (ii) if to the Indenture Trustee, to its Corporate Trust Office; (iii) if to the Owner Trustee, to its Corporate Trust Office; (iv) if to the Rating Agencies, to the Depositor, which shall promptly post such demand, notice or communication to the website maintained by the depositor for notifications to nationally recognized statistical rating organizations; (v) if to the Depositor, to World Omni Auto Leasing LLC, 250 Jim Moran Boulevard, Deerfield Beach, Florida 33442, Telecopy: [●], Email: [●], Attention: [●]; or (vi) at such other address as shall be designated by any of the foregoing in a written notice to the other parties hereto. Delivery shall occur only upon receipt or reported tender of such communication by an officer of the recipient entitled to receive such notices located at the address of such recipient for notices hereunder.

In addition to the foregoing, the Indenture Trustee agrees to accept and act upon notice, instructions or directions pursuant to this Indenture sent by e-mail, facsimile transmission or other similar electronic methods. If a party elects to give the Indenture Trustee e-mail or facsimile instructions (or instructions by a similar electronic method), the Indenture Trustee's understanding of such instructions shall be determined in accordance with <u>Section 6.1(b)(ii)</u>. The Indenture Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Indenture Trustee's reliance upon and compliance with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction; <u>provided</u>, <u>that</u> the Indenture Trustee will not be relieved from liability for its own bad faith, negligence or willful misconduct. Except as provided above in this paragraph, the party providing electronic instructions agrees to assume all risks arising out of the use of such electronic methods to submit

instructions and directions to the Indenture Trustee, including without limitation the risk of the Indenture Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties.

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

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

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

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

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

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

If the Seller, the Depositor or the Indenture Trustee receives a Reallocation Request from a Noteholder or Note Owner as a result of a breach of a representation or warranty pursuant to the Exchange Note Sale Agreement and the Seller does not cause the reallocation of the Transaction Unit related to such Reallocation Request within 180-days of the receipt of such Reallocation

Request, at the direction of the Administrator, the Indenture Trustee shall deliver a notice to the related Noteholder or Note Owner indicating that the Reallocation Request is unresolved.

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

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

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

Section 11.9 <u>Benefits of Indenture</u>. Nothing in this Indenture or in the Notes, expressed or implied, shall give to any Person, other than the parties hereto and their successors hereunder, the Noteholders (and, with respect to <u>Sections 8.3</u> and <u>8.5</u>, the Certificateholders), any other party secured hereunder and any other Person with an ownership interest in any part of the Trust Estate, any benefit or any legal or equitable right, remedy or claim under this Indenture.

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

Section 11.11 <u>Governing Law</u>. THIS INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL, SUBSTANTIVE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO THE RULES THEREOF RELATING TO CONFLICTS OF LAW AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

Section 11.12 <u>Counterparts; ELECTRONIC SIGNATURES</u><u>.</u> This Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. Each of the parties agree that this Indenture and any other documents to be delivered in connection herewith may be electronically signed, that any digital or electronic signatures (including pdf, facsimile or electronically imaged signatures provided by DocuSign or any other digital signature provider) appearing on this Indenture or such other documents are the same as handwritten signatures for the purposes of validity, enforceability and admissibility, and that delivery of any such electronic signature to, or a signed copy of, this Indenture and such other documents may be made by facsimile, email or other electronic transmission; provided, however, that (i) any documentation with respect to transfer of the Notes or other securities presented to the Indenture

Trustee or any transfer agent must contain original documents with manually executed signatures and (ii) upon the request of the Indenture Trustee, any electronic signature delivered pursuant to this Section 11.12 shall be followed with a manually executed, original counterpart within a reasonable period of time following such request, to the extent such manually executed, original counterpart shall be required by applicable law or a regulatory body having supervisory authority over the Indenture Trustee. The Indenture Trustee shall not be liable for, and shall be indemnified and held harmless pursuant to Section 6.7 against any loss, liability or expense arising out of the use of electronic or digital signatures and electronic methods of submission with respect to this Agreement, the other Transaction Documents and any documents or notices delivered to the Indenture Trustee pursuant to this Agreement or the related documents, including the risk of the Indenture Trustee acting on any unauthorized instructions and the risk of interception and misuse by third parties.

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

Section 11.14 <u>Trust Obligation; No Recourse</u>. Each Noteholder or Note Owner, by acceptance of a Note, or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity, the Owner Trustee or the Indenture Trustee on the Notes or under this Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) the Indenture Trustee, the Closed-End Administrative Agent or the Owner Trustee in their respective individual capacities, (ii) any Certificateholder or any other owner of a beneficial interest in the Issuing Entity, (iii) the Servicer, the Administrator or the Titling Trust or (iv) any partner, owner, beneficiary, agent, officer, director, employee, successor or assign of any Person described in clauses (i), (ii) and (iii) above, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee, the Closed-End Administrative Agent and the Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity.

Section 11.15 <u>No Petition</u>. With respect to each Bankruptcy Remote Party, each of the Indenture Trustee, by entering into this Indenture, and each Noteholder and Note Owner, by accepting a Note or, in the case of a Note Owner, a beneficial interest in a Note, hereby covenants and agrees that prior to the date which is one year and one day after payment in full of all obligations under each Financing (i) no party hereto shall authorize such Bankruptcy Remote Party to commence a voluntary winding-up or other voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in any jurisdiction or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief or to the appointment of or taking possession

by any such official in an involuntary case or other proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for the benefit of any party hereto or any other creditor of such Bankruptcy Remote Party, and (ii) none of the parties hereto shall commence or join with any other Person in commencing any proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction.

Section 11.16 <u>Limitation of Liability of Owner Trustee.</u> It is expressly understood and agreed by the parties hereto that (a) this Indenture is executed and delivered by [●], not individually or personally but solely as Owner Trustee of the Issuing Entity, in the exercise of the powers and authority conferred and vested in it, (b) each of the representations, undertakings and agreements herein made on the part of the Issuing Entity is made and intended not as personal representations, undertakings and agreements by [●] but is made and intended for the purpose of binding only the Issuing Entity, (c) nothing herein contained shall be construed as creating any liability on [●], individually or personally, to perform any covenant either expressed or implied contained herein of the Issuing Entity, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto, (d) [●] has not verified and made no investigation as to the accuracy or completeness of any representations and warranties made by the Issuing Entity in this Indenture and (e) under no circumstances shall [●] be personally liable for the payment of any indebtedness or expenses of the Issuing Entity or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuing Entity under this Indenture or any other related documents.

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

Section 11.18 <u>Intent</u>.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It is the intent of the Issuing Entity that the Notes constitute indebtedness of the Issuing Entity (or its regarded owner, as determined for U.S. federal income tax purposes, if the Issuing Entity is disregarded for such purposes) for all tax purposes and the Issuing Entity agrees and each purchaser of a Note (by virtue of the acquisition of such Note or an interest therein) shall be deemed to have agreed to treat the Notes as indebtedness for all tax purposes.

Section 11.19 <u>Each Exchange Note Separate; Assignees of the Exchange Note</u>. Each of the Indenture Trustee, by entering into this Indenture, and each Noteholder or Note Owner, by accepting a Note, or, in the case of a Note Owner, a beneficial interest in a Note, hereby covenants and agrees that (a) the Closed-End Collateral Specified Interest

is a separate series of the Titling Trust as provided in Section 3806(b)(2) of Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code Section 3801 et seq., (b) the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to (i) the Exchange Note or the related 20[●]-[●] Reference Pool shall be enforceable against such Reference Pool only and not against any Other Reference Pool or the Warehouse Facility Pool or any Unencumbered Reference Pool and (ii) any Other Exchange Note, any Other Reference Pool, the Warehouse Facility Pool or any Unencumbered Reference Pool shall be enforceable against such Other Exchange Note, Other Reference Pools, the Warehouse Facility Pool or Unencumbered Reference Pool only, as applicable, and not against the Exchange Note or any Closed-End Units included in the 20[●]-[●] Reference Pool, (c) except to the extent required by law, the Closed-End Units included in the Warehouse Facility Pool, Closed-End Units included in any Unencumbered Reference Pool or Closed-End Units included in any Other Reference Pool with respect to any Other Exchange Note (other than the Exchange Note transferred hereunder which is related to the 20[●]-[●] Reference Pool) shall not be subject to the claims, debts, liabilities, expenses or obligations arising from or with respect to the Exchange Note in respect of such claim, (d) no creditor or holder of a claim relating to (i) the Exchange Note or the related 20[●]-[●] Reference Pool shall be entitled to maintain any action against or recover any assets allocated to any Other Reference Pool, the Warehouse Facility Pool, any Unencumbered Reference Pool or any Other Exchange Note or the assets allocated thereto, and (ii) any Other Reference Pool, the Warehouse Facility Pool, any Unencumbered Reference Pool or any Other Exchange Note other than the Exchange Note related to the 20[●]-[●] Reference Pool shall be entitled to maintain any action against or recover any assets allocated to the 20[●]-[●] Reference Pool, and (e) any purchaser, assignee or pledgee of an interest in the 20[●]-[●] Reference Pool or, the Exchange Note, must, prior to or contemporaneously with the grant of any such assignment, pledge or security interest, (i) give to the Titling Trust a non-petition covenant substantially similar to that set forth in Section 11.10 of the Titling Trust Agreement, and (ii) execute an agreement for the benefit of each holder, assignee or pledgee from time to time of any Other Exchange Note to release all claims to the assets of the Titling Trust allocated to the Warehouse Facility Pool, any Unencumbered Reference Pool and each Other Reference Pool and, in the event that such release is not given effect, to fully subordinate all claims it may be deemed to have against the assets of the Titling Trust allocated to the Warehouse Facility Pool, any Unencumbered Reference Pool and each Other Reference Pool. Pursuant to Section 3.1(a) of the Intercreditor Agreement, on the date hereof, each party hereto shall enter into a Joinder Agreement to the Intercreditor Agreement as a new Interest Holder, and shall deliver an executed copy of such Joinder Agreement to each party to the Intercreditor Agreement.

Section 11.20 <u>Submission to Jurisdiction; Waiver of Jury Trial</u>. Each of the parties hereto, each Noteholder by its acceptance of a Note, and each Note Owner by its acceptance of an interest in the applicable Book-Entry or Definitive Note, hereby irrevocably and unconditionally:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Person at its address determined in accordance with <u>Section 11.4</u> of this Indenture;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to the extent permitted by applicable law, waives all right of trial by jury in any action, proceeding or counterclaim based on, or arising out of, under or in connection with this Indenture, any other Transaction Document, or any matter arising hereunder or thereunder.

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

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

Section 11.23 <u>Regulation AB Information To Be Provided By The Indenture Trustee</u><u>.</u>

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As soon as available but no later than March 1 of each calendar year for so long as the Issuing Entity is required to report under the Exchange Act, commencing in 20[●], the Indenture Trustee shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) deliver to the Depositor a report regarding the Indenture Trustee's assessment of compliance with the Servicing Criteria specified in <u>Exhibit C</u> during the immediately preceding calendar year, as required under paragraph (b) of Rule 13a-18, Rule 15d-18 of the Exchange Act and Item 1122 of Regulation AB. Such report shall be signed by an authorized officer of the Indenture Trustee, and shall address each of the Servicing Criteria specified in <u>Exhibit C</u> or such criteria as mutually agreed upon by the Depositor and the Indenture Trustee and include disclosure of any material instance of non-compliance identified by the Indenture Trustee (provided, that to the extent the Indenture Trustee identifies any material instance of non-compliance, the Indenture Trustee shall disclose to the Depositor whether such material instance of non-compliance relates to the Transaction Units or the Notes and whether and to what extent the Indenture Trustee has instituted steps to remediate such material instance of non-compliance);

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

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

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

**[Signature Page to Follow]**

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

By: [●],

 not in its individual capacity but

 solely as Owner Trustee

By: 

Name: 

Title: 

[●], 

By: 

Name: 

Title: 

[●], 

By: 

Name: 

Title: 

**SCHEDULE I**

**PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS**

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

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

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

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

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

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

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

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

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

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

Sch. I-1

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. With respect to Collateral that constitutes certificated securities (other than securities entitlements), all original executed copies of each security certificate that constitutes or evidences the Collateral have been delivered to the Indenture Trustee, and each such security certificate either (i) is in bearer form, (ii) has been indorsed by an effective indorsement to the Indenture Trustee or in blank, or (iii) has been registered in the name of the Indenture Trustee. Other than the transfer of the Exchange Note from ALF LLC to the Depositor under the Exchange Note Sale Agreement, the transfer of the Exchange Note from the Depositor to the Issuing Entity under the Exchange Note Transfer Agreement and the security interest in the Collateral granted to the Indenture Trustee pursuant to the Indenture, none of ALF LLC, the Depositor or the Issuing Entity has pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Collateral or the Accounts or any subaccounts thereof. The Issuing Entity has not authorized the filing of, and is

Sch. I-2

not aware of, any financing statements against the Issuing Entity that include a description of collateral covering the Collateral or the Accounts or any subaccount thereof other than any financing statement relating to the security interest granted to the Indenture Trustee hereunder or that has been terminated.

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

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

Sch. I-3

**EXHIBIT A-1**

**FORM OF CLASS A-[●][a/b] NOTE**

---

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

---

SEE REVERSE FOR CERTAIN DEFINITIONS

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

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

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

THE HOLDER, BY ACCEPTANCE OF THIS NOTE, SHALL BE DEEMED TO HAVE AGREED TO TREAT THE NOTES AS DEBT SOLELY OF THE ISSUING ENTITY (OR ITS REGARDED OWNER, AS DETERMINED FOR U.S. FEDERAL INCOME TAX PURPOSES, IF THE ISSUING ENTITY IS A DISREGARDED ENTITY FOR SUCH PURPOSES) FOR U.S. FEDERAL, STATE AND LOCAL INCOME, FRANCHISE AND ANY OTHER TAXES IMPOSED UPON, MEASURED BY OR BASED UPON GROSS OR NET INCOME.

BY ACQUIRING THIS NOTE (OR ANY INTEREST HEREIN), EACH PURCHASER AND TRANSFEREE WILL BE DEEMED TO REPRESENT THAT EITHER (1) IT IS NOT ACQUIRING AND WILL NOT HOLD THIS NOTE (OR ANY INTEREST HEREIN) ON BEHALF OF, OR WITH THE ASSETS OF (I) AN "EMPLOYEE BENEFIT PLAN" AS DEFINED IN SECTION 3 (3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("<u>ERISA</u>") THAT IS SUBJECT TO TITLE I OF ERISA, (II) A "PLAN" (AS DESCRIBED IN SECTION 4975 (e) (1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "<u>CODE</u>")) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (III) ANY ENTITY OR ACCOUNT WHOSE UNDERLYING ASSETS INCLUDE "PLAN ASSETS" (WITHIN THE MEANING OF THE DEPARTMENT OF LABOR REGULATION LOCATED AT 29 C.F.R. SECTION 2510.3 - 101, AS MODIFIED BY SECTION

Ex. A-1-1

3 (42) OF ERISA) OR (IV) ANY GOVERNMENTAL, NON - U.S. OR CHURCH PLAN OR ANY OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE ("<u>SIMILAR LAW</u>") OR (2) ITS ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE (OR ANY INTEREST HEREIN) WILL NOT CONSTITUTE OR GIVE RISE TO A NON - EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF SIMILAR LAW.

By acquiring a Note, each purchaser and transferee of a beneficial interest in SUCH Note will be deemed to represent that it acknowledges and represents that it is not a member of an "expanded group" (within the meaning of the regulations issued under section 385 of the Code) which includes a domestic corporation (as determined for U.S. federal income tax purposes) if such domestic corporation, directly or indirectly (through one or more entities that are treated for U.S. federal income tax purposes as partnerships, disregarded entities, or grantor trusts), owns 80% or more of the capital or profits of the Issuing Entity.

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

[[●]%]<sup>1</sup> [Floating Rate]<sup>2</sup> Class [A-1[a/b]] [A-2[a/b]] [A-3[a/b]] [A-4[a/b]] Asset-Backed Notes, Series 20[●]-[●]

WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST 20[●]-[●], a Delaware statutory trust (including any permitted successors and assigns, the "<u>Issuing Entity</u>"), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of _____________________ DOLLARS ($_____) in monthly installments on the 15th of each month, or if such day is not a Business Day, on the immediately succeeding Business Day, commencing on [●], 20[●] (each, a "<u>Payment Date</u>") until the principal of this Note is paid or made available for payment, and to pay interest on each Payment Date [and the Additional Class A-1 Payment Date (if applicable)]<sup>3</sup> on the Class [A-1] [A-2] [A-3] [A-4] Note Balance as of the preceding Payment Date (after giving effect to all payments of principal made on the preceding Payment Date), or as of the [Initial] Closing Date in the case of the first Payment Date or if no

<sup>1</sup> Insert for the Class A-[●] Notes.

<sup>2</sup> [Insert for the Class A-[●] Notes.]

<sup>3</sup> [Insert for the Class A-1 Notes.]

Ex. A-1-2

interest has yet been paid, at [the rate per annum shown above]<sup>4</sup> [Benchmark plus [●]%]<sup>5</sup> (the "<u>Interest Rate</u>"), in each case as and to the extent described below; provided, however, that the entire Class [A-1] [A-2] [A-3] [A-4] Note Balance shall be due and payable on the earlier of [●]<sup>6</sup> [●]<sup>7</sup> [●]<sup>8</sup> [●]<sup>9</sup> (the "<u>Final Scheduled Payment Date</u>") and the Redemption Date, if any, pursuant to <u>Section 10.1</u> of the Indenture. [Principal payable with respect to the Class A-[●] Notes shall be made pro rata between the Class A-[●]a Notes and the Class A-[●]b Notes.] Interest on this Note will accrue for each Payment Date [and the Additional Class A-1 Payment Date (if applicable)] from and including the preceding Payment Date (or, in the case of the initial Payment Date or if no interest has yet been paid, from and including the [Initial] Closing Date) to but excluding such Payment Date [and the Additional Class A-1 Payment Date (if applicable)]<sup>10</sup>. Interest will be computed on the basis of [actual days elapsed and a 360-day year]<sup>11</sup> [a 360-day year consisting of twelve 30-day months]<sup>12</sup>. The Issuing Entity shall pay interest on overdue installments of interest at the Interest Rate to the extent lawful. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof.

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

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

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

<sup>4</sup> Insert for the Class A-[●] Notes.

<sup>5</sup> [Insert for the Class A-[●] Notes.]

<sup>6</sup> Insert for the Class A-1 Notes.

<sup>7</sup> Insert for the Class A-2 Notes.

<sup>8</sup> Insert for the Class A-3 Notes.

<sup>9</sup> Insert for the Class A-4 Notes.

<sup>10</sup> Insert for the Class A-1 Notes.

<sup>11</sup> [Insert for the Class A-[●] Notes.]

<sup>12</sup> Insert for the Class A-[●] Notes.

Ex. A-1-3

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

By: [●], not in its individual capacity but solely

 as Owner Trustee

By: 

Name: 

Title: 

Ex. A-1-4

**INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION**

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

[●], 

By: 

Name: 

Title: 

Ex. A-1-5

**REVERSE OF NOTE**

This Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as its "[[●]%]<sup>13</sup> ["Floating Rate"]<sup>14</sup> Class [A-1[a/b]] [A-2[a/b]] [A-3[a/b]] [A-4[a/b]] Asset-Backed Notes, Series 20[●]-[●]" (herein called the "<u>Notes</u>") issued under an Indenture, dated as of [●], 20[●] (such indenture, as supplemented or amended, is herein called the "<u>Indenture</u>"), among the Issuing Entity, [●], as indenture trustee (the "<u>Indenture Trustee</u>", which term includes any successor Indenture Trustee under the Indenture), and [●], as Account Bank, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuing Entity, the Indenture Trustee and the Noteholders. The Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended.

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

Principal payable on the Notes will be paid on each Payment Date [and the Additional Class A-1 Payment Date (if applicable)]<sup>15</sup> in the amount specified in the Indenture. As described above, the entire unpaid principal amount of this Note will be payable on the earlier of the Final Scheduled Payment Date and the Redemption Date, if any, selected pursuant to the Indenture. Notwithstanding the foregoing, under certain circumstances, the entire unpaid principal amount of the Notes shall be due and payable following the occurrence and continuance of an Event of Default, as described in the Indenture. In such an event, principal payments on the Class A-1 Notes shall be made first and principal payments on the remaining Classes of Notes shall be made pro rata to the Noteholders entitled thereto.

Payments of principal and interest on this Note due and payable on each Payment Date[, the Additional Class A-1 Payment Date (if applicable)]<sup>16</sup> or Redemption Date shall be made by check or wire transfer sent to the Person whose name appears as the Registered Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on the related

<sup>13</sup> Insert for the Class A-[●] Notes.

<sup>14</sup> [Insert for the Class A-[●] Notes.]

<sup>15</sup> [Insert for the Class A-1 Notes.]

<sup>16</sup> [Insert for the Class A-1 Notes.]

Ex. A-1-6

Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of The Depository Trust Company (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks or wire transfers shall be mailed or sent to the Person entitled thereto at the address or to the designated account of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) affected by any payments made on any Payment Date[, the Additional Class A-1 Payment Date (if applicable)]<sup>17</sup> or Redemption Date shall be binding upon all future holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the remaining unpaid principal amount of this Note on a Payment Date[, the Class A-1 Additional Payment Date]<sup>18</sup> or Redemption Date, then the Indenture Trustee, in the name of and on behalf of the Issuing Entity, will notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date[, Additional Class A-1 Payment Date (if applicable)]<sup>19</sup> or Redemption Date prior to such Payment Date[, Additional Class A-1 Payment Date (if applicable)]<sup>20</sup> or Redemption Date, in accordance with the terms of the Indenture, and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Corporate Trust Office of the Indenture Trustee or at the office of the Indenture Trustee's agent appointed for such purposes located in [●].

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

Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith against (i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuing Entity or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuing Entity, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed and except

<sup>17</sup> [Insert for the Class A-1 Notes.]

<sup>18</sup> [Insert for the Class A-1 Notes.]

<sup>19</sup> [Insert for the Class A-1 Notes.]

<sup>20</sup> [Insert for the Class A-1 Notes.]

Ex. A-1-7

that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity.

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

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

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

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

With respect to each Bankruptcy Remote Party, each Noteholder or Note Owner, by acceptance of a Note, or, in the case of a Note Owner, a beneficial interest in a Note, hereby covenants and agrees that prior to the date which is one year and one day after payment in full of all obligations under each Financing (i) such Noteholder or Note Owner shall not authorize such

Ex. A-1-8

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

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

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

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

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

Ex. A-1-9

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

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

Ex. A-1-10

**ASSIGNMENT**

Social Security or taxpayer I.D. or other identifying number of assignee:<br> _______________

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

Dated:<sup>1</sup> Signature Guaranteed: __________________________

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

Ex. A-1-11

**EXHIBIT A-2**

**FORM OF CLASS B[a/b] NOTE**

---

| | |
|:---|:---|
| REGISTERED | $[●] |
| No. R-1 | CUSIP NO. [●] |
|  | ISIN NO. [●] |

---

SEE REVERSE FOR CERTAIN DEFINITIONS

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

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

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

THE HOLDER, BY ACCEPTANCE OF THIS NOTE, SHALL BE DEEMED TO HAVE AGREED TO TREAT THE NOTES AS DEBT SOLELY OF THE ISSUING ENTITY (OR ITS REGARDED OWNER, AS DETERMINED FOR U.S. FEDERAL INCOME TAX PURPOSES, IF THE ISSUING ENTITY IS A DISREGARDED ENTITY FOR SUCH PURPOSES) FOR U.S. FEDERAL, STATE AND LOCAL INCOME, FRANCHISE AND ANY OTHER TAXES IMPOSED UPON, MEASURED BY OR BASED UPON GROSS OR NET INCOME.

BY ACQUIRING THIS NOTE (OR ANY INTEREST HEREIN), EACH PURCHASER AND TRANSFEREE WILL BE DEEMED TO REPRESENT THAT EITHER (1) IT IS NOT ACQUIRING AND WILL NOT HOLD THIS NOTE (OR ANY INTEREST HEREIN) ON BEHALF OF, OR WITH THE ASSETS OF (I) AN "EMPLOYEE BENEFIT PLAN" AS DEFINED IN SECTION 3 (3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("<u>ERISA"</u>) THAT IS SUBJECT TO TITLE I OF ERISA, (II) A "PLAN" (AS DESCRIBED IN SECTION 4975 (e) (1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "<u>CODE</u>")) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (III) ANY ENTITY OR ACCOUNT WHOSE UNDERLYING ASSETS INCLUDE "PLAN ASSETS" (WITHIN THE MEANING OF THE DEPARTMENT OF LABOR REGULATION LOCATED AT 29 C.F.R. SECTION 2510.3 - 101, AS MODIFIED BY SECTION

Ex. A-2-1

3 (42) OF ERISA) OR (IV) ANY GOVERNMENTAL, NON - U.S. OR CHURCH PLAN OR ANY OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE ("<u>SIMILAR LAW</u>") OR (2) ITS ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE (OR ANY INTEREST HEREIN) WILL NOT CONSTITUTE OR GIVE RISE TO A NON - EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF SIMILAR LAW.

By acquiring a Note, each purchaser and transferee of a beneficial interest in SUCH Note will be deemed to represent that it acknowledges and represents that it is not a member of an "expanded group" (within the meaning of the regulations issued under section 385 of the Code) which includes a domestic corporation (as determined for U.S. federal income tax purposes) if such domestic corporation, directly or indirectly (through one or more entities that are treated for U.S. federal income tax purposes as partnerships, disregarded entities, or grantor trusts), owns 80% or more of the capital or profits of the Issuing Entity.

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

[[●]%][Benchmark plus [●]%] Class B [a/b] Asset-Backed Notes, Series 20[●]-[●]

WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST 20[●]-[●], a Delaware statutory trust (including any permitted successors and assigns, the "<u>Issuing Entity</u>"), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of [●] ($[●]) in monthly installments on the 15th of each month, or if such day is not a Business Day, on the immediately succeeding Business Day, commencing on [●], 20[●] (each, a "<u>Payment Date</u>") until the principal of this Note is paid or made available for payment, and to pay interest on each Payment Date on the Class B Note Balance as of the preceding Payment Date (after giving effect to all payments of principal made on the preceding Payment Date), or as of the [Initial] Closing Date in the case of the first Payment Date or if no interest has yet been paid, at the rate per annum shown above (the "<u>Interest Rate</u>"), in each case as and to the extent described below; provided, however, that the entire Class B Note Balance shall be due and payable on the earlier of [●], 20[●] (the "<u>Final Scheduled Payment Date</u>") and the Redemption Date, if any, pursuant to <u>Section 10.1</u> of the Indenture. [Principal payable with respect to the Class B Notes shall be made pro rata between the Class Ba Notes and the Class Bb Notes.] Interest on this Note will accrue for each Payment Date from and including the preceding Payment Date (or, in the case of the initial Payment Date or if no interest has yet been paid, from and including the [Initial] Closing Date) to but excluding such Payment Date. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. The Issuing Entity shall pay interest on overdue installments of interest at the Interest Rate to the extent lawful. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof.

Ex. A-2-2

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

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

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

Ex. A-2-3

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

Dated: [●], 20[●]

By: [●], not in its individual capacity but solely as

 Owner Trustee

By: 

Name: 

Title: 

Ex. A-2-4

**INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION**

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

Dated: [●], 20[●]

By: 

Name: 

Title: 

Ex. A-2-5

**REVERSE OF NOTE**

This Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as its "[[●]%][Benchmark plus [●]%] Class B[a/b] Asset-Backed Notes, Series 20[●]-[●]" (herein called the "<u>Notes</u>") issued under an Indenture, dated as of [●], 20[●] (such indenture, as supplemented or amended, is herein called the "<u>Indenture</u>"), among the Issuing Entity, [●], as indenture trustee (the "<u>Indenture Trustee</u>", which term includes any successor Indenture Trustee under the Indenture), and [●], as Account Bank, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuing Entity, the Indenture Trustee and the Noteholders. The Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended.

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

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

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

Ex. A-2-6

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

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

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

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

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

Each Noteholder or Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, agrees to provide to the Person from whom it receives payments on the Notes (including the Paying Agent) on behalf of the Issuing Entity, (1) any applicable IRS Form W-9, W-8BEN, W-8BEN-E, W-8ECI or W-8IMY (with any applicable attachments) or an applicable successor form and (2) any documentation that is required under

Ex. A-2-7

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

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

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

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuing Entity and the rights of the Noteholders under the Indenture at any time by the Issuing Entity with the consent of Noteholders

Ex. A-2-8

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

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

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

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

Ex. A-2-9

have against the assets of the Titling Trust allocated to the Warehouse Facility Portfolio and each Other Reference Pool.

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

Ex. A-2-10

**ASSIGNMENT**

Social Security or taxpayer I.D. or other identifying number of assignee:<br> _______________

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

Dated:<sup>1</sup> Signature Guaranteed: __________________________

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

Ex. A-2-11

**[EXHIBIT A-3]**

**[FORM OF CLASS C[a/b] NOTE**

---

| | |
|:---|:---|
| REGISTERED | $[●] |
| No. R-1 | CUSIP NO. [●] |
|  | ISIN NO. [●] |

---

SEE REVERSE FOR CERTAIN DEFINITIONS

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

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

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

THE HOLDER, BY ACCEPTANCE OF THIS NOTE, SHALL BE DEEMED TO HAVE AGREED TO TREAT THE NOTES AS DEBT SOLELY OF THE ISSUING ENTITY (OR ITS REGARDED OWNER, AS DETERMINED FOR U.S. FEDERAL INCOME TAX PURPOSES, IF THE ISSUING ENTITY IS A DISREGARDED ENTITY FOR SUCH PURPOSES) FOR U.S. FEDERAL, STATE AND LOCAL INCOME, FRANCHISE AND ANY OTHER TAXES IMPOSED UPON, MEASURED BY OR BASED UPON GROSS OR NET INCOME.

BY ACQUIRING THIS NOTE (OR ANY INTEREST HEREIN), EACH PURCHASER AND TRANSFEREE WILL BE DEEMED TO REPRESENT THAT EITHER (1) IT IS NOT ACQUIRING AND WILL NOT HOLD THIS NOTE (OR ANY INTEREST HEREIN) ON BEHALF OF, OR WITH THE ASSETS OF (I) AN "EMPLOYEE BENEFIT PLAN" AS DEFINED IN SECTION 3 (3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("<u>ERISA</u>") THAT IS SUBJECT TO TITLE I OF ERISA, (II) A "PLAN" (AS DESCRIBED IN SECTION 4975 (e) (1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "<u>CODE</u>")) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (III) ANY ENTITY OR ACCOUNT WHOSE UNDERLYING ASSETS INCLUDE "PLAN ASSETS" (WITHIN THE MEANING OF THE DEPARTMENT OF LABOR REGULATION LOCATED AT 29 C.F.R. SECTION 2510.3-101, AS MODIFIED BY SECTION

Ex. A-3-1

3(42) OF ERISA) OR (IV) ANY GOVERNMENTAL, NON-U.S. OR CHURCH PLAN OR ANY OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE ("<u>SIMILAR LAW</u>") OR (2) ITS ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE (OR ANY INTEREST HEREIN) WILL NOT CONSTITUTE OR GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF SIMILAR LAW.

By acquiring a Note, each purchaser and transferee of a beneficial interest in SUCH Note will be deemed to represent that it acknowledges and represents that it is not a member of an "expanded group" (within the meaning of the regulations issued under section 385 of the Code) which includes a domestic corporation (as determined for U.S. federal income tax purposes) if such domestic corporation, directly or indirectly (through one or more entities that are treated for U.S. federal income tax purposes as partnerships, disregarded entities, or grantor trusts), owns 80% or more of the capital or profits of the Issuing Entity.

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

[[●]%][Benchmark plus [●]%] Class C[a/b] Asset-Backed Notes, Series 20[●]-[●]

WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST 20[●]-[●], a Delaware statutory trust (including any permitted successors and assigns, the "<u>Issuing Entity</u>"), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of [●] ($[●]) in monthly installments on the [15th] of each month, or if such day is not a Business Day, on the immediately succeeding Business Day, commencing on [●], 20[●] (each, a "<u>Payment Date</u>") until the principal of this Note is paid or made available for payment, and to pay interest on each Payment Date on the Class C Note Balance as of the preceding Payment Date (after giving effect to all payments of principal made on the preceding Payment Date), or as of the [Initial] Closing Date in the case of the first Payment Date or if no interest has yet been paid, at the rate per annum shown above (the "<u>Interest Rate</u>"), in each case as and to the extent described below; provided, however, that the entire Class C Note Balance shall be due and payable on the earlier of [●], 20[●] (the "<u>Final Scheduled Payment Date</u>") and the Redemption Date, if any, pursuant to <u>Section 10.1</u> of the Indenture. [Principal payable with respect to the Class C Notes shall be made pro rata between the Class Ca Notes and the Class Cb Notes.] Interest on this Note will accrue for each Payment Date from and including the preceding Payment Date (or, in the case of the initial Payment Date or if no interest has yet been paid, from and including the [Initial] Closing Date) to but excluding such Payment Date. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. The Issuing Entity shall pay interest on overdue installments of interest at the Interest Rate to the extent lawful. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof.

Ex. A-3-2

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

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

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

Ex. A-3-3

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

Dated: [●], 20[●]

By: [●], not in its individual capacity but solely as Owner Trustee

By: 

Name: 

Title: 

Ex. A-3-4

**INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION**

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

By: 

Name: 

Title: 

Ex. A-3-5

**REVERSE OF NOTE**

This Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as its "[[●]%][Benchmark plus [●]%] Class C[a/b] Asset-Backed Notes, Series 20[●]-[●]" (herein called the "<u>Notes</u>") issued under an Indenture, dated as of [●], 20[●] (such indenture, as supplemented or amended, is herein called the "<u>Indenture</u>"), among the Issuing Entity, [●], as indenture trustee (the "<u>Indenture Trustee</u>", which term includes any successor Indenture Trustee under the Indenture), and [●], as Account Bank, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuing Entity, the Indenture Trustee and the Noteholders. The Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended.

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

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

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

Ex. A-3-6

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

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

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

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

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

Each Noteholder or Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, agrees to provide to the Person from whom it receives payments on the Notes (including the Paying Agent) on behalf of the Issuing Entity, (1) any applicable IRS Form W-9, W-8BEN, W-8BEN-E, W-8ECI or W-8IMY (with any applicable attachments) or an applicable successor form and (2) any documentation that is required under

Ex. A-3-7

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

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

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

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuing Entity and the rights of the Noteholders under the Indenture at any time by the Issuing Entity with the consent of Noteholders

Ex. A-3-8

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

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

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

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

Ex. A-3-9

have against the assets of the Titling Trust allocated to the Warehouse Facility Portfolio and each Other Reference Pool.

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

Ex. A-3-10

**ASSIGNMENT**

Social Security or taxpayer I.D. or other identifying number of assignee:<br> _______________

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

Dated:<sup>1</sup> Signature Guaranteed: __________________________]

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

Ex. A-3-11

**[EXHIBIT A-4]**

**[FORM OF CLASS D[a/b] NOTE**

---

| | |
|:---|:---|
| REGISTERED | $[●] |
| No. R-1 | CUSIP NO. [●] |
|  | ISIN NO. [●] |

---

SEE REVERSE FOR CERTAIN DEFINITIONS

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

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

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

THE HOLDER, BY ACCEPTANCE OF THIS NOTE, SHALL BE DEEMED TO HAVE AGREED TO TREAT THE NOTES AS DEBT SOLELY OF THE ISSUING ENTITY (OR ITS REGARDED OWNER, AS DETERMINED FOR U.S. FEDERAL INCOME TAX PURPOSES, IF THE ISSUING ENTITY IS A DISREGARDED ENTITY FOR SUCH PURPOSES) FOR U.S. FEDERAL, STATE AND LOCAL INCOME, FRANCHISE AND ANY OTHER TAXES IMPOSED UPON, MEASURED BY OR BASED UPON GROSS OR NET INCOME.

BY ACQUIRING THIS NOTE (OR ANY INTEREST HEREIN), EACH PURCHASER AND TRANSFEREE WILL BE DEEMED TO REPRESENT THAT EITHER (1) IT IS NOT ACQUIRING AND WILL NOT HOLD THIS NOTE (OR ANY INTEREST HEREIN) ON BEHALF OF, OR WITH THE ASSETS OF (I) AN "EMPLOYEE BENEFIT PLAN" AS DEFINED IN SECTION 3 (3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("<u>ERISA</u>") THAT IS SUBJECT TO TITLE I OF ERISA, (II) A "PLAN" (AS DESCRIBED IN SECTION 4975 (e) (1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "<u>CODE"</u>)) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (III) ANY ENTITY OR ACCOUNT WHOSE UNDERLYING ASSETS INCLUDE "PLAN ASSETS" (WITHIN THE MEANING OF THE DEPARTMENT OF LABOR REGULATION LOCATED AT 29 C.F.R. SECTION 2510.3 - 101, AS MODIFIED BY SECTION

Ex. A-4-1

3 (42) OF ERISA) OR (IV) ANY GOVERNMENTAL, NON - U.S. OR CHURCH PLAN OR ANY OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE ("SIMILAR LAW") OR (2) ITS ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE (OR ANY INTEREST HEREIN) WILL NOT CONSTITUTE OR GIVE RISE TO A NON - EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF SIMILAR LAW.

By acquiring a Note, each purchaser and transferee of a beneficial interest in SUCH Note will be deemed to represent that it acknowledges and represents that it is not a member of an "expanded group" (within the meaning of the regulations issued under section 385 of the Code) which includes a domestic corporation (as determined for U.S. federal income tax purposes) if such domestic corporation, directly or indirectly (through one or more entities that are treated for U.S. federal income tax purposes as partnerships, disregarded entities, or grantor trusts), owns 80% or more of the capital or profits of the Issuing Entity.

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

[[●]%][Benchmark plus [●]%] Class D[a/b] Asset-Backed Notes, Series 20[●]-[●]

WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST 20[●]-[●], a Delaware statutory trust (including any permitted successors and assigns, the "<u>Issuing Entity</u>"), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of [●] ($[●]) in monthly installments on the [15th] of each month, or if such day is not a Business Day, on the immediately succeeding Business Day, commencing on [●], 20[●] (each, a "<u>Payment Date</u>") until the principal of this Note is paid or made available for payment, and to pay interest on each Payment Date on the Class D Note Balance as of the preceding Payment Date (after giving effect to all payments of principal made on the preceding Payment Date), or as of the [Initial] Closing Date in the case of the first Payment Date or if no interest has yet been paid, at the rate per annum shown above (the "<u>Interest Rate</u>"), in each case as and to the extent described below; provided, however, that the entire Class D Note Balance shall be due and payable on the earlier of [●], 20[●] (the "<u>Final Scheduled Payment Date</u>") and the Redemption Date, if any, pursuant to <u>Section 10.1</u> of the Indenture. [Principal payable with respect to the Class D Notes shall be made pro rata between the Class Da Notes and the Class Db Notes.] Interest on this Note will accrue for each Payment Date from and including the preceding Payment Date (or, in the case of the initial Payment Date or if no interest has yet been paid, from and including the [Initial] Closing Date) to but excluding such Payment Date. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. The Issuing Entity shall pay interest on overdue installments of interest at the Interest Rate to the extent lawful. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof.

Ex. A-4-2

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

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

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

Ex. A-4-3

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

By: [●], not in its individual capacity but solely as Owner Trustee

By: 

Name: 

Title: 

Ex. A-4-4

**INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION**

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

By: 

Name: 

Title: 

Ex. A-4-5

**REVERSE OF NOTE**

This Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as its "[[●]%][Benchmark plus [●]%] Class D[a/b] Asset-Backed Notes, Series 20[●]-[●]" (herein called the "<u>Notes</u>") issued under an Indenture, dated as of [●], 20[●] (such indenture, as supplemented or amended, is herein called the "<u>Indenture</u>"), among the Issuing Entity, [●], as indenture trustee (the "<u>Indenture Trustee</u>", which term includes any successor Indenture Trustee under the Indenture), and [●], as Account Bank, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuing Entity, the Indenture Trustee and the Noteholders. The Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended.

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

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

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

Ex. A-4-6

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

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

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

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

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

Each Noteholder or Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, agrees to provide to the Person from whom it receives payments on the Notes (including the Paying Agent) on behalf of the Issuing Entity, (1) any applicable IRS Form W-9, W-8BEN, W-8BEN-E, W-8ECI or W-8IMY (with any applicable attachments) or an applicable successor form and (2) any documentation that is required under

Ex. A-4-7

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

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

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

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuing Entity and the rights of the Noteholders under the Indenture at any time by the Issuing Entity with the consent of Noteholders

Ex. A-4-8

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

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

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

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

Ex. A-4-9

have against the assets of the Titling Trust allocated to the Warehouse Facility Portfolio and each Other Reference Pool.

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

Ex. A-4-10

**ASSIGNMENT**

Social Security or taxpayer I.D. or other identifying number of assignee:<br> _______________

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

Dated:<sup>1</sup> Signature Guaranteed: __________________________]

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

Ex. A-4-11

**[EXHIBIT A-5]**

**[FORM OF CLASS E[a/b] NOTE**

---

| | |
|:---|:---|
| REGISTERED | $[●] |
| No. R-1 | CUSIP NO. [●] |
|  | ISIN NO. [●] |

---

SEE REVERSE FOR CERTAIN DEFINITIONS

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

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

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

THE HOLDER, BY ACCEPTANCE OF THIS NOTE, SHALL BE DEEMED TO HAVE AGREED TO TREAT THE NOTES AS DEBT SOLELY OF THE ISSUING ENTITY (OR ITS REGARDED OWNER, AS DETERMINED FOR U.S. FEDERAL INCOME TAX PURPOSES, IF THE ISSUING ENTITY IS A DISREGARDED ENTITY FOR SUCH PURPOSES) FOR U.S. FEDERAL, STATE AND LOCAL INCOME, FRANCHISE AND ANY OTHER TAXES IMPOSED UPON, MEASURED BY OR BASED UPON GROSS OR NET INCOME.

THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE, OR ANY INTEREST OR PARTICIPATION HEREIN, MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS AND ONLY TO A "UNITED STATES PERSON" AS DEFINED IN SECTION 7701(A)(30) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "<u>CODE</u>").

BY ACQUIRING THIS NOTE (OR ANY INTEREST HEREIN), EACH PURCHASER AND TRANSFEREE WILL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (1) IT IS NOT ACQUIRING AND WILL NOT HOLD SUCH NOTE (OR ANY INTEREST HEREIN) ON BEHALF OF, OR WITH THE ASSETS OF, (i) AN "EMPLOYEE BENEFIT PLAN" (AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME

SECURITY ACT OF 1974, AS AMENDED ("<u>ERISA</u>")) THAT IS SUBJECT TO TITLE I OF ERISA; (ii) A "PLAN" (AS DESCRIBED IN SECTION 4975 OF THE CODE) THAT IS SUBJECT TO SECTION 4975 OF THE CODE; (iii) AN ENTITY OR ACCOUNT, THE UNDERLYING ASSETS OF WHICH ARE CONSIDERED TO INCLUDE "PLAN ASSETS" (WITHIN THE MEANING OF THE UNITED STATES DEPARTMENT OF LABOR REGULATION LOCATED AT 29 C.F.R. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA (THE "<u>PLAN ASSET REGULATION</u>")) OR (iv) ANY GOVERNMENTAL, NON-U.S. OR CHURCH PLAN OR OTHER EMPLOYEE BENEFIT PLAN ("<u>NON-ERISA PLAN</u>") THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE ("<u>SIMILAR LAW</u>"), (2) (i) IT IS AN "INSURANCE COMPANY GENERAL ACCOUNT" WITHIN THE MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60, AS AMENDED ("<u>PTCE 95-60</u>") , (ii) ITS ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE (OR ANY INTEREST HEREIN) IS ELIGIBLE FOR AND SATISFIES ALL CONDITIONS FOR RELIEF UNDER PTCE 95-60, (iii) NEITHER IT, NOR ANY OF ITS AFFILIATES HAS DISCRETIONARY AUTHORITY OR CONTROL WITH RESPECT TO THE ASSETS OF THE ISSUING ENTITY OR PROVIDES INVESTMENT ADVICE FOR A FEE (DIRECT OR INDIRECT) WITH RESPECT TO THE ASSETS OF THE ISSUING ENTITY AND, (iv) FOR SO LONG AS IT HOLDS THIS NOTE (OR ANY INTEREST HEREIN), LESS THAN 25% OF THE ASSETS OF SUCH GENERAL ACCOUNT WILL CONSTITUTE "PLAN ASSETS" (WITHIN THE MEANING OF THE PLAN ASSET REGULATION) OR (3) IT IS A NON-ERISA PLAN THAT IS SUBJECT TO SIMILAR LAW AND ITS ACQUISITION, HOLDING AND DISPOSITION OF THE NOTE (OR ANY INTEREST HEREIN) WILL NOT GIVE RISE TO A VIOLATION OF ANY SIMILAR LAW.

NO TRANSFER (OR PURPORTED TRANSFER) OF ALL OR ANY PART OF A NOTE (OR ANY BENEFICIAL INTEREST THEREIN) SHALL BE EFFECTIVE UNLESS, PRIOR TO AND AS A CONDITION TO EACH SUCH TRANSFER, THE PROSPECTIVE TRANSFEREE (INCLUDING THE INITIAL BENEFICIAL OWNER AS THE INITIAL TRANSFEREE) AND ANY SUBSEQUENT TRANSFEREE REPRESENTS AND WARRANTS TO THE INDENTURE TRUSTEE, THE DEPOSITOR AND ANY OF THEIR RESPECTIVE SUCCESSORS AND ASSIGNS, THAT: (A) EITHER (I) IT IS NOT AND WILL NOT BECOME FOR U.S. FEDERAL INCOME TAX PURPOSES A PARTNERSHIP, SUBCHAPTER S CORPORATION OR GRANTOR TRUST (OR A DISREGARDED ENTITY THE SINGLE OWNER OF WHICH IS ANY OF THE FOREGOING) (EACH SUCH ENTITY A "<u>FLOW-THROUGH ENTITY</u>") OR (II) IF IT IS OR BECOMES A FLOW-THROUGH ENTITY, THEN (X) NONE OF THE DIRECT OR INDIRECT BENEFICIAL OWNERS OF ANY OF THE INTERESTS IN SUCH FLOW-THROUGH ENTITY HAS OR EVER WILL HAVE MORE THAN 50% OF THE VALUE OF ITS INTEREST IN SUCH FLOW-THROUGH ENTITY ATTRIBUTABLE TO THE INTEREST OF SUCH FLOW-THROUGH ENTITY IN THE NOTES, OTHER INTEREST (DIRECT OR INDIRECT) IN THE ISSUING ENTITY, OR ANY INTEREST CREATED UNDER THE INDENTURE AND (Y) IT IS NOT AND WILL NOT BE A PRINCIPAL PURPOSE OF THE ARRANGEMENT INVOLVING THE INVESTMENT OF SUCH FLOW-THROUGH ENTITY IN ANY NOTE TO PERMIT ANY PARTNERSHIP TO SATISFY THE 100 PARTNER LIMITATION OF SECTION 1.7704-1(H)(1)(II) OF THE TREASURY REGULATIONS NECESSARY FOR SUCH PARTNERSHIP NOT TO BE CLASSIFIED AS A PUBLICLY TRADED PARTNERSHIP UNDER THE CODE,

Ex. A-5-2

AND (B) IT DOES NOT AND WILL NOT BENEFICIALLY OWN A NOTE (OR ANY BENEFICIAL INTEREST THEREIN) IN AN AMOUNT THAT IS LESS THAN THE MINIMUM DENOMINATION FOR SUCH NOTE, ANY TRANSFER OF A NOTE (OR ANY BENEFICIAL INTEREST THEREIN) THAT DOES NOT COMPLY WITH THE FOREGOING REQUIREMENTS WILL BE DEEMED NULL AND VOID AB INITIO.

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

[[●]%][Benchmark plus [●]%] Class E[a/b] Asset-Backed Notes, Series 20[●]-[●]

WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST 20[●]-[●], a Delaware statutory trust (including any permitted successors and assigns, the "<u>Issuing Entity</u>"), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of [●] ($[●]) in monthly installments on the [15th] of each month, or if such day is not a Business Day, on the immediately succeeding Business Day, commencing on [●], 20[●] (each, a "<u>Payment Date</u>") until the principal of this Note is paid or made available for payment, and to pay interest on each Payment Date on the Class E Note Balance as of the preceding Payment Date (after giving effect to all payments of principal made on the preceding Payment Date), or as of the [Initial] Closing Date in the case of the first Payment Date or if no interest has yet been paid, at the rate per annum shown above (the "<u>Interest Rate</u>"), in each case as and to the extent described below; provided, however, that the entire Class E Note Balance shall be due and payable on the earlier of [●], 20[●] (the "<u>Final Scheduled Payment Date</u>") and the Redemption Date, if any, pursuant to <u>Section 10.1</u> of the Indenture. [Principal payable with respect to the Class E Notes shall be made pro rata between the Class Ea Notes and the Class Eb Notes.] Interest on this Note will accrue for each Payment Date from and including the preceding Payment Date (or, in the case of the initial Payment Date or if no interest has yet been paid, from and including the [Initial] Closing Date) to but excluding such Payment Date. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. The Issuing Entity shall pay interest on overdue installments of interest at the Interest Rate to the extent lawful. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof.

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

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

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

Ex. A-5-3

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

By: [●], not in its individual capacity but solely as Owner Trustee

By: 

Name: 

Title: 

Ex. A-5-4

**INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION**

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

By: 

Name: 

Title: 

Ex. A-5-5

**REVERSE OF NOTE**

This Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as its "[[●]%][Benchmark plus [●]%] Class E[a/b] Asset-Backed Notes, Series 20[●]-[●]" (herein called the "<u>Notes</u>") issued under an Indenture, dated as of [●], 20[●] (such indenture, as supplemented or amended, is herein called the "<u>Indenture</u>"), among the Issuing Entity, [●], as indenture trustee (the "<u>Indenture Trustee</u>", which term includes any successor Indenture Trustee under the Indenture), and [●], as Account Bank, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuing Entity, the Indenture Trustee and the Noteholders. The Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended.

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

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

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

Ex. A-5-6

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

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

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

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

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

Each Noteholder or Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, agrees to provide to the Person from whom it receives payments on the Notes (including the Paying Agent) on behalf of the Issuing Entity, (1) any applicable IRS Form W-9, W-8BEN, W-8BEN-E, W-8ECI or W-8IMY (with any applicable attachments) or an applicable successor

Ex. A-5-7

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

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

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

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuing Entity and the rights of the Noteholders under the Indenture at any time by the Issuing Entity with the consent of Noteholders

Ex. A-5-8

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

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

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

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

Ex. A-5-9

have against the assets of the Titling Trust allocated to the Warehouse Facility Portfolio and each Other Reference Pool.

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

Ex. A-5-10

**ASSIGNMENT**

Social Security or taxpayer I.D. or other identifying number of assignee:<br> _______________

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

Dated:<sup>1</sup> Signature Guaranteed: __________________________]

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

Ex. A-5-11

**[EXHIBIT A-6]**

**[FORM OF CLASS F[a/b] NOTE**

---

| | |
|:---|:---|
| REGISTERED<br> No. R-1 | $[·]<br> CUSIP NO. [·]<br> ISIN NO. [·] |

---

SEE REVERSE FOR CERTAIN DEFINITIONS

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

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

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

THE HOLDER, BY ACCEPTANCE OF THIS NOTE, SHALL BE DEEMED TO HAVE AGREED TO TREAT THE NOTES AS DEBT SOLELY OF THE ISSUING ENTITY (OR ITS REGARDED OWNER, AS DETERMINED FOR U.S. FEDERAL INCOME TAX PURPOSES, IF THE ISSUING ENTITY IS A DISREGARDED ENTITY FOR SUCH PURPOSES) FOR U.S. FEDERAL, STATE AND LOCAL INCOME, FRANCHISE AND ANY OTHER TAXES IMPOSED UPON, MEASURED BY OR BASED UPON GROSS OR NET INCOME.

THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE, OR ANY INTEREST OR PARTICIPATION HEREIN, MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS AND ONLY TO A "UNITED STATES PERSON" AS DEFINED IN SECTION 7701(A)(30) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "<u>CODE</u>").

BY ACQUIRING THIS NOTE (OR ANY INTEREST HEREIN), EACH PURCHASER AND TRANSFEREE WILL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (1) IT IS NOT ACQUIRING AND WILL NOT HOLD SUCH NOTE (OR ANY INTEREST HEREIN) ON BEHALF OF, OR WITH THE ASSETS OF, (i) AN "EMPLOYEE BENEFIT PLAN" (AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME

SECURITY ACT OF 1974, AS AMENDED ("<u>ERISA</u>")) THAT IS SUBJECT TO TITLE I OF ERISA; (ii) A "PLAN" (AS DESCRIBED IN SECTION 4975 OF THE CODE) THAT IS SUBJECT TO SECTION 4975 OF THE CODE; (iii) AN ENTITY OR ACCOUNT, THE UNDERLYING ASSETS OF WHICH ARE CONSIDERED TO INCLUDE "PLAN ASSETS" (WITHIN THE MEANING OF THE UNITED STATES DEPARTMENT OF LABOR REGULATION LOCATED AT 29 C.F.R. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA (THE "<u>PLAN ASSET REGULATION</u>")) OR (iv) ANY GOVERNMENTAL, NON-U.S. OR CHURCH PLAN OR OTHER EMPLOYEE BENEFIT PLAN ("<u>NON-ERISA PLAN</u>") THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE ("<u>SIMILAR LAW</u>"), (2) (i) IT IS AN "INSURANCE COMPANY GENERAL ACCOUNT" WITHIN THE MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60, AS AMENDED ("<u>PTCE 95-60</u>") , (ii) ITS ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE (OR ANY INTEREST HEREIN) IS ELIGIBLE FOR AND SATISFIES ALL CONDITIONS FOR RELIEF UNDER PTCE 95-60, (iii) NEITHER IT, NOR ANY OF ITS AFFILIATES HAS DISCRETIONARY AUTHORITY OR CONTROL WITH RESPECT TO THE ASSETS OF THE ISSUING ENTITY OR PROVIDES INVESTMENT ADVICE FOR A FEE (DIRECT OR INDIRECT) WITH RESPECT TO THE ASSETS OF THE ISSUING ENTITY AND, (iv) FOR SO LONG AS IT HOLDS THIS NOTE (OR ANY INTEREST HEREIN), LESS THAN 25% OF THE ASSETS OF SUCH GENERAL ACCOUNT WILL CONSTITUTE "PLAN ASSETS" (WITHIN THE MEANING OF THE PLAN ASSET REGULATION) OR (3) IT IS A NON-ERISA PLAN THAT IS SUBJECT TO SIMILAR LAW AND ITS ACQUISITION, HOLDING AND DISPOSITION OF THE NOTE (OR ANY INTEREST HEREIN) WILL NOT GIVE RISE TO A VIOLATION OF ANY SIMILAR LAW.

NO TRANSFER (OR PURPORTED TRANSFER) OF ALL OR ANY PART OF A NOTE (OR ANY BENEFICIAL INTEREST THEREIN) SHALL BE EFFECTIVE UNLESS, PRIOR TO AND AS A CONDITION TO EACH SUCH TRANSFER, THE PROSPECTIVE TRANSFEREE (INCLUDING THE INITIAL BENEFICIAL OWNER AS THE INITIAL TRANSFEREE) AND ANY SUBSEQUENT TRANSFEREE REPRESENTS AND WARRANTS TO THE INDENTURE TRUSTEE, THE DEPOSITOR AND ANY OF THEIR RESPECTIVE SUCCESSORS AND ASSIGNS, THAT: (A) EITHER (I) IT IS NOT AND WILL NOT BECOME FOR U.S. FEDERAL INCOME TAX PURPOSES A PARTNERSHIP, SUBCHAPTER S CORPORATION OR GRANTOR TRUST (OR A DISREGARDED ENTITY THE SINGLE OWNER OF WHICH IS ANY OF THE FOREGOING) (EACH SUCH ENTITY A "<u>FLOW-THROUGH ENTITY</u>") OR (II) IF IT IS OR BECOMES A FLOW-THROUGH ENTITY, THEN (X) NONE OF THE DIRECT OR INDIRECT BENEFICIAL OWNERS OF ANY OF THE INTERESTS IN SUCH FLOW-THROUGH ENTITY HAS OR EVER WILL HAVE MORE THAN 50% OF THE VALUE OF ITS INTEREST IN SUCH FLOW-THROUGH ENTITY ATTRIBUTABLE TO THE INTEREST OF SUCH FLOW-THROUGH ENTITY IN THE NOTES, OTHER INTEREST (DIRECT OR INDIRECT) IN THE ISSUING ENTITY, OR ANY INTEREST CREATED UNDER THE INDENTURE AND (Y) IT IS NOT AND WILL NOT BE A PRINCIPAL PURPOSE OF THE ARRANGEMENT INVOLVING THE INVESTMENT OF SUCH FLOW-THROUGH ENTITY IN ANY NOTE TO PERMIT ANY PARTNERSHIP TO SATISFY THE 100 PARTNER LIMITATION OF SECTION 1.7704-1(H)(1)(II) OF THE TREASURY REGULATIONS NECESSARY FOR SUCH PARTNERSHIP NOT TO BE CLASSIFIED AS A PUBLICLY TRADED PARTNERSHIP UNDER THE CODE,

Ex. A-6-2

AND (B) IT DOES NOT AND WILL NOT BENEFICIALLY OWN A NOTE (OR ANY BENEFICIAL INTEREST THEREIN) IN AN AMOUNT THAT IS LESS THAN THE MINIMUM DENOMINATION FOR SUCH NOTE, ANY TRANSFER OF A NOTE (OR ANY BENEFICIAL INTEREST THEREIN) THAT DOES NOT COMPLY WITH THE FOREGOING REQUIREMENTS WILL BE DEEMED NULL AND VOID AB INITIO.

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

[[·]%][Benchmark plus [·]%] Class F[a/b] Asset-Backed Notes, Series 20[·]-[·]

WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST 20[·]-[·], a Delaware statutory trust (including any permitted successors and assigns, the "<u>Issuing Entity</u>"), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of [·] ($[·]) in monthly installments on the [15th] of each month, or if such day is not a Business Day, on the immediately succeeding Business Day, commencing on [·], 20[·] (each, a "<u>Payment Date</u>") until the principal of this Note is paid or made available for payment, and to pay interest on each Payment Date on the Class F Note Balance as of the preceding Payment Date (after giving effect to all payments of principal made on the preceding Payment Date), or as of the [Initial] Closing Date in the case of the first Payment Date or if no interest has yet been paid, at the rate per annum shown above (the "<u>Interest Rate</u>"), in each case as and to the extent described below; provided, however, that the entire Class F Note Balance shall be due and payable on the earlier of [·], 20[·] (the "<u>Final Scheduled Payment Date</u>") and the Redemption Date, if any, pursuant to <u>Section 10.1</u> of the Indenture. [Principal payable with respect to the Class F Notes shall be made pro rata between the Class Fa Notes and the Class Fb Notes.] Interest on this Note will accrue for each Payment Date from and including the preceding Payment Date (or, in the case of the initial Payment Date or if no interest has yet been paid, from and including the [Initial] Closing Date) to but excluding such Payment Date. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. The Issuing Entity shall pay interest on overdue installments of interest at the Interest Rate to the extent lawful. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof.

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

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

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

Ex. A-6-3

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

Dated: [·], 20[·]

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| | |
|:---|:---|
| WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST 20[·]-[·], | WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST 20[·]-[·], |
| By: | [·], not in its individual capacity but solely as Owner Trustee |
| By: |  |
| Name: |  |
| Title: |  |

---

Ex. A-6-4

**INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION**

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

Dated: [·], 20[·]

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| |
|:---|
| [·], |
| as Indenture Trustee |
| By: |
| Name: |
| Title: |

---

Ex. A-6-5

**REVERSE OF NOTE**

This Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as its "[[·]%][Benchmark plus [·]%] Class F[a/b] Asset-Backed Notes, Series 20[·]-[·]" (herein called the "<u>Notes</u>") issued under an Indenture, dated as of [·], 20[·] (such indenture, as supplemented or amended, is herein called the "<u>Indenture</u>"), among the Issuing Entity, [·], as indenture trustee (the "<u>Indenture Trustee</u>", which term includes any successor Indenture Trustee under the Indenture), and [·], as Account Bank, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuing Entity, the Indenture Trustee and the Noteholders. The Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended.

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

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

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

Ex. A-6-6

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

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

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

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

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

Each Noteholder or Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, agrees to provide to the Person from whom it receives payments on the Notes (including the Paying Agent) on behalf of the Issuing Entity, (1) any applicable IRS Form W-9, W-8BEN, W-8BEN-E, W-8ECI or W-8IMY (with any applicable attachments) or an applicable successor form and (2) any documentation that is required under

Ex. A-6-7

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

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

Prior to the due presentment for registration of transfer of this Note, the Owner Trustee, the Indenture Trustee and any agent of the Owner Trustee or the Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not

this Note be overdue, and neither the Owner Trustee, the Indenture Trustee nor any such agent shall be affected by notice to the contrary.

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuing Entity and the rights of the Noteholders under the Indenture at any time by the Issuing Entity with the consent of Noteholders

Ex. A-6-8

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

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

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

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

Ex. A-6-9

have against the assets of the Titling Trust allocated to the Warehouse Facility Portfolio and each Other Reference Pool.

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

Ex. A-6-10

**ASSIGNMENT**

Social Security or taxpayer I.D. or other identifying number of assignee:<br> _______________

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

Dated:<sup>1</sup> Signature Guaranteed: __________________________]

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

Ex. A-6-11

**EXHIBIT B**

**FORM OF DEPOSITORY AGREEMENT**

On File at:

Mayer Brown LLP

1221 Avenue of the Americas

New York, New York 10020

Ex. B

**EXHIBIT C**

**SERVICING CRITERIA TO BE ADDRESSED IN<br> INDENTURE TRUSTEE'S ASSESSMENT OF COMPLIANCE**

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

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

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Ex. C-1

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

---

Ex. C-2

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Reference** | &nbsp;&nbsp;**Servicing Criteria** | &nbsp;&nbsp;**Applicable Servicing Criteria** |
| &nbsp;&nbsp;1122(d)(4)(x) | &nbsp;&nbsp;Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor's Account documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable Account documents and State laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related Accounts, or such other number of days specified in the transaction agreements. |  |
| &nbsp;&nbsp;1122(d)(4)(xi) | &nbsp;&nbsp;Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements. |  |
| &nbsp;&nbsp;1122(d)(4)(xii) | &nbsp;&nbsp;Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer's funds and not charged to the obligor, unless the late payment was due to the obligor's error or omission. |  |
| &nbsp;&nbsp;1122(d)(4)(xiii) | &nbsp;&nbsp;Disbursements made on behalf of an obligor are posted within two business days to the obligor's records maintained by the servicer, or such other number of days specified in the transaction agreements. |  |
| &nbsp;&nbsp;1122(d)(4)(xiv) | &nbsp;&nbsp; Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements. |  |
| &nbsp;&nbsp;1122(d)(4)(xv) | &nbsp;&nbsp;Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements. |  |

---

Ex. C-3

**EXHIBIT D**

**FORM OF INDENTURE TRUSTEE'S ANNUAL CERTIFICATION**

RE: WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST 20[·]-[·]

[·], not in its individual capacity but solely as indenture trustee (the "<u>Indenture Trustee</u>"), certifies to World Omni Auto Leasing LLC (the "<u>Depositor</u>"), and its officers, with the knowledge and intent that they will rely upon this certification, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) It has reviewed the report on assessment of the Indenture Trustee's compliance provided in accordance with Rules 13a-18 and 15d-18 under the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>") and Item 1122 of Regulation AB (the "<u>Servicing Assessment</u>"), and the registered public accounting firm's attestation report provided in accordance with Rules 13a-18 and 15d-18 under the Exchange Act and Section 1122(b) of Regulation AB (the "<u>Attestation Report</u>") that were delivered by the Indenture Trustee to the Depositor pursuant to the Indenture, dated as of [·], 20[·], by and among the Indenture Trustee, World Omni Automobile Lease Securitization Trust 20[·]-[·], and [·], as account bank (collectively, the "<u>Indenture Trustee Information</u>");

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

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

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

---

| | |
|:---|:---|
|  | [·], |
|  | not in its individual capacity but solely as |
|  | Indenture Trustee |
|  | By: |
|  | Name: |
|  | Title: |
| Date: |  |

---

Ex. D

**[EXHIBIT E**

**FORM OF TRANSFEROR CERTIFICATE**

[DATE]

[Indenture Trustee]

World Omni Auto Leasing LLC<br> [·]

Re: <u>World Omni Automobile Lease Securitization Trust 20[·]-[·] Class [·] Notes</u>

Ladies and Gentlemen:

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

---

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

---

Ex. E

**[EXHIBIT F**

**FORM OF INVESTMENT LETTER**

[Indenture Trustee]

World Omni Auto Leasing LLC<br> [·]

Ladies and Gentlemen:

In connection with our proposed purchase of Class [·] Notes (the "<u>Class</u> [·] <u>Notes</u>") of World Omni Automobile Lease Securitization Trust 20[·]-[·] (the "<u>Issuing Entity</u>"), we confirm that:

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

Ex. F-1

any transfer of the Class [·] Notes by us that the Indenture Trustee and WOAL may request, and if so requested we will furnish, such certificates and other information as they may reasonably require to confirm that any such transfer complies with the foregoing restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. [CHECK ONE]

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| | |
|:---|:---|
| ◻ | (a) We are an Accredited Investor acting for our own account (and not for the account of others) or as a fiduciary or agent for others (which others also are Accredited Investors unless we are a bank acting in its fiduciary capacity). We have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of our investment in the Class [·] Notes, and we and any accounts for which we are acting are each able to bear the economic risk of our or their investment for an indefinite period of time. We are acquiring the Class [·] Notes or investment and not with a view to, or for offer and sale in connection with, a public distribution. |
| ◻ | (b) We are a "qualified institutional buyer" as defined under Rule 144A under the 1933 Act and are acquiring the Class [·] Notes for our own account (and not for the account of others) or as a fiduciary or agent for others (which others also are "qualified institutional buyers"). We are familiar with Rule 144A under the 1933 Act and are aware that the seller of the Class [·] Notes and other parties intend to rely on the statements made herein and the exemption from the registration requirements of the 1933 Act provided by Rule 144A. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Either (1) we are not acquiring and will not hold the Class [●] Notes (or any interest therein) on behalf of, or with the assets of, (a) an "employee benefit plan" (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended ("<u>ERISA</u>")) that is subject to Title I of ERISA; (b) a "plan" (as described in Section 4975 of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>")) that is subject to Section 4975 of the Code; (c) an entity or account, the underlying assets of which are considered to include "plan assets" (within the meaning of the United States Department of Labor Regulation located at 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA (the "<u>Plan Asset Regulation</u>")) or (d) any governmental, non-U.S. or church plan or other employee benefit plan ("<u>Non-ERISA Plan</u>") that is subject to any federal, state or local law that is substantially similar to Title I of ERISA or Section 4975 of the Code ("<u>Similar Law</u>"); or (2) (a) we are an "insurance company general account" within the meaning of Prohibited Transaction Class Exemption 95-60, as amended ("<u>PTCE 95-60</u>"), (b) our acquisition, holding and disposition of such Class [●] Note (or interest therein) is eligible for and satisfies all conditions for relief under PTCE 95-60, (c) neither we, nor any of our affiliates have discretionary authority or control over the assets of the Issuing Entity or provides investment advice for a fee (direct or indirect) with respect to the assets of the Issuing Entity and, (d) for so long as we hold any such Class [●] Notes (or any interest therein), less than 25% of the assets of such general account will constitute "plan assets" (within the meaning of the Plan Asset Regulation); or (3) we are a Non-

Ex. F-2

ERISA Plan that is subject to Similar Law and our acquisition, holding and disposition of such Class [●] Note (or interest therein) will not give rise to a violation of any Similar Law.

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

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

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

---

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

---

Ex. F-3

**APPENDIX A**

**DEFINITIONS**

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

"<u>Account Bank</u>" means [·], a [·], any other affiliate of the Indenture Trustee, or any other Eligible Institution or Eligible Trust Account Institution which then holds the Accounts.

"<u>Accounts</u>" means the Trust Collection Account, the [Risk Retention] Reserve Account and the Principal Distribution Account.

["<u>Accumulation Account</u>" means the account designated as such, established and maintained pursuant to <u>Section 8.2</u> of this Indenture.]

"<u>20[·]-[·] Reference Pool</u>" has the meaning set forth in <u>Section 13.1</u> of the Exchange Note Supplement.

"<u>Act</u>" has the meaning set forth in <u>Section 11.3(a)</u> of this Indenture.

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

["<u>Additional Class A-1 Payment Date</u>" means [·], 20[·].]

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

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

"<u>Additional Lease Charges</u>" means any late payment fees or charges, extension fees or charges, sales, use, excise, lease and other taxes and fees due to any government authority, and other similar charges required to be paid by the Closed-End Obligor under the related lease.

App. A-1

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

"<u>Administration Agreement</u>" means the Administration Agreement, dated as of the [Initial] Closing Date, among the Administrator, the Issuing Entity and the Indenture Trustee, as the same may be amended and supplemented from time to time.

"<u>Administration Fee</u>" means the basic fee payable to the Administrator for administration services rendered during the related Collection Period, which shall be equal to the product of (a) one-twelfth (or, in the case of the initial Collection Period (i.e., the period from but excluding the [Initial] Cut-Off Date to and including [·], 20[·]), a fraction, the numerator of which is [·] and the denominator of which is 360), (b) [0.05]% and (c) the aggregate Securitization Value at the beginning of such Collection Period (or, in the case of the first Payment Date, at the [Initial] Cut-Off Date) of all Transaction Units for such Collection Period.

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

"<u>ADR Organization</u>" means [·] or, if [·] no longer exists or if its ADR Rules would no longer permit mediation or arbitration, as applicable, of the dispute, another nationally recognized mediation or arbitration organization selected by the Seller.

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

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

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

"<u>ALF LLC</u>" means Auto Lease Finance LLC, a Delaware limited liability company.

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

["<u>ALG Residual Value</u>" means (a) the residual value percentage estimate published by ALG for the appropriate Closed-End Vehicle and term [as of the [date of origination of related

Ex. F-2

lease] [Cutoff Date] [the most recent date for which the Servicer has obtained updated residual values with respect to the Closed-End Vehicles from [ALG]] by (b) the lesser of (i) the actual TSRP and (ii) MRT published by [ALG], in each case, at the time of origination of the lease for such Closed-End Vehicle.]

["<u>Amortization Date</u>" means the earlier of (i) [·], 20[·], and (ii) the date on which an Early Amortization Event occurs.]

["<u>Amortization Period</u>" means the period beginning on the Amortization Date and ending on the date that all classes of Notes have been paid in full.]

"<u>Applicable Anti-Money Laundering Law</u>" means, laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions, including those relating to the funding of terrorist activities and money laundering, including the Customer Identification Program requirements established under the USA Patriot Act, the Financial Crimes Enforcement Network's (FinCEN) customer due diligence requirements and the Corporate Transparency Act (31 U.S.C. § 5336) and its implementing regulations.

"<u>Asset Representations Review Agreement</u>" shall mean the Asset Representations Review Agreement, dated as of the [Initial] Closing Date, among World Omni, as Servicer and Administrator, the Issuing Entity and the Asset Representations Reviewer, as amended from time to time.

"<u>Asset Representations Reviewer</u>" means [·], as asset representations reviewer under the Asset Representations Review Agreement, or any successor Asset Representations Reviewer under the Asset Representations Review Agreement.

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

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

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

Ex. F-3

Administrator or the Servicer, as applicable, in matters relating to the Owner Trustee, the Indenture Trustee, the Administrator or the Servicer and who is identified on the list of Authorized Officers delivered by each of the Owner Trustee, the Indenture Trustee, the Administrator and the Servicer to the Indenture Trustee on the [Initial] Closing Date (as such list may be modified or supplemented from time to time thereafter).

"<u>Available Funds</u>" means, for any Payment Date and the related Collection Period, an amount equal to the sum of the following amounts: (i) any amount deposited into the Trust Collection Account pursuant to <u>Section 13.2(b)</u> of the Exchange Note Supplement; (ii) any amounts paid by ALF LLC pursuant to <u>Section 2.3(c)</u> of the Exchange Note Sale Agreement for breaches of representations or warranties thereunder; (iii) any amounts paid by the Servicer pursuant to <u>Section 13.12</u> of the Exchange Note Servicing Supplement in connection with Post-maturity Term Extensions; and (iv) any amounts paid by the Servicer pursuant to Section 15.1 of the Exchange Note Servicing Supplement in connection with the optional purchase of the Exchange Note [and (v) the [net] amount, if any, paid by the [Swap][Cap] Counterparty pursuant to any Interest Rate [Swap][Cap] Agreement].

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

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

"<u>Base Monthly Payments</u>" means the monthly payments made by a Closed-End Obligor on the related lease, which, over the lease term, will cover (i) the difference between the Adjusted Capitalized Cost of the lease and the Contract Residual Value plus (ii) Lease Charges.

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

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

["<u>Benchmark</u>" means, initially, the SOFR Rate; provided that if the Administrator (on behalf of the Issuing Entity) determines prior to the relevant Reference Time that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to the SOFR Rate or the then-current Benchmark, then "Benchmark" means the applicable Benchmark Replacement.]

Ex. F-4

["<u>Benchmark Replacement</u>" means the first alternative set forth in the order below that can be determined by the Administrator (on behalf of the Issuing Entity) as of the Benchmark Replacement Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the sum of: (a) the alternate rate of interest that has been selected or recommended by the Relevant Governmental Body as the replacement for the then-current Benchmark and (b) the Benchmark Replacement Adjustment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the sum of: (a) the ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the sum of: (a) the alternate rate of interest that has been selected by the Administrator (on behalf of the Issuing Entity) as the replacement for the then-current Benchmark giving due consideration to any industry-accepted rate of interest as a replacement for the then-current Benchmark for U.S. dollar-denominated floating rate securities at such time and (b) the Benchmark Replacement Adjustment.]

["<u>Benchmark Replacement Adjustmen</u>t" means the first alternative set forth in the order below that can be determined by the Administrator (on behalf of the Issuing Entity) as of the Benchmark Replacement Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the spread adjustment (which may be a positive or negative value or zero), or method for calculating or determining such spread adjustment, that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, the ISDA Fallback Adjustment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the spread adjustment (which may be a positive or negative value or zero) that has been selected by the Administrator (on behalf of the Issuing Entity) giving due consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated floating rate securities at such time.]

["<u>Benchmark Replacement Conforming Changes</u>" means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the Interest Period, timing and frequency of determining rates and making payments of interest, rounding of amounts or tenors, and other administrative matters) that the Administrator (on behalf of the Issuing Entity) decides may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially consistent with market practice (or, if the administrator (on behalf of the Issuing Entity) decides that adoption of any portion of such market practice is not administratively feasible or if the Administrator (on behalf of the Issuing Entity) determines that no market practice for use of the Benchmark Replacement exists, in such other manner as the Administrator (on behalf of the Issuing Entity) determines is reasonably necessary).]

Ex. F-5

["<u>Benchmark Replacement Date</u>" means the earliest to occur of the following events with respect to the then-current Benchmark (including the daily published component used in the calculation thereof):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) in the case of clause (1) or (2) of the definition of "Benchmark Transition Event," the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the Benchmark permanently or indefinitely ceases to provide the Benchmark (or such component); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) in the case of clause (3) of the definition of "Benchmark Transition Event," the date of the public statement or publication of information referenced therein.

For the avoidance of doubt, if the event that gives rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination.]

["<u>Benchmark Transition Event</u>" means the occurrence of one or more of the following events with respect to the then-current Benchmark (including the daily published component used in the calculation thereof):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a public statement or publication of information by or on behalf of the administrator of the Benchmark (or such component) announcing that such administrator has ceased or will cease to provide the Benchmark (or such component), permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark (or such component); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark (or such component), the central bank for the currency of the Benchmark (or such component), an insolvency official with jurisdiction over the administrator for the Benchmark (or such component), a resolution authority with jurisdiction over the administrator for the Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for the Benchmark, which states that the administrator of the Benchmark (or such component) has ceased or will cease to provide the Benchmark (or such component) permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark (or such component); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark announcing that the Benchmark is no longer representative.]

"<u>Book-Entry Notes</u>" means a beneficial interest in the Notes, ownership and transfers of which shall be made through book entries by a Clearing Agency as described in <u>Section 2.10</u> of this Indenture.

Ex. F-6

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

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

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

"<u>Certificate</u>" means a Trust Certificate.

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

"<u>Certificateholder</u>" means the registered holder of the Certificate.

"<u>Class</u>" means a group of Notes whose form is identical except for variation in denomination, principal amount or owner, and references to "each Class" thus mean each of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes[,] [and] the Class B Notes[,] [and] [the Class C Notes][,] [and] [the Class D Notes][,] [and] [the Class E Notes] [and the Class F Notes].

"<u>Class A Notes</u>" means, collectively, the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes.

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

"<u>Class A-1 Interest Rate</u>" means [Benchmark plus][·]% per annum (computed on the basis of [the actual number of days elapsed] and on a 360-day year).

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

"<u>Class A-1 Noteholders' Interest Carryover Shortfall</u>" means, with respect to any Payment Date, the excess of the Class A-1 Noteholders' Monthly Interest Distributable Amount for the preceding Payment Date and any outstanding Class A-1 Noteholders' Interest Carryover Shortfall

Ex. F-7

on such preceding Payment Date, over the amount in respect of interest that is actually paid to Holders of Class A-1 Notes since such preceding Payment Date, plus interest on the amount of interest due but not paid to Holders of Class A-1 Notes on the preceding Payment Date, to the extent permitted by law, at the Class A-1 Interest Rate for the related Interest Period.

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

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

"<u>Class A-1 Notes</u>" means the Class of Asset-Backed Notes designated as Class A-1[a/b] Notes, issued in accordance with the Indenture.

"<u>Class A-2 Interest Rate</u>" means [Benchmark plus][·]% per annum (computed on the basis of [the actual number of days elapsed and on] a 360-day year [consisting of twelve 30-day months]).

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

"<u>Class A-2 Notes</u>" means the Class of Asset-Backed Notes designated as Class A-2[a/b] Notes, issued in accordance with the Indenture.

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

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

"<u>Class A-2 Noteholders' Monthly Interest Distributable Amount</u>" means, with respect to any Payment Date, the aggregate interest accrued for the related Interest Period on the Class A-2 Notes at the Class A-2 Interest Rate on the Class A-2 Note Balance immediately preceding the Payment Date (or, in the case of the initial Payment Date, on the [Initial] Closing Date), after giving effect to all payments of principal to the Holders of the Class A-2 Notes on or prior to such

Ex. F-8

preceding Payment Date. Interest with respect to the Class A-2 Notes shall be computed on the basis of [the actual number of days elapsed and on] a 360-day year [consisting of twelve 30-day months].

"<u>Class A-2 Notes</u>" means the Class of Asset-Backed Notes designated as Class A-2[a/b] Notes, issued in accordance with the Indenture.

"<u>Class A-3 Interest Rate</u>" means [Benchmark plus][·]% per annum (computed on the basis of [the actual number of days elapsed and on] a 360-day year [consisting of twelve 30-day months]).

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

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

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

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

"<u>Class A-3 Notes</u>" means the Class of Asset-Backed Notes designated as Class A-3[a/b] Notes, issued in accordance with the Indenture.

"<u>Class A-4 Interest Rate</u>" means [Benchmark plus][·]% per annum (computed on the basis of [the actual number of days elapsed and on] a 360-day year [consisting of twelve 30-day months]).

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

"<u>Class A-4 Noteholders' Interest Carryover Shortfall</u>" means, with respect to any Payment Date, the excess of the Class A-4 Noteholders' Monthly Interest Distributable Amount for the

Ex. F-9

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

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

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

"<u>Class A-4 Notes</u>" means the Class of Asset-Backed Notes designated as Class A-4[a/b] Notes, issued in accordance with the Indenture.

"<u>Class B Interest Rate</u>" means [Benchmark plus][·]% per annum (computed on the basis of [the actual number of days elapsed and on] a 360-day year [consisting of twelve 30-day months]).

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

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

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

"<u>Class B Noteholders' Monthly Interest Distributable Amount</u>" means, with respect to any Payment Date, the aggregate interest accrued for the related Interest Period on the Class B Notes at the Class B Interest Rate on the Class B Note Balance immediately preceding the Payment Date (or, in the case of the initial Payment Date, on the [Initial] Closing Date), after giving effect to all

Ex. F-10

payments of principal to the Holders of the Class B Notes on or prior to such preceding Payment Date. Interest with respect to the Class B Notes shall be computed on the

basis of [the actual number of days elapsed and on] a 360-day year [consisting of twelve 30-day months].

"<u>Class B Notes</u>" means the Class of Asset-Backed Notes designated as Class B[a/b] Notes, issued in accordance with the Indenture.

["<u>Class C Interest Rate</u>" means [Benchmark plus][·]% per annum (computed on the basis of [the actual number of days elapsed and on] a 360-day year [consisting of twelve 30-day months]).]

["<u>Class C Note Balance</u>" means, as of any date, the Initial Class C Note Balance reduced by all payments of principal made on or prior to such date on the Class C Notes.]

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

["<u>Class C Noteholders' Interest Distributable Amount</u>" shall mean, with respect to any Payment Date, the sum of the Class C Noteholders' Monthly Interest Distributable Amount for such Payment Date and the Class C Noteholders' Interest Carryover Shortfall.]

["<u>Class C Noteholders' Monthly Interest Distributable Amount</u>" means, with respect to any Payment Date, the aggregate interest accrued for the related Interest Period on the Class C Notes at the Class C Interest Rate on the Class C Note Balance immediately preceding the Payment Date (or, in the case of the initial Payment Date, on the [Initial] Closing Date), after giving effect to all payments of principal to the Holders of the Class C Notes on or prior to such preceding Payment Date. Interest with respect to the Class C Notes shall be computed on the basis of [the actual number of days elapsed and on] a 360-day year [consisting of twelve 30-day months].]

["<u>Class C Notes</u>" means the Class of Asset-Backed Notes designated as Class C[a/b] Notes, issued in accordance with the Indenture.]

["<u>Class D Interest Rate</u>" means [Benchmark plus][·]% per annum (computed on the basis of [the actual number of days elapsed and on] a 360-day year [consisting of twelve 30-day months]).]

["<u>Class D Note Balance</u>" means, as of any date, the Initial Class D Note Balance reduced by all payments of principal made on or prior to such date on the Class D Notes.]

["<u>Class D Noteholders' Interest Carryover Shortfall</u>" means, with respect to any Payment Date, the excess of the Class D Noteholders' Monthly Interest Distributable Amount for the

Ex. F-11

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

["<u>Class D Noteholders' Interest Distributable Amount</u>" shall mean, with respect to any Payment Date, the sum of the Class D Noteholders' Monthly Interest Distributable Amount for such Payment Date and the Class D Noteholders' Interest Carryover Shortfall.]

["<u>Class D Noteholders' Monthly Interest Distributable Amount</u>" means, with respect to any Payment Date, the aggregate interest accrued for the related Interest Period on the Class D Notes at the Class D Interest Rate on the Class D Note Balance immediately preceding the Payment Date (or, in the case of the initial Payment Date, on the [Initial] Closing Date), after giving effect to all payments of principal to the Holders of the Class D Notes on or prior to such preceding Payment Date. Interest with respect to the Class D Notes shall be computed on the basis of [the actual number of days elapsed and on] a 360-day year [consisting of twelve 30-day months].]

["<u>Class D Notes</u>" means the Class of Asset-Backed Notes designated as Class D[a/b] Notes, issued in accordance with the Indenture.]

["<u>Class E Interest Rate</u>" means [Benchmark plus][·]% per annum (computed on the basis of [the actual number of days elapsed and on] a 360-day year [consisting of twelve 30-day months]).]

["<u>Class E Note Balance</u>" means, as of any date, the Initial Class E Note Balance reduced by all payments of principal made on or prior to such date on the Class E Notes.]

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

["<u>Class E Noteholders' Interest Distributable Amount</u>" shall mean, with respect to any Payment Date, the sum of the Class E Noteholders' Monthly Interest Distributable Amount for such Payment Date and the Class E Noteholders' Interest Carryover Shortfall.]

["<u>Class E Noteholders' Monthly Interest Distributable Amount</u>" means, with respect to any Payment Date, the aggregate interest accrued for the related Interest Period on the Class E Notes at the Class E Interest Rate on the Class E Note Balance immediately preceding the Payment Date (or, in the case of the initial Payment Date, on the [Initial] Closing Date), after giving effect to all payments of principal to the Holders of the Class E Notes on or prior to such preceding Payment

Ex. F-12

Date. Interest with respect to the Class E Notes shall be computed on the basis of [the actual number of days elapsed and on] a 360-day year [consisting of twelve 30-day months].]

["<u>Class E Notes</u>" means the Class of Asset-Backed Notes designated as Class E[a/b] Notes, issued in accordance with the Indenture.]

["<u>Class F Interest Rate</u>" means [Benchmark plus][·]% per annum (computed on the basis of [the actual number of days elapsed and on] a 360-day year [consisting of twelve 30-day months]).]

["<u>Class F Note Balance</u>" means, as of any date, the Initial Class F Note Balance reduced by all payments of principal made on or prior to such date on the Class F Notes.]

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

["<u>Class F Noteholders' Interest Distributable Amount</u>" shall mean, with respect to any Payment Date, the sum of the Class F Noteholders' Monthly Interest Distributable Amount for such Payment Date and the Class F Noteholders' Interest Carryover Shortfall.]

["<u>Class F Noteholders' Monthly Interest Distributable Amount</u>" means, with respect to any Payment Date, the aggregate interest accrued for the related Interest Period on the Class F Notes at the Class F Interest Rate on the Class F Note Balance immediately preceding the Payment Date (or, in the case of the initial Payment Date, on the [Initial] Closing Date), after giving effect to all payments of principal to the Holders of the Class F Notes on or prior to such preceding Payment Date. Interest with respect to the Class F Notes shall be computed on the basis of [the actual number of days elapsed and on] a 360-day year [consisting of twelve 30-day months].]

["<u>Class F Notes</u>" means the Class of Asset-Backed Notes designated as Class F[a/b] Notes, issued in accordance with the Indenture.]

["<u>Class [·] Reserve Account</u>" means the account designated as such, established and maintained pursuant to <u>Section 8.2</u> of this Indenture.]

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

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

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

Ex. F-13

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

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

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

"<u>Closed-End Exchange Note</u>" means the 20[·]-[·] closed-end exchange note issued pursuant to the Exchange Note Supplement.

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

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

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

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

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

["<u>Closing Date</u>" means [·], 20[·].]

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

"<u>Code of Ethics for Arbitrators in Commercial Disputes</u>" means The Code of Ethics for Arbitrators in Commercial Disputes of 1977, as revised in 2003, and otherwise revised, modified, amended or supplemented from time to time.

"<u>Collateral</u>" has the meaning set forth in the Granting Clause of this Indenture.

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

"<u>Collection Period</u>" means the period commencing on the first day of each calendar month (or, in the case of the initial Collection Period, the period from but excluding the [Initial] Cut-Off Date) to and including the last day of the calendar month immediately preceding the calendar month in which such Payment Date occurs. As used herein, the "related" Collection Period with

Ex. F-14

respect to a Payment Date shall be deemed to be the Collection Period which ends on the last day of the calendar month which immediately precedes such Payment Date.

"<u>Commission</u>" means the U.S. Securities and Exchange Commission.

["<u>Compounded SOFR</u>" with respect to any U.S. Government Securities Business Day, shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the applicable compounded average of SOFR for the Corresponding Tenor of 30 days as published on such U.S. Government Securities Business Day at the SOFR Determination Time; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) if the rate specified in (1) above does not so appear, the applicable compounded average of SOFR for the Corresponding Tenor as published in respect of the first preceding U.S. Government Securities Business Day for which such rate appeared on the FRBNY's Website.

The specific Compounded SOFR rate is referred to by its tenor. For example, "30-day Average SOFR" refers to the compounded average SOFR over a rolling 30-calendar day period as published on the FRBNY's Website.]

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

"<u>Controlling Securities</u>" means the Class A Notes so long as the Class A Notes are Outstanding, and after the Class A Notes are no longer Outstanding, the Class B Notes so long as the Class B Notes are Outstanding[, and after the Class A Notes and the Class B Notes are no longer Outstanding, the Class C Notes so long as the Class C Notes are Outstanding][, and after the Class A Notes, the Class B Notes and the Class C Notes are no longer Outstanding, the Class D Notes so long as the Class D Notes are Outstanding][, and after the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes are no longer Outstanding, the Class E Notes so long as the Class E Notes are Outstanding] [and after the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes are no longer Outstanding, the Class F Notes so long as the Class F Notes are Outstanding].

"Conversion Date" means a date in the future on which the Sponsor begins using a threshold of 10% of the applicable scheduled lease payment rather than $40 for determining if a scheduled lease payment is delinquent.

"<u>Corporate Trust Office</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as used in the Indenture, or otherwise with respect to Indenture Trustee, the principal office of the Indenture Trustee at which at any particular time its corporate trust business shall be administered which office at date of the execution of the Indenture is located at [·], or at such other address or electronic mail address as the Indenture Trustee may designate from time to time by notice to the Noteholders, the Administrator, the Servicer and the Issuing Entity, or the principal corporate trust office of any successor Indenture Trustee (the address of which the successor Indenture Trustee will notify the Noteholders and the Owner Trustee); and

Ex. F-15

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as used in the Trust Agreement, or otherwise with respect to Owner Trustee, the corporate trust office of the Owner Trustee located at [·] or at such other address or electronic mail address as the Owner Trustee may designate by notice to the Certificateholder and the Depositor, or the principal corporate trust office of any successor Owner Trustee (the address of which the successor Owner Trustee will notify the Certificateholder and the Depositor).

["<u>Corresponding Tenor</u>" means, with respect to a Benchmark Replacement, a tenor (including overnight) having approximately the same length (disregarding any business day adjustment) as the applicable tenor for the then-current Benchmark.]

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

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

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

"<u>Cut-Off Date</u>" means the close of business on [·], 20[·].

"<u>Dealer</u>" has the meaning set forth in Appendix A to the Collateral Agency Agreement.

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

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

"<u>Definitive Note</u>" means a definitive fully registered Note issued as a "Definitive Note" pursuant to <u>Section 2.12</u> of this Indenture.

Ex. F-16

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

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

"<u>Delinquency Threshold Amount</u>" means $40 prior to the Conversion Date, and 10% of the applicable scheduled payment after the Conversion Date.

"<u>Delinquency Trigger</u>" means [·]%.

"<u>Delinquent Unit</u>" means any Transaction Unit (other than a Defaulted Unit) with a related Transaction Lease on which any payment or part thereof of more than the Delinquency Threshold Amount is past due for more than 30 days.

"<u>Delivery</u>" when used with respect to Trust Account Property means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to bankers' acceptances, commercial paper, negotiable certificates of deposit and other obligations that constitute "instruments" within the meaning of Section 9-102(a)(47) of the UCC and are susceptible of physical delivery, transfer thereof to the Indenture Trustee or its nominee or custodian by physical delivery to the Indenture Trustee or its nominee or custodian endorsed to, or registered in the name of, the Indenture Trustee or its nominee or custodian or endorsed in blank, and, with respect to a certificated security (as defined in Section 8-102 of the UCC) transfer thereof (i) by delivery of such certificated security endorsed to, or registered in the name of, the Indenture Trustee or its nominee or custodian or endorsed in blank to a financial intermediary (as defined in Section 8-313 of the UCC) and the making by such financial intermediary of entries on its books and records identifying such certificated securities as belonging to the Indenture Trustee or its nominee or custodian and the sending by such financial intermediary of a confirmation of the purchase of such certificated security by the Indenture Trustee or its nominee or custodian, or (ii) by delivery thereof to a "clearing corporation" (as defined in Section 8-102(3) of the UCC) and the making by such clearing corporation of appropriate entries on its books reducing the appropriate securities account of the transferor and increasing the appropriate securities account of a financial intermediary by the amount of such certificated security, the identification by the clearing corporation of the certificated securities for the sole and exclusive account of the financial intermediary, the maintenance of such certificated securities by such clearing corporation or a "custodian bank" (as defined in Section 8-102(4) of the UCC) or the nominee of either subject to the clearing corporation's exclusive control, the sending of a confirmation by the financial intermediary of the purchase by the Indenture Trustee or its nominee or custodian of such securities and the making by such financial intermediary of entries on its books and records identifying such certificated securities as belonging to the Indenture Trustee or its nominee or custodian (all of the foregoing, "Physical Property"), and, in any event, any such Physical Property in registered form shall be in the name of the Indenture Trustee or its nominee or custodian; and such additional or alternative procedures as may hereafter become appropriate to effect the complete transfer of ownership of any such Trust Account

Ex. F-17

Property (as defined herein) to the Indenture Trustee or its nominee or custodian, consistent with changes in applicable law or regulations or the interpretation thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to any securities issued by the U.S. Treasury, the Federal Home Loan Mortgage Corporation or by the Federal National Mortgage Association that are book-entry securities held through the Federal Reserve System pursuant to Federal book-entry regulations, the following procedures, all in accordance with applicable law, including applicable Federal regulations and Articles 8 and 9 of the UCC: book-entry registration of such Trust Account Property to an appropriate book-entry account maintained with a Federal Reserve Bank by a financial intermediary which is also a "depository" pursuant to applicable Federal regulations and issuance by such financial intermediary of a deposit advice or other written confirmation of such book-entry registration to the Indenture Trustee or its nominee or custodian of the purchase by the Indenture Trustee or its nominee or custodian of such book-entry securities; the identification by the Federal Reserve Bank of such book-entry securities on its record being credited to the financial intermediary's Participant's securities account; the making by such financial intermediary of entries in its books and records identifying such book-entry security held through the Federal Reserve System pursuant to Federal book-entry regulations as being credited to the Indenture Trustee's securities account or custodian's securities account and indicating that such custodian holds such Trust Account Property solely as agent for the Indenture Trustee or its nominee or custodian; and such additional or alternative procedures as may hereafter become appropriate to effect complete transfer of ownership of any such Trust Account Property to the Indenture Trustee or its nominee or custodian, consistent with changes in applicable law or regulations or the interpretation thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) with respect to any item of Trust Account Property that is an uncertificated security under Article 8 of the UCC and that is not governed by clause (b) above, registration on the books and records of the issuer thereof in the name of the financial intermediary, the sending of a confirmation by the financial intermediary of the purchase by the Indenture Trustee or its nominee or custodian of such uncertificated security, the making by such financial intermediary of entries on its books and records identifying such uncertificated certificates as belonging to the Indenture Trustee or its nominee or custodian.

"<u>Depositor</u>" means World Omni Auto Leasing LLC, a Delaware limited liability company.

"<u>Depository Agreement</u>" means the agreement among the Issuing Entity and DTC, as the initial Clearing Agency, dated as of the [Initial] Closing Date, substantially in the form of <u>Exhibit B</u> to this Indenture.

"<u>Determination Date</u>" means [one][two] Business Day[s] immediately preceding the related Payment Date.

"<u>Dollar</u>" and "<u>$</u>" mean lawful currency of the United States of America.

"<u>DTC</u>" means The Depository Trust Company, and its successors.

["<u>Early Amortization Event</u>" means the occurrence during the Revolving Period of one or more of the following: (i) the amount on deposit in the [Risk Retention] Reserve Account is

Ex. F-18

less than the [Risk Retention] Required Reserve Account Balance on [two] consecutive Payment Dates following any application of amounts on deposit therein on each such Payment Date; (ii) the amount on deposit in the Accumulation Account is less than the Target Reinvestment Amount on [two] consecutive Payment Dates following any application of amounts on deposit therein on each such Payment Dates; (iii) the amount on deposit in the Accumulation Account exceeds [·]% of the Initial Securitization Value on [three] consecutive Payment Dates following any application of amounts on deposit therein; (iv) an Event of Default occurs; or (v) an Exchange Note Servicer Default occurs.]

"<u>Early Termination Charge</u>" means the Remaining Payments Charge, other than any charges for excess mileage, excess wear and use charges already taken into account in the realized value of the vehicle, plus the Contract Residual Value set forth in the Closed-End Lease, minus the unearned portion of the Lease Charge set forth in the Closed-End Lease, minus, at the lessor's option, the realized value of the Closed-End Vehicle as determined by the estimated or appraised wholesale value of the Closed-End Vehicle or by the amount the Servicer receives upon disposition of the Closed-End Vehicle at wholesale. As an alternative, at the lessee's option and at the lessee's expense, the Closed-End Vehicle's realized value may be determined by an appraisal of the Closed-End Vehicle's wholesale value by a qualified independent appraiser selected by the lessee and acceptable to the Servicer. If such option is selected by the lessee, the appraiser's determination of the realized value of the Closed-End Vehicle is final and binding on both parties.

"<u>Eligible Account</u>" means either (a) a segregated account with an Eligible Institution or (b) a segregated trust account with Eligible Trust Account Institution.

"<u>Eligible Institution</u>" means a depository institution or trust company (which may be the Owner Trustee, the Indenture Trustee or any of their respective affiliates) organized under the laws of the United States of America or any one of the states thereof or the District of Columbia (or any domestic branch of a foreign bank), (i) which has either (A) an issuer credit rating of "[·]" or better by [·] and "[·]" or better by [·], (B) a short-term unsecured debt rating or deposit rating of "[·]" or better by [·], and "[·]" or better by [·] or (C) such other rating that is acceptable to each Rating Agency and (ii) whose deposits are insured by the FDIC.

"<u>Eligible Lease</u>" means a Closed-End Lease:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) relates to a Toyota-branded automobile or light duty truck, of a model year of [·] or later,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [is written with respect to a Closed-End Vehicle that was, at the time of the origination of the related Closed-End Lease, a new [or used] vehicle or a dealer demonstration vehicle driven fewer than [·] miles,]

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

Ex. F-19

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) [was originated on or after [·],]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) provides for level monthly payments that fully amortize the Adjusted Capitalized Cost of the lease at a contractual annual percentage rate to the related Contract Residual Value over the lease term [and, in the event of a Closed-End Obligor initiated early termination, provides for payment of an Early Termination Charge or Remaining Payments Charge],

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) that does not have a scheduled monthly payment for which more than the Delinquency Threshold Amount is more than 30 days past due as of the [Initial] Cut-Off Date and is not a Defaulted Unit,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) is owned, and the related Closed-End Vehicle is owned, by the Titling Trust, free of all Liens (including tax liens, mechanics' liens, and other liens other than any lien of the Closed-End Collateral Agent or any lien on the certificate of title that arises by operation of law), other than a Permitted Lien,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) was originated in compliance with, and complies in all material respect with, all material applicable legal requirements, including, to the extent applicable, the Federal Consumer Credit Protection Act, Regulation M of the Board of Governors of the Federal Reserve, all State leasing and consumer protection laws and all State and federal usury laws,

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) the Securitization Value of the related Closed-End Unit, as of the [Initial] Cut-Off Date is no greater than $[·], and

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

"<u>Eligible Trust Account Institution</u>" means the corporate trust department of a depository institution organized under the laws of the United States of America or any one of the states thereof

Ex. F-20

or the District of Columbia (or any domestic branch of a foreign bank), having corporate trust powers and acting as trustee for funds deposited in such account, so long as such depository institution shall have (i) an issuer credit rating of "[·]" or better by [·] and "[·]" or better by [·], or (ii) a short-term unsecured debt rating or deposit rating of "[·]" or better by [·] and "[·]" or better by [·] or (iii) such other rating that is acceptable to each Rating Agency. So long as such institution qualifies, the Eligible Trust Account Institution may be the Owner Trustee, the Indenture Trustee, the Account Bank or any of their respective Affiliates.

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

["<u>EU Securitisation Regulation</u>" means Regulation (EU) 2017/2402 of the European Parliament and of the Council of December 12, 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation and amending certain other European Union directives and regulations, as amended and in effect from time to time.]

["<u>EU Securitisation Rules</u>" means the EU Securitisation Regulation, together with all relevant implementing regulations in relation thereto, all regulatory and/or implementing technical standards in relation thereto or applicable in relation thereto pursuant to any transitional arrangements made pursuant to the EU Securitisation Regulation and, in each case, any relevant guidance published in relation thereto by the European Banking Authority, the European Securities and Markets Authority, and the European Insurance and Occupational Pensions Authority (or, in each case, any predecessor or any other applicable regulatory authority) or by the European Commission, in each case as amended supplemented or replaced and in effect from time to time.]

"<u>Event of Default</u>" has the meaning set forth in <u>Section 5.1</u> of this Indenture.

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

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

"<u>Exchange</u>" has the meaning set forth in <u>Section 2.4(d)(xv)</u> of this Indenture.

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended.

"<u>Exchange Note</u>" means the Closed-End Exchange Note.

"<u>Exchange Note Agreement</u>" means the Collateral Agency Agreement and the Exchange Note Supplement.

"<u>Exchange Note Assets</u>" means a separate pool of Titling Trust Assets allocated to the Exchange Note.

Ex. F-21

"<u>Exchange Note Collection Account</u>" means the account designated as such, established and maintained pursuant to the Servicing Agreement.

"<u>Exchange Note Default</u>" has the meaning set forth in the Collateral Agency Agreement.

"<u>Exchange Note Purchase Price</u>" means $[·].

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

"<u>Exchange Note Servicer Default</u>" has the meaning set forth in <u>Section 14.1</u> of the Exchange Note Servicing Supplement.

"<u>Exchange Note Servicing Supplement</u>" means the Exchange Note Servicing Supplement 20[·]-[·] to Servicing Agreement, dated as of the [Initial] Closing Date, among the Titling Trust, the Closed-End Collateral Agent and the Servicer, as the same may be amended or modified from time to time.

"<u>Exchange Note Supplement</u>" means the Exchange Note Supplement 20[·]-[·] to Collateral Agency Agreement, dated as of the [Initial] Closing Date, among the Titling Trust, Initial Beneficiary, AL Holding Corp. and the Closed-End Administrative Agent, as the same may be amended or modified from time to time.

"<u>Exchange Note Transfer Agreement</u>" means the Exchange Note Transfer Agreement, dated as of the [Initial] Closing Date, between the Depositor and the Issuing Entity, as amended or supplemented from time to time.

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

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

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

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

"<u>FDIC</u>" means the Federal Deposit Insurance Corporation.

Ex. F-22

"<u>Final Scheduled Payment Date</u>" means, with respect to (i) the Class A-1 Notes, [·], 20[·], (ii) the Class A-2 Notes, [·], 20[·]; (iii) the Class A-3 Notes, [·], 20[·]; (iv) the Class A-4 Notes, [·], 20[·]; [and] (v) the Class B Notes, [·], 20[·][;and] (vi) the Class C Notes, [·], 20[·]][;and] (vii) the Class D Notes, [·], 20[·]][;and] (viii) the Class E Notes, [·], 20[·]] [and (ix) the Class F Notes, [·], 20[·]].

"<u>Financial Asset</u>" has the meaning given such term in Revised Article 8. As used herein, the Financial Asset "related to" a security entitlement is the Financial Asset in which the entitlement holder (as defined in the New York UCC) holding such Security Entitlement has the rights and property interest specified in the New York UCC.

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

"<u>Five-State Area</u>" means, Alabama, Florida, Georgia, North Carolina and South Carolina.

"<u>Force Majeure</u>" means any delay or failure in performance caused by acts beyond the Servicer's, the Indenture Trustee's or the Issuing Entity's, as applicable, control, including acts of God, epidemics or pandemics, terrorism, geopolitical unrest or conflict, war, vandalism, sabotage, ransomware, accidents, fires, floods, hurricanes, tornados, civil unrest, strikes, labor disputes, mechanical or electronic breakdown, shortages or delays in obtaining suitable parts or equipment, material, labor, or transportation, acts of subcontractors, interruption of utility services, acts of any unit of government or governmental agency, or any similar or dissimilar cause.

"<u>FRBNY</u>" means the Federal Reserve Bank of New York.

"<u>FRBNY's Website</u>" shall mean the website of the FRBNY, currently at https://www.newyorkfed.org/markets/reference-rates/sofr-average-and-index or at such other page as may replace such page on the FRBNY's website.

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

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

Ex. F-23

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

"<u>Holder</u>" means, as the context may require, the Certificateholder or a Noteholder or both.

"<u>Included Units</u>" means, for any Collection Period, all Transaction Units as of the beginning of such Closed-End EN Collection Period (or, in the case of the initial Closed-End EN Collection Period, the [Initial] Cut-Off Date), other than Transaction Units reallocated to the Warehouse Facility Pool during such Collection Period pursuant to <u>Section 2.3(c)</u> of the Exchange Note Sale Agreement. The "Included Units" for any [Initial] Cut-Off Date means the Included Units for the Closed-End EN Collection Period which begins on the day after such [Initial] Cut-Off Date.

"<u>Indenture</u>" means the Indenture, dated as of the [Initial] Closing Date, among the Issuing Entity, the Indenture Trustee and the Account Bank, as the same may be amended and supplemented from time to time.

"<u>Indenture Secured Parties</u>" means the Noteholders.

"<u>Indenture Trustee</u>" means [·], a [·], not in its individual capacity but as indenture trustee under the Indenture, or any successor Indenture Trustee under the Indenture.

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

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

Ex. F-24

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

"<u>Initial Class A-1 Note Balance</u>" means $[·].

"<u>Initial Class A-2 Note Balance</u>" means $[·].

"<u>Initial Class A-3 Note Balance</u>" means $[·].

"<u>Initial Class A-4 Note Balance</u>" means $[·].

"<u>Initial Class B Note Balance</u>" means $[·].

["<u>Initial Class C Note Balance</u>" means $[·].]

["<u>Initial Class D Note Balance</u>" means $[·].]

["<u>Initial Class E Note Balance</u>" means $[·].]

["<u>Initial Class F Note Balance</u>" means $[·].]

["<u>Initial Closing Date</u>" means [·], 20[·].]

["<u>Initial Cut-Off Date</u>" means the close of business on [·], 20[·].]

"<u>Initial Note Balance</u>" means, (i) for any Class A Notes, the Initial Class A-1 Note Balance, the Initial Class A-2 Note Balance, the Initial Class A-3 Note Balance and the Initial Class A-4 Note Balance, as applicable, (ii) for any Class B Notes, the Initial Class B Note Balance[, (iii) for any Class C Notes, the Initial Class C Note Balance][, (iv) for any Class D Notes, the Initial Class D Note Balance][, (v) for any Class E Notes, the Initial Class E Note Balance][, (vi) for any Class F Notes, the Initial Class F Note Balance] or ([vii]) with respect to the Notes generally, the sum of the foregoing.

"<u>Initial Securitization Value</u>" means $[·].

"<u>Initial Trust Agreement</u>" means the Trust Agreement, dated as of [·], 20[·], between the Depositor and the Owner Trustee.

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

"<u>Intercreditor Agreement</u>" has the meaning set forth in <u>Appendix A</u> to the Collateral Agency Agreement.

"<u>Interest Holder</u>" has the meaning set forth in the Intercreditor Agreement.

Ex. F-25

"<u>Interest Period</u>" means, with respect to any Payment Date, (i) with respect to the Class [·] Notes, the period from and including the [Initial] Closing Date (in the case of the first Payment Date) or from and including the most recent Payment Date to but excluding such Payment Date and (ii) for the Class [·] Notes, the period from and including the 15th day of the preceding calendar month (or, in the case of the initial Payment Date, the [Initial] Closing Date) to, but excluding, the 15th day of the current calendar month.

"<u>Interest Rate</u>" means (a) with respect to the Class A-1 Notes, the Class A-1 Interest Rate, (b) with respect to the Class A-2 Notes, the Class A-2 Interest Rate, (c) with respect to the Class A-3 Notes, the Class A-3 Interest Rate, (d) with respect to the Class A-4 Notes, the Class A-4 Interest Rate[,] [or] (e) with respect to the Class B Notes, the Class B Interest Rate[,] [or] [(f) with respect to the Class C Notes, the Class C Interest Rate][,] [or] [(g) with respect to the Class D Notes, the Class D Interest Rate][,] [or] [(h) with respect to the Class E Notes, the Class E Interest Rate] [or (i) with respect to the Class F Notes, the Class F Interest Rate].

["<u>Interest Rate [Swap][Cap]</u>" means [·].]

["<u>Interest Rate [Swap][Cap] Agreement</u>" means [·].]

["<u>ISDA Definitions</u>" means the [·] ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time.]

["<u>ISDA Fallback Adjustment</u>" means the spread adjustment (which may be a positive or negative value or zero) that would apply for derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark.]

["<u>ISDA Fallback Rate</u>" shall mean the rate that would apply for derivatives transactions referencing the ISDA Definitions to be effective upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment.]

["<u>Investment Earnings</u>" means, with respect to any Payment Date, the investment earnings (net of losses and investment expenses) on amounts on deposit in the Accounts to be deposited into the Trust Collection Account on such Payment Date.]

"<u>Issuing Entity</u>" means World Omni Automobile Lease Securitization Trust 20[·]-[·], a Delaware statutory trust established pursuant to the Initial Trust Agreement and continued under the Trust Agreement, until a successor replaces it and, thereafter, means the successor and, for purposes of any provision contained herein, each other obligor on the Notes.

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

Ex. F-26

"<u>Joinder Agreement</u>" has the meaning set forth in <u>Appendix A</u> to the Collateral Agency Agreement.

"<u>Lease Charges</u>" means lease (or rent) charges calculated and determined based on the Lease Rate.

"<u>Lease Rate</u>" means the implicit interest rate used to calculate the Lease Charges that are included in determining the Base Monthly Payments due under the related Closed-End Lease.

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

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

["<u>Materiality Opinion</u>" has the meaning set forth in the Swap Counterparty Rights Agreement.]

["<u>Maximum Negative Carry Amount</u>" means, if there is a Pre-Funding Period, with respect to the [Initial] Closing Date and any Payment Date, the product of (i) the excess of (a) the weighted average of the Interest Rates on the Notes, as of such date over (b) [·]% multiplied by (ii) the amount on deposit in the Pre-Funding Account on such date multiplied by (iii) the fraction of a year represented by the number of days from such date until, but excluding, the Payment Date immediately following the calendar month in which the last day of the Pre-Funding Period occurs (calculated on the basis of a 360-day year of twelve 30-day months).]

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

["<u>Monthly Swap Payment Amount</u>" means with respect to any Payment Date, the amount if any payable, by the Issuing Entity under the Interest Rate Swap Agreement other than Swap Termination Payment Amounts.]

["<u>Moody's</u>" means Moody's Investors Service, Inc., or any successor that is a nationally recognized statistical rating organization.]

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

["<u>Negative Carry Account</u>" means the account, if any, designated as such, established and maintained pursuant to <u>Section 8.2</u> of this Indenture.]

["<u>Negative Carry Account Initial Deposit</u>" has the meaning set forth in <u>Section 8.2</u> of this Indenture.]

["<u>Negative Carry Amount</u>" means, if there is a Pre-Funding Period, with respect to any Payment Date, the excess (if any) of (i) the product of (a) the sum of the aggregate of the Class A

Ex. F-27

Noteholders' Interest Distributable Amount[,] [and] the Class B Noteholders' Interest Distributable Amount [and the Class C Noteholders' Interest Distributable Amount][,] [and the Class D Noteholders' Interest Distributable Amount][,] [and the Class E Noteholders' Interest Distributable Amount] [and the Class F Noteholders' Interest Distributable Amount] for such Payment Date multiplied by (b) a fraction, the numerator of which is the amount on deposit in the Pre-Funding Account as of the preceding Payment Date (or, if none, the [Initial] Closing Date) and the denominator of which is the Outstanding Amount on such preceding Payment Date (or, if none, the [Initial] Closing Date), in each case, giving effect to all deposits, withdrawals and payments to be made on such Payment Date over (ii) the Investment Earnings on amounts in the Pre-Funding Account during the related Collection Period.]

"<u>Non-ERISA Plan</u>" has the meaning set forth in <u>Section 2.4(d)(xiii)</u> of this Indenture.

"<u>Note</u>" means a Class A-1 Note, Class A-2 Note, Class A-3 Note, Class A-4 Note[,] [or] Class B Note[,] [or] [Class C Note][,] [or] [Class D Note][,] [or] [Class E Note] [or Class F Note], in each case substantially in the form of <u>Exhibit A</u> to this Indenture.

"<u>Note Balance</u>" means, for (i) Class A Notes, the Class A-1 Note Balance, the Class A-2 Note Balance, the Class A-3 Note Balance or the Class A-4 Note Balance, as applicable, (ii) Class B Notes, the Class B Note Balance, [(iii) Class C Notes, the Class C Note Balance,] [(iv) Class D Notes, the Class D Note Balance,] [(v) Class E Notes, the Class E Note Balance,] [(vi) Class F Notes, the Class F Note Balance,] ([vii]) with respect to the Notes generally, the sum of the foregoing.

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

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

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

Ex. F-28

Payment Date, minus (d) the amount allocated as the Noteholders' Second Priority Principal Distributable Amount, if any, with respect to such Payment Date[,] [minus (e) the amount allocated as the Noteholders' Third Priority Principal Distributable Amount, if any, with respect to such Payment Date][,] [minus (f) the amount allocated as the Noteholders' Fourth Priority Principal Distributable Amount, if any, with respect to such Payment Date][,] [minus (g) the amount allocated as the Noteholders' Fifth Priority Principal Distributable Amount, if any, with respect to such Payment Date] [minus (h) the amount allocated as the Noteholders' Sixth Priority Principal Distributable Amount, if any, with respect to such Payment Date].

"<u>Noteholders' Second Priority Principal Distributable Amount</u>" means, with respect to any Payment Date, an amount not less than zero, equal to (a) the Outstanding Amount of the Class A Notes and the Class B Notes as of the day immediately preceding the Payment Date, minus (b) the aggregate Securitization Value as of the last day of the related Collection Period; minus (c) the amount allocated as the Noteholders' First Priority Principal Distributable Amount on the related Payment Date.

["<u>Noteholders' Third Priority Principal Distributable Amount</u>" means, with respect to any Payment Date, an amount not less than zero, equal to (a) the Outstanding Amount of the Notes as of the day immediately preceding the Payment Date, minus (b) the aggregate Securitization Value as of the last day of the related Collection Period; minus (c) the amount allocated as the Noteholders' First Priority Principal Distributable Amount and the Noteholders' Second Priority Principal Distributable Amount on the related Payment Date.]

["<u>Noteholders' Fourth Priority Principal Distributable Amount</u>" means, with respect to any Payment Date, an amount not less than zero, equal to (a) the Outstanding Amount of the Notes as of the day immediately preceding the Payment Date, minus (b) the aggregate Securitization Value as of the last day of the related Collection Period; minus (c) the amount allocated as the Noteholders' First Priority Principal Distributable Amount, the Noteholders' Second Priority Principal Distributable Amount and the Noteholders' Third Priority Principal Distributable Amount on the related Payment Date.]

["<u>Noteholders' Fifth Priority Principal Distributable Amount</u>" means, with respect to any Payment Date, an amount not less than zero, equal to (a) the Outstanding Amount of the Notes as of the day immediately preceding the Payment Date, minus (b) the aggregate Securitization Value as of the last day of the related Collection Period; minus (c) the amount allocated as the Noteholders' First Priority Principal Distributable Amount, the Noteholders' Second Priority Principal Distributable Amount, the Noteholders' Third Priority Principal Distributable Amount and the Noteholders' Fourth Priority Principal Distributable Amount on the related Payment Date.]

["<u>Noteholders' Sixth Priority Principal Distributable Amount</u>" means, with respect to any Payment Date, an amount not less than zero, equal to (a) the Outstanding Amount of the Notes as of the day immediately preceding the Payment Date, minus (b) the aggregate Securitization Value as of the last day of the related Collection Period; minus (c) the amount allocated as the Noteholders' First Priority Principal Distributable Amount, the Noteholders' Second Priority Principal Distributable Amount, the Noteholders' Third Priority Principal Distributable Amount, the Noteholders' Fourth Priority Principal Distributable Amount and the Noteholders' Fifth Priority Principal Distributable Amount on the related Payment Date.]

Ex. F-29

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

"<u>Note Register</u>" and "<u>Note Registrar</u>" have the respective meanings set forth in <u>Section 2.5</u> of this Indenture.

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

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

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

"<u>Other Exchange Note Assets</u>" means the Titling Trust Assets allocated to Other Exchange Notes.

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

"<u>Other Reference Pool</u>" means a pool of Titling Trust Assets other than the Reference Pool.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Notes (or Notes of an applicable Class) theretofore cancelled by the Note Registrar or delivered to the Note Registrar for cancellation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Notes (or Notes of an applicable Class) or portions thereof the payment for which money in the necessary amount has been theretofore deposited with the Indenture Trustee or any Paying Agent in trust for the related Noteholders (provided, however, that if such Notes are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor, satisfactory to the Indenture Trustee, has been made); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Notes (or Notes of an applicable Class) in exchange for or in lieu of other Notes (or Notes of such Class) that have been authenticated and delivered pursuant to this Indenture unless proof satisfactory to the Indenture Trustee is presented that any such Notes are held by a bona fide purchaser; provided that in determining whether Noteholders holding the requisite Outstanding Note Amount have given any request,

Ex. F-30

demand, authorization, direction, notice, consent or waiver hereunder or under any Transaction Document, Notes owned by the Issuing Entity, the Depositor, the Servicer, the Administrator or any of their respective Affiliates shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Indenture Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Notes that a Responsible Officer knows to be so owned shall be so disregarded. Notes so owned that have been pledged in good faith may be regarded as Outstanding if the pledgee thereof establishes to the satisfaction of the Indenture Trustee such pledgee's right so to act with respect to such Notes and that such pledgee is not the Issuing Entity, the Depositor, the Administrator or any of their respective Affiliates.

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

"<u>Overcollateralization Target Amount</u>" means, [with respect to any Payment Date, an amount equal to [·]% of the Initial Securitization Value][ (a) with respect to any Payment Date on or prior to the date on which the Outstanding Amount of the Class [·] Notes is paid in full, an amount equal to [·]% of the Initial Securitization Value and (b) with respect to any Payment Date after the date after which the Outstanding Amount of the Class [·] Notes is paid in full, an amount equal to [·]% of the Initial Securitization Value.

"<u>Owner Trustee</u>" means [·], a [·], not in its individual capacity but solely as Owner Trustee under the Trust Agreement, and any successor Owner Trustee thereunder.

["<u>Parity Reinvestment Amount</u>" means, as of any Payment Date during the Revolving Period, the excess, if any, of the Outstanding Amount of the Notes as of the preceding Payment Date or the [Initial] Closing Date, as applicable, over the aggregate Securitization Value for that Payment Date.]

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

"<u>Payment Date</u>" means the 15th day of each calendar month; <u>provided</u>, <u>however</u>, whenever a Payment Date would otherwise be a day that is not a Business Day, the Payment Date shall be the next Business Day; <u>provided</u>, <u>further</u>, that the initial Payment Date shall be [·], 20[·]. As used herein, the "related" Payment Date with respect to a Collection Period shall be deemed to be the Payment Date which follows such Collection Period.

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

["<u>Permitted Investments</u>" shall mean any of the following:

Ex. F-31

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) direct obligations of, and obligations guaranteed as to full and timely payment of principal and interest by, the United States or any agency or instrumentality of the United States the obligations of which are backed by the full faith and credit of the United States (other than the Government National Mortgage Association), and (ii) direct obligations of, or obligations fully guaranteed by, Fannie Mae or any State then rated with the highest available credit rating of [·] and [·], or such obligations, which obligations are, at the time of investment, otherwise acceptable to each Rating Agency for securities having a rating at least equivalent to the rating of the Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) money market deposit accounts, deposit accounts, certificates of deposit, demand or time deposits, savings deposits, bankers acceptances, or federal funds, in each case as defined in Regulation D of the Board of Governors of the Federal Reserve System and issued by or sold by or offered by, any domestic office of any commercial bank or any depository institution or trust company (including the Indenture Trustee, Account Bank or the Owner Trustee or their successors) incorporated or organized under the laws of the United States or any State thereof which has a combined capital and surplus and undivided profits of not less than $250,000,000 and the deposits of which are insured by the FDIC to the full extent legally permitted and which has a rating on commercial paper or other short term unsecured debt obligations of [·] or [·] by [·] or as to which the Rating Agency Condition is satisfied;

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

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

Ex. F-32

amount, as the case may be, of all Permitted Investments held by the Indenture Trustee (or the Account Bank on its behalf) on behalf of the Issuing Entity;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) guaranteed reinvestment agreements issued by any bank, insurance company or other corporation, so long as at the time of such investment or contractual commitment providing for such investment either such bank, insurance company or other corporation is an Eligible Institution (or has a rating on commercial paper or other short term unsecured debt obligations of [·] or [·] by [·] so long as [·] is a Rating Agency) or as to which the Rating Agency Condition is satisfied;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) funds classified as money market funds; provided, however, that the fund shall be rated with the highest available credit rating of [·] and [·], and redemptions shall be permitted on a daily or next business day basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) auction rate securities issued with a rate reset mechanism and a maximum term of 30 days; provided that investment will be limited to those issuers having the AAA credit rating of [·] and [·]; and

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

Notwithstanding anything to the contrary contained in the foregoing definition:

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

Ex. F-33

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

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

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

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

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

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

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

"<u>Permitted Lien</u>" means (1) with respect to any Transaction Unit (a) the interests of the parties under the Transaction Documents; (b) the interests of the Titling Trust and any Closed-End Obligor as provided in any Transaction Lease; (c) any liens thereon for taxes, assessments, levies, fees and other government and similar charges not due and payable or the amount or validity of which is being contested in good faith by appropriate

Ex. F-34

proceedings; (d) any liens of mechanics, suppliers, vendors, materialmen, laborers, employees, repairmen and other like liens arising in the ordinary course of the Servicer's, the Issuing Entity's or the Titling Trust's (or if a Transaction Lease is then in effect, any Closed-End Obligor's) business securing obligations which are not due and payable or the amount or validity of which is being contested in good faith by appropriate proceedings; (e) liens arising out of any judgment or award against the Depositor or the Titling Trust (or if a Transaction Lease is then in effect, any Closed-End Obligor) with respect to which an appeal or proceeding for review is being taken in good faith and with respect to which there shall have been secured a stay of execution pending such appeal or proceeding for review; and (f) any lien of the Titling Trust noted on the certificate of title of the Transaction Vehicle included in such Closed-End Unit for the sole purpose of causing the certificate of title for such Transaction Vehicle to be returned or otherwise delivered to the Depositor, the Servicer or the Titling Trust from the relevant registrar of titles and which does not convey to the Titling Trust any other rights with respect to such Closed-End Vehicle; and (2) with respect to any Exchange Note, the type of liens described in subclauses (a), (c) and (e) of the foregoing clause (1).

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

"<u>Personally Identifiable Information</u>" means information in any format about an identifiable individual, including name, address, phone number, e-mail address, account number(s), identification number(s), any other actual or assigned attribute associated with or identifiable to an individual and any information that when used separately or in combination with other information could identify an individual.

"<u>Physical Property</u>" shall have the meaning assigned to such term in the definition of "Delivery" above.

"<u>Plan</u>" has the meaning set forth in <u>Section 2.4(c)(viii)</u> of this Indenture.

"<u>Plan Asset Regulation</u>" has the meaning set forth in <u>Section 2.4(c)(viii)</u> of this Indenture.

"<u>PRASR</u>" means the Securitisation Part of the rulebook of published policy of the Prudential Regulatory Authority of the Bank of England.

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

"<u>Predecessor Note</u>" means, with respect to any particular Note, every previous Note evidencing all or a portion of the same debt as that evidenced by such particular Note; provided, however, for the purpose of this definition, any Note authenticated and delivered under <u>Section 2.6</u> of this Indenture in lieu of a mutilated, destroyed, lost or stolen Note shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Note.

["<u>Pre-Funded Amount</u>" means with respect to any Payment Date, the amount on deposit in the Pre-Funding Account.]

["<u>Pre-Funding Account</u>" means the account, if any, designated as such, established and maintained pursuant to <u>Section 8.2</u> of this Indenture.]

Ex. F-35

["<u>Pre-Funding Account Initial Deposit</u>" has the meaning set forth in <u>Section 8.2</u> of this Indenture.]

["<u>Pre-Funding Period</u>" means the period beginning on and including the [Initial] Closing Date and ending on the first to occur of (a) the date on which the amount on deposit in the Pre-Funding Account (after giving effect to any transfers therefrom in connection with the allocation of subsequent Units to the Reference Pool on such Payment Date) is not greater than $[100,000], (b) the date on which an Event of Default or an Exchange Note Servicer Default occurs, (c) the date on which an Insolvency Event occurs with respect to WOAL or World Omni or (d) the last Business Day of [·].]

"<u>Principal Distribution Account</u>" means the account designated as such, established and maintained pursuant to <u>Section 8.2</u> of this Indenture.

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

"<u>PTCE 95-60</u>" has the meaning set forth in <u>Section 2.4(d)(xiii)</u> of this Indenture.

"<u>Prospectus</u>" means the final prospectus dated [·], 20[·], relating to the Notes.

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

"<u>Rating Agency Condition</u>" means, with respect to any action, that each Rating Agency shall have received [[·] [Business Days'][days]] prior written notice and, in either case, such Rating Agency shall not have notified the Depositor that such action will result in a downgrade of the then current rating on any Notes.

"<u>Reallocation Reques</u>t" has the meaning specified in Section 2.3(d)(i) of the Exchange Note Sale Agreement.

"<u>Record Date</u>" means, with respect to a Payment Date or Redemption Date, the close of business on the Business Day immediately preceding such Payment Date or Redemption Date or, if Definitive Notes have been issued pursuant to <u>Section 2.10</u> of this Indenture, the Payment Date in the preceding month.

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

"<u>Recoveries</u>" means, with respect to any Transaction Unit that has become a Terminated Unit, all monies collected by the Servicer (from whatever source, including, but not limited to, proceeds of a deficiency balance or insurance proceeds recovered after the charge-off of the related Transaction Unit) on such Terminated Unit, net of any and all out-of-pocket costs and expenses

Ex. F-36

incurred by the Servicer in connection therewith, Supplemental Servicing Fees and any payments required by law to be remitted to the Closed-End Obligor.

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

"<u>Reference Pool</u>" means the pool of Titling Trust Assets allocated to the Exchange Note.

["<u>Reference Time</u>" shall mean, if the Benchmark is not SOFR, the time determined by the Administrator after giving effect to the Benchmark Replacement Conforming Changes.]

"<u>Redemption Price</u>" means an amount equal to the unpaid principal amount of the Notes redeemed plus accrued and unpaid interest thereon at the applicable Interest Rate for the Notes being so redeemed, up to but excluding the Redemption Date.

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

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

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

["<u>Relevant Governmental Body</u>" shall mean the Federal Reserve Board and/or the FRBNY, or a committee officially endorsed or convened by the Federal Reserve Board and/or the FRBNY or any successor thereto.]

"<u>Remaining Payments Charge</u>" means the remaining amounts owed under a related lease in connection with a Closed-End Obligor initiated early termination, including, Base Monthly Payments and all applicable Additional Lease Charges, plus the disposition fee set forth in the Closed-End Lease, plus any official fees and taxes related to termination, plus any charges for excess mileage and the Servicer's reasonable estimate of repairs relating to excess wear or use.

"<u>Reporting Subcontractor</u>" shall mean with respect to any Person, any Subcontractor for such Person that is "participating in the servicing function" within the meaning of Item 1122 of Regulation AB. References to a Reporting Subcontractor shall refer only to the Subcontractor of such Person and shall not refer to Subcontractors generally.

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

Ex. F-37

"<u>Repurchase Rules and Regulations</u>" has the meaning set forth in <u>Section 6.15</u> of this Indenture.

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

"<u>Required Deposit Amount</u>" has the meaning set forth in the Servicing Agreement.

["<u>Required Negative Carry Account Balance</u>" means, if applicable, with respect to any Payment Date, an amount equal to the lesser of (a) the amount then on deposit in the Negative Carry Account, if any, and (b) the Maximum Negative Carry Amount as of such date.]

"<u>Required Rating</u>" means a rating on commercial paper or other short term unsecured debt obligations of [·] by [·] so long as [·] is a Rating Agency and [·] by [·] so long as [·] is a Rating Agency; and any requirement that deposits or debt obligations have the "Required Rating" shall mean that such deposits or debt obligations have the foregoing required ratings from [·] and [·].

["<u>Reserve Account Letter of Credit</u>" means [·].]

["<u>Reserve Account Letter of Credit Bank</u>" means [·].]

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

"<u>Responsible Officer</u>" means, with respect to the (i) Indenture Trustee, any officer within the corporate trust department of the Indenture Trustee, including any vice president, senior associate, associate, trust officer or any other officer of the Indenture Trustee who customarily performs functions similar to those performed by the persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person's knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of the Indenture and any other Transaction Document to which the Indenture Trustee is a party, (ii) Owner Trustee, any officer within the Corporate Trust Office of the Owner Trustee and having direct responsibility for the administration of the Issuing Entity pursuant to the Trust Agreement, including any Vice President, Assistant Vice President, Assistant Treasurer, Assistant Secretary, or any other officer customarily performing functions similar to those performed by any of the above designated officers and also, with respect to a particular

Ex. F-38

matter, any other officer to whom such matter is referred because of such officer's knowledge of and familiarity with the particular subject and (iii) Administrator, any officer of the Administrator having direct responsibility for the administration of the Issuing Entity pursuant to the Administration Agreement, including any Vice President, Assistant Vice President, Assistant Treasurer, Assistant Secretary, or any other officer customarily performing functions similar to those performed by any of the above designated officers and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer's knowledge of and familiarity with the particular subject.

"<u>Retained Interest</u>" has the meaning designated in <u>Section 16.17(a)</u> of the Exchange Note Servicing Supplement.

"<u>Retained Notes</u>" [means the Class [·] Notes, until such time as such Notes are the subject of an opinion specified in <u>Section 2.4</u> of the Indenture regarding treatment of such Notes as indebtedness for U.S. federal income tax purposes, which opinion shall have been received by the Depositor and the Indenture Trustee][reserved].

"<u>Review</u>" means a review by the Asset Representations Reviewer as specified in the Asset Representations Review Agreement of all Transaction Leases that have been Delinquent Units for 60 days or more as of the last day of the preceding Collection Period to determine whether such Transaction Leases satisfy the representations and warranties set forth in <u>Section 2.3(b)</u> of the Exchange Note Sale Agreement, each as of the date as specified in <u>Section 2.3(b)</u> of the Exchange Note Sale Agreement.

"<u>Review Transaction Lease</u>" has the meaning designated in <u>Section 1.02</u> of the Asset Representations Review Agreement.

"<u>Review Notice</u>" means the notice from the Indenture Trustee to the Asset Representations Reviewer, the Issuing Entity and the Servicer pursuant to <u>Section 7.5(c)</u> of this Indenture directing the Asset Representations Reviewer to perform a Review.

"<u>Review Report</u>" has the meaning designated in <u>Section 3.04</u> of the Asset Representations Review Agreement.

["<u>Revolving Period</u>" means the monthly periods from [·] through [·], and the related Payment Dates.]

["<u>[Risk Retention] Required Reserve Account Balance</u>" means with respect to any Payment Date, [an amount equal to [·]% (or such other higher percentage as may be determined by the Depositor, in its sole discretion, on or prior to the [Initial] Closing Date) of the [Initial] Securitization Value][, provided that, with respect to any Payment Date after the date on which the Outstanding Amount of the Class [·] Notes is paid in full, [[·]% (or such other higher percentage as may be determined by the Depositor, in its sole discretion, on or prior to the [Initial] Closing Date) of the [Initial] Securitization Value][·]% of the Pool Balance for that Payment Date].]

"<u>[Risk Retention] Reserve Account</u>" means the account designated as such, established and maintained pursuant to <u>Section 8.2</u> of this Indenture.

["<u>[Risk Retention] Reserve Account Subsequent Transfer Deposit</u>" means with respect to any Subsequent Transfer Date, cash or Permitted Investments in an amount equal to [·]% of the aggregate Securitization Value of the Subsequent Units as of the applicable Subsequent Transfer

Ex. F-39

Date, which shall be deposited into the [Risk Retention] Reserve Account on such Subsequent Transfer Date.]

"<u>Sales Proceeds</u>" means, with respect to any Transaction Vehicle, an amount equal to the aggregate amount of proceeds received by the Servicer from the purchaser in connection with the sale or other disposition of such Transaction Vehicle, net of any and all out-of-pocket costs and expenses incurred by the Servicer in connection with such sale or other disposition, including without limitation, all repossession, auction, painting, repair and any and all other similar liquidation and refurbishment costs and expenses.

"<u>Sarbanes-Oxley Act</u>" means the Sarbanes-Oxley Act of 2002, as amended.

"<u>SECN</u>" means the securitisation sourcebook of the handbook of rules and guidance adopted by the UK Financial Conduct Authority.

"<u>Securities Act</u>" shall mean the Securities Act of 1933, as amended.

"<u>Securitization Rate</u>" means, with respect to any Included Unit, [·]%.

["<u>Securitisation Rules</u>" means the EU Securitisation Rules and the UK Securitisation Rules.]

"<u>Securitization Value</u>" means, for each Included Unit, as of any date, the sum of (i) the present values (discounted at the greater of the Securitization Rate and the Lease Rate) of (a) the aggregate scheduled monthly payments remaining on the Closed-End Lease and (b) the Base Residual Value of the related Closed-End Vehicle and (ii) the monthly payments due and not yet paid, minus any monthly payments made in advance of the Closed-End Obligor's next due date; <u>provided</u>, <u>however</u>, that the Securitization Value of a Terminated Unit is equal to zero.

"<u>Securitization Transaction</u>" means any transaction effected after the [Initial] Closing Date involving an issuance of notes pursuant to the Indenture, whether publicly offered or privately placed, rated or unrated.

"<u>Seller</u>" has the meaning set forth in the first paragraph of the Exchange Note Sale Agreement.

["<u>Senior Swap Termination Amount</u>" means, any Swap Termination Payment Amount other than a Subordinate Swap Termination Amount.]

"<u>Servicer</u>" means World Omni, initially, in its capacity as Servicer under the Exchange Note Servicing Agreement, and any replacement Servicer appointed pursuant to the Exchange Note Servicing Supplement.

"<u>Servicer Certificate</u>" has the meaning set forth in <u>Section 8.3</u> of this Indenture.

"<u>Servicing Agreement</u>" means the fifth amended and restated servicing agreement, dated as of December 15, 2009, between the Titling Trust, World Omni, as servicer and the Closed-End

Ex. F-40

Collateral Agent, as amended, modified and supplemented by the Exchange Note Servicing Supplement, and as the same may be further amended or modified from time to time.

"<u>Servicing Criteria</u>" means the "servicing criteria" set forth in Item 1122(d) of Regulation AB.

"<u>Servicing Fee</u>" means, for any Closed-End EN Collection Period, an amount equal to the product of (a) one-twelfth (1/12th) (or, in the case of the initial Closed-End EN Collection Period (i.e., the period from but excluding the [Initial] Cut-Off Date to and including [·], 20[·]), a fraction, the numerator of which is [·] and the denominator of which is 360), (b) [1.00]% and (c) the aggregate Securitization Value at the beginning of such Closed-End EN Collection Period (or, in the case of the first Payment Date, at the [Initial] Cut-Off Date) of all Transaction Units for such Closed-End EN Collection Period.

"<u>Similar Law</u>" shall have the meaning set forth in <u>Section 2.4(c)(viii)</u> of this Indenture.

["<u>SOFR</u>" means, with respect to any day, the secured overnight financing rate published for such day by the Federal Reserve Bank of New York, as the administrator of the benchmark, (or a successor administrator) on the Federal Reserve Bank of New York's website.]

["<u>SOFR Adjustment Conforming Changes</u>" shall mean, with respect to any SOFR Rate, any technical, administrative or operational changes (including changes to the Interest Period, timing and frequency of determining rates and making payments of interest, rounding of amounts or tenors, and other administrative matters) that the Administrator (on behalf of the Issuing Entity) decides, from time to time, may be appropriate to adjust such SOFR Rate in a manner substantially consistent with or conforming to market practice (or, if the Administrator (on behalf of the Issuing Entity) decides that adoption of any portion of such market practice is not administratively feasible or if the Administrator (on behalf of the Issuing Entity) determines that no market practice exists, in such other manner as the Administrator (on behalf of the Issuing Entity) determines is reasonably necessary).]

["<u>SOFR Adjustment Date</u>" shall mean the second U.S. Government Securities Business Day before the first day of such Interest Period.]

["<u>SOFR Determination Time</u>" means 3:00 p.m. (New York time) on the U.S. Government Securities Business Day, at which time Compounded SOFR is published on the FRBNY's Website.]

["<u>SOFR Rate</u>" shall mean the rate that will be determined by the Administrator for each Interest Period on the SOFR Adjustment Date as of the SOFR Determination Time (or, if the Benchmark is not SOFR, the Reference Time) and, except as provided in the Indenture following a determination by the Administrator (on behalf of the Issuing Entity) that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, shall mean, with respect to the Class A-[·] Notes as of any SOFR Adjustment Date, a rate equal to Compounded SOFR; <u>provided</u>, <u>that</u>, the Administrator (on behalf of the Issuing Entity) will have the right, in its sole discretion, to make applicable SOFR Adjustment Conforming Changes.]

Ex. F-41

"<u>Special Purpose Entity</u>" means any special purpose corporation, partnership, limited partnership, trust, business trust, limited liability company or other entity created for one or more Financings.

"<u>Sponsor</u>" means World Omni Financial Corp., a Florida corporation, or its successors.

"<u>State</u>" means any one of the 50 States of the United States of America or the District of Columbia.

"<u>Statutory Trust Act</u>" means Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code Section 3801 et seq., as the same may be amended from time to time.

"<u>Subcontractor</u>" shall mean any vendor, subcontractor or other Person that is not responsible for the overall servicing (as "servicing" is commonly understood by participants in the mortgage-backed securities market) of the Closed-End Units but performs one or more discrete functions identified in Item 1122(d) of Regulation AB with respect to the Closed-End Units under the direction or authority of the Servicer or the Indenture Trustee.

["<u>Subordinate Swap Termination Amount</u>" means, any Swap Termination Payment Amount resulting from a termination where the Swap Counterparty is the Defaulting Party or the sole Affected Party (as defined in the Interest Rate Swap) other than terminations arising from a Tax Event or Illegality (as defined in the Interest Rate Swap).]

["<u>Subsequent Cut-off Date</u>" means with respect to any Transaction Unit allocated to the 20[·]-[·] Reference Pool after the [Initial] Closing Date, if any, the date specified by the [Depositor] in the month those Transaction Units are allocated to the 20[·]-[·] Reference Pool.]

["<u>Subsequent Transfer Date</u>" means any date during the [Pre-Funding Period][Revolving Period] on which subsequent Transaction Units are to be allocated to the 20[·]-[·] Reference Pool.]

["<u>Subsequent Units</u>" means the Transaction Units allocated to the 20[·]-[·] Reference Pool, first, pursuant to the Exchange Note Sale Agreement, then subsequently pursuant to the Exchange Note Transfer Agreement.]

"<u>Supplemental Servicing Fees</u>" means any and all (i) late fees, (ii) extension fees, (iii) prepayment charges, (iv) early termination fees or any other fees paid to the Servicer in connection with the termination of any Closed-End Lease (other than monthly lease payments and Excess Wear and Tear Charges and Excess Mileage Charges), (v) non-sufficient funds charges and (vi) any and all other administrative fees or similar charges allowed by applicable law received by or on behalf of the Servicer, the Closed-End Collateral Agent, the Closed-End Administrative Agent or the Titling Trust with respect to any Closed-End Unit.

["[<u>Swap][Cap] Counterparty</u>" means [·], and any permitted successor pursuant to the terms of each applicable Interest Rate [Swap][Cap].]

["<u>Swap Counterparty Rights Agreement</u>" means [·].]

Ex. F-42

["<u>Swap Termination Payment Amount</u>" means, any amount due to the Swap Counterparty from the Issuing Entity in respect of an early termination of the Interest Rate Swap Agreement.]

["<u>Target Reinvestment Amount</u>" means, as of any Payment Date during the Revolving Period, the excess, if any, of the Outstanding Amount of the Notes as of the preceding Payment Date or the [Initial] Closing Date, as applicable, plus the Overcollateralization Target Amount over the aggregate Securitization Value for that Payment Date.]

"<u>Taxes</u>" means all taxes, charges, fees, levies or other assessments (including income, gross receipts, profits, withholding, excise, property, sales, use, license, occupation and franchise taxes and including any related interest, penalties or other additions) imposed by any jurisdiction or taxing authority (whether foreign or domestic).

"<u>Terminated Unit</u>" shall mean, without duplication, an Included Unit for which any of the following has occurred during a Closed-End EN Collection Period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) following the scheduled expiration or early termination (including any voluntary early termination by the related Closed-End Obligor) of the related Transaction Lease, the related Closed-End Vehicle was either (a) sold or otherwise disposed of by the Servicer or (b) held in inventory for more than 90 days, whichever occurs first;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the related Closed-End Vehicle was purchased by the customer or the dealer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Servicer's records, in accordance with Customary Servicing Practices, disclose that all insurance proceeds expected to be received have been received by the Servicer following a Casualty or other loss with respect to the related Closed-End Vehicle; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the related Closed-End Lease becoming a Defaulted Unit.

"<u>Test Fail</u>" has the meaning assigned in <u>Section 3.03(a)</u> of the Asset Representations Review Agreement.

"<u>TIA</u>" or "<u>Trust Indenture Act</u>" means the Trust Indenture Act of 1939, as amended and as in force on the date hereof, unless otherwise specifically provided.

"<u>Titling Trust</u>" means World Omni LT, a Delaware statutory trust formed under the Statutory Trust Act.

"<u>Titling Trust Administrator</u>" means World Omni, in its capacity as Titling Trust Administrator under the Titling Trust Agreement.

"<u>Titling Trust Agreement</u>" means the second amended and restated trust agreement, dated as of July 16, 2008, among ALF LLC, as Initial Beneficiary, VT Inc., as Titling Trustee, U.S. Bank Trust National Association, as Delaware Trustee, U.S. Bank National Association, as Initial Titling Trustee Agent and World Omni, as Titling Trust Administrator, as the same may be further amended supplemented or modified from time to time.

Ex. F-43

"<u>Titling Trust Assets</u>" has the meaning set forth in <u>Appendix A</u> to the Collateral Agency Agreement.

"<u>Titling Trustee</u>" means VT Inc., not in its individual capacity but solely as Titling Trustee under the Titling Trust Agreement.

"<u>Transaction Documents</u>" means the Indenture, the Notes, the Depository Agreement, the Exchange Note Servicing Supplement, the Exchange Note Supplement, the Servicing Agreement (to the extent that it deals solely with the Exchange Note and the Reference Pool), the Titling Trust Agreement (to the extent that it deals solely with the Exchange Note and the Reference Pool), the Exchange Note Sale Agreement, the Exchange Note Transfer Agreement, the Administration Agreement, the Trust Agreement[, the Interest Rate Swaps, the Swap Counterparty Rights Agreement][,the Interest Rate Caps], the Asset Representations Review Agreement and all other documents, instruments and agreements executed or furnished on or about the [Initial] Closing Date in connection herewith and therewith, as the same may be amended or modified from time to time.

"<u>Transaction Lease</u>" means, for any Transaction Vehicle, the Closed-End Lease for such Transaction Vehicle.

"<u>Transaction Unit</u>" means a Closed-End Unit that has been allocated to the 20[·]-[·] Reference Pool.

"<u>Transaction Vehicle</u>" means, at any time, a Closed-End Vehicle then identified and allocated to the 20[·]-[·] Reference Pool.

"<u>Treasury Regulations</u>" means regulations, including proposed or temporary regulations, promulgated under the Code from time to time.

"<u>Trust Account Property</u>" means the Accounts, all amounts and investments held from time to time in any Account (whether in the form of deposit accounts, Physical Property, book entry securities, uncertificated securities or otherwise), including the Reserve Account, and all proceeds of the foregoing.

"<u>Trust Agreement</u>" means the amended and restated trust agreement, dated as of the [Initial] Closing Date, between the Depositor and the Owner Trustee, as the same may be amended and supplemented from time to time.

"<u>Trust Certificate</u>" shall have the meaning set forth in <u>Section 3.01</u> of the Trust Agreement.

"<u>Trust Collection Account</u>" means the trust account designated as such established and maintained pursuant to <u>Section 8.2</u> of this Indenture.

"<u>Trust Collection Account Shortfall Amount</u>" has the meaning set forth in <u>Section 13.2(b)(iv)</u> of the Exchange Note Supplement.

"<u>Trust Estate</u>" means all money, accounts, chattel paper, general intangibles, goods, instruments, investment property and other property of the Issuing Entity, including (i) the

Ex. F-44

Exchange Note (transferred pursuant to the Exchange Note Transfer Agreement), including the right to payments thereunder after the [Initial] Cut-Off Date, (ii) the rights of the Issuing Entity to the funds on deposit from time to time in the Trust Collection Account and any other account or accounts established pursuant to the Indenture and all cash, investment property and other property from time to time credited thereto and all proceeds thereof (including investment earnings, net of losses and investment expenses, on amounts on deposit therein), (iii) the rights of the Depositor, as buyer, under the Exchange Note Sale Agreement, (iv) the rights of the Issuing Entity, as buyer, under the Exchange Note Transfer Agreement, (v) the rights of the Issuing Entity as a third-party beneficiary under the Basic Documents, to the extent relating to the Transaction Units, [(vi) the rights of the Issuing Entity under the Interest Rate [Swap][Cap], including any amounts owed by the [Swap][Cap] Counterparty to the Issuing Entity] and ([vii]) all proceeds of the foregoing.

"<u>TSRP</u>" means, with respect to any Closed-End Vehicle, the Total Suggested Retail Price for such Closed-End Vehicle.

"<u>UCC</u>" means, unless the context otherwise requires, the Uniform Commercial Code as in effect in the relevant jurisdiction, as amended from time to time.

["<u>UK Securitisation Framework</u>" means (i) the UK Securitisation Regulations, (ii) SECN, (iii) the PRASR and (iv) relevant provisions of the Financial Services and Markets Act 2000, in each case as amended and in effect from time to time.]

["<u>UK Securitisation Regulations</u>" means Securitisation Regulations 2024 (SI 2024/102), as amended and in effect from time to time.]

["<u>UK Securitisation Rules</u>" means the UK Securitisation Framework together with (i) all relevant guidance, policy statements and directions relating to the application of the UK Securitisation Framework published by the UK Financial Conduct Authority, the UK Pudential Regulatory Authority of the Bank of England and/or the UK Pensions Regulator (or their successors), (ii) any guidelines relating to the application of the EU Securitisation Regulation which are applicable in the UK, and (iii) any other applicable laws, acts, statutory instruments, rules, guidance or policy statements published or enacted relating to the UK Securitisation Framework, in each case, as may be amended, supplemented or replaced from time to time.]

["<u>Unadjusted Benchmark Replacement</u>" means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.]

"<u>Unencumbered Reference Pool</u>" has the meaning set forth in <u>Appendix A</u> to the Collateral Agency Agreement.

"<u>United States</u>" or "<u>USA</u>" means the United States of America (including all states, the District of Columbia and political subdivisions thereof).

"<u>USA Patriot Act</u>" means, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Title III of Pub. L. 107-56 (signed into law October 26, 2001) and its implementing regulations.

Ex. F-45

"<u>U.S. Bank</u>" means U.S. Bank Trust Company, National Association, a national banking association, with a corporate trust office in Delaware.

["<u>U.S. Government Securities Business Day</u>" shall mean any day except for a Saturday, a Sunday or a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. government securities.]

"<u>World Omni</u>" means World Omni Financial Corp., a Florida corporation.

The foregoing definitions shall be equally applicable to both the singular and plural forms of the defined terms. Unless otherwise inconsistent with the terms of this Indenture, all accounting terms used herein shall be interpreted, and all accounting determinations hereunder shall be made, in accordance with GAAP. Amounts to be calculated hereunder shall be continuously recalculated at the time any information relevant to such calculation changes.

Ex. F-46

## Exhibit 5.1

**EXHIBIT 5.1**

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| | |
|:---|:---|
| ![](tm2521876d1_ex5-1img001.jpg) | <br> Mayer Brown LLP<br> 1221 Avenue of the Americas<br> New York, NY 10020<br> United States of America<br>T: +1 212 506 2500<br> F: +1 212 262 1910<br>mayerbrown.com |

---

July 31, 2025

World Omni Auto Leasing LLC

World Omni LT<br> 250 Jim Moran Blvd.<br> Deerfield Beach, Florida 33442

---

| | |
|:---|:---|
| **Re:** | **World Omni Auto Leasing LLC** |
|  | **World Omni LT** |
|  | **Registration Statement on Form SF-3** |
|  | **Registration Nos. 333- and 333-** |

---

Ladies and Gentlemen:

We have acted as special counsel to World Omni Auto Leasing LLC, a Delaware limited liability company (the "<u>Company</u>"), in connection with the above-captioned registration statement (such registration statement, together with the exhibits and any amendments thereto, the "<u>Registration Statement</u>") filed by the Company with the Securities and Exchange Commission (the "<u>Commission</u>") under the Securities Act of 1933, as amended (the "<u>Act</u>"), in connection with the registration by the Company of Asset-Backed Notes (the "<u>Notes</u>"). As described in the Registration Statement, the Notes will be issued from time to time in series, with each series being issued by a statutory trust (each, a "<u>Trust</u>") to be formed by the Company pursuant to a trust agreement between the Company and a trustee. Each series of Notes will be issued pursuant to an indenture (each, an "<u>Indenture</u>"), among the related Trust, a financial institution acting as indenture trustee (each, an "<u>Indenture Trustee</u>"), and a financial institution acting as account bank. Capitalized terms used herein without definition have the respective meanings assigned to such terms in the Registration Statement.

In that regard, we are generally familiar with the proceedings taken or required to be taken in connection with the proposed authorization, issuance and sale of any series of Notes and have examined and relied upon copies of such statutes, documents, corporate records and other instruments as we have deemed necessary or appropriate for the purposes of this opinion, including the Registration Statement and, in each case as filed as an exhibit to the Registration Statement, the form of Underwriting Agreement, the form of Indenture (including the form of Notes included as an exhibit thereto), the form of Trust Agreement, the form of Exchange Note Supplement, the form of Exchange Note Sale Agreement, the form of Exchange Note Transfer

Mayer Brown is a global services provider comprising an association of legal practices that are separate entities including<br> Mayer Brown LLP (Illinois, USA), Mayer Brown International LLP (England & Wales), Mayer Brown Hong Kong LLP (a Hong Kong limited liability <br> partnership which operates in temporary association with Hong Kong partnership Johnson Stokes & Master)<br> and Tauil & Chequer Advogados (a Brazilian law partnership).

Agreement, the form of Servicing Supplement, the form of Administration Agreement and the form of Asset Representations Review Agreement (collectively, the "<u>Operative Documents</u>").

Based on and subject to the foregoing, we are of the opinion that, with respect to the Notes, when (a) the related Indenture has been duly qualified under the Trust Indenture Act of 1939, as amended, (b) such Notes have been duly executed and issued by the related Trust, authenticated by the related Indenture Trustee, and sold by (or at the direction of) the Company, and (c) payment of the agreed consideration for such Notes shall have been received by the related Trust, all in accordance with the terms and conditions of the related Operative Documents and a definitive purchase, underwriting or similar agreement with respect to such Notes and in the manner described in the Registration Statement, such Notes will have been duly authorized by all necessary action of the related Trust and will be legally issued and binding obligations of the related Trust and entitled to the benefits afforded by the related Indenture, except as may be limited by bankruptcy, insolvency, reorganization, arrangement, moratorium or other similar laws relating to or affecting creditors' rights generally (including, without limitation, fraudulent conveyance laws), and by general principles of equity, including without limitation, concepts of materiality, reasonableness, good faith and fair dealing and the possible unavailability of specific performance or injunctive relief, regardless of whether such matters are considered in a proceeding in equity or at law.

Our opinions expressed herein are limited to the federal laws of the United States, the laws of the State of New York, the Delaware Limited Liability Company Act and the Delaware Statutory Trust Act. We express no opinion herein as to the laws of any other jurisdiction and no opinion regarding the statutes, administrative decisions, rules, regulations or requirements of any county, municipality, subdivision or local authority of any jurisdiction.

We hereby consent to the filing of this opinion with the Commission as an exhibit to the Registration Statement and to the use of our name therein without admitting we are "experts" within the meaning of the Act, or the rules and regulations of the Commission issued thereunder, with respect to any part of the Registration Statement, including this exhibit.

---

| |
|:---|
| Sincerely, |
| /s/ Mayer Brown LLP |
| MAYER BROWN LLP |

---

## Exhibit 8.1

**EXHIBIT 8.1**

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| | |
|:---|:---|
| ![](tm2521876d1_ex8-1img001.jpg) | Mayer Brown LLP<br> 71 South Wacker Drive<br> Chicago, Illinois 60606<br> United States of America<br>T: +1 312 782 0600<br> F: +1 312 701 7711<br>mayerbrown.com |

---

July 31, 2025

World Omni Auto Leasing LLC<br> World Omni LT<br> 250 Jim Moran Blvd.<br> Deerfield Beach, Florida 33442

---

| | |
|:---|:---|
| **Re:** | **World Omni Auto Leasing LLC** |
|  | **World Omni LT** |
|  | **Registration Statement on Form SF-3** |
|  | **Registration Nos. 333- and 333-** |

---

Ladies and Gentlemen:

We have acted as special federal tax counsel to World Omni Auto Leasing LLC, a Delaware limited liability company (the "<u>Company</u>"), in connection with the above-captioned registration statement (such registration statement, together with the exhibits and any amendments thereto, the "<u>Registration Statement</u>") filed by the Company with the Securities and Exchange Commission (the "<u>Commission</u>") under the Securities Act of 1933, as amended (the "<u>Act</u>"), in connection with the registration by the Company of Asset-Backed Notes (the "<u>Notes</u>"). As described in the Registration Statement, the Notes will be issued from time to time in series, with each series being issued by a statutory trust (each, a "<u>Trust</u>"), to be formed by the Company pursuant to a trust agreement between the Company and a trustee. Each series of Notes will be issued pursuant to an indenture (each, an "<u>Indenture</u>"), among the related Trust, a financial institution acting as indenture trustee, and a financial institution acting as account bank. Capitalized terms used herein without definition have the respective meanings assigned to such terms in the Registration Statement.

In that regard, we are generally familiar with the proceedings taken or required to be taken in connection with the proposed authorization, issuance and sale of any series of Notes and have examined and relied upon copies of such statutes, documents, corporate records and other instruments as we have deemed necessary or appropriate for the purposes of this opinion, including the Registration Statement and, in each case as filed as an exhibit to the Registration

Mayer Brown is a global services provider comprising an association of legal practices that are separate entities including<br> Mayer Brown LLP (Illinois, USA), Mayer Brown International LLP (England & Wales), Mayer Brown Hong Kong LLP (a Hong Kong limited liability partnership<br> which operates in temporary association with Hong Kong partnership Johnson Stokes & Master)<br> and Tauil & Chequer Advogados (a Brazilian law partnership).

Mayer Brown LLP

World Omni Auto Leasing LLC

World Omni LT

Statement, the form of Underwriting Agreement, the form of Indenture (including the form of Notes included as an exhibit thereto), the form of Trust Agreement, the form of Exchange Note Supplement, the form of Exchange Note Sale Agreement, the form of Exchange Note Transfer Agreement, the form of Servicing Supplement, the form of Administration Agreement and the form of Asset Representations Review Agreement (collectively, the "<u>Operative Documents</u>").

The opinion set forth herein is based upon the applicable provisions of the Internal Revenue Code of 1986, as amended, Treasury regulations promulgated and proposed thereunder, current positions of the Internal Revenue Service (the "<u>IRS</u>") contained in published Revenue Rulings and Revenue Procedures, current administrative positions of the IRS and existing judicial decisions. No tax rulings will be sought from the IRS with respect to any of the matters discussed herein. The statutory provisions, regulations and interpretations on which our opinions are based are subject to change, which changes could apply retroactively. In addition, there can be no assurance that positions contrary to those stated in our opinion may not be taken by the IRS.

Based on the foregoing and assuming that the Operative Documents with respect to each series are executed and delivered in substantially the form we have examined and that the transactions contemplated to occur under the Operative Documents in fact occur in accordance with the terms thereof, to the extent that the statements set forth in the Prospectus forming part of the Registration Statement (to the extent they relate to U.S. federal income tax consequences) under the headings "*Summary of Terms—Tax Status*" and "*Material U.S. Federal Income Tax Consequences*" constitute matters of U.S federal income tax law or legal conclusions with respect thereto relating to U.S. federal income tax matters, and to the extent such statements expressly state our opinions or state that our opinion has been or will be provided as to the Notes, we hereby confirm and adopt the opinions set forth therein (subject to the qualifications, assumptions, limitations and exceptions set forth therein).

Mayer Brown LLP

World Omni Auto Leasing LLC

World Omni LT

We know that we are referred to under the captions referred to above included in the Registration Statement, and we hereby consent to the use of our name therein and to the use of this opinion for filing with the Registration Statement as Exhibit 8.1 thereto, without admitting that we are "experts" within the meaning of the Act, or the rules and regulations of the Commission issued thereunder, with respect to any part of the Registration Statement, including this exhibit.

---

| |
|:---|
| Sincerely, |
| /s/ Mayer Brown LLP |
| Mayer Brown LLP |

---

## Exhibit 10.1

**EXHIBIT 10.1**

---

| |
|:---|
| &nbsp;&nbsp;**EXCHANGE NOTE SALE AGREEMENT** |
| &nbsp;&nbsp;**dated as of [●], 20[●]** |
| &nbsp;&nbsp;**between** |
| &nbsp;&nbsp;**AUTO LEASE FINANCE LLC,<br> as Seller** |
| &nbsp;&nbsp;**and** |
| &nbsp;&nbsp;**WORLD OMNI AUTO LEASING LLC,<br> as Buyer** |

---

**Table of Contents**

---

| | | |
|:---|:---|:---|
| | | **<u>Page</u>** |
| **ARTICLE I DEFINITIONS** | **ARTICLE I DEFINITIONS** | **1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.1 | Certain Terms | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.2 | Other Definitional Provisions | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.3 | Other Terms | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.4 | Computation of Time Periods | 2 |
| **ARTICLE II PURCHASE AND CONTRIBUTION** | **ARTICLE II PURCHASE AND CONTRIBUTION** | **2** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.1 | Agreement to Sell and Contribute | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.2 | Consideration and Payment | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.3 | Representations, Warranties and Covenants | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.4 | Protection of Title | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.5 | Other Adverse Claims or Interests | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.6 | [Subsequent Units | 10 |
| **ARTICLE III MISCELLANEOUS** | **ARTICLE III MISCELLANEOUS** | **10** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.1 | Transfers Intended as Sale; Security Interest | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.2 | Specific Performance | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.3 | Notices, Etc. | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.4 | Choice of Law | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.5 | Counterparts; Electronic Signatures | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.6 | Amendment | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.7 | Waivers | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.8 | Entire Agreement | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.9 | Severability of Provisions | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.10 | Binding Effect; Assignability | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.11 | Acknowledgment and Agreement | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.12 | No Waiver; Cumulative Remedies | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.13 | Nonpetition Covenant | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.14 | Each Exchange Note Separate; Assignees of Exchange Note | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.15 | Submission to Jurisdiction; Waiver of Jury Trial | 15 |

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Schedule I Perfection Representations, Warranties and Covenants

i

**EXCHANGE NOTE SALE AGREEMENT**

THIS EXCHANGE NOTE SALE AGREEMENT is made and entered into as of [●], 20[●] (as amended, supplemented or modified from time to time, this "<u>Agreement</u>") by AUTO LEASE FINANCE LLC, a Delaware limited liability company (the "<u>Seller</u>"), and WORLD OMNI AUTO LEASING LLC, a Delaware limited liability company (the "<u>Buyer</u>").

**WITNESSETH:**

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

WHEREAS, on the date hereof, the Titling Trust has, pursuant to the Exchange Note Supplement 20[●]-[●] to the Collateral Agency Agreement (the "<u>Exchange Note Supplement</u>"), issued the Closed-End Exchange Note (the "<u>Exchange Note</u>") to the Seller as the Initial Beneficiary; and

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

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

**Article I**

**DEFINITIONS**

Section 1.1 <u>Certain Terms</u>. Terms defined in Appendix A to the Collateral Agency Agreement and in <u>Appendix A</u> to the Indenture, dated as of the date hereof (as amended, supplemented or modified from time to time, the "<u>Indenture</u>"), among World Omni Automobile Lease Securitization Trust 20[●]-[●], a Delaware statutory trust (the "<u>Issuing Entity</u>"), [●], as indenture trustee (the "<u>Indenture Trustee</u>"), and [●], as Account Bank, are, unless otherwise defined herein or unless the context otherwise requires, used herein as defined therein.

Section 1.2 <u>Other Definitional Provisions</u>

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

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

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

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

**Article II**

**PURCHASE AND CONTRIBUTION**

Section 2.1 <u>Agreement to Sell and Contribute</u>. On the terms and subject to the conditions set forth in this Agreement, on the date hereof, the Seller hereby transfers, assigns, sets over, sells and otherwise conveys to the Buyer, without recourse, except as provided in <u>Section 2.3(c)</u>, and the Buyer hereby purchases from the Seller, all of the Seller's right, title and interest in and to the Exchange Note, including, but not limited to, all Closed-End Collections with respect to the related 20[●]-[●] Reference Pool after the [Initial] Cut-Off Date [and the Subsequent Cut-off Date].

Section 2.2 <u>Consideration and Payment</u>. In consideration of the transfer of the Exchange Note to the Buyer on the [Initial] Closing Date [and the allocation of Subsequent Units to the 20[●]-[●] Reference Pool on Subsequent Transfer Dates], the Buyer shall pay to the Seller on the [Initial] Closing Date [and such Subsequent Transfer Date], the Exchange Note Purchase Price with respect thereto. If the Exchange Note Purchase Price to be paid for the Exchange Note [such Subsequent Units] exceeds the amount of any cash payment for the account of the Seller on such day, such excess shall automatically be considered to have been contributed to the Buyer by the Seller as a capital contribution. As of the [Initial] Closing Date, the Buyer paid in cash $[●] of the Exchange Note Purchase Price.

Section 2.3 <u>Representations, Warranties and Covenants</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Representations and Warranties of the Seller</u>. The Seller hereby represents and warrants to the Buyer that, as of the date hereof [and on each Subsequent Transfer Date]:

&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Existence and Power</u>. The Seller is a limited liability company and the Titling Trust is a statutory trust, in each case, duly organized, validly existing and in good

standing under the laws of its state of organization, and each of the Seller and the Titling Trust has all power and authority required to carry on its business as it is now conducted. Each of the Seller and the Titling Trust has obtained all necessary licenses and approvals, in all jurisdictions where the failure to do so would materially and adversely affect the business, properties, financial condition or results of operations of the Seller or the Titling Trust, respectively, taken as a whole.

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

&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>No Consent Required</u>. No approval, authorization or other action by, or filing with, any Governmental Authority is required in connection with the execution, delivery and performance by the Seller or the Titling Trust of any Transaction Document other than UCC filings and other than approvals and authorizations that have previously been obtained and filings which have previously been made.

&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Binding Effect</u>. Each Transaction Document to which the Seller or the Titling Trust is a party constitutes the legal, valid and binding obligation of such Person enforceable against such Person in accordance with its terms, except as limited by bankruptcy, insolvency, or other similar laws of general application relating to or affecting the enforcement of creditors' rights generally and subject to general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (v) <u>Ownership and Transfer of Exchange Note</u>. Immediately preceding its sale of the Exchange Note to the Buyer, the Seller was the owner of the Exchange Note, free and clear of any Adverse Claim, and after such sale of the Exchange Note to the Buyer, the Buyer shall be entitled to all of the rights and benefits of a holder of an Exchange Note under the Collateral Agency Agreement and the Exchange Note Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;(vi) <u>Applicable Law</u>. Each of the Seller and the Titling Trust is in compliance with all applicable laws, the failure to comply with which would have a material adverse effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (vii) <u>Litigation</u>. There are no actions, suits or proceedings pending or, to the knowledge of the Seller, threatened against the Seller before or by any Governmental Authority that (i) question the validity or enforceability of this Agreement or adversely affect the ability of the Seller to perform its obligations hereunder or (ii) individually or

in the aggregate would have a material adverse effect. Neither the Seller nor the Titling Trust is in default with respect to any orders of any Governmental Authority, the default under which individually or in the aggregate would have a material adverse effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (viii) <u>Status of Seller</u>. The Seller is not an "investment company" within the meaning of the Investment Company Act of 1940, as amended. The Seller is not subject to regulation as a "holding company", an "affiliate" of a "holding company", or a "subsidiary company" of a "holding company", within the meaning of the Public Utility Holding Company Act of 1935, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ix) <u>Status of Titling Trust</u>. The Titling Trust is not an "investment company" within the meaning of the Investment Company Act of 1940, as amended. The Titling Trust is not subject to regulation as a "holding company", an "affiliate" of a "holding company", or a "subsidiary company" of a "holding company", within the meaning of the Public Utility Holding Company Act of 1935, as amended.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Representations and Warranties With Respect to Each Transaction Unit</u>. The Seller hereby represents and warrants to the Buyer with respect to each Transaction Unit on the [Initial] Closing Date that, as of the [Initial] Cut-Off Date or the [Initial] Closing Date [or each Subsequent Transfer Date], as applicable, (i) each Closed-End Lease included in the 20[●]-[●] Reference Pool complies with all requirements of applicable law in all material respects, (ii) that the information relating to each Transaction Unit set forth on <u>Schedule 1</u> of the Exchange Note Supplement is true and correct in all material respects, and (iii) that as of the [Initial] Cut-Off Date each Closed-End Lease with respect to a Transaction Unit allocated to the 20[●]-[●] Reference Pool was an Eligible Lease. This <u>Section 2.3(b)</u> shall survive the allocation of the Transaction Units to the 20[●]-[●] Reference Pool.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Reallocation Upon Breach of Representations and Warranties</u>.<sup>1</sup> Upon discovery by the Buyer or the Seller of a breach of the representations and warranties set forth in <u>Section 2.3(b)</u> at the time such representations and warranties were made which materially and adversely affects the interests of the Issuing Entity, in its indirect capacity as the Exchange Noteholder, in any Transaction Unit, the party discovering such breach shall give prompt written notice thereof to the other parties. If the Seller (i) has knowledge of a breach of a representation or warranty made in <u>Section 2.3(b)</u>, (ii) receives notice from the Depositor, the Issuing Entity, the Owner Trustee or the Indenture Trustee of a breach of a representation or warranty made in <u>Section 2.3(b)</u>, (iii) receives a Reallocation Request from the Owner Trustee or the Indenture Trustee for a Transaction Unit or (iv) receives a Review Report that indicates a Test Fail for a Transaction Unit, then, in each case, the Seller will (or cause World Omni to) investigate the Transaction Unit to confirm the breach and determine if the breach materially and adversely affects the

<sup>1</sup> Transaction specific requirements with respect to substitutions to be negotiated at time of issuance.

interests of the Issuing Entity, in its indirect capacity as the Exchange Noteholder. None of the Titling Trust, the Titling Trustee, the Titling Trustee Agent, the Closed-End Collateral Agent, the Initial Beneficiary, the Servicer, the Issuing Entity, the Owner Trustee, the Indenture Trustee, the Asset Representations Reviewer or the Administrator will have an obligation to investigate whether a breach of any representation or warranty has occurred or whether any Transaction Unit is required to be reallocated under this <u>Section 2.3(c)</u>. If the Seller does not correct or cure such breach prior to the end of the Collection Period after the date that the Seller had knowledge or was notified of such breach, then the Seller shall direct the Closed-End Administrative Agent and the Servicer to reallocate the noncompliant Closed-End Units from the 20[●]-[●] Reference Pool to the Warehouse Facility Pool or an Unencumbered Reference Pool on the Closed-End Exchange Note Payment Date following the end of such Closed-End EN Collection Period [or, in its sole discretion, elect to substitute such affected Transaction Unit, and allocate a new Transaction Unit to the 20[●]-[●] Reference Pool]. In consideration for such reallocation, the Seller shall be required to deposit an amount equal to the Securitization Value of such noncompliant Closed-End Units into the Exchange Note Collection Account as of the end of the Closed-End EN Collection Period preceding such Closed-End Exchange Note Payment Date prior to 11 a.m., New York City time, on the Business Day preceding such Closed-End Exchange Note Payment Date, in order for the Closed-End Administrative Agent to apply such amount to the payment of principal of the Exchange Note. It is understood and agreed that the obligation of the Seller to deposit such amount (the "<u>Repurchase Payment</u>") [or election to substitute such Transaction Unit] relating to the Closed-End Lease as to which such a breach has occurred and is continuing as described above shall constitute the sole remedy respecting such breach available to the Buyer and any other Person. None of the Servicer, the Issuing Entity, the Owner Trustee, the Indenture Trustee, the Titling Trustee, the Closed-End Collateral Agent, the Closed-End Administrative Agent, the Asset Representations Reviewer, the Seller, the Depositor or the Administrator will have an obligation to investigate whether a breach or other event has occurred that would require the reallocation of any Transaction Unit under this <u>Section 2.3(c)</u> or whether any Transaction Unit is required to be reallocated under this <u>Section 2.3(c)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Dispute Resolution</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) <u>Referral to Dispute Resolution</u>. If the Issuing Entity, the Owner Trustee (acting at the direction of a Certificateholder), the Indenture Trustee, a Noteholder or a Note Owner (the "<u>Requesting Party</u>") requests that the Seller reallocate a Transaction Unit pursuant to <u>Section 2.3(c)</u> due to an alleged breach of a representation and warranty in <u>Section 2.3(b)</u> (which reallocation request shall provide sufficient detail so as to allow the Seller to reasonably investigate the alleged breach of the representations and warranties in <u>Section 2.3(b)</u>; <u>provided</u> that with respect to a reallocation request from a Noteholder or a Note Owner, such reallocation request shall initially be provided to the Indenture Trustee) (each, a "<u>Reallocation Request</u>"), and the Reallocation Request has not been resolved, the alleged breach has not otherwise been cured or the related Transaction Unit has not otherwise been reallocated, paid-off or otherwise satisfied, within 180 days of the receipt of notice of the Reallocation Request by or on behalf of the Seller, the Requesting Party may refer the matter, in its discretion, to either mediation

(including non-binding arbitration) or binding third-party arbitration by filing in accordance with ADR Rules and providing a notice to the Seller. The Requesting Party must start the mediation (including non-binding arbitration) or arbitration proceeding according to the ADR Rules of the ADR Organization within 90 days after the end of the 180-day period. The Seller agrees to participate in the dispute resolution method selected by the Requesting Party. However, if the Transaction Unit subject to a Reallocation Request was part of a Review and the Review Report states no Test Fails for the Transaction Unit, the Reallocation Request for the Transaction Unit will be deemed to have been resolved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) <u>Mediation</u>. If the Requesting Party selects mediation for dispute resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The mediation will be administered by the ADR Organization using its ADR Rules. However, if any ADR Rules are inconsistent with the procedures for mediation stated in this <u>Section 2.3(d)</u>, the procedures in this <u>Section 2.3(d)</u> will control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) A single mediator will be selected by the ADR Organization from a list of neutral mediators maintained by it according to the ADR Rules. The mediator must be impartial, an attorney admitted to practice in the State of New York and have at least [15] years of experience in commercial litigation and, if possible, consumer finance or asset-backed securitization matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) The mediation will start within [15] days after the selection of the mediator and conclude within [30] days after the start of the mediation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) Expenses of the mediation will be allocated among the parties as mutually agreed by them as part of the mediation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) If the parties fail to agree at the completion of the mediation, the Requesting Party may refer the Reallocation Request to binding arbitration under this <u>Section 2.3(d)</u> or may seek adjudication of the Reallocation Request in court.

&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Binding Arbitration</u>. If the Requesting Party selects arbitration for dispute resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The arbitration will be administered by the ADR Organization using its ADR Rules. However, if any ADR Rules are inconsistent with the procedures for arbitration stated in this <u>Section 2.3(d)</u>, the procedures in this <u>Section 2.3(d)</u> will control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) A single arbitrator will be selected by the ADR Organization from a list of neutral arbitrators maintained by it according to the ADR Rules. The arbitrator must be impartial, an attorney admitted to practice in the State of New York and have at least [15] years of experience in commercial litigation and, if possible, consumer finance or asset-backed securitization matters. The arbitrator will be independent and impartial and will comply with the [Code of Ethics for Arbitrators in Commercial Disputes] in effect at the time of the arbitration. Before accepting an appointment, the arbitrator must promptly disclose any circumstances likely to create a reasonable inference of bias or conflict of interest or likely to preclude completion of the proceedings within the stated time schedule. The arbitrator may be removed by the ADR Organization for cause consisting of actual bias, conflict of interest or other serious potential for conflict.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) The arbitrator will have the authority to schedule, hear and determine any motions, including dispositive and discovery motions, according to New York law, and will do so at the motion of any party. Discovery will be completed within [30] days of selection of the arbitrator and will be limited for each party to [two] witness depositions not to exceed five hours, [two] interrogatories, [one] document request and [one] request for admissions. However, the arbitrator may grant additional discovery on a showing of good cause that the additional discovery is reasonable and necessary. Briefs will be limited to no more than [ten] pages each, and will be limited to initial statements of the case, motions and a pre-hearing brief. The evidentiary hearing on the merits will start no later than [60] days after selection of the arbitrator and will proceed for no more than [six] consecutive Business Days with equal time allocated to each party for the presentation of evidence and cross examination. The arbitrator may allow additional time for discovery and hearings on a showing of good cause or due to unavoidable delays.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) The arbitrator will make its final determination no later than [90] days after its selection. The arbitrator will resolve the dispute according to the terms of this Agreement and the other Transaction Documents, and may not modify or change this Agreement or the other Transaction Documents in any way or award remedies not consistent with the Transaction Documents. The arbitrator will not have the power to award punitive damages or consequential damages in any arbitration conducted by them. In its final determination, the arbitrator will determine and award the expenses of the arbitration (including filing fees, the fees of the arbitrator, expense of any record or transcript of the arbitration and administrative fees) to the parties in its reasonable discretion; <u>provided</u>, that, notwithstanding any other provision of this

Agreement or any other document, under no circumstances whatsoever will the Owner Trustee be liable for any such costs, expenses, and/or liabilities that could be allocated to a Certificateholder as the Requesting Party. The determination of the arbitrator will be in writing and counterpart copies will be promptly delivered to the parties. The determination will be final and non-appealable, except for actions to confirm or vacate the determination permitted under federal or State law, and may be entered and enforced in any court of competent jurisdiction over the parties and the matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) By selecting binding arbitration, the Requesting Party is giving up the right to sue in court, including the right to a trial by jury.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) The Requesting Party may not bring a putative or certificated class action to arbitration. If this waiver of class action rights is found to be unenforceable for any reason, the Requesting Party agrees that it will bring its claims in a court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Additional Conditions</u>. For each mediation or arbitration:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Any mediation or arbitration will be held in New York, New York at the offices of the mediator or arbitrator or, if mediation or arbitration in New York, New York at the offices of the mediator or arbitrator is unavailable, the mediator or arbitrator will select another location in a major metropolitan area in the continental United States. Any party or witness may participate by teleconference or video conference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) The Seller and the Requesting Party will have the right to seek provisional relief from a competent court of law, including a temporary restraining order, preliminary injunction or attachment order, if such relief is available by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Seller will not be required to produce Personally Identifiable Information for purposes of any mediation or arbitration. The existence and details of any unresolved Reallocation Request, any informal meetings, mediations or arbitration proceedings, the nature and amount of any relief sought or granted, any offers or statements made and any discovery taken in the proceeding will be confidential, privileged and inadmissible for any purpose in any other mediation, arbitration, litigation or other proceeding. The parties will keep this information confidential and will not disclose or discuss it with any third party (other than a party's attorneys, experts, accountants and other advisors, as reasonably required in connection with the mediation or arbitration proceeding under this <u>Section 2.3</u>), except as required by law, regulatory requirement or court order. If a party to a mediation or arbitration proceeding receives a

subpoena or other request for information from a third party (other than a governmental regulatory body) for confidential information of the other party to the mediation or arbitration proceeding, the recipient will promptly notify the other party and will provide the other party with the opportunity to object to the production of its confidential information. Nothing in this <u>Section 2.3(d)</u> shall prevent the Noteholders or Note Owners from exercising their rights under Section 7.2(e) of the Indenture or the Servicer or the Depositor from complying with its disclosure requirements under Item 1121 of Regulation AB.

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

Section 2.4 <u>Protection of Title</u>.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Sales Tax</u>. All sales, property, use, transfer or other similar taxes due and payable upon the purchase of the Exchange Note by the Buyer will be paid or provided for by the Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Executive Office; Maintenance of Offices</u>. The Seller shall give the Buyer at least 10 days' prior written notice of any change of location of the Seller for purposes of Section 9-307 of the UCC and shall have taken all action prior to making such change (or shall have made

arrangements to take such action substantially simultaneously with such change, if it is not possible to take such action in advance) reasonably necessary or advisable in the opinion of the Buyer to amend all previously filed financing statements or continuation statements described in <u>Section 2.4(a)</u>. The Seller shall at all times maintain each office from which it services Titling Trust Assets and its principal executive office within the United States of America.

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

Section 2.6 [<u>Subsequent Units</u>. During the Funding Period, contingent upon payment of the Purchase Price and availability thereof, the Seller covenants to seek to allocate to the 20[●]-[●] Reference Pool before the termination of the Funding Period Subsequent Units with an aggregate Securitization Value as of the related Cutoff Date equal to approximately the Pre-Funding Account Initial Deposit.]/[During the Revolving Period, the Seller covenants to seek to allocate to the 20[●]-[●] Reference Pool, on each Payment Date during the Revolving Period, Subsequent Units with an aggregate Securitization Value as of the related Cutoff Date approximately equal to (but not greater than) the amount of funds deposited on such Payment Date in the Accumulation Account.]

**Article III**

**MISCELLANEOUS**

Section 3.1 <u>Transfers Intended as Sale; Security Interest</u>.

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

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

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

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

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

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

Section 3.2 <u>Specific Performance</u>. Either party may enforce specific performance of this Agreement.

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

such other website or distribution service or provider as World Omni or such Affiliate, as applicable, shall designate by written notice to the other parties hereto.

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

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

Section 3.6 <u>Amendment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any term or provision of this Agreement may be amended by the parties hereto without the consent of the Indenture Trustee, any Noteholder, the Issuing Entity or the Owner Trustee; <u>provided</u> that (i) any amendment that materially and adversely affects the interests of the Noteholders shall require the consent of Noteholders evidencing not less than a majority of the aggregate outstanding principal amount of the Outstanding Notes, voting as a single class, and (ii) any amendment that materially and adversely affects the interests of the Certificateholders, the Indenture Trustee or the Owner Trustee shall require the prior written consent of the Persons whose interests are materially and adversely affected. An amendment shall be deemed not to materially and adversely affect the interests of the Noteholders if the Rating Agency Condition is satisfied with respect to such amendment. The consent of the Certificateholders, the Indenture Trustee or the Owner Trustee shall be deemed to have been given if the Servicer does not receive a written objection from such Person within 10 Business Days after a written request for such consent shall have been given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, no amendment shall (i) reduce the interest rate or principal amount of any Note, or delay the Final Scheduled Payment Date of any Note without the consent of the Holder of such Note, or (ii) reduce the percentage of the aggregate outstanding principal amount of the Outstanding Notes, the Holders of which are required to consent to any matter without the consent of the Holders of at least the percentage of the aggregate outstanding principal amount of the Outstanding Notes which were required to consent to such matter before giving effect to such amendment.

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

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

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

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

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

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

Section 3.9 <u>Severability of Provisions</u>. If any one or more of the covenants, agreements, provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the

remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement.

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

Section 3.11 <u>Acknowledgment and Agreement</u>. By execution below, the Seller expressly acknowledges and consents to the sale of the Exchange Note and the assignment of all rights and obligations of the Seller related thereto by the Buyer to the Issuing Entity pursuant to the Exchange Note Transfer Agreement and the mortgage, pledge, assignment and grant of a security interest in the Exchange Note by the Issuing Entity to the Indenture Trustee pursuant to the Indenture for the benefit of the Noteholders. In addition, the Seller hereby acknowledges and agrees that for so long as the Notes are outstanding, the Indenture Trustee will have the right to exercise all powers, privileges and claims of the Buyer under this Agreement.

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

Section 3.13 <u>Nonpetition Covenant</u>. With respect to each Bankruptcy Remote Party, each party hereto agrees that, prior to the date which is one year and one day after payment in full of all obligations under each Financing (i) no party hereto shall authorize such Bankruptcy Remote Party to commence a voluntary winding-up or other voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in any jurisdiction or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for the benefit of any party hereto or any other creditor of such Bankruptcy Remote Party, and (ii) none of the parties hereto shall commence or join with any other Person in commencing any proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction. Each of the parties hereto agrees that, prior to the date which is one year and one day after the payment in full of all obligations under each Financing, it will not institute against, or join any other Person in instituting against, any Bankruptcy Remote Party an action in bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or similar proceeding under the laws of the United States or any State of the United States.

Section 3.14 <u>Each Exchange Note Separate; Assignees of Exchange Note</u>. Each party hereto acknowledges and agrees (and each holder or pledgee of the Exchange Note, by virtue of its acceptance of such Exchange Note or pledge thereof acknowledges and agrees) that (a) the Closed-End Collateral Specified Interest is a separate series of the Titling Trust as provided in Section 3806(b)(2) of Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code Section 3801 et seq., (b) the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to (i) the Exchange Note or the related 20[●]-[●] Reference Pool shall be enforceable against such Reference Pool only and not against any Other Reference Pool or the Warehouse Facility Pool or any Unencumbered Reference Pool and (ii) any Other Exchange Note, any Other Reference Pool, the Warehouse Facility Pool or any Unencumbered Reference Pool shall be enforceable against such Other Exchange Note, Other Reference Pools, the Warehouse Facility Pool or Unencumbered Reference Pool only, as applicable, and not against the Exchange Note or any Closed-End Units included in the 20[●]-[●] Reference Pool, (c) except to the extent required by law, the Closed-End Units included in the Warehouse Facility Pool, Closed-End Units included in any Unencumbered Reference Pool or Closed-End Units included in any Other Reference Pool with respect to any Other Exchange Note (other than the Exchange Note transferred hereunder which is related to the 20[●]-[●] Reference Pool) shall not be subject to the claims, debts, liabilities, expenses or obligations arising from or with respect to the Exchange Note in respect of such claim, (d) no creditor or holder of a claim relating to (i) the Exchange Note or the related 20[●]-[●] Reference Pool shall be entitled to maintain any action against or recover any assets allocated to any Other Reference Pool, the Warehouse Facility Pool, any Unencumbered Reference Pool or any Other Exchange Note or the assets allocated thereto, and (ii) any Other Reference Pool, the Warehouse Facility Pool, any Unencumbered Reference Pool or any Other Exchange Note other than the Exchange Note related to the 20[●]-[●] Reference Pool shall be entitled to maintain any action against or recover any assets allocated to the 20[●]-[●] Reference Pool, and (e) any purchaser, assignee or pledgee of an interest in the 20[●]-[●] Reference Pool or, the Exchange Note, must, prior to or contemporaneously with the grant of any such assignment, pledge or security interest, (i) give to the Titling Trust a non-petition covenant substantially similar to that set forth in Section 11.10 of the Titling Trust Agreement, and (ii) execute an agreement for the benefit of each holder, assignee or pledgee from time to time of any Other Exchange Note to release all claims to the assets of the Titling Trust allocated to the Warehouse Facility Pool, any Unencumbered Reference Pool and each Other Reference Pool and, in the event that such release is not given effect, to fully subordinate all claims it may be deemed to have against the assets of the Titling Trust allocated to the Warehouse Facility Pool, any Unencumbered Reference Pool and each Other Reference Pool. Pursuant to Section 3.1(a) of the Intercreditor Agreement, on the date hereof, each party hereto shall enter into a Joinder Agreement to the Intercreditor Agreement as a new Interest Holder, and shall deliver an executed copy of such Joinder Agreement to each party to the Intercreditor Agreement.

Section 3.15 <u>Submission to Jurisdiction; Waiver of Jury Trial</u>. Each of the parties hereto hereby irrevocably and unconditionally:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Person at its address determined in accordance with <u>Section 3.3</u> of this Agreement;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to the extent permitted by applicable law, waives all right of trial by jury in any action, proceeding or counterclaim based on, or arising out of, under or in connection with this Agreement, any other Transaction Document, or any matter arising hereunder or thereunder.

**[Signature Page Follows]**

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

By: 

Name: 

Title: 

By: 

Name: 

Title: 

**SCHEDULE I**

**<br> PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS**

In addition to the representations, warranties and covenants contained in the Exchange Note Sale Agreement, the Seller hereby represents, warrants, and covenants to the Buyer as follows on the [Initial] Closing Date:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Exchange Note constitutes a "general intangible," "instrument," "certificated security," or "tangible chattel paper," within the meaning of the applicable UCC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Seller owns and has good and marketable title to the Exchange Note free and clear of any Adverse Claim, claim or encumbrance of any Person, excepting only liens for taxes, assessments or similar governmental charges or levies incurred in the ordinary course of business that are not yet due and payable or as to which any applicable grace period shall not have expired, or that are being contested in good faith by proper proceedings and for which adequate reserves have been established, but only so long as foreclosure with respect to such a lien is not imminent and the use and value of the property to which the Adverse Claim attaches is not impaired during the pendency of such proceeding.

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

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

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

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

Sch. I-1

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

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

Sch. I-2

## Exhibit 10.2

**EXHIBIT 10.2**

**EXCHANGE NOTE TRANSFER AGREEMENT**

**dated as of [** **·], 20[·]**

**between**

**WORLD OMNI AUTO LEASING LLC,<br> as Depositor**

**and**

**WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST 20[** **·]-[·],<br> as Issuing Entity and Buyer**

**Table of Contents**

---

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

---

Schedule I Perfection Representations, Warranties and Covenants

i

EXCHANGE NOTE TRANSFER AGREEMENT

THIS EXCHANGE NOTE TRANSFER AGREEMENT (as amended, supplemented or modified from time to time, this "<u>Agreement</u>") is made and entered into as of [·], 20[·] by WORLD OMNI AUTO LEASING LLC, a Delaware limited liability company (the "<u>Depositor</u>"), and WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST 20[·]-[·], a Delaware statutory trust (the "<u>Buyer</u>" or the "<u>Issuing Entity</u>").

WITNESSETH:

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

WHEREAS, on the date hereof, the Titling Trust, Auto Lease Finance LLC, a Delaware limited liability company ("<u>ALF LLC</u>" or the "<u>Initial Beneficiary</u>"), AL Holding Corp., as Closed-End Collateral Agent, and U.S. Bank Trust Company, National Association, as Closed-End Administrative Agent, are entering into that certain Exchange Note Supplement 20[·]-[·] to Collateral Agency Agreement (as amended, modified or supplemented from time to time, the "<u>Exchange Note Supplement</u>") to issue the Closed-End Exchange Note initially sold and transferred to the Depositor under an Exchange Note Sale Agreement (the "<u>Exchange Note Sale Agreement</u>"), and then immediately sold and transferred to the Buyer under this Agreement (the "<u>Exchange Note</u>");

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

WHEREAS, the Depositor, and [·], as owner trustee, formed World Omni Automobile Lease Securitization Trust 20[·]-[·] as a Delaware statutory trust pursuant to a Trust Agreement;

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

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

WHEREAS, the Buyer will finance its acquisition of the Exchange Note by issuing notes pursuant to an Indenture, dated as of the date hereof (as amended, supplemented or modified from time to time, the "<u>Indenture</u>"), among the Buyer, [·], as indenture trustee (the "<u>Indenture Trustee</u>"), and [·], as Account Bank;

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

**Article I**

**DEFINITIONS**

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

Section 1.2 <u>Other Definitional Provisions</u>.

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

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

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

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

**Article II**

**PURCHASE AND CONTRIBUTION**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) transfers, assigns, sets over, sells and otherwise conveys to the Buyer, and the Buyer hereby purchases from the Depositor, without recourse, all of the Depositor's right, title and interest in and to the Exchange Note, including, but not limited to, all Closed-End Collections with respect to the related 20[·]-[·] Reference Pool after the [Initial] Cut-off Date, and the identifiable proceeds thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) assigns all rights of the Depositor under the Exchange Note Sale Agreement to the Buyer, including without limitation, the Depositor's rights under <u>Section 2.3(c)</u> of the Exchange Note Sale Agreement.

Section 2.2 <u>Consideration and Payment</u>. In consideration of the transfer of the Exchange Note to the Buyer on the [Initial] Closing Date, the Buyer shall transfer to the Depositor on the [Initial] Closing Date the Notes and the Certificate (as such terms are defined in Appendix A to the Indenture). On the [Initial] Closing Date, the Depositor will cause an amount equal to $[·] to be deposited into the [Risk Retention] Reserve Account. [In consideration of the allocation of Subsequent Units to the 20[·]-[·] Reference Pool on each Subsequent Transfer Date, the Buyer shall pay to the Depositor the Purchase Price, which shall be aggregate Securitization Value of the Subsequent Units.]

Section 2.3 <u>Representations and Warranties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Depositor hereby represents and warrants to the Buyer that, as of the date hereof [and on each Subsequent Transfer Date]:

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) <u>Status of Depositor</u>. The Depositor is not an "investment company" within the meaning of the Investment Company Act of 1940, as amended. The Depositor is not subject to regulation as a "holding company," an "affiliate" of a "holding company", or a "subsidiary company" of a "holding company", within the meaning of the Public Utility Holding Company Act of 1935, as amended.

The representations and warranties set forth in this <u>Section 2.3(a)</u> shall speak only as of the date hereof [and each Subsequent Transfer Date] and shall survive the sale of the Exchange Note hereunder.

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

Section 2.4 <u>Protection of Title</u>.

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

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

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

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

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

**Article III**

**MISCELLANEOUS**

Section 3.1 <u>Transfers Intended as Sale; Security Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the parties hereto expressly intends and agrees that the transfers contemplated and effected under this Agreement are complete and absolute sales and contributions rather than pledges or assignments of only a security interest and shall be given

effect as such for all purposes. The sale and contribution of the Exchange Note shall be reflected on the Depositor's balance sheet and other financial statements as a sale and contribution of assets by the Depositor. The sale and contribution by the Depositor of the Exchange Note hereunder are and shall be without recourse to, or representation or warranty (express or implied) by, the Depositor, except as otherwise specifically provided herein. The limited rights of recourse specified herein against the Depositor are intended to provide a remedy for breach of representations and warranties relating to the condition of the property sold, rather than to the collectibility of underlying indebtedness, and therefore are intended to be consistent with warranties ordinarily given by a seller of goods under Article 2 of the UCC.

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

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

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

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

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

Section 3.2 <u>Specific Performance</u>. Either party may enforce specific performance of this Agreement.

Section 3.3 <u>Notices, Etc</u>. All notices and other communications provided for hereunder shall, unless otherwise stated herein, be in writing (including facsimile communication or electronic mail) and shall be personally delivered or sent by certified mail, postage prepaid, or by facsimile or by electronic mail (if designated by a party to the other parties), to the intended party at the address, facsimile number or electronic mail address of such party set forth under its name on the signature pages hereof or at such other address, facsimile number or electronic mail address as shall be designated by such party in a written notice to the other parties hereto. All such notices and communications shall be effective (a) if personally delivered or sent by electronic mail, when received, (b) if sent by certified mail, three Business Days after having

been deposited in the mail, postage prepaid, (c) if sent by overnight courier, one Business Day after having been given to such courier, and (d) if transmitted by facsimile, when sent, receipt confirmed by telephone or electronic means. Notwithstanding the foregoing, with the consent of the appropriate party to this Agreement, the obligations of World Omni and any Affiliate of World Omni to deliver or provide any demand, delivery, notice, communication or instruction to such party other than a Noteholder shall be satisfied by World Omni or such Affiliate, as the case may be, making such demand, delivery, notice, communication or instruction available at [·], or such other website or distribution service or provider as World Omni or such Affiliate, as applicable, shall designate by written notice to the other parties hereto.

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

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

Section 3.6 <u>Amendment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any term or provision of this Agreement may be amended by the Depositor without the consent of the Indenture Trustee, any Noteholder or the Buyer; <u>provided</u> that (i) any amendment that materially and adversely affects the interests of the Noteholders shall require the consent of Noteholders evidencing not less than a majority of the aggregate outstanding principal amount of the Controlling Class and (ii) any amendment that materially and adversely affects the interests of the Certificateholders, the Indenture Trustee or the Buyer shall require the prior written consent of the Persons whose interests are materially and adversely affected. An amendment shall be deemed not to materially and adversely affect the interests of the Noteholders if the Rating Agency Condition is satisfied with respect to such amendment. The consent of the Certificateholders or the Buyer shall be deemed to have been given if the Closed-End Servicer does not receive a written objection from such Person within 10 Business Days after a written request for such consent shall have been given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, no amendment shall (i) reduce the interest rate or principal amount of any Note, or delay the Final Scheduled Payment Date of any Note without the consent of the Holder of such Note, or (ii) reduce the percentage of the aggregate outstanding

principal amount of the Outstanding Notes, the Holders of which are required to consent to any matter without the consent of the Holders of at least the percentage of the aggregate outstanding principal amount of the Outstanding Notes which were required to consent to such matter before giving effect to such amendment.

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

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

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

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

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

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

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

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

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

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

Section 3.13 <u>Nonpetition Covenant</u>. With respect to each Bankruptcy Remote Party, each party hereto (and each holder and pledgee of the Exchange Note, by virtue of its acceptance of such Exchange Note or pledge thereof) agrees that, prior to the date which is one year and one day after payment in full of all obligations under each Financing (i) no party hereto shall authorize such Bankruptcy Remote Party to commence a voluntary winding-up or other voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in any jurisdiction or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for the benefit of any party hereto or any other creditor of such Bankruptcy Remote Party, and (ii) none of the parties hereto shall commence or join with any other Person in commencing any proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction. Each of the parties hereto agrees that, prior to the date which is one year and one day after the payment in full of all obligations under each Financing, it will not institute against, or join any other Person in instituting against, any Bankruptcy Remote Party an action in bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or similar proceeding under the laws of the United States or any State of the United States.

Section 3.14 <u>Each Exchange Note Separate; Assignees of the Exchange Note</u>. Each party hereto acknowledges and agrees (and each holder or pledgee of the Exchange Note, by virtue of its acceptance of such Exchange Note or pledge thereof acknowledges and agrees) that (a) the Closed-End Collateral Specified Interest is a separate series of the Titling Trust as provided in Section 3806(b)(2) of Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code Section 3801 et seq., (b) the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to (i) the Exchange Note or the related 20[·]-[·] Reference Pool shall be enforceable against such Reference Pool only and not against any Other Reference Pool or the Warehouse Facility Pool or any Unencumbered Reference Pool and (ii) any Other Exchange Note, any Other Reference Pool, the Warehouse Facility Pool or any Unencumbered Reference Pool shall be enforceable against such Other Exchange Note, Other Reference Pools, the Warehouse Facility Pool or Unencumbered Reference Pool only, as applicable, and not against the Exchange Note or any Closed-End Units included in the 20[·]-[·] Reference Pool, (c) except to the extent required by law, the Closed-End Units included in the Warehouse Facility Pool, Closed-End Units included in any Unencumbered Reference Pool or Closed-End Units included in any Other Reference Pool with respect to any Other Exchange Note (other than the Exchange Note transferred hereunder which is related to the 20[·]-[·] Reference Pool) shall not be subject to the claims, debts, liabilities, expenses or obligations arising from or with respect to the Exchange Note in respect of such claim, (d) no creditor or holder of a claim relating to (i) the Exchange Note or the related 20[·]-[·] Reference Pool shall be entitled to maintain any action against or recover any assets allocated to any Other Reference Pool, the Warehouse Facility Pool, any Unencumbered Reference Pool or any Other Exchange Note or the assets allocated thereto, and (ii) any Other Reference Pool, the Warehouse Facility Pool, any Unencumbered Reference Pool or any Other Exchange Note other than the Exchange Note related to the 20[·]-[·] Reference Pool shall be entitled to maintain any action against or recover any assets allocated to the 20[·]-[·] Reference Pool, and (e) any purchaser, assignee or pledgee of an interest in the 20[·]-[·] Reference Pool or, the Exchange Note, must, prior to or contemporaneously with the grant of any such assignment, pledge or security interest, (i) give to the Titling Trust a non-petition covenant substantially similar to that set forth in Section 11.10 of the Titling Trust Agreement, and (ii) execute an agreement for the benefit of each holder, assignee or pledgee from time to time of any Other Exchange Note to release all claims to the assets of the Titling Trust allocated to the Warehouse Facility Pool, any Unencumbered Reference Pool and each Other Reference Pool and, in the event that such release is not given effect, to fully subordinate all claims it may be deemed to have against the assets of the Titling Trust allocated to the Warehouse Facility Pool, any Unencumbered Reference Pool and each Other Reference Pool. Pursuant to Section 3.1(a) of the Intercreditor Agreement, on the date hereof, each party hereto shall enter into a Joinder Agreement to the Intercreditor Agreement as a new Interest Holder, and shall deliver an executed copy of such Joinder Agreement to each party to the Intercreditor Agreement.

Section 3.15 <u>Submission to Jurisdiction; Waiver of Jury Trial</u>. Each of the parties hereto hereby irrevocably and unconditionally:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) submits for itself and its property in any legal action or proceeding relating to this Agreement or any documents executed and delivered in connection herewith, or for recognition and enforcement of any judgment in respect thereof, to the nonexclusive general jurisdiction of

the courts of the State of New York, the courts of the United States of America for the Southern District of New York and appellate courts from any thereof;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Person at its address determined in accordance with <u>Section 3.3</u> of this Agreement;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to the extent permitted by applicable law, waives all right of trial by jury in any action, proceeding or counterclaim based on, or arising out of, under or in connection with this Agreement, any other Transaction Document, or any matter arising hereunder or thereunder.

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

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

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| | |
|:---|:---|
| WORLD OMNI AUTO LEASING LLC | WORLD OMNI AUTO LEASING LLC |
| By: |  |
|  | Name: |
|  | Title: |
| Address: | Address: |
| 250 Jim Moran Blvd.<br> Deerfield Beach, Florida 33442 | 250 Jim Moran Blvd.<br> Deerfield Beach, Florida 33442 |
| Telephone: | Telephone: |
| Telecopy: | Telecopy: |
| WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST 20[·]-[·] | WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST 20[·]-[·] |
| By: | [·], not in its individual capacity but solely as Owner Trustee |
| By: |  |
|  | Name: |
|  | Title: |
| Address: | Address: |
| [·] | [·] |

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SCHEDULE I

PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS

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

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

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

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

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

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

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

Sch. I-1

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

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

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

Sch. I-2

## Exhibit 10.3

**EXHIBIT 10.3**

------

**WORLD OMNI LT**

**20[** **·]-[·] EXCHANGE NOTE SUPPLEMENT TO COLLATERAL AGENCY AGREEMENT**

**WORLD OMNI LT,<br> As Borrower, AUTO LEASE FINANCE LLC,<br> As Initial Beneficiary, AL HOLDING CORP.,<br> As Closed-End Collateral Agent, U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,<br> As Closed-End Administrative Agent**

**Dated as of [** **·], 20[·]**

------

**<u>**Table of Contents**</u>**

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| | | |
|:---|:---|:---|
| | | **<u>Page</u>** |
| **ARTICLE XII DEFINITIONS; THIRD-PARTY BENEFICIARIES** | **ARTICLE XII DEFINITIONS; THIRD-PARTY BENEFICIARIES** | **2** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.1 | Definitions | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.2 | Third-Party Beneficiaries | 2 |
| **ARTICLE XIII DESIGNATION OF THE REFERENCE POOL AND EXCHANGE NOTE TERMS** | **ARTICLE XIII DESIGNATION OF THE REFERENCE POOL AND EXCHANGE NOTE TERMS** | **2** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.1 | Designation of the Reference Pool | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.2 | Closed-End Exchange Note Terms | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.3 | Form | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.4 | Access to Records | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.5 | Dispute Resolution | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.6 | Exchange Note Default | 6 |
| **ARTICLE XIV REPRESENTATIONS AND WARRANTIES** | **ARTICLE XIV REPRESENTATIONS AND WARRANTIES** | **7** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.1 | Existence and Power | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.2 | Authorization and No Contravention | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.3 | No Consent Required | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.4 | Binding Effect | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.5 | No Proceedings | 7 |
| **ARTICLE XV MISCELLANEOUS PROVISIONS** | **ARTICLE XV MISCELLANEOUS PROVISIONS** | **7** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.1 | Filings | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.2 | Amendments | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.3 | Governing Law | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.4 | Notices | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.5 | Severability of Provisions | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.6 | Effect of Exchange Note Supplement on Collateral Agency Agreement | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.7 | No Petition | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.8 | Tax Matters | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.9 | Entire Agreement | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.10 | Submission to Jurisdiction; Waiver of Jury Trial | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.11 | No Recourse | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.12 | Counterparts; Electronic Signatures | 11 |

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SCHEDULE 1 Description of Closed-End Units Allocated to 20[·]-[·] Reference Pool

EXHIBIT A Form of Exchange Note

i

**20[·]-[·] EXCHANGE NOTE SUPPLEMENT TO COLLATERAL AGENCY AGREEMENT**

THIS 20[·]-[·] EXCHANGE NOTE SUPPLEMENT TO COLLATERAL AGENCY AGREEMENT (as amended, modified or supplemented from time to time, the "<u>Exchange Note Supplement</u>"), dated and effective as of [·], 20[·], is among World Omni LT, a Delaware statutory trust (the "<u>Borrower</u>" or the "<u>Titling Trust</u>"), Auto Lease Finance LLC, a Delaware limited liability company ("<u>ALF</u>" or the "<u>Initial Beneficiary</u>"), AL Holding Corp., a Delaware corporation (the "<u>Closed-End Collateral Agent</u>"), and U.S. Bank Trust Company, National Association, a national banking association ("<u>U.S. Bank</u>" or the "<u>Closed-End Administrative Agent</u>").

**RECITALS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Borrower, the Initial Beneficiary, the Closed-End Collateral Agent, Bank of America, N.A., a national banking association (the "<u>Deal Agent</u>"), and the Closed-End Administrative Agent have entered into that certain Fourth Amended and Restated Collateral Agency Agreement, dated as of December 15, 2009 (as modified, supplemented or amended from time to time, the "<u>Collateral Agency Agreement</u>") pursuant to which, among other things, the Initial Beneficiary of the Borrower will have the right, subject to certain conditions and limitations set forth therein, (i) to purchase from the Warehouse Facility Lenders ratable portions of the Advances made by such Lenders under the respective Warehouse Facilities, (ii) to make Initial Beneficiary Advances to the Borrower, and (iii) following such purchase or Initial Beneficiary Advance, to exchange the acquired Advances and/or Initial Beneficiary Advances for Closed-End Exchange Notes issued by the Titling Trust and backed primarily by assets designated (subject to certain conditions) by the Initial Beneficiary and allocated to a separate Reference Pool.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The parties hereto desire to supplement the terms of the Collateral Agency Agreement (i) to set forth the principal terms of the 20[·]-[·] closed-end exchange note (the "<u>Closed-End Exchange Note</u>") issued hereunder and (ii) to designate a portion of the Closed-End Units included in the Warehouse Facility Pool or any Unencumbered Reference Pool as the 20[·]-[·] Reference Pool with respect to such Closed-End Exchange Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Concurrently herewith, (i) ALF and World Omni Auto Leasing LLC, a Delaware limited liability company (the "<u>Depositor</u>"), are entering into an Exchange Note Sale Agreement, pursuant to which the Depositor will purchase the Closed-End Exchange Note and (ii) the Depositor and World Omni Automobile Lease Securitization Trust 20[·]-[·] (the "<u>Issuing Entity</u>"), are entering into an Exchange Note Transfer Agreement, pursuant to which the Depositor will transfer the Closed-End Exchange Note to the Issuing Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Concurrently herewith, the Issuing Entity is entering into an asset-backed financing transaction pursuant to, among other agreements, an Indenture dated as of the date hereof (the "<u>Indenture</u>"), among the Issuing Entity, [·], as indenture trustee (the "<u>Indenture Trustee</u>"), and [·], as Account Bank, pursuant to which, among other things, the Issuing Entity will pledge certain of its assets and grant a security interest in such assets, including the Closed-End Exchange Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Also concurrently herewith, the Titling Trust, the Servicer and the Closed-End Collateral Agent are entering into that certain 20[·]-[·] Servicing Supplement to Closed-End Servicing Agreement (as amended, modified or supplemented from time to time, the "<u>Servicing Supplement</u>") pursuant to which, among other things, the terms of the Fifth Amended and Restated Closed-End Servicing Agreement, dated as of December 15, 2009 (as modified, supplemented or amended from time to time, the "<u>Closed-End Servicing Agreement</u>") will be supplemented insofar as they apply to the Closed-End Units included in the 20[·]-[·] Reference Pool, providing more specific servicing obligations.

NOW THEREFORE, in consideration of the premises and the mutual covenants contained herein and in the Collateral Agency Agreement, the parties hereto agree to the following supplemental obligations with regard to the Closed-End Exchange Note issued hereunder.

**ARTICLE XII** **<br> DEFINITIONS; THIRD-PARTY BENEFICIARIES**

Section 12.1 <u>Definitions</u>.

For all purposes of this Exchange Note Supplement, except as otherwise expressly provided or unless the context otherwise requires, (a) unless otherwise defined herein, all capitalized terms used herein shall have the meanings attributed to them in the Collateral Agency Agreement or in <u>Appendix A</u> to the Collateral Agency Agreement, (b) all capitalized terms used herein which are not defined herein or in the Collateral Agency Agreement (including <u>Appendix A</u> thereto) and which are defined in the Titling Trust Agreement shall have the meanings attributed to them by the Titling Trust Agreement, (c) all capitalized terms used herein which are not defined herein, in the Collateral Agency Agreement (including <u>Appendix A</u> thereto) or the Titling Trust Agreement and which are defined in the Indenture (as defined below) shall have the meanings attributed to them by the Indenture (including Appendix A thereto), (d) all references to words such as "herein," "hereof" and the like shall refer to this Exchange Note Supplement as a whole and not to any particular article or section within this Exchange Note Supplement, (e) the term "include" and all variations thereon shall mean "include without limitation," and (f) the term "or" shall include "and/or".

Section 12.2 <u>Third-Party Beneficiaries</u>.

The holder and pledgees of the Closed-End Exchange Note (including the Issuing Entity and the Indenture Trustee), and their respective successors, permitted assigns and pledgees, are third-party beneficiaries of the Collateral Agency Agreement and this Exchange Note Supplement.

**ARTICLE XIII** **<br> DESIGNATION OF THE REFERENCE POOL AND EXCHANGE NOTE TERMS**

Section 13.1 <u>Designation of the Reference Pool</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Pursuant to <u>Section 6.2(a)</u> of the Collateral Agency Agreement and subject to the conditions set forth in <u>Section 13.1(b)</u>, the Initial Beneficiary hereby designates a portion of the Closed-End Units included in the Revolving Pool for allocation to a new Reference Pool, referred to as the "<u>20[·]-[·] Reference Pool</u>," within the Closed-End Collateral Specified Interest. Upon the effectiveness of this Exchange Note Supplement [and on each Subsequent Transfer Date], the Initial Beneficiary shall direct the Titling Trustee and the Closed-End Collateral Agent to allocate or cause to be identified and allocated on their respective books and records the "<u>20[·]-[·] Reference Pool</u>," to be separately accounted for and held in trust independently from any other Asset Pool. Such Reference Pool shall initially include the Closed-End Units identified on <u>Schedule 1</u> to this Exchange Note Supplement, which Closed-End Units shall belong exclusively to the 20[·]-[·] Reference Pool, and all other Titling Trust Assets to the extent related to such Closed-End Units (other than cash which does not constitute Closed-End Collections received after the [Initial] Cut-Off Date, as specified in <u>Section 13.2(a)(iii)</u>); <u>provided</u>, <u>that</u>, any Closed-End Collections received on or prior to the [Initial] Cut-Off Date for any such Closed-End Units identified on <u>Schedule 1</u> shall not be allocated to the 20[·]-[·] Reference Pool.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designation of the 20[·]-[·] Reference Pool shall be subject to the satisfaction of each of the conditions precedent set forth in <u>Section 6.4</u> of the Collateral Agency Agreement, unless and to the extent waived by the Deal Agent, with the consent of each Warehouse Facility Lender.

Section 13.2 <u>Closed-End Exchange Note Terms</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The terms of the Closed-End Exchange Note are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Closed-End Exchange Note shall be issued on [·], 20[·];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the initial Exchange Note Balance of the Closed-End Exchange Note is equal to $[·];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the [Initial] Cut-Off Date for the 20[·]-[·] Reference Pool is [the close of business on] [·], 20[·];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the first Closed-End Exchange Note Payment Date for the Closed-End Exchange Note is [·], 20[·], and thereafter, the 15th day of each calendar month or, if such day is not a Business Day, the next Business Day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Exchange Note Interest Rate for the Closed-End Exchange Note is [·]% per annum (computed on the basis of a 360-day year of twelve 30-day months);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Interest Period with respect to the Closed-End Exchange Note shall be, with respect to any Closed-End Exchange Note Payment Date, the period from and including [·], 20[·] (in the case of the first Payment Date) or from and including the [15th] day of the preceding calendar month to but excluding the [15th] day of the current calendar month;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the initial Securitization Value of the Closed-End Units included in the 20[·]-[·] Reference Pool is equal to $[·], and thereafter, the applicable Exchange Note Principal Payment Amount shall be calculated pursuant to <u>Section 13.2(b)(iii)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Final Scheduled Payment Date for the Closed-End Exchange Note is [·], 20[·];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the conditions precedent to the issuance of the Closed-End Exchange Note are set forth in <u>Section 6.4</u> of the Collateral Agency Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the day count fraction shall be 30 (or in the case of the initial Closed-End Exchange Note Payment Date, [·]).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On each Closed-End Exchange Note Payment Date, the Closed-End Administrative Agent shall, with respect to the 20[·]-[·] Reference Pool, withdraw from the related Exchange Note Collection Account an amount equal to the Closed-End Collections for the 20[·]-[·] Reference Pool and apply such amount, together with any amounts allocated to the 20[·]-[·] Reference Pool in accordance with <u>Section 10.2</u> or <u>Sections 10.3(a)</u> or <u>(b)</u> of the Collateral Agency Agreement, in accordance with the following priorities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *first*, to the Closed-End Servicer, the Reference Pool Servicing Fee for the related Closed-End EN Collection Period (to the extent such Servicing Fee has not been retained by the Closed-End Servicer pursuant to <u>Section 13.5</u> of the Servicing Supplement 20[·]-[·] to Closed-End Servicing Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *second*, to the Trust Collection Account, the applicable due and unpaid Exchange Note Interest Amount on the Closed-End Exchange Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *third*, to the Trust Collection Account, (A) on any Closed-End Exchange Note Payment Date other than the Exchange Note Redemption Date, the Exchange Note Principal Payment Amount due and payable on such Closed-End Exchange Note Payment Date pursuant to the Closed-End Exchange Note, as a payment of principal of the Closed-End Exchange Note by an amount sufficient to reduce the Exchange Note Balance to an amount equal to [·]% of the aggregate Securitization Value as of the last day of the related Closed-End EN Collection Period, (B) on the Exchange Note Redemption Date, an amount equal to the Exchange Note Redemption Price (to the extent such amount has not been paid pursuant to <u>clause (ii)</u> above or the Collateral Agency Agreement) or (C) on and after the Final Scheduled Payment Date for the Closed-End Exchange Note, any remaining amount necessary to reduce the Exchange Note Balance on the Closed-End Exchange Note to zero; <u>provided</u>, <u>however</u>, that if an Exchange Note Default has occurred and is continuing and the Closed-End Exchange Note is accelerated pursuant to <u>Section 8.7(c)</u> of the Collateral Agency Agreement, any remaining amount necessary to reduce the Exchange Note Balance on the Closed-End Exchange Note to zero, including all accrued and unpaid interest on the Closed-End Exchange Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) *fourth*, to the Trust Collection Account, an amount equal to the difference between the Available Funds and the amount required to be paid pursuant to <u>clauses (i)</u> through <u>(x)</u> in <u>Section 8.5(a)</u> of the Indenture on the related Closed-End Exchange Note Payment Date (the "<u>Trust Collection Account Shortfall Amount</u>"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) *fifth*, all remaining funds, to be applied at the direction of the Initial Beneficiary to the Trust Collection Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Pursuant to <u>Section 8.8(a)(ii)(z)</u> of the Collateral Agency Agreement, an amount equal to the Net Liquidation Proceeds of the Closed-End Units included in the 20[·]-[·] Reference Pool after an Exchange Note Default occurs and is continuing with respect to the Closed-End Exchange Note will be applied in accordance with the following priorities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *first*, to the Closed-End Collateral Agent, any amounts due with respect to the Closed-End Exchange Note or the related 20[·]-[·] Reference Pool under <u>Section 5.2(b)</u> of the Closed-End Servicing Agreement or <u>Section 13.2(b)</u> of this Exchange Note Supplement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *second*, to the Closed-End Administrative Agent, any amounts due with respect to the Closed-End Exchange Note or the related 20[·]-[·] Reference Pool under <u>Section 5.2(b)</u> of the Closed-End Servicing Agreement or <u>Section 13.2(b)</u> of this Exchange Note Supplement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *third*, to make the payments described in <u>clauses (i)</u> through <u>(v)</u> in <u>Section 13.2(b)</u> of this Exchange Note Supplement with respect to the 20[·]-[·] Reference Pool.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Pursuant to <u>Section 6.8</u> of the Collateral Agency Agreement, the Closed-End Exchange Note is subject to redemption and cancellation in whole, but not in part, in connection with an Optional Redemption by the Closed-End Servicer pursuant to the Closed-End Servicing Agreement or by the Titling Trust at the request of the Exchange Noteholder by written notice (the "<u>Notice of Redemption</u>") to the Borrower, the Closed-End Servicer, the Closed-End Collateral Agent and the Closed-End Administrative Agent. The Exchange Note Redemption Date shall occur on the first Closed-End Exchange Note Payment Date following the date of the Notice of Redemption. The Exchange Note Redemption Price shall be equal to the Exchange Note Purchase Price (as defined in the Exchange Note Servicing Supplement). The Closed-End Exchange Note shall, following the Notice of Redemption, on the Exchange Note Redemption Date cease to be Outstanding for purposes of this Exchange Note Supplement and shall thereafter represent only the right to receive the applicable Exchange Note Redemption Price and the Trust Collection Account Shortfall Amount, if any. Unless the Titling Trust shall default in the payment of such Exchange Note Redemption Price, no interest shall accrue on such Exchange Note Redemption Price for any period after the date to which accrued interest is calculated for purposes of calculating such Exchange Note Redemption Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Initial Beneficiary hereby releases and discharges the Deal Agent and the Warehouse Facility Secured Parties of all claims, actions, suits, choses in action and

controversies that it may have under applicable laws with respect to the Securities Act or the Exchange Act in connection with the Titling Trust's issuance of the Closed-End Exchange Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) [If the Class A-1 Note Balance is greater than zero on the Additional Class A-1 Determination Date, on the Additional Class A-1 Payment Date, the Closed-End Administrative Agent shall, with respect to the 20[·]-[·] Reference Pool, withdraw from the related Exchange Note Collection Account (based on the information contained in the certificate delivered by the Servicer on the related Additional Class A-1 Determination Date pursuant to <u>Section 13.14</u> of the Exchange Note Servicing Supplement) an amount equal to the following distributions:]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [first, to the extent of the Additional Exchange Note Class A-1 Available Amount, to the Trust Collection Account, for the payment of interest on the Class A-1 Notes, the Additional Class A-1 Interest Distributable Amount; and]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [second, to the extent of the Additional Exchange Note Class A-1 Available Amount (as such amount has been reduced by the distributions described in <u>clause (i)</u> above), to the Trust Collection Account for the payment of the outstanding Class A-1 Note Balance.]

Section 13.3 <u>Form</u>. The Exchange Note, together with the Closed-End Administrative Agent's certificate of authentication, shall be in substantially the form set forth as <u>Exhibit A</u> hereto, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Exchange Note Supplement or the Collateral Agency Agreement, as applicable, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may, consistently herewith, be determined by the officers executing such Exchange Note, as evidenced by their execution of such Exchange Note. Any portion of the text of any Exchange Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of such Exchange Note.

Section 13.4 <u>Access to Records</u>. The Titling Trust authorizes the Closed-End Servicer to provide the Asset Representations Reviewer access to the Titling Trust's records and documents related to the Units that are maintained by the Closed-End Servicer in such cases where the Asset Representations Reviewer is required to conduct a Review. Access shall be afforded without charge, but only upon reasonable request and during the normal business hours at the offices of the Closed-End Servicer. Nothing in this <u>Section 13.4</u> shall affect the obligation of the Titling Trust and the Closed-End Servicer to observe any applicable law prohibiting disclosure of information regarding the Closed-End Obligors and the failure of the Titling Trust and the Closed-End Servicer to provide access to information as a result of such obligation shall not constitute a breach of this <u>Section 13.4</u>.

Section 13.5 <u>Dispute Resolution</u>. The Titling Trust agrees to cooperate with the Issuing Entity and the Indenture Trustee in any dispute resolution proceeding pursuant to Section 2.3(d) of the Exchange Note Sale Agreement.

Section 13.6 <u>Exchange Note Default</u>. For purposes of Exchange Note Defaults with respect to the 20[·]-[·] Reference Pool, the following proviso shall be added at the end of

Section [8.7(a)] of the Collateral Agency Agreement: "Notwithstanding the foregoing, a delay or failure of performance referred to under any of the foregoing clauses shall not constitute an Exchange Note Default for a period of thirty (30) additional days after the applicable cure period specified in such clause, to the extent such delay or failure arose from Force Majeure."

**ARTICLE XIV** **<br> REPRESENTATIONS AND WARRANTIES**

Each party hereto represents and warrants, as to itself, to the other parties hereto as follows:

Section 14.1 <u>Existence and Power</u>. It is duly organized and validly existing under the laws of the jurisdiction of its organization or incorporation and has all power and authority required to carry on its business as it is now conducted.

Section 14.2 <u>Authorization and No Contravention</u>. Its execution, delivery and performance of this Exchange Note Supplement (i) have been duly authorized by all necessary action and (ii) do not violate or constitute a default under (A) any applicable law, rule or regulation, (B) its organizational instruments or (C) any agreement, contract, order or other instrument to which it is a party or its property is subject and (iii) will not result in any Adverse Claim on any Closed-End Unit or Closed-End Collections.

Section 14.3 <u>No Consent Required</u>. No approval, authorization or other action by, or filing with, any Governmental Authority is required in connection with its execution, delivery and performance of this Exchange Note Supplement, other than UCC filings and other than approvals and authorizations that have previously been obtained and filings which have previously been made.

Section 14.4 <u>Binding Effect</u>. This Exchange Note Supplement constitutes its legal, valid and binding obligation enforceable against it in accordance with its terms, except as limited by bankruptcy, insolvency, or other similar laws of general application relating to or affecting the enforcement of creditors' rights generally and subject to general principles of equity.

Section 14.5 <u>No Proceedings</u>. There is no action, suit, proceeding or investigation pending or, to its knowledge, threatened against it which, either in any one instance or in the aggregate, would render invalid this Exchange Note Supplement or the Closed-End Exchange Note issued hereunder.

**ARTICLE XV** **<br> MISCELLANEOUS PROVISIONS**

Section 15.1 <u>Filings</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The parties hereto will undertake all other and future actions and activities as may be required by the Closed-End Servicer (pursuant to the Servicing Supplement) or by the Closed-End Collateral Agent (pursuant to the Collateral Agency Agreement and the Security

Agreement) to perfect (or evidence) and confirm the foregoing identification and allocation of the Closed-End Units to the 20[·]-[·] Reference Pool.

Section 15.2 <u>Amendments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any term or provision of this Exchange Note Supplement may be amended by the parties hereto without the consent of the Exchange Noteholder or any other Person; <u>provided that</u> so long as the Closed-End Exchange Note remains Outstanding, no amendment to this Exchange Note Supplement shall reduce the Exchange Note Interest Rate or the Exchange Note Principal Payment Amount of the Closed-End Exchange Note, or delay the Final Scheduled Payment Date of the Closed-End Exchange Note, or materially and adversely affect the interests of the Exchange Noteholder, without the consent of the Exchange Noteholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything herein to the contrary (but subject to <u>Section 9.5</u> of the Collateral Agency Agreement), any term or provision of this Exchange Note Supplement may be amended by the parties hereto without the consent of the Exchange Noteholder or any other Person to add, modify or eliminate any provisions as may be necessary or advisable in order to comply with or obtain more favorable treatment under or with respect to any law or regulation or any accounting rule or principle (whether now or in the future in effect).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It shall not be necessary for the consent of any Person pursuant to this <u>Section 15.2</u> for such Person to approve the particular form of any proposed amendment, but it shall be sufficient if such Person consents to the substance thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No later than 10 Business Days after the execution of any amendment to this Exchange Note Supplement, the Initial Beneficiary shall furnish a copy of such amendment to the Exchange Noteholder, the Titling Trustee, the Closed-End Collateral Agent, the Issuing Entity and the Indenture Trustee.

Section 15.3 <u>Governing Law</u>.

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

Section 15.4 <u>Notices</u>.

Any and all notices and other communications provided for under this Exchange Note Supplement shall, unless otherwise stated herein, be delivered in accordance with, and shall be deemed delivered in accordance with, the Notice Requirements, which are incorporated into this Exchange Note Supplement or by electronic mail (if designated by a party to the other parties); <u>provided</u>, with the consent of the appropriate party to this Agreement, that the obligations of World Omni and any Affiliate of World Omni to deliver or provide any demand, delivery, notice, communication or instruction to such party other than a Noteholder shall be satisfied by World Omni or such Affiliate, as the case may be, making such demand, delivery, notice,

communication or instruction available at [·], or such other website or distribution service or provider as World Omni or such Affiliate, as applicable, shall designate by written notice to the other parties hereto.

Section 15.5 <u>Severability of Provisions</u>.

If any one or more of the covenants, agreements, provisions or terms of this Exchange Note Supplement shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Exchange Note Supplement and shall in no way affect the validity or enforceability of the other provisions of this Exchange Note Supplement or of the Closed-End Exchange Note issued hereunder or the rights of the Exchange Noteholder. To the extent permitted by law, the parties hereto waive any provision of law that renders any provision of this Exchange Note Supplement invalid or unenforceable in any respect.

Section 15.6 <u>Effect of Exchange Note Supplement on Collateral Agency Agreement</u>.

Except as otherwise specifically provided herein: (i) the parties shall continue to be bound by all provisions of the Collateral Agency Agreement; and (ii) the provisions set forth herein shall operate either as additions to or modifications of the obligations of the parties under the Collateral Agency Agreement, as the context may require. In the event of any conflict between the provisions of this Exchange Note Supplement and the Collateral Agency Agreement with respect to the Closed-End Exchange Note issued hereunder, the provisions of this Exchange Note Supplement shall prevail.

Section 15.7 <u>No Petition</u>.

Each of the Closed-End Administrative Agent, the Closed-End Collateral Agent and the holder and pledgee of the Closed-End Exchange Note, by virtue of its acceptance of the Closed-End Exchange Note or pledge thereof, covenants and agrees that for a period of one year and one day (or, if longer, any applicable preference period) after payment in full of all obligations under the Closed-End Exchange Note, it will not institute against any Bankruptcy Remote Party, or join in any institution against such Bankruptcy Remote Party of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any federal or State bankruptcy or similar law in connection with any obligations relating to this Exchange Note Supplement.

Section 15.8 <u>Tax Matters</u>.

Each of the parties hereto (and the holder or pledgee of the Closed-End Exchange Note, by virtue of its acceptance of the Closed-End Exchange Note or pledge thereof) agrees that for U.S. federal, state and local income, franchise and/or value added tax purposes it shall not treat this Exchange Note Supplement as creating or constituting a trust, partnership, association taxable as a corporation or any other type of separate entity (and will report for such purposes in a consistent manner therewith).

Section 15.9 <u>Entire Agreement</u>.

THIS EXCHANGE NOTE SUPPLEMENT AND THE OTHER DOCUMENTS EXECUTED AND DELIVERED IN CONNECTION HEREWITH REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES HERETO AND THERETO AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.

Section 15.10 <u>Submission to Jurisdiction; Waiver of Jury Trial</u>.

Each of the parties hereto hereby irrevocably and unconditionally:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Person at its address determined in accordance with <u>Section 15.4</u> of this Exchange Note Supplement;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to the extent permitted by applicable law, waives all right of trial by jury in any action, proceeding or counterclaim based on, or arising out of, under or in connection with this Exchange Note Supplement.

Section 15.11 <u>No Recourse</u>.

It is expressly understood and agreed by the parties hereto that (a) this Exchange Note Supplement is executed and delivered by VT Inc. and U.S. Bank, not individually or personally but solely as Titling Trustee and Closed-End Administrative Agent, respectively, in the exercise of the powers and authority conferred and vested in it, (b) each of the representations, undertakings and agreements herein made on the part of World Omni LT is made and intended not as personal representations, undertakings and agreements by VT Inc. or U.S. Bank, but is made and intended for the purpose of binding only World Omni LT, (c) nothing herein contained shall be construed as creating any liability on 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 claiming by, through or under the parties hereto 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 under this Exchange Note Supplement, the Collateral Agency Agreement, or any other related documents.

Section 15.12 <u>Counterparts; Electronic Signatures</u>. This Exchange Note Supplement may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument. Each of the parties agree that this Exchange Note Supplement and any other documents to be delivered in connection herewith may be electronically signed, that any digital or electronic signatures (including pdf, facsimile or electronically imaged signatures provided by DocuSign or any other digital signature provider) appearing on this Exchange Note Supplement or such other documents are the same as handwritten signatures for the purposes of validity, enforceability and admissibility, and that delivery of any such electronic signature to, or a signed copy of, this Exchange Note Supplement and such other documents may be made by facsimile, email or other electronic transmission.

**[SIGNATURES ON NEXT PAGE]**

IN WITNESS WHEREOF, the parties hereto have caused this Exchange Note Supplement to be duly executed by their respective officers as of the day and year first above written.

---

| | |
|:---|:---|
| WORLD OMNI LT,<br> as Borrower | WORLD OMNI LT,<br> as Borrower |
| By: | VT INC., not in its individual capacity, but solely as Titling Trustee |
| By: |  |
|  | Name: |
|  | Title: |
| AUTO LEASE FINANCE LLC,<br> as Initial Beneficiary | AUTO LEASE FINANCE LLC,<br> as Initial Beneficiary |
| By: |  |
|  | Name: |
|  | Title: |
| AL HOLDING CORP.,<br> as Closed-End Collateral Agent | AL HOLDING CORP.,<br> as Closed-End Collateral Agent |
| By: |  |
|  | Name: |
|  | Title: |
| U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,<br> as Closed-End Administrative Agent | U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,<br> as Closed-End Administrative Agent |
| By: |  |
|  | Name: |
|  | Title: |

---

Schedule 1<br> 20[·]-[·] Exchange Note Supplement

**DESCRIPTION OF CLOSED-END UNITS ALLOCATED TO 20[·]-[·] REFERENCE POOL**

**Delivered Electronically to Titling Trustee and Closed-End Collateral Agent**

**and on file at:**

**Mayer Brown LLP**

**1221 Avenue of the Americas**

**New York, New York 10020**

Sch. 1

**<u>EXHIBIT A</u>**

**<u>FORM OF EXCHANGE NOTE</u>**

**20[·]-[·] CLOSED-END EXCHANGE NOTE**

THIS 20[·]-[·] CLOSED-END EXCHANGE NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR UNDER ANY SECURITIES OR BLUE SKY LAW OF ANY STATE OF THE UNITED STATES. THE HOLDER HEREOF, BY PURCHASING THIS 20[·]-[·] CLOSED-END EXCHANGE NOTE, AGREES THAT THIS 20[·]-[·] CLOSED-END EXCHANGE NOTE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (1) TO A "QUALIFIED INSTITUTIONAL BUYER" WITHIN THE MEANING THEREOF IN RULE 144A UNDER THE SECURITIES ACT, (2) TO AN INSTITUTIONAL "ACCREDITED INVESTOR" WITHIN THE MEANING THEREOF IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (3) TO THE INITIAL BENEFICIARY OR ITS AFFILIATES, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED STATES AND SECURITIES AND BLUE SKY LAWS OF THE STATES OF THE UNITED STATES, AND SUBJECT TO THE RECEIPT BY THE CLOSED-END ADMINISTRATIVE AGENT OF SUCH OTHER EVIDENCE ACCEPTABLE TO THE CLOSED-END ADMINISTRATIVE AGENT THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS.

THIS 20[·]-[·] CLOSED-END EXCHANGE NOTE MAY BE TRANSFERRED ONLY IN WHOLE AND NOT IN PART. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID FROM THE BEGINNING, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE PURCHASER OR TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE BORROWER, THE CLOSED-END ADMINISTRATIVE AGENT OR ANY INTERMEDIARY.

EACH HOLDER OF THIS 20[·]-[·] CLOSED-END EXCHANGE NOTE WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT IT IS NOT AND WILL NOT BE AND IS NOT ACQUIRING SUCH 20[·]-[·] CLOSED-END EXCHANGE NOTE ON BEHALF OF, OR WITH THE ASSETS OF, ANY PERSON THAT IS OR WILL BE (I) AN "EMPLOYEE BENEFIT PLAN" AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA") THAT IS SUBJECT TO TITLE I OF ERISA, (II) A "PLAN" AS DESCRIBED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE") THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (III) ANY ENTITY OR ACCOUNT DEEMED TO HOLD "PLAN ASSETS" OF THE FOREGOING OR (IV) ANY GOVERNMENTAL, NON-U.S. OR CHURCH PLAN OR ANY OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT THAT IS SUBJECT TO ANY FEDERAL, STATE,

Ex. A-1

LOCAL OR OTHER LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE.

NEITHER THIS 20[·]-[·] CLOSED-END EXCHANGE NOTE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE TRANSFEREE OR PURCHASER DELIVERS TO THE CLOSED-END ADMINISTRATIVE AGENT AND THE BORROWER A DULY EXECUTED INVESTMENT LETTER IN THE FORM ATTACHED AS EXHIBIT D TO THE COLLATERAL AGENCY AGREEMENT. THE PURCHASER UNDERSTANDS AND AGREES THAT ANY PURPORTED TRANSFER OF THIS 20[·]-[·] CLOSED-END EXCHANGE NOTE OR ANY INTEREST HEREIN IN VIOLATION OF THE PRECEDING SENTENCE SHALL BE VOID AND OF NO EFFECT.

THE PRINCIPAL OF THIS 20[·]-[·] CLOSED-END EXCHANGE NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS 20[·]-[·] CLOSED-END EXCHANGE NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

Ex. A-2

REGISTERED

$[·]

No. [·]

**[·]** **% 20[·]-[·] CLOSED-END EXCHANGE NOTE**

**WORLD OMNI LT**, as borrower (the "**<u>Borrower</u>**"), for value received, hereby promises to pay to **AUTO LEASE FINANCE LLC**, and its registered assigns, the registered holder from time to time of this 20[·]-[·] Closed-End Exchange Note (the "**<u>20[·]-[·] Exchange Noteholder</u>**"), the principal sum of [·] (U.S. $[·]) payable on each Closed-End Exchange Note Payment Date in an amount equal to the Exchange Note Principal Payment Amount for such Closed-End Exchange Note Payment Date pursuant to **<u>Section 13.2</u>** of the 20[·]-[·] Closed-End Exchange Note Supplement (or such other date as specified therein); <u>provided</u>, <u>however</u>, that (i) the entire unpaid principal amount of this Note will be due and payable on [·], 20[·] (the "**<u>20[·]-[·] Final Scheduled Payment Date</u>**") and (ii) this 20[·]-[·] Closed-End Exchange Note (this "**<u>Note</u>**") may be redeemed earlier than the 20[·]-[·] Final Scheduled Payment Date pursuant to **<u>Section 15.1</u>** of the 20[·]-[·] Servicing Supplement, dated as of [·], 20[·], among World Omni Financial Corp., as servicer (the "**<u>Closed-End Servicer</u>**"), the Closed-End Collateral Agent (as defined below), and the Borrower (the "**<u>20[·]-[·] Closed-End Servicing Supplement</u>**"). This Note has been issued pursuant to the Fourth Amended and Restated Collateral Agency Agreement, dated as of December 15, 2009 (the "**<u>Collateral Agency Agreement</u>**"), among the Borrower, AL Holding Corp. ("**<u>ALHC</u>**"), as collateral agent (in such capacity, the "**<u>Closed-End Collateral Agent</u>**"), Bank of America, N.A., as deal agent (the "**<u>Deal Agent</u>**"), U.S. Bank Trust Company, National Association ("**<u>U.S. Bank</u>**"), as administrative agent (in such capacity, the "**<u>Closed-End Administrative Agent</u>**"), and the other Secured Parties from time to time party to such agreement, as supplemented by the 20[·]-[·] Closed-End Exchange Note Supplement, dated as of [·], 20[·], between the Borrower and Auto Lease Finance LLC, as initial beneficiary (the "**<u>Initial Beneficiary</u>**"), (the "**<u>20[·]-[·] Closed-End Exchange Note Supplement</u>**"). References hereinafter to the "**<u>Collateral Agency Agreement</u>**" are to the Collateral Agency Agreement (as defined above), as supplemented by the 20[·]-[·] Closed-End Exchange Note Supplement.

Capitalized terms used but not defined herein have the meanings assigned to such terms under the Collateral Agency Agreement (including **<u>Appendix A</u>** thereto), or, if no meaning is assigned thereunder, the meanings assigned under the Receivables Financing Agreements (including **<u>Schedule 1</u>** to each such agreement).

The Borrower will pay interest on this Note in an amount equal to the 20[·]-[·] Exchange Note Interest Amount until the principal of this Note is paid or made available for payment. The amount of interest due on this Note on each Closed-End Exchange Note Payment Date will be calculated on the basis of the 20[·]-[·] Closed-End Exchange Note Balance outstanding on the preceding Closed-End Exchange Note Payment Date (after giving effect to all payments of principal made on the preceding Closed-End Exchange Note Payment Date), and will be subject to certain limitations contained in **<u>Section 13.2</u>** of the 20[·]-[·] Closed-End

Ex. A-3

Exchange Note Supplement. Such principal of and interest on this Note will be paid in the manner specified on the reverse hereof.

The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Borrower with respect to this Note will be applied to interest on and principal of this Note in the manner set forth in the 20[·]-[·] Closed-End Exchange Note Supplement.

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

Unless the certificate of authentication hereon has been executed by the Closed-End Administrative Agent whose name appears below by manual or facsimile signature, this Note will not be entitled to any benefit under the Collateral Agency Agreement or be valid or obligatory for any purpose.

**[SIGNATURE PAGE FOLLOWS]**

Ex. A-4

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

Date: [·], 20[·]

---

| | |
|:---|:---|
| **WORLD OMNI LT**, | **WORLD OMNI LT**, |
| as Borrower | as Borrower |
| By: | **VT INC.,** |
|  | as Titling Trustee |
| By: |  |
|  | Name: |
|  | Title: |

---

**ADMINISTRATIVE AGENT'S CERTIFICATE OF AUTHENTICATION**

This is the 20[·]-[·] Closed-End Exchange Note designated above and referred to in the within-mentioned 20[·]-[·] Closed-End Exchange Note Supplement.

Date: [·], 20[·]

---

| | |
|:---|:---|
| **U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,** | **U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,** |
| not in its individual capacity but solely as Closed-End Administrative Agent | not in its individual capacity but solely as Closed-End Administrative Agent |
| By: |  |
|  | Authorized Officer |

---

**REVERSE OF 20[·]-[·] CLOSED-END EXCHANGE NOTE**

This Note is one of the duly authorized issue of Closed-End Exchange Notes, which may be issued under the Collateral Agency Agreement, to which Collateral Agency Agreement and all Closed-End Exchange Note Supplements that are supplemental thereto reference is made for a statement of the respective rights and obligations thereunder of the Borrower, the Closed-End Servicer, the Closed-End Administrative Agent, the Closed-End Collateral Agent, the Exchange Noteholders and certain other parties. This Note is subject to all terms of the Collateral Agency Agreement. In the event of a conflict between the terms of this Note and the terms of the Collateral Agency Agreement, the Collateral Agency Agreement will prevail.

Interest on and principal of this Note will be payable in accordance with the priority of payments set forth in **<u>Section 13.2</u>** of the 20[·]-[·] Closed-End Exchange Note Supplement.

Principal of this Note will be payable on each Closed-End Exchange Note Payment Date (or such other date as specified in **<u>Section 13.2</u>** of the 20[·]-[·] Closed-End Exchange Note Supplement) in an amount equal to the 20[·]-[·] Closed-End Exchange Note Principal Distribution Amount for such Closed-End Exchange Note Payment Date. "**<u>Closed-End Exchange Note Payment Date</u>**" means the 15th day of each calendar month or, if any such day is not a Business Day, the next Business Day, commencing [·], 20[·].

As described on the face hereof, the entire unpaid principal amount of this Note will be due and payable on the 20[·]-[·] Final Scheduled Payment Date. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes will be due and payable on the date on which an Exchange Note Default with respect to this Note has occurred and is continuing and the 20[·]-[·] Exchange Noteholder has declared the Note to be immediately due and payable in the manner provided in the Collateral Agency Agreement.

Payments of interest on this Note on each Closed-End Exchange Note Payment Date, together with the installment of principal, if any, to the extent not in full payment of this Note, will be made to the account of the registered holder hereof either by wire transfer in immediately available funds, to the account of such 20[·]-[·] Exchange Noteholder or an account designated by the 20[·]-[·] Exchange Noteholder at a bank or other entity having appropriate facilities therefor if such 20[·]-[·] Exchange Noteholder has provided to the Exchange Note Registrar appropriate written instructions at least five (5) Business Days prior to such Closed-End Exchange Note Payment Date or, if not, by check mailed first-class mail postage prepaid to the 20[·]-[·] Exchange Noteholder's address as it appears on the Exchange Note Register prior to such Closed-End Exchange Note Payment Date, except that the final installment of principal payable on this 20[·]-[·] Closed-End Exchange Note on a Closed-End Exchange Note Payment Date or the 20[·]-[·] Final Scheduled Payment Date will be payable only upon the presentation and surrender of this Note in the manner set forth in **<u>Section 6.7(b)</u>** of the Collateral Agency Agreement. Such payments will be made without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this Note effected by any payments made on any Closed-End Exchange Note Payment Date will be binding upon all future 20[·]-[·] Exchange Noteholders of this Note and of any Note issued

Ex. A-6

upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Collateral Agency Agreement, for payment in full of the then remaining unpaid principal amount of this Note on a Closed-End Exchange Note Payment Date, then the Closed-End Administrative Agent will notify the 20[·]-[·] Exchange Noteholder of the date on which the Borrower expects that the final installment of principal of and interest on this Note will be paid not later than five (5) days prior to such date. Such notice will specify that such final installment will be payable only upon presentation and surrender of this Note and will specify the place where this Note may be presented and surrendered for payment of such installment.

The transfer of this Note is subject to the restrictions on transfer specified on the face hereof and to the other limitations set forth in the Collateral Agency Agreement. Subject to the satisfaction of such restrictions and limitations, the transfer of this Note may be registered on the Exchange Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Borrower pursuant to the Collateral Agency Agreement, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Closed-End Administrative Agent duly executed by, the 20[·]-[·] Exchange Noteholder hereof or the 20[·]-[·] Exchange Noteholder's attorney duly authorized in writing, with such signature guaranteed by an "eligible guarantor institution" meeting the requirements of the Exchange Note Registrar, and thereupon a new 20[·]-[·] Closed-End Exchange Note in the same aggregate principal amount will be issued to the designated transferee. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange.

The 20[·]-[·] Exchange Noteholder, by accepting this Note acknowledges and agrees that (i) if an Exchange Note Default occurs, any claim that the 20[·]-[·] Exchange Noteholder may seek to enforce at any time against the Borrower and the Holding Company will be limited in recourse to the Closed-End Assets in the related 20[·]-[·] Reference Pool, (ii) if, notwithstanding clause (i), the 20[·]-[·] Exchange Noteholder is deemed to have any claim against the assets of the Borrower and the Holding Company other than the assets included in the Closed-End Assets in the 20[·]-[·] Reference Pool, whether by operation of law, legal process, pursuant to insolvency laws or otherwise (including by virtue of Section 1111(b) of the Bankruptcy Code), such claim will be subordinate to the payment in full, including post-petition interest, of the claims of the Warehouse Facility Secured Parties and to the holders of (A) all other Closed-End Exchange Notes and (B) in the case of assets allocated to a Specified Interest other than the Closed-End Collateral Specified Interest, all other asset-backed securities, the payments on which are derived primarily from collections on designated assets of the Borrower and all related hedging arrangements and (iii) it irrevocably makes the election afforded to secured creditors by Section 1111(b)(1)(A)(i) of the Bankruptcy Code to receive the treatment afforded by Section 1111(b)(2) of the Bankruptcy Code with respect to any secured claim that it may have at any time against any Other Assets.

**THE RECITATION SET FORTH IN THE PRECEDING PARAGRAPH WILL BE DEEMED TO CONSTITUTE AN ENFORCEABLE SUBORDINATION AGREEMENT WITHIN THE MEANING OF SECTION 510(A) OF THE BANKRUPTCY CODE.**

Ex. A-7

In addition, the 20[·]-[·] Exchange Noteholder, by accepting this Note, consents to the Closed-End Administrative Agent's delegation under the Closed-End Administration Agreement to the Closed-End Collateral Agent Administrator of certain of the duties that the Closed-End Administrative Agent is required to perform on behalf of the Closed-End Collateral Agent pursuant to the Collateral Agency Agreement.

The 20[·]-[·] Exchange Noteholder, by accepting this Note, covenants and agrees that for a period of one year and one day after payment in full of all Trust-Related Obligations (as defined in the Titling Trust Agreement), it will not institute against the Borrower or the Holding Company, or join in any institution against the Borrower or the Holding Company of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any federal or State bankruptcy or similar law in connection with any obligations relating to this Note, the Collateral Agency Agreement, the 20[·]-[·] Closed-End Exchange Note Supplement, any other Transaction Document or Basic Document.

The Borrower has entered into the 20[·]-[·] Closed-End Exchange Note Supplement and this Note is issued with the intention that, for U.S. federal, State and local income, single business and franchise tax purposes, this Note will qualify as indebtedness of the Borrower (or its regarded owner, as determined for U.S. federal income tax purposes, if the Borrower is a disregarded entity for such purposes). The 20[·]-[·] Exchange Noteholder, by its acceptance of this Note, will be deemed to agree to treat this 20[·]-[·] Closed-End Exchange Note for U.S. federal, State and local income, single business and franchise tax purposes as indebtedness of the Borrower (or its regarded owner, as determined for U.S. federal income tax purposes, if the Borrower is a disregarded entity for such purposes).

Prior to the due presentment for registration of transfer of this Note, the Borrower and the Closed-End Administrative Agent and any agent of the Borrower or the Closed-End Administrative Agent may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the 20[·]-[·] Closed-End Exchange Note Supplement) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and none of the Borrower, the Closed-End Administrative Agent or any such agent will be affected by notice to the contrary.

The Collateral Agency Agreement permits the amendment thereof and, under certain circumstances, the consent of the 20[·]-[·] Exchange Noteholder will be required as a condition to the effectiveness of such amendment. Any such consent by the 20[·]-[·] Exchange Noteholder will be conclusive and binding upon the 20[·]-[·] Exchange Noteholder and upon all future holders of this Note and of any 20[·]-[·] Closed-End Exchange Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this 20[·]-[·] Closed-End Exchange Note.

The term "**<u>Borrower</u>**," as used in this Note, includes any successor to the Borrower under the Collateral Agency Agreement.

This Note is issuable only in registered form as provided in the Collateral Agency Agreement, subject to certain limitations therein set forth.

Ex. A-8

**THIS 20[·]-[·] CLOSED-END EXCHANGE NOTE, THE COLLATERAL AGENCY AGREEMENT AND THE 20[·]-[·] CLOSED-END EXCHANGE NOTE SUPPLEMENT WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.**

No reference herein to the Collateral Agency Agreement, and no provision of this Note or of the Collateral Agency Agreement will alter or impair the obligation of the Borrower, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency herein prescribed.

Notwithstanding anything to the contrary set forth in this Note or the Collateral Agency Agreement, it is expressly understood and agreed that (1) this Note is executed and delivered by VT Inc., not individually or personally but solely as Titling Trustee in the exercise of the powers and authority conferred and vested in it in such capacity, (2) each of the representations, undertakings and agreements made herein, or in the Collateral Agency Agreement, in each case on the part of World Omni LT, as Borrower, are made and intended not as personal representations, undertakings and agreements by VT Inc., but are made and intended for the purpose of binding only World Omni LT, (3) nothing herein contained shall be construed as creating any liability on VT Inc., individually or personally, to perform any covenant, either expressed or implied, contained in the Collateral Agency Agreement or this Note, all such liability, if any, being expressly waived by each Exchange Noteholder of this Note, by taking delivery hereof, and by any person claiming by, through or under any such Exchange Noteholder, (4) under no circumstances shall VT Inc. or any of its affiliates, partners, beneficiaries, agents, officers, directors, employees or successors or assigns (the foregoing, collectively, the "**<u>Trustee Parties</u>**") be personally liable for, nor will recourse be had to any of them for, the payment of principal of or interest on this Note, (5) the liability of the Trustee Parties will be limited in the manner set forth in the Titling Trust Agreement, which the holder of this Note acknowledges by taking delivery hereof, and (6) under no circumstances shall VT Inc. be personally liable for the payment of any other indebtedness or expenses of World Omni LT under this Note, the Collateral Agency Agreement or any other related document.

**[REMAINDER OF THIS PAGE LEFT INTENTIONALLY BLANK]**

Ex. A-9

**ASSIGNMENT**

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

**FOR VALUE RECEIVED**, the undersigned hereby sells, assigns and transfers without

recourse unto   <br> (name and address of assignee)

the within 20[·]-[·] Closed-End Exchange Note and all rights thereunder, and hereby irrevocably constitutes and appoints ________________, attorney, to transfer said 20[·]-[·] Closed-End Exchange Note on the books kept for registration thereof, with full power of substitution in the premises.

Date:

  <br> Signature Guaranteed

Ex. A-10

## Exhibit 10.4

**EXHIBIT 10.4**

**FIFTH AMENDED AND RESTATED SERVICING AGREEMENT**

Dated as of December 15, 2009

among

**WORLD OMNI FINANCIAL CORP.,**<br> as Closed-End Servicer,

**WORLD OMNI LT,**<br> as Titling Trust,

and

**AL HOLDING CORP.,**<br> as Closed-End Collateral Agent

*Closed-End Servicing Agreement*

**<u>**TABLE OF CONTENTS**</u>**

---

| | | |
|:---|:---|:---|
| ARTICLE I. | ARTICLE I. | ARTICLE I. |
| USAGE AND DEFINITIONS | USAGE AND DEFINITIONS | USAGE AND DEFINITIONS |
| ARTICLE II. | ARTICLE II. | ARTICLE II. |
| DESIGNATION | DESIGNATION | DESIGNATION |
| Section 2.1 | Direction to the Closed-End Servicer | 2 |
| Section 2.2 | Servicing Supplement | 2 |
| ARTICLE III. | ARTICLE III. | ARTICLE III. |
| THE CLOSED-END SERVICER | THE CLOSED-END SERVICER | 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. | ARTICLE IV. | ARTICLE IV. |
| PURCHASE OF CLOSED-END LEASES AND CLOSED-END VEHICLES | PURCHASE OF CLOSED-END LEASES AND CLOSED-END VEHICLES | 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 |

---

i *Closed-End Servicing Agreement*

---

| | | |
|:---|:---|:---|
| ARTICLE V. | ARTICLE V. | ARTICLE V. |
| COLLECTIONS AND APPLICATION OF FUNDS | COLLECTIONS AND APPLICATION OF FUNDS | 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. | ARTICLE VI. | ARTICLE VI. |
| ADMINISTRATION AND SERVICING OF CLOSED-END LEASES | ADMINISTRATION AND SERVICING OF CLOSED-END LEASES | 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. | ARTICLE VII. | ARTICLE VII. |
| SALE OF CLOSED-END VEHICLES | SALE OF CLOSED-END VEHICLES | 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. | ARTICLE VIII. | ARTICLE VIII. |
| CLOSED-END SERVICER DEFAULT | CLOSED-END SERVICER DEFAULT | 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. | ARTICLE IX. | ARTICLE IX. |
| REPORTING | REPORTING | 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 |

---

ii *Closed-End Servicing Agreement*

---

| | | |
|:---|:---|:---|
| Section 9.4 | Annual Independent Certified Public Accountants' Report | 29 |
| Section 9.5 | Other Notices | 30 |
| ARTICLE X. | ARTICLE X. | ARTICLE X. |
| MISCELLANEOUS | MISCELLANEOUS | 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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iii *Closed-End Servicing Agreement*

**<u>INDEX OF DEFINED TERMS</u>**

**(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 |
| Appendix A, Page 3 |
| Appendix A, Page 3 |
| Appendix A, Page 3 |
| Appendix A, Page 3 |
| Appendix A, Page 3 |
| Collateral Agency Agreement, Section 6.2(b) (Subclause (D)) |
| Appendix A, Page 3 |
| Closed-End Servicing Agreement, Section 5.2(b)(iv) |
| Closed-End Servicing Agreement, Section 5.2(b)(iv) |
| Appendix A, Page 3 |
| Appendix A, Page 4 |
| Appendix A, Page 4 |
| ALF LLC Ageement, Section 1.1 |
| Appendix A, Page 4 |
| Collateral Agency Agreement, Recitals |
| Collateral Agency Agreement, Recitals |
| Appendix A, Page 4 |
| Appendix A, Page 4 |
| ALF LLC Ageement, Section 1.1 |
| ALF LLC Ageement, Section 7.8(b) |
| Appendix A, Page 4 |
| ALF LLC Ageement, Section 1.1 |
| Appendix A, Page 4 |
| Appendix A, Page 4 |
| Appendix A, Page 4 |
| Appendix A, Page 4 |
| Appendix A, Page 4 |
| Collateral Agent Assignment Agreement, SECTION 2(b) |
| Collateral Agent Assignment Agreement, SECTION 2(c) |
| ALF LLC Ageement, Section 1.1 |
| Appendix A, Page 4 |
| Appendix A, Page 4 |
| Appendix A, Page 5 |
| ALF LLC Ageement, Section 1.1 |
| ALF LLC Ageement, Section 1.1 |
| Appendix A, Page 5 |
| Appendix A, Page 5 |
| Appendix A, Page 5 |
| ALF LLC Ageement, Section 7.2 |
| Appendix A, Page 6 |
| Appendix A, Page 6 |
| 1, Appendix A, Page 6 |
| Security Agreement, Section 2.1(g) |
| Collateral Agency Agreement, Recitals |
| Appendix A, Page 6 |
| Appendix A, Page 6 |
| Appendix A, Page 6 |
| Appendix A, Page 6 |

---

i *Closed-End Servicing Agreement*

---

| | |
|:---|:---|
| 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) |

---

ii *Closed-End Servicing Agreement*

---

| | |
|:---|:---|
| 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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iii *Closed-End Servicing Agreement*

---

| | |
|:---|:---|
| 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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iv *Closed-End Servicing Agreement*

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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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v *Closed-End Servicing Agreement*

---

| | |
|:---|:---|
| 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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vi *Closed-End Servicing Agreement*

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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 |

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vii *Closed-End Servicing Agreement*

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| | |
|:---|:---|
| 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 |

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viii *Closed-End Servicing Agreement*

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

**BACKGROUND**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. As of July 16, 2008, (A) VT Inc., an Alabama corporation ("**<u>VT Inc.</u>**"), as trustee of World Omni LT, an Alabama trust (the "**<u>Alabama Trust</u>**") 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 "**<u>Existing Servicing Agreement</u>**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.**

**<u>USAGE AND DEFINITIONS</u>**

Capitalized terms used but not otherwise defined in this Closed-End Servicing Agreement or in **<u>Appendix 1</u>** to the applicable Servicing Supplement have the meanings assigned to such terms under **<u>Appendix A</u>** to the Fourth Amended and Restated Collateral Agency Agreement, dated as of December 15, 2009 (the "**<u>Collateral Agency Agreement</u>**"), 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. **<u>Appendix A</u>** to the Collateral Agency Agreement is hereby incorporated by reference into, and made applicable to, this Closed-End Servicing Agreement. **<u>Appendix A</u>** to the Collateral Agency Agreement also contains rules as to usage applicable to this Closed-End Servicing Agreement.

*Closed-End Servicing Agreement*

**ARTICLE II.**

**<u>DESIGNATION</u>**

**Section 2.1 <u>Direction to the Closed-End Servicer</u>**.

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 <u>Servicing Supplement</u>**.

Upon the issuance of a Closed-End Exchange Note pursuant to **<u>Section 6.1</u>** 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 "**<u>Servicing Supplement</u>**") 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 <u>Appointment of Closed-End Servicer</u>**.

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 <u>Representations of the Closed-End Servicer</u>**.

The Closed-End Servicer makes the representations set forth in this **<u>Section 3.2</u>**, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ***<u>Organization and Good Standing</u>***. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***<u>Due Qualification</u>***. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ***<u>Power and Authority; Authorization; Execution and Delivery; Binding Obligation</u>***. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) ***<u>No Violation</u>***. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) ***<u>No Proceedings</u>***. 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 <u>Liability of the Closed-End Servicer; Indemnities</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 **<u>Section 3.3(b)</u>**, an "**<u>Indemnified Person</u>**") 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 **<u>Section 3.8</u>** 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 **<u>Section 3.3(b)</u>** 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For purposes of this **<u>Section 3.3</u>**, if the Closed-End Servicer's rights and obligations as Closed-End Servicer are terminated pursuant to **<u>Section 8.1</u>**, **<u>Section 8.2</u>** or **<u>Section 8.3</u>**, 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 **<u>Section 8.4</u>** 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the Closed-End Servicer makes any indemnity payments to any Indemnified Person pursuant to this **<u>Section 3.3</u>**, (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 <u>Merger or Consolidation of, or Assumption of the Obligations of, Closed-End Servicer</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 **<u>Section 3.4(b)</u>** 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 <u>Delegation of Duties</u>**.

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 <u>World Omni Not to Resign as Closed-End Servicer</u>**.

Except as provided in **<u>Section 8.4</u>**, 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 <u>Maintenance and Assignment of Blanket Insurance. Policies; Obligor Insurance Coverage</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ***<u>Maintenance and Assignment of Blanket Insurance Policies</u>***. 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 "**<u>Covered Parties</u>**") 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 **<u>Section 3.7(a)</u>** 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***<u>Vicarious Liability</u>***. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 <u>Execution of Documents; Licenses and Applications</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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, **<u>Section 3.7(a)</u>** and **<u>(b)</u>**; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 <u>Fees and Expenses</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ***<u>Warehouse Facility Pool Servicing Fee</u>***. 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 **<u>Section 3.7(a)</u>** and (iii) paying the fees and expenses set forth in **<u>Section 3.9(c)</u>** and **<u>Section 3.9(d)</u>**, 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 **<u>Section 3.9(a)</u>** shall be paid only on Payment Dates in accordance with the priority of payments set forth in **<u>Section 10.3(a)</u>** 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 **<u>Section 3.9(a)</u>** shall be paid only on Payment Dates in accordance with the priority of payments set forth in **<u>Section 10.3(b)</u>** of the Collateral Agency Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***<u>Reference Pool Servicing Fee</u>***. 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 **<u>Section 3.7(a)</u>** and (iii) paying the fees and expenses set forth in **<u>Section 3.9(c)</u>** and **<u>Section 3.9(d)</u>**, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ***<u>Servicing Expenses</u>***. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) ***<u>Other Fees and Expenses</u>***. 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 <u>Termination</u>**.

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; **<u>provided</u>**, **<u>however</u>**, **<u>that</u>** the rights and obligations of the parties to this Closed-End Servicing Agreement under **<u>Section 10.5</u>** will survive any such termination.

8 *Closed-End Servicing Agreement*

**ARTICLE IV.**

**PURCHASE OF CLOSED-END LEASES AND CLOSED-END VEHICLES**

**Section 4.1 <u>Origination of Closed-End Leases by Dealers; Role of Closed-End Servicer</u>**.

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 <u>Administration and Titling of Closed-End Vehicles</u>**.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 **<u>Section 4.3</u>** 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 **<u>Section 4.2(b)</u>**.

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**Section 4.3 <u>Purchase of Closed-End Leases and Closed-End Vehicles</u>**.

Upon origination of a Closed-End Unit in accordance with **<u>Section 4.1</u>**, 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 **<u>Section 5.2</u>**.

**Section 4.4 <u>Listing of Vehicle Identification Numbers</u>**.

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 <u>Assignment of Dealer Recourse Rights</u>**.

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 <u>Remittance</u>**.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***<u>Combined Wire Transfers</u>***. 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, **<u>provided</u>**, **<u>however</u>**, **<u>that</u>**, such transfer is accompanied by instructions as to the appropriate divisions of all such proceeds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ***<u>Other Amounts Related to the Warehouse Facility Pool</u>***. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) ***<u>Master Exchange Agreement; Required Deposit Amount</u>***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *<u>Application of Relinquished Vehicle Proceeds</u>*. 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 **<u>Section 4.7</u>** of such agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *<u>Required Deposit Amount</u>*. 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 ("**<u>Required Deposit Amount</u>**") 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 **<u>Section 4.1</u>** of the Master Exchange Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *<u>Revocation or Termination of Assignments Under the Master Exchange Agreement</u>*. 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

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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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) *<u>Duties of Closed-End Servicer Otherwise Unmodified</u>*. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) ***<u>Closed-End Collections on the Reference Pools</u>***. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) ***<u>Taxes</u>***. 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 <u>Establishment of Certain Accounts; Payments, Disbursements and Reimbursements</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ***<u>The Draft Account; Disbursements to Dealers</u>***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *<u>Establishment and Maintenance of Draft Account</u>*<u>.</u> 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *<u>Disbursements to Dealers</u>*<u>.</u> 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *<u>Exercise of Set-Off Against Dealers</u>*. Notwithstanding **<u>paragraph (ii)</u>**, 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

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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 **<u>Section 5.2(a)</u>** 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 **<u>Section 5.2(a)</u>** 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *<u>Lease Funding Account</u>*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *<u>Establishment and Maintenance of Lease Funding Account</u>*. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *<u>Deposits and Withdrawals</u>*. 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 **<u>subsection (b)</u>** 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *<u>Payment of Titling Trust Expenses</u>*<u>.</u> 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 **<u>clause (iv)</u>**, below. The Closed-End Servicer shall from time to time, in accordance with this **<u>Section 5.2(b)(iii)</u>** 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

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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 **<u>clause (iv)</u>**, below. With respect to each Reference Pool, the Closed-End Servicer shall, from time to time, in accordance with this **<u>Section 5.2(b)(iii)</u>** 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 **<u>Section 10.3(a)</u>** 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 **<u>Section 10.3(b)</u>** of the Collateral Agency Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) *<u>Allocation of Expenses</u>*. 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 <u>pro rata</u> 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 "**<u>Affected Trust Asset</u>**" and collectively, the "**<u>Affected Trust Assets</u>**"), 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 <u>pro rata</u> 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 **<u>Section 5.2(b)(iv)</u>**, but shall be payable in accordance with **<u>clauses (v)</u>** and **<u>(vi)</u>**, below, and **<u>Article X</u>** 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 **<u>Section 5.2(b)(iv)</u>**. The portion of any expense or liability that is allocated to any specified Asset Pool is referred to as the "**<u>Closed-End Allocable Share</u>**" with respect to such Asset Pool. For purposes of this **<u>sub-section (iv)</u>,** the Revolving Pool and each Wind-Down Pool shall be treated as separate Asset Pools.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) *<u>Application of Excess Funds Prior to Default</u>*. 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 **<u>Section 5.2(b)(iii)</u>** 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 **<u>Section 5.2(b)(iii)</u>** ("**<u>Closed-End Warehouse Excess Funds</u>**"), 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 **<u>Section 10.2</u>** 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, "**<u>Closed-End Warehouse Additional Amounts</u>**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ***<u>Company Account</u>***. 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; **<u>provided</u>**, **<u>however</u>**, **<u>that</u>**, 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 **<u>subsection (c)</u>** 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) ***<u>Reimbursement of Closed-End Warehouse Servicer Expenses</u>***. 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 "**<u>Closed-End WH Servicer Reimbursement</u>**") for (x) any unreimbursed payments made by it into the Draft Account in accordance with **<u>Section 5.2(a)</u>**, (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 **<u>Section 5.2(b)(iii)</u>** ("**<u>Closed-End Warehouse Fees and Taxes</u>**" and, together with payments made by the Closed-End Servicer into the Draft Account in accordance with **<u>Section 5.2(a)</u>** and advances deemed made to the Titling Trust pursuant to **<u>clause (y)</u>** above, "**<u>Closed-End Warehouse Servicer Expenses</u>**"), **<u>provided</u>**, **<u>however</u>**, **<u>that</u>:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 **<u>minus</u>** (y) the Required Lease Funding Account Balance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 **<u>Section 5.1(d)</u>** 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 **<u>clause (iii)</u>**), 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 **<u>Section 5.1(d)</u>** 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 **<u>clause (iv)</u>**), 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 **<u>clauses (y)</u>** and **<u>(z)</u>** 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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; **<u>provided</u>**, **<u>however</u>**, **<u>that</u>** 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 **<u>clause (x)</u>** of the definition thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) ***<u>Closed-End Servicer Officers</u>***. 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*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) ***<u>Exchange Note Accounts</u>***. 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 **<u>clauses (i)</u>** and **<u>(ii)</u>** for any Reference Pool are referred to together as the "**<u>Exchange Note Accounts</u>**." 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) ***<u>Characterization of Accounts</u>***. The Lease Funding Account and each Exchange Note Account will be a "securities account" (a "**<u>Securities Account</u>**") within the meaning of Section 8-501 of the Uniform Commercial Code of the State of New York (the "**<u>New York UCC</u>**"). The Company Account will be a "deposit account" (a "**<u>Deposit Account</u>**") within the meaning of Section 9-102(29) of the New York UCC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) ***<u>Agreement with Depository Institution</u>***. 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 **<u>Section 2.1</u>** 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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) ***<u>Compliance</u>***. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) ***<u>Withdrawal of Funds Not Constituting Closed-End Collections</u>***. 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 **<u>Section 5.2(j)</u>**.

**Section 5.3 <u>Investment of Amounts in the Accounts</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ***<u>Permitted Investments</u>***. 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 **<u>clause (v)</u>** 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***<u>Application of Investment Earnings and Losses</u>***. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ***<u>Tax Reporting of Investment Income</u>***. 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 <u>Duties of Closed-End Servicer.</u>**

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) collecting and remitting (within the time period specified in **<u>Section 5.1(a)</u>**) (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;

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 <u>Collection of Payments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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; **<u>provided</u>**, **<u>however</u>**, **<u>that</u>** 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Allocation of Closed-End Collections</u>. 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 **<u>Section 6.3</u>**, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Manner Paid</u>. 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 <u>Other Authorized Actions with Respect to the Servicing of the Closed-End Leases.</u>**

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 **<u>Section 3.8(a)</u>** and **<u>Section 3.8(b)</u>**.

**Section 6.4 <u>Custody of Lease Files; Custodial Duties.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Appointment of Custodian</u>. 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 **<u>Section 6.4</u>**, including the Lease Files.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Duties of Custodian</u>. Except as permitted by **<u>Section 6.4(c)</u>**, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Location of Records</u>. 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 **<u>Exhibit A</u>** 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Access to the Lease Files and Related Records</u>. 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 **<u>Section 6.4(d)</u>** 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 **<u>Section 6.4(d)</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Release of Documents</u>. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Instructions; Authority to Act</u>. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Effective Period and Termination</u>. 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 **<u>Section 6.4</u>**. 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 **<u>Section 8.1</u>**, 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 **<u>Section 8.1</u>**. 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 <u>Records.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 <u>Maintenance of Record Interests in Closed-End Vehicles.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 **<u>Section 6.6(b)</u>** 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 **<u>Section 5.1(c)</u>** 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 <u>No Impairment</u>**.

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 <u>Return, Repossession and Sale of Closed-End Vehicles.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The obligations of the Closed-End Servicer under this **<u>Section 7.1</u>** 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; **<u>provided</u>**, **<u>however</u>**, **<u>that</u>**, 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 **<u>Article V</u>**. 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 **<u>Section 7.1</u>**, 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 **<u>Exhibit C</u>** 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 <u>Procedures Upon Sale.</u>**

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 <u>Security Deposits.</u>**

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 <u>Facility Servicer Event of Default.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The occurrence of an Event of Bankruptcy with respect to the Closed-End Servicer will be a "**<u>Facility Servicer Event of Default</u>**."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 **<u>Section 3.3</u>**) 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 <u>Warehouse Facility Servicer Events of Default.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The occurrence and continuation of any of the following events will be a "**<u>Warehouse Facility Servicer Default</u>**":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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; **<u>provided</u>**, **<u>however</u>**, that such event will not be a Warehouse Facility Servicer Default if arising from a Force Majeure; **<u>provided</u>**, **<u>however</u>**, **<u>that</u>** 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 **<u>Section 3.3</u>** 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 <u>Exchange Note Servicer Events of Default.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The occurrence and continuation of any of the following events will be an "**<u>Exchange Note Servicer Default</u>**":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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; **<u>provided</u>**, 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 **<u>Section 3.3</u>**) 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 **<u>clause (ii)</u>** of the definition of "Required Secured Parties."

**Section 8.4 <u>Appointment of Successor Servicer.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the receipt by the Closed-End Servicer of a notice of termination pursuant to **<u>Section 8.1</u>**, **<u>Section 8.2</u>** or **<u>Section 8.3</u>** (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 **<u>Section 8.2</u>** or **<u>Section 8.3</u>**, 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 **<u>Section 8.4</u>**. 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 **<u>Section 8.2</u>** or **<u>Section 8.3</u>**, to the extent of the rights so terminated).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon termination of the Closed-End Servicer pursuant to **<u>Section 8.1</u>**, **<u>Section 8.2</u>** or **<u>Section 8.3</u>**, 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 **<u>Section 8.2</u>** or **<u>Section 8.3</u>**, 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 **<u>Section 8.2</u>** or **<u>Section 8.3</u>**, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Closed-End Servicer is terminated pursuant to **<u>Section 8.1</u>**, **<u>Section 8.2</u>** or **<u>Section 8.3</u>**, 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 **<u>Section 3.6</u>** 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 **<u>Section 8.2</u>** or **<u>Section 8.3</u>**, 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 **<u>Section 8.3</u>**, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 **<u>Section 8.4</u>**, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 **<u>Section 4.2(b)</u>** 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 **<u>Section 8.2</u>** or **<u>Section 8.3</u>**, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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, **<u>provided</u>**, **<u>however</u>**, **<u>that</u>**, 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 <u>Waiver of Servicer Event of Default.</u>**

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 **<u>Section 8.1</u>**, **<u>Section 8.2</u>** or **<u>Section 8.3</u>**, 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 <u>Monthly Warehouse Facility Pool Reports.</u>**

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 "**<u>Monthly Warehouse Facility Pool Report</u>**"), in substantially the form of **<u>Exhibit B</u>**.

**Section 9.2 <u>Monthly Reference Pool Reports.</u>**

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 "**<u>Monthly Exchange Note Report</u>**") in the form provided in such Servicing Supplement.

**Section 9.3 <u>Annual Statement as to Compliance.</u>**

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 <u>Annual Independent Certified Public Accountants' Report.</u>**

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 <u>Other Notices.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Notice of Merger or Consolidation of, or Assumption of the Obligations of, Closed-End Servicer</u>. 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 **<u>Section 3.4</u>** (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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Notice of Third Party Claims</u>. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Reporting</u>. 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 <u>Amendments.</u>**

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 <u>No Legal Title to Closed-End Assets.</u>**

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 <u>Notices.</u>**

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 <u>Third-Party Beneficiaries.</u>**

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 <u>No Petition.</u>**

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 <u>GOVERNING LAW; SUBMISSION TO JURISDICTION.</u>**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 <u>WAIVER OF JURY TRIAL.</u>**

**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 <u>Severability.</u>**

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 <u>Counterparts.</u>**

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 <u>Headings.</u>**

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 <u>Further Assurances.</u>**

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 <u>Agent for Service.</u>**

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.<br> 190 Jim Moran Boulevard<br> Deerfield Beach, FL 33442<br> Attention: Treasurer<br> Fax: 954-429-2685

**Section 10.13 <u>Limitation of Recourse to Titling Trustee.</u>**

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 <u>Waiver of Opinion</u>**

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 **<u>Section 10.1</u>** 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.**,<br> as Closed-End Servicer | **WORLD OMNI FINANCIAL CORP.**,<br> 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**,<br> as Titling Trust | **WORLD OMNI LT**,<br> 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.**,<br> as Closed-End Collateral Agent | **AL HOLDING CORP.**,<br> 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 } <br> } <br> COUNTY OF COOK }

Reference is made to the Third Amended and Restated Pledge and Security Agreement (as amended, the "**<u>Security Agreement</u>**"), dated as of July 16, 2008, between the WORLD OMNI LT, a Delaware statutory trust, as Borrower (the "**<u>Borrower</u>**"), and AL HOLDING CORP., a Delaware corporation ("**<u>ALHC</u>**"), as collateral agent (the "**<u>Closed-End Collateral Agent</u>**"), 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. World Omni Financial Corp., a Florida corporation ("**<u>World Omni</u>**"), 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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) "<u>Auction</u>" means [Manheim Auctions, Inc.], [Auto Trade Center] and any other physical or electronic auction house, motor vehicle disposition agent, consignor or vendor, (ii) "<u>Execute</u>" means to prepare, execute, submit, deliver and/or file, in each case on behalf of ALHC, as Collateral Agent under the Security Agreement, (iii) "<u>Document</u>" 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.** | **AL HOLDING CORP.** |
| By: |  |
|  | Name: |
|  | Title: |

---

STATE OF ILLINOIS } <br> } <br> 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:  

*Closed-End Servicing Agreement*

**Exhibit D**

**DEALER ARRANGEMENT**

*Closed-End Servicing Agreement*

**Exhibit E**

**<u>Authorized Officers of U.S. Bank Trust National Association</u>**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Title** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Patricia M. Child | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice President |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Melissa A. Rosal | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice President |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nancie J. Arvin | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice President |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Julia Linian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assistant Vice President |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Erika Forshtay | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trust Officer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mary Ann Turbak | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trust Officer |

---

*Closed-End Servicing Agreement*

**Exhibit F**

**<u>Authorized Officers of U.S. Bank National Association</u>**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Title** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Patricia M. Child | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice President |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Melissa A. Rosal | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice President |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nancie J. Arvin | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice President |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Julia Linian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assistant Vice President |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Erika Forshtay | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trust Officer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mary Ann Turbak | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trust Officer |

---

*Closed-End Servicing Agreement*

**Exhibit G**

**<u>Authorized Officers of World Omni, as</u>**

**<u>Servicer and as Titling Trust Administrator</u>**

---

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

---

*Closed-End Servicing Agreement*

## Exhibit 10.5

**EXHIBIT 10.5**

FIRST AMENDMENT TO FIFTH AMENDED AND RESTATED

<u>SERVICING AGREEMENT</u>

THIS FIRST AMENDMENT to FIFTH AMENDED AND RESTATED SERVICING AGREEMENT, dated as of October 30, 2015 (this "<u>Amendment</u>"), is among WORLD OMNI LT, a Delaware statutory trust (the "<u>Titling Trust</u>"), WORLD OMNI FINANCIAL CORP., a Florida corporation ("<u>WOFCO</u>"), as Closed-End Servicer, and AL HOLDING CORP., a Delaware corporation ("<u>ALHC</u>"), as Closed-End Collateral Agent,.

<u>Background</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Titling Trust, ALHC and WOFCO have entered into that certain Fifth Amended and Restated Servicing Agreement, dated as of December 15, 2009 (as amended, supplemented or otherwise modified through the date hereof, the "<u>Agreement</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The parties hereto desire to amend the Agreement in certain respects as set forth herein.

NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows.

SECTION 1. <u>Definitions</u>. Capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings assigned thereto in the Agreement.

SECTION 2. <u>Amendments to the Agreement</u>. The Agreement is hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 The Index of Defined Terms included at the beginning of the Agreement is hereby amended by inserting the following terms in the appropriate alphabetical order therein:

---

| | |
|:---|:---|
| Unencumbered Account | Closed-End Servicing Agreement, Section 5.2(f) |
| Unencumbered Reference Pool | Collateral Agency Agreement, Section 6.2(e) |
| Unencumbered Reference Pool Servicer Default | Closed-End Servicing Agreement, Section 8.3(d) |
| Warehouse Designation | Appendix A |
| WOLF LLC | Appendix A |
| WOLF LLC Limited Liability Company Agreement | Appendix A |
| WOLT Receivables Financing Agreement | Appendix A |
| WOLT Warehouse Facility Note | Appendix A |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Section 2.2 of the Agreement is hereby amended by inserting the following immediately after the term "Collateral Agency Agreement" in the second line thereof:

" or the designation of an Unencumbered Reference Pool pursuant to **<u>Section 6.2(a)</u>** of the Collateral Agency Agreement and a Warehouse Designation delivered pursuant to a Receivables Financing Agreement"

1 *1<sup>st</sup> Amendment to Fourth Amended and Restated Collateral Agency Agreement*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 Clause (ii) of Section 2.2 of the Agreement is hereby deleted in its entirety and replaced with the following:

"(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 (in the case of a Reference Pool related to an Exchange Note) or the Initial Beneficiary (in the case of an Unencumbered Reference Pool) and, in either case, 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;"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 Section 3.4(c) of the Agreement is hereby amended by inserting the phrase ", the Initial Beneficiary" immediately after the term "Closed-End Collateral Agent" where it occurs in the last sentence thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 Section 3.7(c) of the Agreement is hereby amended by inserting the phrase " or the appropriate Unencumbered Account designated by the Initial Beneficiary" immediately following the occurrence of the term "Exchange Note Collection Account" therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 Section 5.1(c) of the Agreement is hereby amended by inserting the phrase "or Unencumbered Account, as applicable" immediately following the occurrence of the term "Exchange Note Collection Accounts" therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 Section 5.1(e) of the Agreement is hereby amended by inserting the phrase "or, in the case of an Unencumbered Reference Pool, into the related Unencumbered Account designated by the Initial Beneficiary" immediately following the occurrence of the term "Exchange Note Collection Account" therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 Section 5.2(b) of the Agreement is hereby amended by deleting the first sentence of clause (i) thereof in its entirety and replacing it with the following:

"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 for purposes of the Warehouse Facility Pool to be designated as the "Lease Funding Account.""

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 Section 5.2(f) of the Agreement is hereby amended (i) by inserting the phrase "and Unencumbered Accounts" at the end of the heading thereof and (ii) by inserting the following paragraph at the end thereof:

"On or before the allocation of Closed-End Leases to an Unencumbered Reference Pool pursuant to a Warehouse Designation, the Closed-End Servicer will establish, in the name of the Initial Beneficiary or such other entity as may be specified in the applicable Servicing Supplement, a segregated account to be designated as the "Unencumbered Account" with respect to such Unencumbered Reference Pool, into which an amount equal to the Closed-End Collections with respect to such Unencumbered Reference Pool will be deposited from time to

2 *1<sup>st</sup> Amendment to Fourth Amended and Restated Collateral Agency Agreement*

time. The accounts described in the immediately preceding sentence shall be referred to as an "**<u>Unencumbered Account</u>**." The right to make withdrawals from and deposits to, and to exercise other control rights with respect to, the Unencumbered Accounts established with respect to any Unencumbered Reference Pool will be governed by the terms of the related Servicing Supplement."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 Section 5.2(g) is hereby amended by inserting the phrase ", each Unencumbered Account" immediately following the occurrence of the term "Lease Funding Account" therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 Section 5.2(j) of the Agreement is hereby amended by inserting the phrase "or Unencumbered Account" after each occurrence of the term "Exchange Note Collection Account" therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 Section 6.6(b) of the Agreement is hereby amended by inserting the parenthetical phrase "(other than an Unencumbered Reference Pool)" immediately after the occurrence of the term "Reference Pool" in clause (ii) of the second sentence thereof and in clause (2) of the last sentence thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 Section 7.3 of the Agreement is hereby amended by inserting the phrase "or Unencumbered Account" immediately following the occurrence of the term "Exchange Note Collection Account" therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 Section 8.1(c) of the Agreement is hereby amended by replacing the second instance of "Deal Agent" in clause (iii) thereof with the term "Initial Beneficiary."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 Section 8.3 of the Agreement is hereby amended by (i) deleting the section heading in its entirety and replacing it with "<u>Servicer Events of Default with Respect to Reference Pools</u>" and (ii) adding the following subsection (d) at the end thereof:

"(d) The Servicing Supplement with respect to an Unencumbered Reference Pool may set forth certain occurrences that shall be Servicer defaults with respect to such Unencumbered Reference Pool (each, an "**<u>Unencumbered Reference Pool Servicer Default</u>**"). In such case, the Servicing Supplement will set forth the notice obligations of the Closed-End Servicer with respect to such Unencumbered Reference Pool Servicer Defaults and the rights of the Initial Beneficiary to terminate the Closed-End Servicer's rights and obligations with respect to such Unencumbered Reference Pool. For the avoidance of doubt, any such termination by the Initial Beneficiary in accordance with the terms of such Servicing Supplement shall be treated as a termination pursuant to Section 8.3 for purposes of this Closed-End Servicing Agreement."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 Section 8.4(c) of the Agreement is hereby amended by inserting the phrase "or the Initial Beneficiary, as applicable" after each instance of the term "Closed-End Exchange Note" in the last sentence thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17 Section 8.4(f) of the Agreement is hereby amended by inserting the phrase "except as otherwise permitted by the terms of the of the applicable Servicing Supplement with respect to the Collateral included in the related Reference Pool," at the beginning of the proviso in the first sentence thereof.

3 *1<sup>st</sup> Amendment to Fourth Amended and Restated Collateral Agency Agreement*

SECTION 3. <u>Miscellaneous</u>. The Agreement, as amended hereby, remains in full force and effect. Any reference to the Agreement from and after the date hereof shall be deemed to refer to the Agreement as amended hereby, unless otherwise expressly stated. This Amendment shall be governed by, and construed in accordance with, the internal laws of the State of New York without regard to otherwise applicable principles of conflicts of law (other than Section 5-1401 of the New York General Obligations Law). This Amendment may be executed in any number of counterparts, and by the different parties hereto on separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. The various headings of this Amendment are inserted for convenience only and shall not affect the meaning or interpretation of this Amendment or the Agreement or any provision hereof or thereof.

SECTION 4. <u>Effective Date of this Amendment</u>. This Amendment shall become effective on the date that the Deal Agent shall have received counterparts of this Amendment (including facsimile copies) duly executed by all of the parties hereto.

[SIGNATURE PAGES FOLLOW]

4 *1<sup>st</sup> Amendment to Fourth Amended and Restated Collateral Agency Agreement*

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective duly authorized officers as of the date first above written.

---

| | |
|:---|:---|
| WORLD OMNI LT., | WORLD OMNI LT., |
| as Titling Trust | as Titling Trust |
| By: | VT INC., as trustee |

---

---

| | |
|:---|:---|
| By: | /s/ Edwin J. Janis |
| Name: | Edwin J. Janis |
| Its: | Vice President |

---

---

| | |
|:---|:---|
| AL HOLDING CORP., | AL HOLDING CORP., |
| as Closed-End Collateral Agent | as Closed-End Collateral Agent |
| By: | /s/ Lori Gebron |
| Name: | Lori Gebron |
| Its: | Vice President |

---

---

| | |
|:---|:---|
| WORLD OMNI FINANCIAL CORP., | WORLD OMNI FINANCIAL CORP., |
| as Closed-End Servicer | as Closed-End Servicer |
| By: | /s/ Bryan Romano |
| Name: | Bryan Romano |
| Its: | Assistant Treasurer |

---

S-1 *1<sup>st</sup> Amendment to Fourth Amended and Restated Collateral Agency Agreement*

## Exhibit 10.6

**EXHIBIT 10.6**

SECOND AMENDMENT TO FIFTH AMENDED AND RESTATED

<u>SERVICING AGREEMENT</u>

THIS SECOND AMENDMENT to FIFTH AMENDED AND RESTATED SERVICING AGREEMENT, dated as of August 17, 2016 (this "<u>Amendment</u>"), is among WORLD OMNI LT, a Delaware statutory trust (the "<u>Titling Trust</u>"), WORLD OMNI FINANCIAL CORP., a Florida corporation ("<u>WOFCO</u>"), as Closed-End Servicer, and AL HOLDING CORP., a Delaware corporation ("<u>ALHC</u>"), as Closed-End Collateral Agent.

<u>Background</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Titling Trust, ALHC and WOFCO have entered into that certain Fifth Amended and Restated Servicing Agreement, dated as of December 15, 2009 (as amended, supplemented or otherwise modified through the date hereof, the "<u>Agreement</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The parties hereto desire to amend the Agreement in certain respects as set forth herein.

NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows.

SECTION 1. <u>Definitions</u>. Capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings assigned thereto in the Agreement.

SECTION 2. <u>Amendments to the Agreement</u>. Section 3.7(c) of the Agreement is hereby deleted in its entirety and replaced with the following:

"(c) The Closed-End Servicer shall use commercially reasonable efforts to ensure that the Obligor under each Closed-End Lease shall have, at the time of the origination of such Closed-End Lease, a comprehensive, collision and property damage insurance policy covering 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 amounts required by applicable state law as set forth in the Closed-End Lease, and naming the Titling Trust as an additional insured."

SECTION 3. <u>Miscellaneous</u>. The Agreement, as amended hereby, remains in full force and effect. Any reference to the Agreement from and after the date hereof shall be deemed to refer to the Agreement as amended hereby, unless otherwise expressly stated. This Amendment shall be governed by, and construed in accordance with, the internal laws of the State of New York without regard to otherwise applicable principles of conflicts of law (other than Section 5-1401 of the New York General Obligations Law). This Amendment may be executed in any number of counterparts, and by the different parties hereto on separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. The various headings of this Amendment are inserted for convenience only and shall not affect the meaning or interpretation of this Amendment or the Agreement or any provision hereof or thereof.

1 *2<sup>nd</sup> Amendment to Fifth Amended and Restated Servicing Agreement*

SECTION 4. <u>Effective Date of this Amendment</u>. This Amendment shall become effective on the date that the Deal Agent shall have received counterparts of this Amendment (including facsimile copies) duly executed by all of the parties hereto.

[SIGNATURE PAGES FOLLOW]

2 *2<sup>nd</sup> Amendment to Fifth Amended and Restated Servicing Agreement*

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective duly authorized officers as of the date first above written.

---

| | |
|:---|:---|
| WORLD OMNI LT., | WORLD OMNI LT., |
| as Titling Trust | as Titling Trust |
| By: | VT INC., as trustee |
| By: | /s/ Edwin J. Janis |
| Name: | Edwin J. Janis |
| Its: | Vice President |

---

---

| | |
|:---|:---|
| AL HOLDING CORP., | AL HOLDING CORP., |
| as Closed-End Collateral Agent | as Closed-End Collateral Agent |
| By: | /s/ Albert J. Fioravanti |
| Name: | Albert J. Fioravanti |
| Its: | President |

---

---

| | |
|:---|:---|
| WORLD OMNI FINANCIAL CORP., | WORLD OMNI FINANCIAL CORP., |
| as Closed-End Servicer | as Closed-End Servicer |
| By: | /s/ Bryan Romano |
| Name: | Bryan Romano |
| Its: | Assistant Treasurer |

---

S-1 *2<sup>nd</sup> Amendment to Fifth Amended and Restated Servicing Agreement*

## Exhibit 10.7

**EXHIBIT 10.7**

---

| |
|:---|
| &nbsp;&nbsp;**World Omni Financial Corp.,** |
| &nbsp;&nbsp;**as Servicer**<br>|
| &nbsp;&nbsp;**World Omni LT,** |
| &nbsp;&nbsp;**as Titling Trust**<br>|
| &nbsp;&nbsp;**and**<br>|
| &nbsp;&nbsp;**AL Holding Corp.** **, <br> as Closed-End Collateral Agent**<br>|
| &nbsp;&nbsp;**EXCHANGE NOTE SERVICING SUPPLEMENT 20[●]-[●] TO**<br> **CLOSED-END SERVICING AGREEMENT**<br>|
| &nbsp;&nbsp;**Dated as of [·], 20[·]** |

---

**<u>**Table of Contents**</u>**

---

| | | |
|:---|:---|:---|
| |  | **<u>Page</u>** |
| **Article XI DEFINITIONS** | **Article XI DEFINITIONS** | **2** |
| SECTION 11.1 | DEFINITIONS | 2 |
| **Article XII REPRESENTATIONS AND WARRANTIES OF THE SERVICER** | **Article XII REPRESENTATIONS AND WARRANTIES OF THE SERVICER** | **2** |
| SECTION 12.1 | EXISTENCE AND POWER | 2 |
| SECTION 12.2 | AUTHORIZATION AND NO CONTRAVENTION | 3 |
| SECTION 12.3 | NO CONSENT REQUIRED | 3 |
| SECTION 12.4 | BINDING EFFECT | 3 |
| SECTION 12.5 | ACCURACY OF INFORMATION | 3 |
| SECTION 12.6 | NO PROCEEDINGS | 3 |
| **Article XIII SPECIFIC REQUIREMENTS FOR ADMINISTRATION AND SERVICING OF THE REFERENCE POOL** | **Article XIII SPECIFIC REQUIREMENTS FOR ADMINISTRATION AND SERVICING OF THE REFERENCE POOL** | **3** |
| SECTION 13.1 | APPOINTMENT OF THE SERVICER | 3 |
| SECTION 13.2 | SERVICER BOUND BY CLOSED-END SERVICING AGREEMENT | 4 |
| SECTION 13.3 | APPLICATION OF PROCEEDS | 5 |
| SECTION 13.4 | SERVICER CERTIFICATE | 6 |
| SECTION 13.5 | SERVICER FEE | 6 |
| SECTION 13.6 | INSURANCE LAPSES; REPAIRS | 6 |
| SECTION 13.7 | LICENSING OF TITLING TRUST | 6 |
| SECTION 13.8 | COMMUNICATION BETWEEN NOTEHOLDERS | 7 |
| SECTION 13.9 | PAYMENT OF FEES AND EXPENSES | 7 |
| SECTION 13.10 | ANNUAL INDEPENDENT PUBLIC ACCOUNTANTS' SERVICING REPORT | 7 |
| SECTION 13.11 | ANNUAL OFFICER'S CERTIFICATE | 7 |
| SECTION 13.12 | POST-MATURITY TERM EXTENSION | 8 |
| SECTION 13.13 | [INSURANCE POLICIES; ADDITIONAL INSUREDS | 8 |
| SECTION 13.14 | SECURITY DEPOSITS | 8 |
| SECTION 13.15 | [ADDITIONAL CLASS A-1 SERVICER CERTIFICATE | 8 |
| **Article XIV TERMINATION OF THE SERVICER** | **Article XIV TERMINATION OF THE SERVICER** | **9** |
| SECTION 14.1 | TERMINATION OF THE SERVICER AS TO THE SERIES 20[·]-[·] REFERENCE POOL | 9 |
| SECTION 14.2 | NO EFFECT ON OTHER PARTIES | 10 |
| **Article XV OPTIONAL PURCHASE OF THE CLOSED-END EXCHANGE NOTE** | **Article XV OPTIONAL PURCHASE OF THE CLOSED-END EXCHANGE NOTE** | **11** |
| SECTION 15.1 | OPTIONAL PURCHASE OF THE CLOSED-END EXCHANGE NOTE | 11 |
| **Article XVI MISCELLANEOUS** | **Article XVI MISCELLANEOUS** | **11** |
| SECTION 16.1 | AMENDMENT | 11 |
| SECTION 16.2 | GOVERNING LAW | 12 |

---

i

---

| | | |
|:---|:---|:---|
| SECTION 16.3 | NOTICES | 12 |
| SECTION 16.4 | THIRD-PARTY BENEFICIARIES | 13 |
| SECTION 16.5 | SEVERABILITY | 13 |
| SECTION 16.6 | BINDING EFFECT | 13 |
| SECTION 16.7 | ARTICLE AND SECTION HEADINGS | 14 |
| SECTION 16.8 | EXECUTION IN COUNTERPARTS; ELECTRONIC SIGNATURES | 14 |
| SECTION 16.9 | FURTHER ASSURANCES | 14 |
| SECTION 16.10 | EACH EXCHANGE NOTE SEPARATE; ASSIGNEES OF EXCHANGE NOTE | 14 |
| SECTION 16.11 | NO PETITION | 15 |
| SECTION 16.12 | SUBMISSION TO JURISDICTION; WAIVER OF JURY TRIAL | 15 |
| SECTION 16.13 | LIMITATION OF LIABILITY OF VT INC | 16 |
| SECTION 16.14 | INFORMATION REQUESTS | 16 |
| SECTION 16.15 | REGULATION AB | 16 |
| SECTION 16.16 | CREDIT RISK RETENTION | 16 |
| SECTION 16.17 | [EU AND UK RISK RETENTION | 16 |
| SECTION 16.18 | INDEPENDENCE OF THE SERVICER; NO JOINT VENTURE | 18 |

---

ii

**Exchange Note Servicing Supplement** **20[·]-[·] TO<br> CLOSED-END SERVICING AGREEMENT**

THIS Exchange Note Servicing Supplement 20[·]-[·] TO CLOSED-END SERVICING AGREEMENT (as amended, modified or supplemented from time to time, the "<u>Exchange Note Servicing Supplement</u>"), dated as of [·], 20[·], is among (i) WORLD OMNI FINANCIAL CORP., a Florida corporation ("<u>World Omni</u>"), as servicer (in such capacity, the "<u>Servicer</u>"), (ii) WORLD OMNI LT, a Delaware statutory trust (the "<u>Titling Trust</u>") and (iii) AL HOLDING CORP., a Delaware corporation, as collateral agent ("<u>ALHC</u>" or the "<u>Closed-End Collateral Agent</u>").

**RECITALS**

The Titling Trust, the Closed-End Collateral Agent and the Servicer have entered into that certain Fifth Amended and Restated Closed-End Servicing Agreement, dated as of December 15, 2009, as amended, to provide that such agreement will constitute the "<u>Closed-End Servicing Agreement</u>" (as defined in the Titling Trust Agreement) with respect to the Closed-End Collateral Specified Interest, which provides, among other things, for the servicing of the Titling Trust Assets by the Servicer.

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 entered into a Fourth Amended and Restated Collateral Agency Agreement, dated as of December 15, 2009 (as amended, modified or supplemented from time to time, the "<u>Collateral Agency Agreement</u>").

The Collateral Agency Agreement contemplates that from time to time the Titling Trustee, on behalf of the Titling Trust and at the direction of the Initial Beneficiary, will identify and allocate on the Titling Trust's books and records certain Titling Trust Assets within separate Reference Pools and create and issue to the Initial Beneficiary a Closed-End Exchange Note.

Concurrently herewith, World Omni Auto Leasing LLC (the "<u>Depositor</u>") will purchase the Exchange Note, which represents the 20[·]-[·] Reference Pool, from the Initial Beneficiary and World Omni Automobile Lease Securitization Trust 20[·]-[·], a Delaware statutory trust (the "<u>Issuing Entity</u>"), will purchase the Exchange Note, which represents the 20[·]-[·] Reference Pool, from the Depositor. The Issuing Entity is expected to fund such purchase from proceeds of the issuance of the Notes and Certificates.

Concurrently herewith, the Issuing Entity is entering into an asset-backed financing transaction pursuant to, among other agreements, an Indenture, dated as of the date hereof (the "<u>Indenture</u>"), among the Issuing Entity, [·], as indenture trustee (the "<u>Indenture Trustee</u>"), and [·], as Account Bank, pursuant to which the Issuing Entity will issue asset-backed notes and will grant a security interest to the Indenture Trustee in certain of its assets.

Concurrently herewith, the Titling Trust, the Closed-End Collateral Agent, the Closed-End Administrative Agent, and the other Secured Parties named therein are entering into that certain Exchange Note Supplement 20[·]-[·] to the Collateral Agency Agreement (as amended,

modified or supplemented from time to time, the "<u>Exchange Note Supplement</u>") to supplement the terms of the Collateral Agency Agreement (i) to cause the Titling Trustee to identify and allocate Titling Trust Assets to a particular Reference Pool (the "<u>Reference Pool</u>"), which shall consist of Titling Trust Assets which shall constitute Exchange Note Assets, (ii) to create and issue to Auto Lease Finance LLC a Closed-End Exchange Note and (iii) to set forth the terms and conditions thereof.

The Titling Trust desires to retain the Servicer to provide certain services with respect to the 20[·]-[·] Reference Pool allocated to the Closed-End Exchange Note owned by the Issuing Entity, and the parties hereto desire, pursuant to this Exchange Note Servicing Supplement, to supplement the terms of the Closed-End Servicing Agreement insofar as they apply to the 20[·]-[·] Reference Pool, providing for specific servicing obligations that will benefit the Issuing Entity, as holder of the Closed-End Exchange Note, and the Indenture Trustee, as the pledgee of the Closed-End Exchange Note on behalf of the Noteholders.

NOW THEREFORE, in consideration of the premises and the mutual covenants herein contained and in the Closed-End Servicing Agreement, the parties hereto agree to the following supplemental obligations with regard to the Closed-End Exchange Note:

**Article XI** **<br> DEFINITIONS**

SECTION 11.1 <u>DEFINITIONS.</u> For all purposes of this Exchange Note Servicing Supplement, except as otherwise expressly provided or unless the context otherwise requires, (a) unless otherwise defined herein, all capitalized terms used herein shall have the meanings attributed to them (i) by <u>Appendix A</u> to the Indenture, (ii) if not defined therein, by <u>Appendix A</u> to the Collateral Agency Agreement or (iii) if not defined therein, by the Titling Trust Agreement, (b) the capitalized terms defined in this Exchange Note Servicing Supplement have the meanings assigned to them in this Exchange Note Servicing Supplement and include (i) all genders and (ii) the plural as well as the singular, (c) all references to words such as "herein", "hereof" and the like shall refer to this Exchange Note Servicing Supplement as a whole and not to any particular article or section within this Exchange Note Servicing Supplement, (d) the term "include" and all variations thereon shall mean "include without limitation", and (e) the term "or" shall include "and/or".

**Article XII** **<br> REPRESENTATIONS AND WARRANTIES OF THE SERVICER**

The Servicer represents and warrants to the Depositor, the Issuing Entity and the Indenture Trustee on behalf of the Noteholders as follows:

SECTION 12.1 <u>EXISTENCE AND POWER.</u> The Servicer is a corporation duly organized, validly existing and in good standing under the laws of the State of Florida and has all power and authority required to carry on its business as it is now conducted. The Servicer has obtained all necessary licenses and approvals in all jurisdictions where the failure to do so would materially and adversely affect the business, properties, financial condition or results of operations of the Servicer, taken as a whole.

SECTION 12.2 <u>AUTHORIZATION AND NO CONTRAVENTION.</u> The execution, delivery and performance by the Servicer of each Transaction Document to which it is a party (i) have been duly authorized by all necessary corporate action and (ii) do not violate or constitute a default under (A) any applicable law, rule or regulation, (B) its organizational instruments or (C) any agreement, contract, order or other instrument to which it is a party or its property is subject and (iii) will not result in any Adverse Claim on any Transaction Unit or Closed-End EN Collected Amounts with respect to the 20[·]-[·] Reference Pool or give cause for the acceleration of any indebtedness of the Servicer.

SECTION 12.3 <u>NO CONSENT REQUIRED.</u> No approval, authorization or other action by, or filing with, any Governmental Authority is required in connection with the execution, delivery and performance by the Servicer of any Transaction Document, other than UCC filings and other than approvals and authorizations that have previously been obtained and filings which have previously been made.

SECTION 12.4 <u>BINDING EFFECT.</u> Each Transaction Document to which the Servicer is a party constitutes the legal, valid and binding obligation of the Servicer enforceable against the Servicer in accordance with its terms, except as limited by bankruptcy, insolvency, or other similar laws of general application relating to or affecting the enforcement of creditors' rights generally and subject to general principles of equity.

SECTION 12.5 <u>ACCURACY OF INFORMATION.</u> All information heretofore furnished by or on behalf of the Servicer in writing to the Closed-End Administrative Agent for purposes of or in connection with this Agreement or any transaction contemplated hereby is true and accurate in all material respects on and as of the date such information was furnished (except to the extent that such furnished information relates solely to an earlier date, in which case such information is true and accurate in all material respects on and as of such earlier date).

SECTION 12.6 <u>NO PROCEEDINGS.</u> There is no action, suit, proceeding or investigation pending or, to the knowledge of the Servicer, threatened against the Servicer which, either in any one instance or in the aggregate, would result in any material adverse change in the business, operations, financial condition, properties or assets of the Servicer, or in any material impairment of the right or ability of the Servicer to carry on its business substantially as now conducted, or in any material liability on the part of the Servicer, or which would render invalid this Agreement or the Transaction Units or the obligations of the Servicer contemplated herein, or which would materially impair the ability of the Servicer to perform under the terms of this Agreement or any other Transaction Document.

**Article XIII** **<br> SPECIFIC REQUIREMENTS FOR<br> ADMINISTRATION AND SERVICING OF THE<br> REFERENCE POOL**

SECTION 13.1 <u>APPOINTMENT OF THE SERVICER.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Servicer shall manage, service and administer the Exchange Note Assets for the benefit of each holder and pledgee of the Closed-End Exchange Note and

shall make collections on the Transaction Units in accordance with its Credit and Collection Policy in effect from time to time, using the same degree of skill and attention that the Servicer exercises with respect to all comparable retail automotive leases that it services for itself or others. Further, the Servicer hereby covenants and agrees that it shall hold the Lease Files in such a manner as to prevent any other Person from obtaining "control" of any "electronic chattel paper" included therein (as such terms are used in section 9-105 of the UCC).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Servicer may delegate its duties and obligations as Servicer in accordance with <u>Section 3.5</u> of the Closed-End Servicing Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Servicer shall commence a legal proceeding to enforce a Transaction Unit, the Titling Trust shall thereupon be deemed to have automatically assigned, solely for the purpose of collection, such Transaction Unit to the Servicer. If in any enforcement suit or legal proceeding it shall be held that the Servicer may not enforce a Transaction Unit on the ground that it is not a real party in interest or a holder entitled to enforce such Transaction Unit, the Closed-End Collateral Agent shall, at the Servicer's expense and direction, take steps to enforce such Transaction Unit, including bringing suit in its name.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Servicer shall account for the Transaction Units allocated to the 20[·]-[·] Reference Pool separately from any Other Reference Pool, any Unencumbered Reference Pool and the Warehouse Facility Pool.

SECTION 13.2 <u>SERVICER BOUND BY CLOSED-END SERVICING AGREEMENT.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Servicer shall continue to be bound by all provisions of the Closed-End Servicing Agreement with respect to the Transaction Units allocated to the 20[·]-[·] Reference Pool, including the provisions of <u>Article VI</u> thereof relating to the administration and servicing of Closed-End Leases; and the provisions set forth herein shall operate either as additions to or modifications of the existing obligations of the Servicer under the Closed-End Servicing Agreement, as the context may require. In the event of any conflict between the provisions of this Exchange Note Servicing Supplement and the Closed-End Servicing Agreement with respect to the Closed-End Exchange Note, the provisions of this Exchange Note Servicing Supplement shall prevail; <u>provided</u>, <u>however</u>, that <u>Section 5.1(d)</u> of the Servicing Agreement shall at all times govern the Required Deposit Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For purposes of determining the Servicer's obligations with respect to the servicing of the 20[·]-[·] Reference Pool under this Exchange Note Servicing Supplement, general references in the Closed-End Servicing Agreement to: (i) a Reference Pool shall be deemed to refer more specifically to the 20[·]-[·] Reference Pool; (ii) an Exchange Note Servicing Supplement shall be deemed to refer more specifically to this Exchange Note Servicing Supplement; and (iii) an Exchange Note

Supplement shall be deemed to refer more specifically to the Exchange Note Supplement related to the 20[·]-[·] Reference Pool.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding any other provision of this Exchange Note Servicing Supplement or the Servicing Agreement, including <u>Section 6.7</u> thereof, the Servicer shall not in connection with any early lease termination program terminate or permit any Closed-End Obligor to terminate any Closed-End Lease and remove the related Closed-End Vehicle from the 20[·]-[·] Reference Pool in connection with such termination unless there shall have been deposited into the Exchange Note Collection Account an amount equal to the Securitization Value of such Closed-End Vehicle as of the termination date of such Closed-End Lease, <u>provided</u>, <u>however</u>, that the Servicer may at any time prior to the Maturity Date of a Closed-End Lease, agree to terminate such Closed-End Lease, provided the related Closed-End Obligor has made all remaining scheduled payments with respect to such Closed-End Lease and surrendered the related Closed-End Vehicle.

SECTION 13.3 <u>APPLICATION OF PROCEEDS.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Prior to the satisfaction and discharge of the Indenture with respect to the Collateral and subject to the provision of <u>Section 5.1(d)</u> of the Closed-End Servicing Agreement, the Servicer shall deposit an amount equal to all Closed-End Exchange Note Collections received in respect of the 20[·]-[·] Reference Pool during any Closed-End EN Collection Period into the Exchange Note Collection Account on or prior to 2:00 p.m., New York City time, on the Business Day immediately preceding the related Closed-End Exchange Note Payment Date; <u>provided</u>, <u>however</u>, that if the Monthly Remittance Condition is not satisfied, the Servicer will be required to deposit an amount equal to all Closed-End Exchange Note Collections into the Exchange Note Collection Account within two Business Days after receipt (including receipt of proper instructions regarding where to allocate such payment), (it being understood that, with respect to Relinquished Vehicle Proceeds, the Servicer shall remit the Relinquished Vehicle Proceeds in accordance with <u>Section 5.1(d)</u> of the Closed-End Servicing Agreement). The "<u>Monthly Remittance Condition</u>" shall be deemed to be satisfied if (i) World Omni is the Servicer, (ii) no Exchange Note Servicer Default has occurred and is continuing, and (iii) World Omni's unsecured debt obligations rating by any Rating Agency is acceptable to such Rating Agency. Pending deposit into the Exchange Note Collection Account, Closed-End Exchange Note Collections may be used by the Servicer at its own risk and for its own benefit and will not be segregated from its own funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) After the satisfaction and discharge of the Indenture with respect to the Collateral, the Servicer shall deposit an amount equal to Closed-End Exchange Note Collections in accordance with the instructions provided from time to time by the holder of the Exchange Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary contained in this Agreement, for so long as the Monthly Remittance Condition has been satisfied, the Servicer shall be permitted to deposit into the Exchange Note Collection Account only the net amount

distributable to the Issuing Entity, as holder of the Exchange Note, and to retain any reimbursement for outstanding Servicing Fees, on the Closed-End Exchange Note Payment Date. The Servicer shall, however, account for all Closed-End Exchange Note Collections as if all of the deposits and distributions described herein were made individually.

SECTION 13.4 <u>SERVICER CERTIFICATE.</u> On or before the close of business on each Determination Date prior to the satisfaction and discharge of the Indenture with respect to the Collateral, the Servicer shall make available to the Indenture Trustee, the Issuing Entity, the Administrator, the Closed-End Administrative Agent, the Closed-End Collateral Agent, the Owner Trustee and the Paying Agent at [·], or such other website or distribution service or provider as the Servicer shall designate by written notice to the Indenture Trustee, the Issuing Entity, the Administrator, the Closed-End Administrative Agent, the Closed-End Collateral Agent, the Owner Trustee and the Paying Agent, a Servicer Certificate reflecting information as of the close of business of the Servicer for the immediately preceding Closed-End EN Collection Period containing the information described in <u>Section 8.3</u> of the Indenture. [For the avoidance of doubt, such information shall include any Benchmark related information as described in <u>Section 8.4</u> of the Indenture.]

SECTION 13.5 <u>SERVICER FEE.</u> Notwithstanding anything to the contrary in <u>Section 3.9(b)</u> of the Closed-End Servicing Agreement, on each Closed-End Exchange Note Payment Date, the Titling Trust will cause the Closed-End Administrative Agent to pay to the Servicer in accordance with <u>Section 13.2</u> of the Exchange Note Supplement, the Servicing Fee for the immediately preceding Closed-End EN Collection Period as compensation for its services. In addition, the Servicer may retain any Supplemental Servicing Fees. The Servicer may, as long as it believes that sufficient collections will be available on one or more future Closed-End Exchange Note Payment Dates to pay the Servicing Fee, by notice to the Closed-End Administrative Agent on or before a Closed-End Exchange Note Payment Date, elect to defer all or a portion of the Servicing Fee with respect to the related Closed-End EN Collection Period, without interest. If the Servicer defers all of the Servicing Fee, the Servicing Fee for such related Closed-End EN Collection Period will be deemed to equal zero.

SECTION 13.6 <u>INSURANCE LAPSES; REPAIRS.</u> The Servicer shall have no liability in the event that any Closed-End Obligor fails to maintain, in full force and effect, a physical damage insurance policy covering any Transaction Unit or naming the Titling Trust as loss payee. Without limiting the foregoing, in no event shall the Servicer be obligated to perform or be liable for any repairs or maintenance with respect to any Transaction Unit.

SECTION 13.7 <u>LICENSING OF TITLING TRUST.</u> The Servicer shall cause the Titling Trust to apply for and maintain at all times all licenses and permits necessary to carry on the Titling Trust's leasing business in each jurisdiction in which the Titling Trust operates, except where the failure to have any license or permit would not materially and adversely affect the business, properties, financial condition or results of operation of the Titling Trust, taken as a whole.

SECTION 13.8 <u>COMMUNICATION BETWEEN NOTEHOLDERS.</u> The Servicer will comply with its obligations under Section 7.2(e) of the Indenture to include in the Form 10-D filed by the Issuing Entity with the Commission for the Collection Period the information described in such Section.

SECTION 13.9 <u>PAYMENT OF FEES AND EXPENSES.</u> The Servicer shall pay all expenses incurred in connection with the administration and servicing of the 20[·]-[·] Reference Pool and the Transaction Units, including, without limitation, expenses incurred by it in connection with its activities hereunder, including fees and disbursements of the Titling Trustee, independent accountants, taxes imposed on the Servicer and any Titling Trustee indemnity claims.

SECTION 13.10 <u>ANNUAL INDEPENDENT PUBLIC ACCOUNTANTS' SERVICING REPORT.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On or before the 90th day following the end of each fiscal year, beginning with the fiscal year ending December 31, 20[·], the Servicer shall cause a firm of independent public accountants (who may also render other services to the Servicer, the Depositor or their respective Affiliates) to furnish to the Indenture Trustee, the Servicer (who promptly shall provide the assessment described in this <u>Section 13.10(a)</u> to each Rating Agency) and the Depositor each attestation report on assessments of compliance with the Servicing Criteria with respect to the Servicer or any affiliate thereof during the related fiscal year delivered by such accountants pursuant to <u>paragraph (c)</u> of Rule 13a-18 or Rule 15d-18 of the Exchange Act and Item 1122 of Regulation AB. The certification required by this paragraph may be replaced by any similar certification using other procedures or attestation standards which are now or in the future in use by servicers of comparable assets or which otherwise comply with any rule, regulation, "no action" letter or similar guidance promulgated by the Commission. The obligation to furnish each such report shall be deemed satisfied upon the Servicer making each such report available at [·], or such other website or distribution service or provider as the Servicer shall designate by written notice to the Indenture Trustee and the Depositor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Deliveries pursuant to this <u>Section 13.10</u> may be delivered by electronic mail.

SECTION 13.11 <u>ANNUAL OFFICER'S CERTIFICATE.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Servicer will make available to the Rating Agencies, the Issuing Entity and the Indenture Trustee on or before the 90th day following the end of each fiscal year, beginning with the fiscal year ending December 31, 20[·], at [·], or such other website or distribution service or provider as the Servicer shall designate by written notice to the Rating Agencies, the Issuing Entity and the Indenture Trustee, an Officers' Certificate providing such information as is required under Item 1123 of Regulation AB.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Servicer will make available to the Issuing Entity and the Indenture Trustee, on or before the 90th day following the end of each fiscal year, beginning with the fiscal year ending December 31, 20[·], at [·], or such other website or distribution

service or provider as the Servicer shall designate by written notice to the Issuing Entity and the Indenture Trustee, a report regarding the Servicer's assessment of compliance with the Servicing Criteria during the immediately preceding calendar year including disclosure of any material instance of non-compliance identified by the Servicer, as required under <u>paragraph (b)</u> of Rule 13a-18, Rule 15d-18 of the Exchange Act and Item 1122 of Regulation AB.

SECTION 13.12 <u>POST-MATURITY TERM EXTENSION.</u> Consistent with its Credit and Collection Policy, the Servicer may, in its discretion, grant a Post-maturity Term Extension with respect to any Closed-End Lease in the 20[·]-[·] Reference Pool. If the Servicer grants a Post-maturity Term Extension with respect to a Closed-End Lease in the 20[·]-[·] Reference Pool beyond the month immediately preceding the month in which the Final Scheduled Payment Date of the most subordinate class of Notes occurs, then the Servicer shall direct the Titling Trustee to reallocate the Transaction Unit related to such Closed-End Lease from the 20[·]-[·] Reference Pool to the Warehouse Facility Pool or any Unencumbered Reference Pool on the Closed-End Exchange Note Payment Date following the beginning of the Closed-End EN Collection Period during which such Post-maturity Term Extension was granted. In consideration for such reallocation, the Servicer shall make a payment to the Issuing Entity equal to the Securitization Value of such Transaction Unit as of the end of the Closed-End EN Collection Period preceding such Closed-End Exchange Note Payment Date by depositing such amount into the Exchange Note Collection Account prior to 2:00 p.m., New York City time, on the Business Day immediately preceding such Closed-End Exchange Note Payment Date. None of the Servicer, the Titling Trustee, the Closed-End Collateral Agent, the Closed-End Administrative Agent, the Issuing Entity, the Owner Trustee, the Indenture Trustee, the Asset Representations Reviewer, the Seller, the Depositor or the Administrator will have an obligation to investigate whether a breach or other event has occurred that would require the reallocation of any Transaction Unit under this <u>Section 13.12</u> or whether any Transaction Unit is required to be reallocated under this <u>Section 13.12</u>.

SECTION 13.13 <u>[INSURANCE POLICIES; ADDITIONAL INSUREDS.</u> The Servicer shall at all times comply with <u>Section 3.7(a)</u> of the Closed-End Servicing Agreement.]

SECTION 13.14 <u>SECURITY DEPOSITS.</u> In accordance with <u>Section 5.1(d)</u> of the Closed-End Servicing Agreement, on the Closed-End Exchange Note Payment Date related to the Closed-End EN Collection Period in which a Security Deposit becomes a Closed-End Exchange Note Collection with respect to the 20[·]-[·] Reference Pool, the Servicer shall deposit such amounts (including, as applicable, any Required Deposit Amount) in the Exchange Note Collection Account.

SECTION 13.15 <u>[ADDITIONAL CLASS A-1 SERVICER CERTIFICATE.]</u> [If the Class A-1 Note Balance is greater than zero on the Additional Class A-1 Determination Date, the Servicer shall deliver to the Indenture Trustee, the Issuing Entity, the Administrator, the Closed-End Administrative Agent, the Closed-End Collateral Agent, the Owner Trustee and the Paying Agent on the Additional Class A-1 Determination Date a certificate with respect to the immediately preceding Closed-End EN Collection Period containing all information necessary for each such party to make the distribution required by this Agreement and the Indenture on the

Additional Class A-1 Payment Date, and all information necessary for each such party to send any related statements required under the Transaction Documents.]

**Article XIV** **<br> TERMINATION OF THE SERVICER**

SECTION 14.1 <u>TERMINATION OF THE SERVICER AS TO THE SERIES 20[·]-[·] REFERENCE POOL.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding <u>Section 8.3(a)</u> of the Closed-End Servicing Agreement, as used herein "<u>Exchange Note Servicer Default</u>" means the occurrence and continuance of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) Any failure by the Servicer to deliver to the Closed-End Administrative Agent any proceeds or payment required to be delivered with respect to the Exchange Note, which failure continues unremedied for more than five Business Days after the earlier of notice from the Closed-End Administrative Agent is received by the Servicer or an Authorized Officer of the Servicer obtains actual knowledge of such failure; <u>provided</u>, that if such delay in or failure of performance referred to in this clause is caused by Force Majeure, such five Business Day grace period shall be extended for an additional 60 days; or

&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any failure by the Servicer to duly observe or to perform in any material respect any other covenant or agreement of the Servicer in this Exchange Note Servicing Supplement or the Closed-End Servicing Agreement with respect to the Exchange Note which materially and adversely affects the rights of the Closed-End Administrative Agent or the Exchange Noteholder and which continues unremedied for more than 90 days after notice of such failure is received by the Servicer from the Closed-End Administrative Agent or the Exchange Noteholder; <u>provided</u>, that if such delay in or failure of performance referred to in this clause is caused by Force Majeure, such 90 day grace period shall be extended for an additional 60 days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon the occurrence and continuation of any Exchange Note Servicer Default, the Servicer shall provide to the Indenture Trustee, the Issuing Entity, the Administrator, the Closed-End Collateral Agent and each Rating Agency prompt notice specifying such Exchange Note Servicer Default, together with a description of its efforts to perform its obligations. The Servicer shall use all commercially reasonable efforts to perform its obligations under this Exchange Note Servicing Supplement and the Closed-End Servicing Agreement. The Servicer may not resign except in accordance with <u>Section 8.4</u> of the Closed-End Servicing Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If an Exchange Note Servicer Default shall have occurred and be continuing, the Titling Trustee on behalf of the holder of the Exchange Note, shall, at the direction of the Required Related Holders, by notice given to the Servicer (who promptly shall provide such notice to each Rating Agency), the Issuing Entity, the Indenture Trustee, the Closed-End Collateral Agent, the Titling Trust Administrator and the

Administrator, terminate the rights and obligations of the Servicer under this Exchange Note Servicing Supplement and the Closed-End Servicing Agreement with respect to the Exchange Note and the Included Units. In the event the Servicer is removed or resigns as Servicer with respect to servicing the Exchange Note Assets, the Required Related Holders shall appoint a successor Servicer. With respect to any Exchange Note Servicer Default, the Closed-End Administrative Agent, acting on the direction of the Required Related Holders may waive any default of the Servicer. For purposes of this Section, so long as the Lien of the Indenture is in place, the "<u>Required Related Holders</u>" shall be deemed to be the Indenture Trustee, acting at the direction of the Holders of not less than 66 2/3% of the Outstanding Notes and thereafter, the Issuing Entity, acting at the direction of the Majority Certificateholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If replaced, the Servicer agrees that it will use commercially reasonable efforts to effect the orderly and efficient transfer of the servicing of the Transaction Units to a successor Servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Upon the effectiveness of the assumption by the successor Servicer of its duties pursuant to this <u>Section 14.1</u>, the successor Servicer shall be the successor in all respects to the Servicer in its capacity as Servicer under the Closed-End Servicing Agreement with respect to the 20[·]-[·] Reference Pool, and shall be subject to all the responsibilities, duties and liabilities relating thereto, except with respect to the obligations of the predecessor Servicer that survive its termination as Servicer as set forth in <u>Section 14.1(f)</u>. No Servicer shall resign or be relieved of its duties under the Closed-End Servicing Agreement, as Servicer of the 20[·]-[·] Reference Pool, until a newly appointed Servicer for the 20[·]-[·] Reference Pool shall have assumed the responsibilities and obligations of the resigning or terminated Servicer under this Exchange Note Servicing Supplement. In the event of a replacement of World Omni as Servicer, the Required Related Holders shall cause the successor Servicer to agree to indemnify World Omni against any losses, liabilities, damages or expenses (including attorneys' fees) as a result of the negligence or willful misconduct of such successor Servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No termination or resignation of the Servicer as to the 20[·]-[·] Reference Pool shall affect the obligations of the Servicer pursuant to <u>Section 3.3(c)</u> of the Closed-End Servicing Agreement; <u>provided that</u> following the replacement of the Servicer pursuant to this <u>Section 14.1</u>, such Servicer shall have no duties, responsibilities or other obligations hereunder with respect to matters arising after such replacement.

SECTION 14.2 <u>NO EFFECT ON OTHER PARTIES.</u> Upon any termination of the rights and powers of the Servicer with respect to the 20[·]-[·] Reference Pool pursuant to <u>Section 14.1</u> hereof, or upon any appointment of a successor Servicer with respect to the 20[·]-[·] Reference Pool, all the rights, powers, duties and obligations of the Titling Trustees, the Initial Beneficiary and World Omni under the Titling Trust Agreement, the Closed-End Servicing Agreement, the Exchange Note Supplement, any other supplement, any other Exchange Note Servicing Supplement, any other Basic Document or Transaction Document shall

remain unaffected by such termination or appointment and shall remain in full force and effect thereafter, except as otherwise expressly provided herein or therein.

**Article XV** **<br> OPTIONAL PURCHASE OF THE CLOSED-END EXCHANGE NOTE**

SECTION 15.1 <u>OPTIONAL PURCHASE OF THE CLOSED-END EXCHANGE NOTE.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Outstanding Amount of the Notes is equal to or less than [5]% of the Initial Note Balance on the last day of any Closed-End EN Collection Period, the Servicer shall have the option to purchase the Closed-End Exchange Note on the immediately following Closed-End Exchange Note Payment Date (and on each Closed-End Exchange Note Payment Date thereafter) and direct the Issuing Entity to redeem the Notes pursuant to <u>Section 10.1</u> of the Indenture (an "<u>Optional Redemption</u>"). To exercise such option, the Servicer shall deposit pursuant to <u>Section 13.3</u> hereof into the Trust Collection Account an amount, as calculated by the Servicer, equal to the Exchange Note Balance and all accrued interest thereon up to but not including the Redemption Date (the "<u>Exchange Note Purchase Price</u>"), and shall succeed to all interests in and to the Issuing Entity. Notwithstanding the foregoing, the Servicer shall not be permitted to exercise such option unless the amount to be deposited into the Trust Collection Account pursuant to the preceding sentence is greater than or equal to the sum of the Outstanding Amount of the Notes, and all accrued but unpaid interest (including any overdue interest and premium) thereon [and all amounts owing to the Swap Counterparty under the Interest Rate Swap Agreements] [and all amounts owing to the Asset Representations Reviewer under the Asset Representations Review Agreement].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As described in <u>Section 9.01(c)</u> of the Trust Agreement, notice of any termination of the Issuing Entity shall be given by the Servicer to the Owner Trustee, the Closed-End Collateral Agent and the Indenture Trustee as soon as practicable after the Servicer has received notice thereof.

**Article XVI** **<br> MISCELLANEOUS**

SECTION 16.1 <u>AMENDMENT.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding any provision of the Closed-End Servicing Agreement, the Closed-End Servicing Agreement, as supplemented by this Exchange Note Servicing Supplement, to the extent that it deals solely with the 20[·]-[·] Reference Pool, may be amended in accordance with this <u>Section 16.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any term or provision of the Closed-End Servicing Agreement or this Exchange Note Servicing Supplement may be amended by the Servicer, without the consent of any other Person; <u>provided</u> that (i) any amendment that materially and adversely affects the interests of the Exchange Noteholder shall require the consent of the Exchange Noteholder, (ii) any amendment that materially and adversely affects the

interests of the Closed-End Collateral Agent shall require the consent of the Closed-End Collateral Agent, and (iii) any amendment that materially and adversely affects the interests of the Titling Trustee shall require the prior written consent of the Titling Trustee. An amendment shall be deemed not to materially and adversely affect the interests of the Exchange Noteholder if the Rating Agency Condition is satisfied with respect to such amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the foregoing, no amendment shall reduce the interest rate or principal amount of any Exchange Note, or delay the final scheduled payment date of any Exchange Note without the consent of the holder of such Exchange Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything herein to the contrary, any term or provision of this Exchange Note Servicing Supplement may be amended by the Servicer without the consent of any of the Exchange Noteholder or any other Person to add, modify or eliminate any provisions as may be necessary or advisable in order to comply with or obtain more favorable treatment under or with respect to any law or regulation or any accounting rule or principle (whether now or in the future in effect); it being a condition to any such amendment that the Rating Agency Condition shall have been satisfied.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Prior to the execution of any amendment to this Exchange Note Servicing Supplement, the Servicer shall provide each Rating Agency with written notice of the substance of such amendment. No later than 10 Business Days after the execution of any amendment to this Exchange Note Servicing Supplement, the Servicer shall furnish a copy of such amendment to each Rating Agency, the Titling Trustee, the Closed-End Administrative Agent and the Closed-End Collateral Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Prior to the execution of any amendment to this Exchange Note Servicing Supplement, the Titling Trustee and the Closed-End Administrative Agent shall be entitled to receive upon request and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by the Closed-End Servicing Agreement or this Exchange Note Servicing Supplement and that all conditions precedent to the execution and delivery of such amendment have been satisfied.

SECTION 16.2 <u>GOVERNING LAW.</u> THIS EXCHANGE NOTE SERVICING SUPPLEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL, SUBSTANTIVE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO THE RULES THEREOF RELATING TO CONFLICTS OF LAW AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

SECTION 16.3 <u>NOTICES.</u> The notice provisions of the Closed-End Servicing Agreement shall apply equally to this Exchange Note Servicing Supplement. All demands, notices and communications hereunder shall be in writing and shall be delivered or mailed by

registered or certified first-class United States mail, postage prepaid, hand delivery, any prepaid courier service, or by telecopier or by electronic mail (if designated by a party to the other parties), and addressed in each case as follows: (a) if to the Servicer, 250 Jim Moran Blvd., Deerfield Beach, Florida 33442, Attention: [·]; Facsimile: [·]; (b) if to the Titling Trustee, [190 S. LaSalle Street, 7th Floor, Chicago, Illinois 60603], Attention: [·]; Email: [·]; Facsimile: [·]; (c) if to the Delaware Trustee, [1011 Centre Road, Suite 203, Wilmington, Delaware 19805], Attention: [·]; Email: [·]; Facsimile: [·]; (d) if to the Closed-End Administrative Agent, [1011 Centre Road, Suite 203, Wilmington, Delaware 19805], Attention: [·]; Email: [·]; Facsimile: [·]; (e) if to the Collateral Agent, c/o [U.S. Bank Trust Company, National Association, 190 S. LaSalle Street, 7th Floor, Chicago, Illinois 60603], Attention: [·], Telecopy: [·], Email: [·]; or (f) if to the Closed-End Collateral Agent, c/o[ Lord Securities Corporation, 48 Wall Street, 27th Floor, New York, New York 10005], Attention: [·]; Email: [·]; or, as to each party, at such other address or electronic mail address as shall be designated by such party in a written notice to each other party. All notices and demands shall be deemed to have been given upon actual receipt thereof to any officer of the Person entitled to receive such notices and demands at the address of such Person for notices hereunder. Notwithstanding the foregoing, with the consent of the appropriate party under this Agreement, the obligations of World Omni and any Affiliate of World Omni to deliver or provide any demand, delivery, notice, communication or instruction to such party other than a Noteholder shall be satisfied by World Omni or such Affiliate, as the case may be, making such demand, delivery, notice, communication or instruction available at [·], or such other website or distribution service or provider as World Omni or such Affiliate, as applicable, shall designate by written notice to the other parties hereto. If World Omni is no longer the Servicer, the successor Servicer shall provide any required Rating Agency notices under this Agreement to the Depositor, who promptly shall provide such notices to the Rating Agencies.

SECTION 16.4 <u>THIRD-PARTY BENEFICIARIES.</u> The Issuing Entity and the Indenture Trustee, as holder and pledgee, respectively, of the Closed-End Exchange Note, and their respective successors, permitted assigns and pledgees are third-party beneficiaries of the obligations of the parties hereto and may directly enforce the performance of any of such obligations hereunder.

SECTION 16.5 <u>SEVERABILITY.</u> If one or more of the provisions of this Exchange Note Servicing Supplement shall be for any reason whatever held invalid or unenforceable, such provisions shall be deemed severable from the remaining covenants, agreements and provisions of this Exchange Note Servicing Supplement, and such invalidity or unenforceability shall in no way affect the validity or enforceability of such remaining covenants, agreements and provisions, or the rights of any parties hereto. To the extent permitted by law, the parties hereto waive any provision of law that renders any provision of this Exchange Note Servicing Supplement invalid or unenforceable in any respect.

SECTION 16.6 <u>BINDING EFFECT.</u> The provisions of the Closed-End Servicing Agreement and this Exchange Note Servicing Supplement, insofar as they relate to the 20[·]-[·] Reference Pool, shall be binding upon and inure to the benefit of the respective successors and permitted assigns of the parties hereto.

SECTION 16.7 <u>ARTICLE AND SECTION HEADINGS.</u> The article and section headings herein are for convenience of reference only, and shall not limit or otherwise affect the meaning hereof.

SECTION 16.8 <u>EXECUTION IN COUNTERPARTS; ELECTRONIC SIGNATURES.</u> This Exchange Note Servicing Supplement may be executed in any number of counterparts, each of which so executed and delivered shall be deemed to be an original, but all of which shall together constitute but one and the same instrument. Each of the parties agree that this Exchange Note Servicing Supplement and any other documents to be delivered in connection herewith may be electronically signed, that any digital or electronic signatures (including pdf, facsimile or electronically imaged signatures provided by DocuSign or any other digital signature provider) appearing on this Exchange Note Servicing Supplement or such other documents are the same as handwritten signatures for the purposes of validity, enforceability and admissibility, and that delivery of any such electronic signature to, or a signed copy of, this Exchange Note Servicing Supplement and such other documents may be made by facsimile, email or other electronic transmission.

SECTION 16.9 <u>FURTHER ASSURANCES.</u> Each party will do such acts, and execute and deliver to any other party such additional documents or instruments, as may be reasonably requested in order to effect the purposes of this Exchange Note Servicing Supplement and to better assure and confirm unto the requesting party its rights, powers and remedies hereunder.

SECTION 16.10 <u>EACH EXCHANGE NOTE SEPARATE; ASSIGNEES OF EXCHANGE NOTE.</u> Each party hereto acknowledges and agrees (and each holder or pledgee of the Exchange Note, by virtue of its acceptance of such Exchange Note or pledge thereof acknowledges and agrees) that (a) the Closed-End Collateral Specified Interest is a separate series of the Titling Trust as provided in Section 3806(b)(2) of Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code Section 3801 et seq., (b) the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to (i) the Exchange Note or the related 20[·]-[·] Reference Pool shall be enforceable against such Reference Pool only and not against any Other Reference Pool, the Warehouse Facility Pool or any Unencumbered Reference Pool and (ii) any Other Exchange Note, any Other Reference Pool, the Warehouse Facility Pool or any Unencumbered Reference Pool shall be enforceable against such Other Exchange Note, Other Reference Pools, the Warehouse Facility Pool or Unencumbered Reference Pool only, as applicable, and not against the Exchange Note or any Closed-End Units included in the 20[·]-[·] Reference Pool, (c) except to the extent required by law, the Closed-End Units included in the Warehouse Facility Pool, Closed-End Units included in any Unencumbered Reference Pool or Closed-End Units included in any Other Reference Pool with respect to any Other Exchange Note (other than the Exchange Note transferred hereunder which is related to the 20[·]-[·] Reference Pool) shall not be subject to the claims, debts, liabilities, expenses or obligations arising from or with respect to the Exchange Note in respect of such claim, (d) no creditor or holder of a claim relating to (i) the Exchange Note or the related 20[·]-[·] Reference Pool shall be entitled to maintain any action against or recover any assets allocated to any Other Reference Pool, the Warehouse Facility Pool, any Unencumbered Reference Pool or any Other Exchange Note or the assets allocated thereto, and (ii) any Other Reference Pool,

the Warehouse Facility Pool, any Unencumbered Reference Pool or any Other Exchange Note other than the Exchange Note related to the 20[·]-[·] Reference Pool shall be entitled to maintain any action against or recover any assets allocated to the 20[·]-[·] Reference Pool, and (e) any purchaser, assignee or pledgee of an interest in the 20[·]-[·] Reference Pool or, the Exchange Note, must, prior to or contemporaneously with the grant of any such assignment, pledge or security interest, (i) give to the Titling Trust a non-petition covenant substantially similar to that set forth in <u>Section 11.10</u> of the Titling Trust Agreement, and (ii) execute an agreement for the benefit of each holder, assignee or pledgee from time to time of any Other Exchange Note to release all claims to the assets of the Titling Trust allocated to the Warehouse Facility Pool, any Unencumbered Reference Pool and each Other Reference Pool and, in the event that such release is not given effect, to fully subordinate all claims it may be deemed to have against the assets of the Titling Trust allocated to the Warehouse Facility Pool, any Unencumbered Reference Pool and each Other Reference Pool. Pursuant to <u>Section 3.1(a)</u> of the Intercreditor Agreement, on the date hereof, each party hereto shall enter into a Joinder Agreement to the Intercreditor Agreement as a new Interest Holder, and shall deliver an executed copy of such Joinder Agreement to each party to the Intercreditor Agreement.

SECTION 16.11 <u>NO PETITION.</u> With respect to each Bankruptcy Remote Party, each party hereto (and each holder and pledgee of the Closed-End Exchange Note, by virtue of its acceptance of such Closed-End Exchange Note or pledge thereof) agrees that, prior to the date which is one year and one day after payment in full of all obligations under each Financing, (i) no party hereto shall authorize such Bankruptcy Remote Party to commence a voluntary winding-up or other voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in any jurisdiction or seeking the appointment of an administrator, trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for the benefit of any party hereto or any other creditor of such Bankruptcy Remote Party, and (ii) none of the parties hereto shall commence or join with any other Person in commencing any proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction.

SECTION 16.12 <u>SUBMISSION TO JURISDICTION; WAIVER OF JURY TRIAL.</u> Each of the parties hereto hereby irrevocably and unconditionally:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue of such action or

proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Person at its address determined in accordance with <u>Section 16.3</u> of this Exchange Note Servicing Supplement; and

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

SECTION 16.13 <u>LIMITATION OF LIABILITY OF VT INC.</u> Notwithstanding anything contained herein to the contrary, this Exchange Note Servicing Supplement has been signed by VT Inc. not in its individual capacity but solely in its capacity as Titling Trustee and in no event shall VT Inc. in its individual capacity have any liability for the representations, warranties, covenants, agreements or other obligations of the Titling Trust hereunder, as to all of which recourse shall be had solely to the assets of the Titling Trust.

SECTION 16.14 <u>INFORMATION REQUESTS.</u> The parties hereto shall provide any information reasonably requested by the Servicer, the Issuing Entity, the Depositor or any of their Affiliates, in order to comply with or obtain more favorable treatment under any current or future law, rule, regulation, accounting rule or principle.

SECTION 16.15 <u>REGULATION AB.</u> The Servicer shall cooperate fully with the Depositor and the Issuing Entity to deliver to the Depositor and the Issuing Entity (including any of its assignees or designees) any and all statements, reports, certifications, records and any other information necessary in the good faith determination of the Depositor or the Issuing Entity to permit the Depositor to comply with the provisions of Regulation AB, together with such disclosures relating to the Servicer and the Transaction Units, or the servicing of the Transaction Units, reasonably believed by the Depositor to be necessary in order to effect such compliance.

SECTION 16.16 <u>CREDIT RISK RETENTION.</u> World Omni shall comply in all material respects with all requirements imposed on the "Sponsor of a Securitization" in accordance with the Credit Risk Retention Rules, including its requirements to (i) retain, either directly or through a "majority-owned affiliate" (as such term is defined in the Credit Risk Retention Rules) of World Omni, an economic interest in the Exchange Note in accordance with the Credit Risk Retention Rules and shall not, and shall cause any such majority-owned affiliate to not, sell, pledge or hedge such interest except as permitted under the Credit Risk Retention Rules[,] [(ii) cause to be established and funded, in cash, the [Risk Retention] Reserve Account, as "eligible horizontal cash reserve account" (as such term is defined in the Credit Risk Retention Rules] and ([iii]) satisfy the disclosure requirements set forth in the Credit Risk Retention Rules without any involvement from the underwriters.

SECTION 16.17 <u>[EU AND UK RISK RETENTION.</u> World Omni hereby represents and confirms, covenants and agrees, in connection with the Securitisation Rules as in

effect and applicable on the Closing Date, on an ongoing basis, so long as any Notes remain Outstanding, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it, as "originator" (as such term is defined for the purposes of each of the EU Securitisation Regulation and the UK Securitisation Framework) with respect to each Unit, will retain, upon issuance of the Notes, continually and on an ongoing basis, for as long as any Notes remain Outstanding, a material net economic interest (the "Retained Interest") in the securitisation transaction described in the Prospectus, in the form specified in paragraph (d) of Article 6(3) of the EU Securitisation Regulation and the form specified in each of paragraph 1(d) of SECN 5.2.8R and paragraph (d) of Article 6(3) of Chapter 2 of the PRASR, in each case for the purposes of the UK Securitisation Framework, by holding and continuing to hold (i) indirectly, all the limited liability company interests in the Depositor (being a special purpose entity and not an operating company), either directly or indirectly through one or more wholly-owned subsidiaries of the Sponsor (each being a special purpose entity and not an operating company), the Depositor in turn retaining the Certificates to be issued by the Issuing Entity, and (ii) the residual interest in the 20[·]-[·] Reference Pool, such Certificates and interest collectively representing at least [5]% of the aggregate Securitization Value of the Transaction Units in the 20[·]-[·] Reference Pool;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it will not (and will not permit the Depositor or any of its other Affiliates to) hedge or otherwise mitigate its credit risk under or associated with the Retained Interest, or sell, transfer or otherwise surrender all or part of the rights, benefits or obligations arising from the Retained Interest, except, in each case, to the extent permitted in accordance with the Securitisation Rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) it will not change the manner in which it retains or the method of calculating the Retained Interest while any of the Notes are Outstanding, except under exceptional circumstances, and to the extent permitted in accordance with the Securitisation Rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) it will provide ongoing confirmation of its continued compliance with its obligations in the foregoing clauses (a), (b) and (c), (i) in or concurrently with the delivery of each Servicer Certificate, (ii) upon the occurrence of any Event of Default (as defined in the Indenture) and (iii) from time to time upon request by any Noteholder in connection with (x) any change in the structural features of the securitisation transaction described in the Prospectus that could materially impact the performance of the Notes, (y) any change in the performance of the securitisation transaction described in the Prospectus, the risk characteristics of the securitisation transaction or of the Transaction Units which, in any case, could materially impact the performance of the Notes, or (z) any material breach of the Transaction Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) it will promptly notify the Issuing Entity in writing if for any reason it fails to comply with any of the covenants set out in paragraphs (a), (b) and (c) above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) it was not established for, and does not operate for, the sole purpose of securitizing exposures.]

SECTION 16.18 <u>INDEPENDENCE OF THE SERVICER; NO JOINT VENTURE.</u> For all purposes of this Exchange Note Servicing Supplement and the Closed-End Servicing Agreement, the Servicer shall be an independent contractor and shall not be subject to the supervision of the Issuing Entity or the Owner Trustee for the manner in which it accomplishes the performance of its obligations under the Closed-End Servicing Agreement or this Exchange Note Servicing Supplement. Unless expressly authorized by the Basic Documents, the Transaction Documents or the Issuing Entity, the Servicer shall have no authority to act for or represent the Issuing Entity in any way (other than as permitted hereunder) and shall not otherwise be deemed an agent of the Issuing Entity. Nothing in this Exchange Note Servicing Supplement or the Closed-End Servicing Agreement shall (i) make the Servicer and the Issuing Entity members of any partnership, joint venture, association, syndicate, unincorporated business or other separate entity, (ii) be construed to impose any liability as such on any of them or (iii) be deemed to confer on any of them any express, implied or apparent authority to incur any obligation or liability on behalf of the others.

**[SIGNATURES ON THE FOLLOWING PAGE]**

IN WITNESS WHEREOF, the parties hereto have caused this Exchange Note Servicing Supplement to be duly executed by their respective officers duly authorized as of the day and year first above written.

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| |
|:---|
| AL Holding Corp., as Closed-End Collateral Agent |
| By: |
| Name: |
| Title: |

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S - 1

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| |
|:---|
| World Omni Financial Corp., as Servicer and, with respect to Section 16.16 [and 16.17], individually |
| By: |
| Name: |
| Title: |

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S - 2

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| | |
|:---|:---|
| WORLD OMNI LT | WORLD OMNI LT |
| By: | VT Inc., not in its individual capacity but solely as Titling Trustee |
| By: |  |
| Name: |  |
| Title: |  |

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S - 3

## Exhibit 10.8

**EXHIBIT 10.8**

------

**FOURTH AMENDED AND RESTATED<br> COLLATERAL AGENCY AGREEMENT**

Dated as of December 15, 2009

among

**WORLD OMNI LT,**<br> as Borrower,

**AUTO LEASE FINANCE LLC,**<br> as Initial Beneficiary,

**AL HOLDING CORP.,**<br> as Closed-End Collateral Agent,

**BANK OF AMERICA, N.A.,**<br> as Deal Agent,

**U.S. BANK NATIONAL ASSOCIATION,**<br> as Closed-End Administrative Agent

and

**THE SECURED PARTIES FROM TIME TO TIME<br> PARTY TO THIS AGREEMENT**

------

i *Collateral Agency Agreement*

**Table of Contents**

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| | | |
|:---|:---|:---|
|  | | **Page** |
| ARTICLE I | USAGE AND DEFINITIONS | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.1 | Usage and Definitions | 4 |
| ARTICLE II | AGREEMENTS WITH THE DEAL AGENT AND THE CLOSED-END COLLATERAL AGENT | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.1 | Collateral Documents and Warehouse Facilities | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.2 | Information to Warehouse Facility Secured Parties | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.3 | Compensation and Expenses | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.4 | Stamp and Other Similar Taxes | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.5 | Filing Fees, Excise Taxes, Etc. | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.6 | Indemnification of Deal Agent and Warehouse Facility Secured Parties | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.7 | Further Assurances | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.8 | Direction to Closed-End Collateral Agent and Closed-End Administrative Agent | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.9 | Audits of Collateral | 10 |
| ARTICLE III | THE DEAL AGENT | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.1 | Appointment | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.2 | Representations | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.3 | Exculpatory Provisions | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.4 | Reliance by Deal Agent | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.5 | Limitations on Duties of the Deal Agent | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.6 | Resignation and Removal of Deal Agent | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.7 | Status of Successors to Deal Agent | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.8 | Merger of the Deal Agent | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.9 | Additional Co-Deal Agent; Separate Deal Agent | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.10 | Reasonable Care | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.11 | No Agency for Exchange Noteholders | 17 |
| ARTICLE IV | THE CLOSED-END COLLATERAL AGENT | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.1 | Appointment | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.2 | Representations | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.3 | Exculpatory Provisions | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.4 | Reliance by Closed-End Collateral Agent | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.5 | Limitations on Duties of the Closed-End Collateral Agent | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.6 | Moneys to be Held in Trust | 21 |

---

-i- *Collateral Agency Agreement*

**Table of Contents**

(continued)

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| | | |
|:---|:---|:---|
|  |  | **Page** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.7 | Resignation and Removal of Closed-End Collateral Agent | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.8 | Status of Successors to Closed-End Collateral Agent | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.9 | Merger of the Closed-End Collateral Agent | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.10 | Additional Co-Closed-End Collateral Agent; Separate Closed-End Collateral Agent | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.11 | Reasonable Care | 25 |
| ARTICLE V | THE CLOSED-END ADMINISTRATIVE AGENT | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.1 | Appointment | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.2 | Representations | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.3 | Standard of Care; Exculpatory Provisions | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.4 | Reliance by Closed-End Administrative Agent | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.5 | Individual Rights of the Closed-End Administrative Agent | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.6 | Closed-End Administrative Agent's Disclaimer | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.7 | Resignation and Removal of Closed-End Administrative Agent | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.8 | Status of Successors to Closed-End Administrative Agent | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.9 | Merger of the Closed-End Administrative Agent | 31 |
| ARTICLE VI | THE CLOSED-END EXCHANGE NOTES | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.1 | Sale of Advances; Issuance of Closed-End Exchange Notes; Form | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.2 | Form and Terms of the Closed-End Exchange Notes | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.3 | Issuance of Closed-End Exchange Notes; Execution, Authentication and Delivery | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.4 | Conditions Precedent to Issuance of Closed-End Exchange Notes; Additional Terms of Exchange Notes | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.5 | Registration; Registration of Transfer and Exchange | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.6 | Mutilated, Destroyed, Lost or Stolen Closed-End Exchange Notes | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.7 | Payment of Principal of and Interest on the Closed-End Exchange Notes | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.8 | Cancellation of Closed-End Exchange Notes | 47 |
| ARTICLE VII | RELEASE OF COLLATERAL; Allocation of collateral | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.1 | Release of Collateral Upon Satisfaction of Certain Secured Obligations | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.2 | Effect of Release of Collateral | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.3 | No Recourse | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.4 | Designation of Wind-Down Pool | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.5 | Reallocation of Assets from Wind-Down Pool | 50 |

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-ii- *Collateral Agency Agreement*

**Table of Contents**

(continued)

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| | | |
|:---|:---|:---|
|  | | **Page** |
| ARTICLE VIII | REMEDIES | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.1 | Default Notice | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.2 | Remedies Generally | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.3 | Appointment of a Receiver | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.4 | Exercise of Powers | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.5 | Actions of the Collateral Agent Upon Default | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.6 | Warehouse Facility Remedies | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.7 | Exchange Note Defaults | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.8 | Closed-End Exchange Note Remedies | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.9 | Remedies Not Exclusive | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.10 | Waiver of Certain Rights | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.11 | Waiver of Past Defaults under Closed-End Exchange Notes | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.12 | Limitation on Closed-End Collateral Agent's Duties in Respect of Collateral | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.13 | Limitation by Law | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.14 | Absolute Rights of Secured Parties | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.15 | Restricted Pool Condition | 58 |
| ARTICLE IX | AMENDMENTS | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.1 | Amendments Without Consent of Exchange Noteholders or Warehouse Facility Lenders | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.2 | Amendments with Consent of Warehouse Facility Lenders but Without Consent of Exchange Noteholders | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.3 | Amendments with Consent of Exchange Noteholders | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.4 | Modifications Requiring Consent of All Warehouse Facility Lenders | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.5 | Tax Opinion Requirement | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.6 | Execution of Amendments | 61 |
| ARTICLE X | APPLICATION OF CLOSED-END COLLECTIONS; CREDITORS' RELATIONS | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.1 | Allocation of Closed-End Collections | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.2 | Application of Closed-End Collections on the Revolving Pool Prior to Default | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.3 | Application of Closed-End Collections on the Revolving Pool After Default ; Application of Closed-End Collections on any Wind-Down Pool | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.4 | [Reserved] | 66 |

---

-iii- *Collateral Agency Agreement*

**Table of Contents**

(continued)

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.5 | Application of Closed-End Collections on the Reference Pools | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.6 | Application of Liquidation Proceeds | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.7 | Limited Recourse; Subordination of Claims | 67 |
| ARTICLE XI | MISCELLANEOUS | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.1 | Amendments to Security Agreement or Master Exchange Agreement | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.2 | Amendments to Warehouse Facilities | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.3 | Additional Actions of Secured Parties | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.4 | Notices | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.5 | Alternate Payment and Notice Provisions | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.6 | Borrower Representation | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.7 | No Petition | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.8 | Confidential Information | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.9 | Headings | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.10 | Severability | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.11 | Counterparts | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.12 | Conflicts with Collateral Documents | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.13 | Binding Effect | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.14 | Survival | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.15 | Governing Law; Submission to Jurisdiction | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.16 | Effectiveness | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.17 | No Recourse | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.18 | Consent to Collateral Agent Assignment Agreement | 73 |

---

-iv- *Collateral Agency Agreement*

**Exhibits**

---

| | |
|:---|:---|
| Exhibit A | Form of Collateral Agency Accession Agreement |
| Exhibit B | Form of Restricted Pool Condition Failure Notice |
| Exhibit C | Form of Closed-End Exchange Note |
| Exhibit D | Form of Transferee Representation Letter |
| Exhibit E | Form of Power of Attorney in favor of the Closed-End Collateral Agent Administrator |
| Exhibit F | Form of Reference Pool Reallocation Notice |
| Exhibit G | Form of Warehouse Pool Reallocation Notice |
| Exhibit H | Form of Wind-Down Pool Reallocation Notice |

---

**Appendices**

Appendix A - Usage and Definitions

**<u>INDEX OF DEFINED TERMS</u>**

(Includes terms defined in the Collateral Agent Assignment Agreement, this Collateral Agency Agreement, the Security Agreement, the ALF LLC Agreement and the Closed-End Servicing Agreement. References in this Index of Defined Terms to **<u>Appendix A</u>** are to **<u>Appendix A</u>** to the Collateral Agency Agreement.)

**$**

---

| | |
|:---|:---|
| $Appendix A, | Page 15 |

---

---

| | |
|:---|:---|
| **A** | **A** |
| Additional Warehouse Facilities | Appendix A, Page 15 |
| Additional Warehouse Facility | Appendix A - page 15 |
| Administrative Repurchase | Appendix A - page 15 |
| Advance | Appendix A - page 15 |
| Adverse Claim | Appendix A - page 15 |
| Adverse Selection Criteria | Collateral Agency Agreement, Section 6.2(b) (subclause (d)) |
| Affected Party | Appendix A - page 15 |
| Affiliate | Appendix A - page 15 |
| Affiliated | Appendix A, Page 15 |
| Aggregate Loan Amount | Appendix A, Page 15 |
| Aggregate Revolving Loan Amount | Appendix A, Page 15 |
| Alabama Trust | Appendix A, Page 15 |
| Alabama Trustee | Collateral Agency Agreement, Recitals |
| Alabama UTI Certificate | Collateral Agency Agreement, Recitals |
| ALF LLC | Appendix A, Page 15 |
| ALF LLC Agreement | Appendix A, Page 15 |
| ALF LP | Appendix A, Page 15 |
| ALF LP Contribution Agreement | Appendix A, Page 15 |
| ALHC | 1, Appendix A, Page 15 |
| Applicable Base Margin | Appendix A, Page 15 |
| Applicable Law | Appendix A, Page 15 |
| Applicable Margin | Appendix A, Page 15 |
| Asset Pool | Appendix A, Page 15 |
| Authorized Officer | Appendix A, Page 15 |
| Automotive Lease Guide | Appendix A, Page 15 |

---

i *Collateral Agency Agreement*

---

| | |
|:---|:---|
| **B** | **B** |
| Bank of America | Appendix A, Page 15 |
| Bank of America Receivables Financing Agreement | Appendix A, Page 15 |
| Bankruptcy Code | Appendix A, Page 15 |
| Basic Documents | Appendix A, Page 15 |
| Beneficial Interest | Appendix A, Page 15 |
| Board Resolution | Appendix A, Page 15 |
| Booked Residual Value | Appendix A, Page 15 |
| Borrower | 1, Appendix A, Page 15 |
| Borrower Novation | Collateral Agency Agreement, Recitals |
| Borrower Novation Agreement | Appendix A, Page 15 |
| Borrowing Base | Appendix A, Page 15 |
| Borrowing Base Certificate | Appendix A, Page 15 |
| Borrowing Request | Appendix A, Page 15 |
| Business Day | Appendix A, Page 15 |
| **C** | **C** |
| 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) |
| Carrying Costs | Appendix A, Page 15 |
| Certificate | Appendix A, Page 15 |
| Certificate of Title | Appendix A, Page 7 |
| Certificates of Title | Appendix A, Page 7 |
| Change in Control | Appendix A, Page 15 |
| Charged-off Lease | Appendix A, Page 15 |
| Claim | Appendix A, Page 15 |
| Class | Appendix A, Page 15 |
| Closed-End Administration Agreement | Appendix A, Page 15 |
| Closed-End Administrative Agent | Appendix A, Page 15 |
| Closed-End Asset | Appendix A, Page 15 |
| Closed-End Certificate | Appendix A, Page 15 |
| Closed-End Collateral Agent | 1, Appendix A, Page 15 |
| Closed-End Collateral Agent Administrator | Appendix A, Page 15 |
| Closed-End Collateral Specification Notice | Appendix A, Page 15 |
| Closed-End Collateral Specified Interest | Appendix A, Page 15 |
| Closed-End Collected Amounts | Appendix A, Page 15 |
| Closed-End Collections | Appendix A, Page 15 |
| Closed-End EN Collected Amounts | Appendix A, Page 15 |
| Closed-End EN Collection Period | Appendix A, Page 15 |
| Closed-End EN Secured Parties | Appendix A, Page 9 |
| Closed-End EN Secured Party | Appendix A, Page 15 |
| Closed-End Exchange Note | Collateral Agency Agreement, Section 6.1(e) |
| Closed-End Exchange Note Collections | Appendix A, Page 15 |
| Closed-End Exchange Note Payment Date | Appendix A, Page 15 |
| Closed-End Exchange Notes | Collateral Agency Agreement, Section 6.1(e) |
| Closed-End Lease | Appendix A, Page 15 |
| Closed-End Obligor | Appendix A, Page 15 |
| Closed-End Servicer | Appendix A, Page 15 |
| Closed-End Servicing Agreement | Appendix A, Page 15 |
| Closed-End Unit | Appendix A, Page 15 |
| Closed-End Vehicle | Appendix A, Page 15 |
| Closed-End Warehouse Collected Amounts | Appendix A, Page 15 |
| Closed-End Warehouse Collections | Appendix A, Page 15 |
| Closed-End Warehouse Facility Lease | Appendix A, Page 15 |
| Closed-End Warehouse Facility Vehicle | Appendix A, Page 15 |
| Closing Date | Appendix A, Page 15 |
| Code | Appendix A, Page 15 |
| Collateral Agency Accession Agreement | Collateral Agency Agreement, Section 2.1(b) |
| Collateral Agency Agreement | Appendix A, Page 15 |

---

ii *Collateral Agency Agreement*

---

| | |
|:---|:---|
| Collateral Agent Assignment Agreement | Appendix A, Page 15, Collateral Agency Agreement, Recitals |
| Collateral Document | Appendix A, Page 15 |
| Collection Account | Appendix A, Page 15 |
| Commercial Paper Note | Appendix A, Page 15 |
| Commission | Appendix A, Page 15 |
| Commitment | Appendix A, Page 15 |
| Commitment Period | Appendix A, Page 15 |
| Commitment Termination Date | Appendix A, Page 15 |
| Commitments | Appendix A, Page 11 |
| Company Account | Appendix A, Page 15 |
| Company Account Agreement | Appendix A, Page 15 |
| Company Account Bank | Appendix A, Page 15 |
| Confidential Information | Collateral Agency Agreement, Section 11.8(b) |
| Contingent Liabilities | Appendix A, Page 11 |
| Contingent Liability | Appendix A, Page 15 |
| Corporate Trust Office | Appendix A, Page 15 |
| Credit and Collection Policy | Appendix A, Page 15 |
| Current Receivables Financing Agreements | Appendix A, Page 15 |
| Current Warehouse Facilities | Appendix A, Page 15 |
| Current Warehouse Facility | Appendix A, Page 11 |
| Cutoff Date | Appendix A, Page 15 |
| **D** | **D** |
| Deal Agent | Appendix A, Page 15 |
| Dealer | Appendix A, Page 15 |
| Dealer Agreement | Appendix A, Page 15 |
| Dealer Recourse Right | Appendix A, Page 15 |
| Default Notice | Appendix A, Page 15 |
| Defaulted Receivable | Appendix A, Page 15 |
| Delaware Statutory Trust Act | Appendix A, Page 15 |
| Delaware Trustee | Appendix A, Page 15 |
| Delinquent Receivable | Appendix A, Page 15 |
| Disposition Contract | Appendix A, Page 15 |
| Dollar | Appendix A, Page 15 |
| Draft Account | Appendix A, Page 15 |
| DTC | Appendix A, Page 15 |
| **E** | **E** |
| Effective Date | Appendix A, Page 15 |
| Effective MSRP | Appendix A, Page 15 |
| Eligible State | Appendix A, Page 15 |
| ERISA | Appendix A, Page 15 |
| Eurodollar Loan | Appendix A, Page 15 |
| Eurodollar Rate (Reserve Adjusted) | Appendix A, Page 15 |
| Event of Bankruptcy | Appendix A, Page 15 |
| Exchange Note Allocation Percentage | Appendix A, Page 15 |
| Exchange Note Balance | Appendix A, Page 15 |
| Exchange Note Collection Account | Appendix A, Page 15 |
| Exchange Note Default | Collateral Agency Agreement, Section 8.7(a) |
| Exchange Note Funding | Collateral Agency Agreement, Section 6.1(d) |
| Exchange Note Funding Amount | Collateral Agency Agreement, Section 6.1(d) |
| Exchange Note Funding Date | Collateral Agency Agreement, Section 6.1(d) |
| Exchange Note Interest Amount | Appendix A, Page 15 |
| Exchange Note Interest Rate | Appendix A, Page 15 |
| Exchange Note Issuance Date | Collateral Agency Agreement, Section 6.3(c)(i) |
| Exchange Note Principal Payment Amount | Appendix A, Page 15 |
| Exchange Note Reallocation Date | Collateral Agency Agreement, Section 6.2(b)(ii) |
| Exchange Note Redemption Date | Appendix A, Page 15 |
| Exchange Note Redemption Price | Appendix A, Page 15 |
| Exchange Note Register | Collateral Agency Agreement, Section 6.5(a) |

---

iii *Collateral Agency Agreement*

---

| | |
|:---|:---|
| Exchange Note Registrar | Collateral Agency Agreement, Section 6.5(a) |
| Exchange Note Supplement | Collateral Agency Agreement, Section 6.1(e) |
| Exchange Noteholder | Appendix A, Page 15 |
| Existing Back-Up Security Agreement | Collateral Agency Agreement, Recitals |
| Existing Collateral Documents | Collateral Agency Agreement, Recitals |
| Extension Fee | Appendix A, Page 15 |
| **F** | **F** |
| Facility Default | Appendix A, Page 15 |
| Facility Limit | Appendix A, Page 15 |
| Facility Servicer Event of Default | Appendix A, Page 15 |
| Federal Funds Rate | Appendix A, Page 15 |
| Fees | Appendix A, Page 15 |
| FICO Score | Appendix A, Page 15 |
| Filing Collateral | Appendix A, Page 15 |
| 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 |
| **G** | **G** |
| GAAP | Appendix A, Page 15 |
| Governmental Authorities | Appendix A, Page 16 |
| Governmental Authority | Appendix A, Page 15 |
| Grant | Appendix A, Page 15 |
| **H** | **H** |
| Hedge Contract | Appendix A, Page 15 |
| Holder | Appendix A, Page 15 |
| Holding Company | Appendix A, Page 15 |
| **I** | **I** |
| Implicit Rate | Appendix A, Page 15 |
| Indebtedness | Appendix A, Page 15 |
| Indemnified Person | Appendix A, Page 15 |
| Independent | Appendix A, Page 15 |
| Information Recipients | Collateral Agency Agreement, Section 11.8(a) |
| Initial Beneficiary | Appendix A, Page 15 |
| Initial Beneficiary Advance | Collateral Agency Agreement, Section 6.1(d) |
| Initial Beneficiary Advance Amount | Collateral Agency Agreement, Section 6.1(d) |
| Initial Beneficiary Advance Date | Collateral Agency Agreement, Section 6.1(d) |
| Initial Beneficiary Advance Notice | Collateral Agency Agreement, Section 6.1(d) |
| 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) |
| Insurance Expenses | Appendix A, Page 15 |
| Insurance Policies | Appendix A, Page 15 |
| Insurance Proceeds | Appendix A, Page 15 |
| Intercreditor Agreement | Appendix A, Page 15 |
| Interest Period | Appendix A, Page 15 |
| Intermediary Funds | Appendix A, Page 15 |
| Investment Company Act | Appendix A, Page 15 |
| IRS | Appendix A, Page 15 |

---

iv *Collateral Agency Agreement*

---

| | |
|:---|:---|
| **J** | **J** |
| Joinder Agreement | Appendix A, Page 15 |
| Joint Account | Appendix A, Page 15 |
| Joint Account Agreement | Appendix A, Page 15 |
| **L** | **L** |
| Lease Balance | Appendix A, Page 15 |
| Lease Files | Appendix A, Page 15 |
| Lease Funding Account | Appendix A, Page 15 |
| Lease Funding Account Agreement | Appendix A, Page 15 |
| Lease Funding Account Bank | Appendix A, Page 15 |
| Lease Number | Appendix A, Page 15 |
| Lien | Appendix A, Page 15 |
| Liquidation Expenses | Appendix A, Page 15 |
| Liquidation Proceeds | Appendix A, Page 15 |
| Liquidity Agent | Appendix A, Page 15 |
| Liquidity Agreement | Appendix A, Page 15 |
| Liquidity Bank | Appendix A, Page 15 |
| **M** | **M** |
| Master Exchange Agreement | Appendix A, Page 15 |
| Material Adverse Effect | Appendix A, Page 15 |
| Maturity Date | Appendix A, Page 15 |
| Merger | Appendix A, Page 15, Collateral Agency Agreement, Recitals |
| Merger Agreement | Appendix A, Page 15 |
| Month End Date | Appendix A, Page 15 |
| Monthly Reporting Date | Appendix A, Page 15 |
| Moody's | Appendix A, Page 15 |
| **N** | **N** |
| Net Credit Losses | Appendix A, Page 15 |
| Net Investment Value | Appendix A, Page 15 |
| Net Liquidation Proceeds | Appendix A, Page 15 |
| Notice Requirements | Appendix A, Page 15 |
| **O** | **O** |
| Obligation | Appendix A, Page 15 |
| Obligor | Appendix A, Page 15 |
| Officer's Certificate | Appendix A, Page 15 |
| One-Month LIBOR | Appendix A, Page 15 |
| Open-End Collateral Specification Notice | Appendix A, Page 15 |
| Open-End Collateral Specified Interest | Appendix A, Page 15 |
| Opinion of Counsel | Appendix A, Page 22, Appendix A, Page 15 |
| Other Assets | Collateral Agency Agreement, Section 10.7(b)(ii) |
| Other Liabilities | Collateral Agency Agreement, Section 10.7(c) |
| Other Proceeds | Appendix A, Page 15 |
| Outstanding | Appendix A, Page 15 |
| Outstanding Principal Balance | Appendix A, Page 15 |
| **P** | **P** |
| Payment Ahead | Appendix A, Page 15 |
| Payment Date | Appendix A, Page 15 |
| Payment Information | Appendix A, Page 15 |
| Payoff Concession Vehicle | Appendix A, Page 15 |
| Percentage | Appendix A, Page 15 |

---

v *Collateral Agency Agreement*

---

| | |
|:---|:---|
| Performance Guarantor | Appendix A, Page 15 |
| Performance Guaranty | Appendix A, Page 15 |
| Permitted Investments | Appendix A, Page 15 |
| Permitted Lien | Appendix A, Page 15 |
| Permitted Variance | Appendix A, Page 15 |
| Person | Appendix A, Page 15 |
| Plan | Appendix A, Page 15 |
| Posted | Appendix A, Page 15 |
| Posted Date | Appendix A, Page 15 |
| Prepayment | Appendix A, Page 15 |
| Prior Borrower | Collateral Agency Agreement, Recitals |
| Prior Collateral Agency Agreement | Collateral Agency Agreement, Recitals |
| Prior Receivables Financing Agreements | Collateral Agency Agreement, Recitals |
| Prior Security Agreement | Collateral Agency Agreement, Recitals |
| Prior Security Interests | Collateral Agency Agreement, Recitals |
| Prior Warehouse Collateral Agent | Collateral Agency Agreement, Recitals |
| Prior Warehouse Facilities | Collateral Agency Agreement, Recitals |
| Prior Warehouse Parties | Collateral Agency Agreement, Recitals |
| Pro Rata Share | Appendix A, Page 15 |
| Proceeding | Appendix A, Page 15 |
| Protected Purchaser | Collateral Agency Agreement, Section 6.6(a) |
| **Q** | **Q** |
| QI Administrator | Appendix A, Page 15 |
| Qualified Institution | Appendix A, Page 15 |
| Qualified Intermediary | Appendix A, Page 15 |
| Qualified Trust Institution | Appendix A, Page 15 |
| Qualifying Hedge Contract | Appendix A, Page 15 |
| Qualifying Swap Contract | Appendix A, Page 15 |
| **R** | **R** |
| Rating Agencies | Appendix A, Page 15 |
| Rating Agency | Appendix A, Page 26 |
| Receipt | Appendix A, Page 15 |
| Receipt Date | Appendix A, Page 15 |
| Receivable | Appendix A, Page 15 |
| Receivables Financing Agreement | Appendix A, Page 15 |
| Receivables Financing Agreements | Appendix A, Page 26 |
| Received | 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 15 |
| Registered Pledgee | Appendix A, Page 15 |
| Regulation D | Appendix A, Page 15 |
| Regulatory Change | Appendix A, Page 15 |
| Released Intermediary Funds | Appendix A, Page 15 |
| Relevant Entities | Appendix A, Page 15 |
| Relevant Entity | Appendix A, Page 27 |
| Relinquished Vehicle | Appendix A, Page 15 |
| Relinquished Vehicle Proceeds | Appendix A, Page 15 |
| Replacement Vehicle | Appendix A, Page 15 |
| Replacement Vehicle Purchase Price | Appendix A, Page 15 |
| Required Lease Funding Account Balance | Appendix A, Page 15 |
| Required Remittance Date | Appendix A, Page 15 |
| Required Secured Parties | Appendix A, Page 15 |
| Required Warehouse Lenders | Appendix A, Page 15 |
| Restricted Pool | Appendix A, Page 15 |
| Restricted Pool Condition | Appendix A, Page 15 |
| Restricted Pool Condition Failure Notice | Collateral Agency Agreement, Section 8.15 |
| Return Date | Appendix A, Page 15 |

---

vi *Collateral Agency Agreement*

---

| | |
|:---|:---|
| Returned Vehicle | Appendix A, Page 15 |
| Returned Vehicle Disposition | Appendix A, Page 15 |
| Revolving Lender | Appendix A, Page 15 |
| Revolving Lenders | Appendix A, Page 15 |
| Revolving Pool | Appendix A, Page 15 |
| Revolving Pool Asset | Appendix A, Page 15 |
| Revolving Pool Collected Amounts | Appendix A, Page 15 |
| Revolving Pool Collections | Appendix A, Page 15 |
| Revolving Pool Excess Funds | Appendix A, Page 15 |
| Revolving Pool Share | Appendix A, Page 15 |
| Revolving Warehouse Facilities | Appendix A, Page 15 |
| Revolving Warehouse Facility | Appendix A, Page 15 |
| Revolving Warehouse Facility Agent | Appendix A, Page 15 |
| RV Adjustment Funds | Appendix A, Page 30 |
| **S** | **S** |
| S&P | Appendix A, Page 15 |
| Schedule of Leases and Vehicles | Appendix A, Page 15 |
| Scheduled Commitment Termination Date | Appendix A, Page 15 |
| Scheduled Payment | Appendix A, Page 15 |
| Secured Parties | Appendix A, Page 15 |
| Secured Party | Appendix A, Page 15 |
| Securities Act | Appendix A, Page 15 |
| Securities Intermediary | Appendix A, Page 19 |
| Security Agreement | 1, Appendix A, Page 15 |
| Security Deposit | Appendix A, Page 15 |
| Series | Appendix A, Page 15 |
| Servicer Event of Default | Appendix A, Page 15 |
| Servicing Fee | Appendix A, Page 15 |
| Servicing Fee Rate | Appendix A, Page 15 |
| Specification Notice | Appendix A, Page 15 |
| Specified Asset Titling Trust Administrator Fee | Appendix A, Page 15 |
| Specified Assets | Appendix A, Page 15 |
| Specified Interest | Appendix A, Page 15 |
| Specified Parameters | Appendix A, Page 15 |
| Standard & Poor's | Appendix A, Page 15 |
| State | Appendix A, Page 15 |
| Stated Maturity Date | Appendix A, Page 15 |
| Subordinated Interest | Appendix A, Page 35 |
| Subsidiaries | Appendix A, Page 31 |
| Subsidiary | Appendix A, Page 15 |
| **T** | **T** |
| Tangible Net Worth | Appendix A, Page 15 |
| Titling Trust | Appendix A, Page 15 |
| Titling Trust Administrator | Appendix A, Page 15 |
| Titling Trust Administrator Fee | Appendix A, Page 15 |
| Titling Trust Agreement | Appendix A, Page 15 |
| Titling Trust Assets | Appendix A, Page 15 |
| Titling Trust Debt | Appendix A, Page 15 |
| Titling Trust Lease | Appendix A, Page 15 |
| Titling Trust Vehicle | Appendix A, Page 15 |
| Titling Trustee | Appendix A, Page 15 |
| Titling Trustee Agent | Appendix A, Page 15 |
| Titling Trustee Fee | Appendix A, Page 15 |
| Transfer | Collateral Agency Agreement, Section 6.5(f)(iv) |
| Treasury Regulations | Appendix A, Page 15 |
| Trustee | Appendix A, Page 15 |
| Trust-Related Obligations | Appendix A, Page 15 |
| Turn-in Ratio | Appendix A, Page 15 |

---

vii *Collateral Agency Agreement*

---

| | |
|:---|:---|
| **U** | **U** |
| U.S. Bank | Appendix A, Page 15 |
| U.S. Bank Trust | Appendix A, Page 15 |
| UCC | Appendix A, Page 15 |
| Undertaking | Appendix A, Page 15 |
| Unmatured Warehouse Facility Termination Event | Appendix A, Page 15 |
| Unpaid Titling Trust Debt | Appendix A, Page 15 |
| UTI | Collateral Agency Agreement, Recitals |
| **V** | **V** |
| VT Inc. | Appendix A, Page 15 |
| **W** | **W** |
| Warehouse Facilities | Appendix A, Page 15 |
| Warehouse Facility | Appendix A, Page 15 |
| Warehouse Facility Agent | Appendix A, Page 15, Appendix A, Page 15 |
| Warehouse Facility Allocation Percentage | Appendix A, Page 15 |
| Warehouse Facility Lender | Appendix A, Page 15 |
| Warehouse Facility Lender Percentage | Appendix A, Page 15 |
| Warehouse Facility Lenders | Appendix A, Page 15 |
| Warehouse Facility Note | Appendix A, Page 15 |
| Warehouse Facility Pool | Appendix A, Page 15 |
| Warehouse Facility Pool Servicing Fee | Appendix A, Page 15 |
| Warehouse Facility Secured Parties | Appendix A, Page , Appendix A, Page , Appendix A, Page |
| Warehouse Facility Secured Party | Appendix A, Page 15, Appendix A, Page 15, Appendix A, Page 15 |
| Warehouse Facility Servicer Defaults | Appendix A, Page 15 |
| Warehouse Facility Termination Event | Appendix A, Page 15 |
| Warehouse Pool Reallocation Date | Collateral Agency Agreement, Section 6.2(e) |
| Warehouse Pool Reallocation Notice | Collateral Agency Agreement, Section 6.2(e) |
| Wind-Down Borrowing Base | Appendix A, Page 15 |
| Wind-Down Date | Appendix A, Page 15 |
| Wind-Down Event | Appendix A, Page 15 |
| Wind-Down Lender | Appendix A, Page 15 |
| Wind-Down Lenders | Appendix A, Page 15 |
| Wind-Down Payment Date | Appendix A, Page 15 |
| Wind-Down Period | Appendix A, Page 15 |
| Wind-Down Pool | Appendix A, Page 15 |
| Wind-Down Pool Asset | Appendix A, Page 15 |
| Wind-Down Pool Collected Amounts | Appendix A, Page 15 |
| Wind-Down Pool Collections | Appendix A, Page 15 |
| Wind-Down Pool Delay Period | Appendix A, Page 15 |
| Wind-Down Pool Share | Appendix A, Page 15 |
| Wind-Down Warehouse Facilities | Appendix A, Page 15 |
| Wind-Down Warehouse Facility | Appendix A, Page 15 |
| WOLT | Appendix A, Page 15 |
| World Omni | 1, Appendix A, Page 15 |

---

viii *Collateral Agency Agreement*

**FOURTH AMENDED AND RESTATED COLLATERAL AGENCY AGREEMENT**, dated as of December<u> </u>, 2009, (this "**<u>Collateral Agency Agreement</u>**"), among:

(A) **WORLD OMNI LT**, a Delaware statutory trust ("  **<u>WOLT</u>** "), as Borrower;

(B) **AUTO LEASE FINANCE LLC**, a Delaware limited liability company ("  **<u>ALF LLC</u>** "), as Initial Beneficiary;

(C) **AL HOLDING CORP.**, a Delaware corporation ("ALHC"), as Closed-End Collateral Agent on behalf of each of the Secured
Parties;

(D) **BANK OF AMERICA, N.A.**, as Deal Agent on behalf of the Warehouse Facility Lenders and the Warehouse Facility Agents;

(E) **U.S. BANK NATIONAL ASSOCIATION** ("  **<u>U.S. Bank</u>** "), as Closed-End Administrative Agent; and

(G) **THE OTHER SECURED PARTIES** identified as such on the signature pages to this Collateral Agency Agreement, or that may become
party to this Collateral Agency Agreement as Secured Parties pursuant to a Collateral Agency Accession Agreement.

**BACKGROUND**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. ***PRIOR WAREHOUSE FACILITIES.*** Pursuant to two separate Receivables Financing Agreements (together, the "**<u>Prior Receivables Financing Agreements</u>**"), Auto Lease Finance L.P., a Delaware limited partnership ("**<u>ALF LP</u>**"), as borrower, entered into revolving warehouse financing arrangements (the "**<u>Prior Warehouse Facilities</u>**") with Bank of America, N.A., The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, and various lenders, administrators and agents (collectively, the "**<u>Prior Warehouse Parties</u>**"), pursuant to which certain specified lenders agreed to make advances to ALF LP from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. ***COLLATERAL FOR THE PRIOR WAREHOUSE FACILITIES.*** As of September 10, 2004, in connection with the Prior Warehouse Facilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) ALF LP, as borrower (the "  **<u>Prior Borrower</u>** "), Bank of America, N.A., as collateral agent on behalf of the
Prior Warehouse Parties (the "  **<u>Prior Warehouse Collateral Agent</u>** "), and certain within-named "Secured Parties"
entered into the Second Amended and Restated Collateral Agency Agreement (the "  **<u>Prior Collateral Agency Agreement</u>** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the Prior Borrower and the Prior Warehouse Collateral Agent entered into the Second Amended and Restated Pledge and Security Agreement
(the "  **<u>Prior Security Agreement</u>** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) World Omni Financial Corp. ("  **<u>World Omni</u>** "), ALF LP, VT Inc., as trustee (the "  **<u>Alabama Trustee</u>** ")
of World Omni LT, an Alabama trust (the "  **<u>Alabama Trust</u>** "), and the Prior Warehouse Collateral Agent entered into
the Amended and Restated Backup Security Agreement (the "  **<u>Prior Back-Up Security Agreement</u>**" and, together with
the Existing Collateral Agency Agreement and the Existing Security Agreement, the "  **<u>Prior Collateral Documents</u>** ").

*Collateral Agency Agreement*

Under the Prior Collateral Documents, among other things, the Prior Warehouse Collateral Agent was granted a security interest by (i) ALF LP in the certificate (the "**<u>Alabama UTI Certificate</u>**") representing the entire beneficial interest in the "Undivided Trust Interest" (the "**<u>UTI</u>**") of the Alabama Trust and (ii) each of World Omni, ALF LP and WOLT in certain assets, including motor vehicle leases and related leased vehicles from time to time allocated to the UTI (the security interests described in the foregoing clauses (i) and (ii), collectively, the "**<u>Prior Security Interests</u>**"). The Prior Security Interests were granted to secure ALF LP's obligations as borrower under the Prior Warehouse Facilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. ***TITLING TRUST MIGRATION.*** Each of the following occurred simultaneously on July 16, 2008 (the "**<u>Migration Date</u>**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)  ***Titling Trust Merger.*** The Alabama Trust merged with and into WOLT with WOLT surviving (the "  **<u>Merger</u>** ")
pursuant to the Merger Agreement. In connection with the Merger, ALF LP delivered the Alabama UTI Certificate to the trustee of the Alabama
Trust for cancellation. In consideration for ALF LP's delivery of the Alabama UTI Certificate, WOLT issued to ALF LP the "Closed-End
Certificate," representing the entire beneficial interest in the series of WOLT designated as the "Closed-End Collateral Specified
Interest."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)  ***Novation of Borrower Rights and Obligations by ALF LP to WOLT*.** Pursuant to the Novation Agreement, dated as of July 16,
2008 (the "  **<u>Borrower Novation Agreement</u>** "), ALF LP transferred to WOLT, by novation (such transfer, the "  **<u>Borrower Novation</u>** "), all of ALF LP's rights and obligations, as the "Borrower" and otherwise, under and in connection
with the Prior Warehouse Facilities, including all of ALF LP's rights and obligations under the Prior Collateral Agency Agreement
and the Prior Security Agreement. The Borrower Novation also contains an acknowledgment by WOLT of the continued existence of the Prior
Security Interests, as such security interests may be released or otherwise modified in the manner described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)  ***Contribution of World Omni's partnership interest in ALF LP to ALF LLC*.** World Omni, as owner of 99.9% of the limited
partnership interest in ALF LP and the sole limited partner of ALF LP, contributed all of its right, title and interest in ALF LP to Auto
Lease Finance LLC ("  **<u>ALF LLC</u>**") pursuant to a contribution agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)  ***Dissolution of ALF LP*.** ALF LP was dissolved and ALF LLC thereby succeeded to the ownership of all of the property of
ALF LP, including ALF LP's ownership interest in WOLT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E)  ***Assignment of Collateral Agent Rights by Bank of America to ALHC.*** Pursuant to the Collateral Agent Assignment Agreement,
dated as of July 16, 2008 (the "  **<u>Collateral Agent Assignment Agreement</u>** "), between Bank of America, as assignor,
and ALHC, as assignee, the Prior Warehouse Collateral Agent assigned to the Closed-End Collateral Agent certain of the property and rights
held by the Prior Warehouse Collateral Agent under the Prior Collateral Documents. Any remaining rights and obligations of the Prior Warehouse
Collateral Agent continued to inure to Bank of America following such assignment in its capacity as the Deal Agent under the Third Amended
and Restated Collateral Agency Agreement dated as of July 16, 2008 (as amended from time to time prior to the date hereof, the "Existing
Collateral Agency Agreement") and the other Basic Documents (as such rights and obligations may be modified therein).

2 *Collateral Agency Agreement*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F)  ***Modification of Prior Security Interests.*** Pursuant to the Security Agreement (described below):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Prior Warehouse Collateral Agent released (A) the security interest granted by ALF LP under the Prior Security Agreement
(including the Prior Warehouse Collateral Agent's security interest in the Alabama UTI Certificate) and (B) the security interests
granted by World Omni and ALF LP under the Prior Back-Up Security Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) WOLT, as Borrower, granted to ALHC, as Closed-End Collateral Agent, a security interest in all Closed-End Leases and Closed-End Vehicles
allocated to the Closed-End Collateral Specified Interest, together with certain related rights and assets, to secure the Borrower's
obligations under the Warehouse Facilities and certain other Secured Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G)  ***Amendment and Restatement of Existing Documents; Other Documents.*** In order to, among other things, further evidence
the foregoing transactions and intentions, the parties amended and restated the Prior Collateral Documents and the Prior Receivables Financing
Agreements, and entered into certain other agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. ***CLOSED-END EXCHANGE NOTES.*** On November 12, 2009, ALF LLC purchased from the lenders under the Prior Warehouse Facilities all of the outstanding Advances made by such lenders thereunder. Concurrently therewith, ALF LLC made an advance to WOLT. In consideration for such advance and for the transfer to WOLT of the acquired Advances, WOLT issued to ALF LLC a Closed-End Exchange Note backed by assets allocated to a Reference Pool. It is intended that (A) ALF LLC will have the right, subject to certain conditions and limitations set forth herein, (i) to purchase from the Warehouse Facility Lenders ratable portions of the Advances made by such lenders under the respective Warehouse Facilities and (ii) to make Initial Beneficiary Advances to the Borrower and (B) in connection with any such purchase or Initial Beneficiary Advance, ALF LLC will have the right to exchange the acquired Advances and/or Initial Beneficiary Advances for Closed-End Exchange Notes issued by the Titling Trust and backed primarily by assets designated (subject to certain conditions) by ALF LLC and allocated to a separate Reference Pool.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Following the purchase of the outstanding Advances made under the Prior Warehouse Facilities, the Prior Warehouse Facility Parties terminated the Prior Receivables Financing Agreements effective as of November 12, 2009. WOLT, as Borrower, ALF LLC, as Initial Beneficiary, and World Omni, as Closed-End Servicer, intend to establish new Warehouse Facilities pursuant to new Receivables Financing Agreements to be entered into on and after the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. ***PURPOSE OF THE COLLATERAL DOCUMENTS.*** The Collateral Documents are intended to secure the Borrower's obligations under the Warehouse Facilities, the Closed-End Exchange Notes and certain other Secured Obligations, and this Collateral Agency Agreement is intended to provide a mechanism for the enforcement of the rights of the Closed-End Collateral Agent under the Collateral Documents and the performance of the incidental actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. ***AMENDMENT.*** The parties hereto now wish to amend and restate the Existing Collateral Agency Agreement in its entirety as provided herein.

**NOW, THEREFORE**, in consideration of the premises and the mutual agreements herein contained, the Existing Collateral Agency Agreement is hereby amended and restated to read in its entirety as set forth herein.

3 *Collateral Agency Agreement*

**ARTICLE I<u><br> USAGE AND DEFINITIONS</u>**

**Section 1.1** <u>Usage and Definitions.</u>

Capitalized terms used but not otherwise defined in this Collateral Agency Agreement or in **<u>Appendix 1</u>** to any Exchange Note Supplement delivered pursuant to this Collateral Agency Agreement have the meanings assigned to such terms under **<u>Appendix A</u>** to this Collateral Agency Agreement. **<u>Appendix A</u>** also contains rules as to usage that are applicable to this Collateral Agency Agreement.

**ARTICLE II<u><br> AGREEMENTS WITH THE DEAL AGENT AND THE CLOSED-END COLLATERAL AGENT</u>**

**Section 2.1** <u>Collateral Documents and Warehouse Facilities.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On or prior to the Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Borrower and the Closed-End Collateral Agent shall have executed and delivered the security agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Borrower shall deliver to the Closed-End Collateral Agent, the Deal Agent, each Warehouse Facility Lender and each Warehouse Facility Agent a true and complete copy of the Receivables Financing Agreement relating to each Warehouse Facility in effect on the Closing Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Closed-End Collateral Agent, the Deal Agent, each Warehouse Facility Lender and each Warehouse Facility Agent shall acknowledge receipt of the Receivables Financing Agreements delivered pursuant to **<u>clause (ii)</u>**, above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) From time to time after the Closing Date, the Borrower may, by notice to the Closed-End Collateral Agent and the Deal Agent, designate Additional Warehouse Facilities, and upon such designation, the Warehouse Facility Lenders thereunder shall become Warehouse Facility Secured Parties entitled to the ratable benefits afforded to the Warehouse Facility Lenders under this Collateral Agency Agreement; **<u>provided</u>**, however, that, no such designation shall be effective until such time as the Warehouse Facility Secured Parties under the prospective Additional Warehouse Facility, the Closed-End Collateral Agent, the Deal Agent and the Borrower execute an accession agreement in substantially the form set forth in **<u>Exhibit A</u>** (each, a "**<u>Collateral Agency Accession Agreement</u>**") and deliver executed counterparts thereof to the Closed-End Collateral Agent, the Deal Agent and each other Warehouse Facility Secured Party; and **<u>provided</u>**, **<u>further</u>**, **<u>however</u>**, **<u>that</u>**, no such designation shall be effective:

4 *Collateral Agency Agreement*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) unless each Warehouse Facility Secured Party shall have received, at least five Business Days prior to the execution of the applicable Collateral Agency Accession Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) notice of the proposed Additional Warehouse Facility; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) a *pro forma* Borrowing Base Certificate demonstrating that, immediately after giving effect to the borrowing of all amounts to be borrowed as of the date of such designation pursuant to such Additional Warehouse Facility and to the application of such funds, and to such designation, the Aggregate Loan Amount would not exceed the maximum amount permitted by any then-outstanding Warehouse Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if any Warehouse Facility Secured Party shall have notified the Deal Agent and Borrower prior to the end of such five Business Day period that such designation would contravene the provisions of any then-existing Warehouse Facility; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if, prior to delivery of the notice of such designation, any Default Notice shall have been delivered to the Closed-End Collateral Agent and shall not have been rescinded.

By executing and delivering any Collateral Agency Accession Agreement, the Borrower will be deemed to have represented and warranted to the Closed-End Collateral Agent and each existing Warehouse Facility Secured Party that the conditions described above are satisfied in connection with the additional Advances that are the subject of such Collateral Agency Accession Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower agrees to deliver to the Closed-End Collateral Agent, the Deal Agent and each Warehouse Facility Lender (or the applicable Warehouse Facility Agent on its behalf) and each Warehouse Facility Agent, promptly upon the execution thereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a copy of the Receivables Financing Agreement relating to each Warehouse Facility; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all amendments, modifications or supplements to any of the Collateral Documents or the Receivables Financing Agreements (including Receivables Financing Agreements relating to any Additional Warehouse Facilities).

**Section 2.2** <u>Information to Warehouse Facility Secured Parties.</u>

The Borrower and/or each Warehouse Facility Secured Party (or the Deal Agent on its behalf) shall deliver to the Closed-End Collateral Agent from time to time, upon reasonable request of the Closed-End Administrative Agent or the Closed-End Collateral Agent to the Borrower or such

5 *Collateral Agency Agreement*

Warehouse Facility Secured Party, an Officer's Certificate, setting forth for each Warehouse Facility to which the Borrower and such Secured Party are parties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the aggregate principal amount of the Advances outstanding thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the accrued and unpaid interest thereunder (and the portion thereof which constitutes Subordinated Interest);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the accrued and unpaid facility, non-use and commitment fees thereunder, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any other amounts outstanding thereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) such other non-confidential information regarding such Warehouse Facility as the Closed-End Administrative Agent or the Closed-End Collateral Agent may reasonably request.

Unless otherwise specified in this Collateral Agency Agreement and unless otherwise specified by such Warehouse Facility Secured Party, the Closed-End Administrative Agent or the Closed-End Collateral Agent each may for all purposes of this Collateral Agency Agreement rely on such Officer's Certificates delivered by the Borrower or such Secured Party (or the Deal Agent on its behalf) unless the Closed-End Collateral Agent or the Closed-End Administrative Agent shall have actual knowledge of an inaccuracy and may request an Officer's Certificate as a condition to taking any action at the direction of the Required Secured Parties.

**Section 2.3** <u>Compensation and Expenses.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ***<u>Closed-End Collateral Agent</u>*.** The Borrower, or the Titling Trust Administrator on behalf of the Borrower, will pay the Closed-End Collateral Agent, any successor Closed-End Collateral Agent, co-Closed-End Collateral Agent or separate Closed-End Collateral Agent appointed hereunder, from time to time, as compensation for its services under this Collateral Agency Agreement, such fees as have been separately agreed upon from time to time between the Borrower and the Closed-End Collateral Agent, any successor Closed-End Collateral Agent, co-Closed-End Collateral Agent or separate Closed-End Collateral Agent appointed hereunder, from time to time, as applicable. The Borrower, or the Titling Trust Administrator on behalf of the Borrower, will reimburse the Closed-End Collateral Agent, any successor Closed-End Collateral Agent, co-Closed-End Collateral Agent or separate Closed-End Collateral Agent appointed hereunder, from time to time for all reasonable out-of-pocket expenses incurred by such party, including costs of collection and the reasonable compensation, expenses and disbursements of its agents, counsel and accountants, but excluding any expenses incurred by the Closed-End Collateral Agent, any successor Closed-End Collateral Agent, co-Closed-End Collateral Agent or separate Closed-End Collateral Agent appointed hereunder, from time to time through its own willful misconduct, negligence or bad faith. The obligations of the Borrower to the Closed-End Collateral Agent pursuant to this **<u>Section 2.3(a)</u>** will survive the termination of this Collateral Agency

6 *Collateral Agency Agreement*

Agreement. Any expenses incurred by the Closed-End Collateral Agent after the occurrence of an Event of Bankruptcy are intended to constitute expenses of administration under the Bankruptcy Code or any other applicable federal or State bankruptcy, insolvency or similar law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***<u>Closed-End Administrative Agent</u>*.** The Borrower, or the Titling Trust Administrator on behalf of the Borrower, will pay the Closed-End Administrative Agent, as compensation for its services under this Collateral Agency Agreement, such fees as have been separately agreed upon from time to time between the Borrower and the Closed-End Administrative Agent. The Borrower, or the Titling Trust Administrator on behalf of the Borrower, will reimburse the Closed-End Administrative Agent from time to time for all reasonable out-of-pocket expenses incurred by the Closed-End Administrative Agent, including costs of collection and the reasonable compensation, expenses and disbursements of its agents, counsel and accountants, but excluding any expenses incurred by the Closed-End Administrative Agent through its own willful misconduct, negligence or bad faith. The obligations of the Borrower to the Closed-End Collateral Agent pursuant to this **<u>Section 2.3(b)</u>** will survive the termination of this Collateral Agency Agreement. Any expenses incurred by the Closed-End Administrative Agent after the occurrence of an Event of Bankruptcy are intended to constitute expenses of administration under the Bankruptcy Code or any other applicable federal or State bankruptcy, insolvency or similar law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ***<u>Deal Agent</u>*.** The Borrower, or the Titling Trust Administrator on behalf of the Borrower, shall pay to the Deal Agent and any successor Deal Agent appointed hereunder, from time to time, within ten days after demand, (i) reasonable compensation for its services hereunder and under the Collateral Documents and for administering the Collateral and (ii) all reasonable fees and out-of-pocket expenses of the Deal Agent or any such successor Deal Agent (including the reasonable fees and disbursements of its counsel and such special counsel as the Deal Agent elects to retain), (A) arising in connection with the preparation, execution, delivery, modification and/or termination of this Collateral Agency Agreement and each Collateral Document and/or the enforcement of any of the provisions hereof or thereof or (B) incurred in connection with the administration of the Collateral, the sale or other disposition of Collateral pursuant to any Collateral Document and/or the preservation, protection or defense of the Deal Agent's, or any such successor Deal Agent's, rights under the Collateral Documents, this Collateral Agency Agreement and in and to the Collateral.

**Section 2.4** <u>Stamp and Other Similar Taxes.</u>

The Borrower shall indemnify and hold harmless the Closed-End Collateral Agent, the Deal Agent and each Secured Party from any present or future claim for liability for any stamp or other similar tax, and any penalties or interest with respect thereto, that may be assessed, levied or collected by any jurisdiction in connection with this Collateral Agency Agreement, any Collateral Document or any Collateral.

**Section 2.5** <u>Filing Fees, Excise Taxes, Etc.</u>

The Borrower (or the Titling Trust Administrator, on behalf of the Borrower, to the extent permitted under the Titling Trust Agreement) shall pay, or reimburse the Closed-End Collateral Agent, the Deal Agent and each Secured Party for any and all amounts in respect of, all search, filing, recording and registration fees, taxes, excise taxes and other similar imposts that may be payable or determined to be payable in respect of the execution, delivery, performance and/or enforcement of this

7 *Collateral Agency Agreement*

Collateral Agency Agreement and/or any Collateral Document. For the avoidance of doubt, notwithstanding the immediately preceding sentence, and without limiting the generality of any other provision in this Collateral Agency Agreement or any other Basic Document that limits the recourse of the Titling Trustee or the Delaware Trustee with respect to the obligations of the Borrower, neither the Titling Trustee nor the Delaware Trustee shall be responsible for the payment (or for making any arrangements with respect to the payment) on behalf of the Borrower, of any fees or other amounts pursuant to this **<u>Section 2.5</u>**.

**Section 2.6** <u>Indemnification of Deal Agent and Warehouse Facility Secured Parties.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall pay, and indemnify and hold the Closed-End Collateral Agent, the Closed-End Administrative Agent, Deal Agent, each Warehouse Facility Secured Party, each agent, affiliate or employee of any of the foregoing and each director and officer of the Closed-End Administrative Agent (all of the foregoing, collectively, the "**<u>CAA Indemnified Parties</u>**" and each a "**<u>CAA Indemnified Party</u>**") harmless from and against, any and all liabilities, obligations, losses, damages, claims, costs or expenses (collectively, "**<u>CAA Liabilities</u>**") of any kind or nature whatsoever that may at any time be imposed on, incurred by, or asserted against, any CAA Indemnified Party in any way relating to or arising out of the execution, delivery, enforcement, performance and/or administration of this Collateral Agency Agreement (including under **<u>Section 3.1</u>**, in the case of any Warehouse Facility Secured Party), including reasonable attorneys' fees and expenses; **<u>provided</u>**, **<u>however</u>**, **<u>that</u>**, the Borrower shall not be liable for the payment of any portion of the CAA Liabilities of any CAA Indemnified Party or that are determined by a court of competent jurisdiction in a final proceeding to have resulted solely from the gross negligence or willful misconduct of the Person seeking indemnity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In any suit, proceeding or action brought by the Closed-End Collateral Agent or the Closed-End Administrative Agent under or with respect to the Collateral Documents for any sum owing thereunder or to enforce any provisions thereof, Borrower shall indemnify and hold the Closed-End Collateral Agent, the Closed-End Administrative Agent and each Warehouse Facility Secured Party harmless from and against all CAA Liabilities suffered by reason of any defense, set-off, counterclaim, recoupment or reduction of liability whatsoever of the obligee thereunder (unless such expense, loss or damage is caused by the gross negligence or willful misconduct of the Closed-End Collateral Agent or any Warehouse Facility Secured Party), arising out of a breach by Borrower of any obligation thereunder or arising out of any other agreement, indebtedness or liability at any time owing to or in favor of such obligee or its successors from Borrower, and all such obligations of Borrower shall be and remain enforceable against and only against Borrower and shall not be enforceable against the Closed-End Collateral Agent or any Warehouse Facility Secured Party.

**Section 2.7** <u>Further Assurances.</u>

At any time and from time to time, upon the written request of the Closed-End Collateral Agent or the Deal Agent and at the expense of the Borrower, the Borrower shall promptly execute and deliver any and all such further instruments and documents and take such further action as the Closed-End Collateral Agent, the Deal Agent or the Required Secured Parties reasonably deem necessary or desirable in obtaining the full benefits of this Collateral Agency Agreement and the Collateral Documents and the rights and powers herein and therein granted, including the filing of any financing or continuation statements under the UCC in effect in any jurisdiction with respect to the security interests granted by the

8 *Collateral Agency Agreement*

Collateral Documents; **<u>provided</u>**, **<u>however</u>**, **<u>that</u>**, nothing in this **<u>Section 2.7</u>** shall be deemed to impose any obligation on either the Closed-End Collateral Agent or the Deal Agent to take any discretionary action without first receiving the written direction of the Required Secured Parties (or, if the Required Warehouse Lenders constitute the Required Secured Parties, the Deal Agent on their behalf) and without first being reasonably satisfied that it is or will be duly indemnified by the Borrower for any loss or damage caused by, or in connection with, the Closed-End Collateral Agent or the Deal Agent taking such action (except, as to the Deal Agent, in the case of any loss or damage caused by the Deal Agent's own gross negligence or willful misconduct). The Borrower also hereby authorizes the Closed-End Collateral Agent and the Deal Agent to file any such financing or continuation statement, to the extent permitted by applicable law. In the event that the Closed-End Collateral Agent or the Deal Agent makes any such filing, such person agrees to advise the Borrower in writing of such filing.

**Section 2.8** <u>Direction to Closed-End Collateral Agent and Closed-End Administrative Agent.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless otherwise provided in this Collateral Agency Agreement, from time to time the Required Secured Parties (or, if and to the extent, but solely to the extent, that the Required Secured Parties are comprised of Warehouse Facility Lenders, the Deal Agent on behalf of such Warehouse Facility Lenders) may (i) direct the Closed-End Collateral Agent or the Closed-End Administrative Agent to take any action or refrain from taking any action that the Closed-End Collateral Agent or the Closed-End Administrative Agent, as the case may be, is permitted to take under this Collateral Agency Agreement or under the Security Agreement. Any such direction from the Required Secured Parties (or, to the extent specified immediately preceding sentence, the Deal Agent on behalf of thereof) shall be evidenced by the delivery of a certificate signed by (or, in the case of a Warehouse Facility Secured Party, by the Deal Agent on behalf of) each of the Secured Parties comprising the Required Secured Parties to the Closed-End Collateral Agent or the Closed-End Administrative Agent, as the case may be (with copies to the other Warehouse Facility Secured Parties in the case of a direction provided by the Required Warehouse Lenders or the Deal Agent). Each such certificate shall contain (x) if applicable, a certification to the effect that the parties delivering such certificate constitute, collectively, the Required Secured Parties and (y) a reasonably detailed description of the action such Secured Parties are directing the Closed-End Collateral Agent or the Closed-End Administrative Agent, as the case may be, to take or refrain from taking. Any such certificate shall be delivered to the Closed-End Collateral Agent or the Closed-End Administrative Agent, as the case may be, and each of the other Persons entitled to receive such notice pursuant to the immediately preceding sentence, in each case reasonably in advance of (but, in no event, less than two Business Days prior to) the date on which the applicable action or inaction is sought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Direction may be given pursuant to this **<u>Section 2.8</u>** to take one or more actions in preparation for a specified action to be taken under this Collateral Agency Agreement or under the Security Agreement, even though, at the time that such direction is given, the Closed-End Collateral Agent or the Closed-End Administrative Agent, as the case may be, is not yet entitled to take such specified action, so long as such direction is given in accordance with the procedures set forth in **<u>Section 2.8(a)</u>**. Notwithstanding the foregoing, no direction may be given pursuant to this **<u>Section 2.8</u>** (whether in preparation for another action or otherwise) if the action proposed to be taken would be prohibited, as of the date that such action is proposed to be taken, by the terms of this Collateral Agency Agreement, the Security Agreement or any other Basic Document to which the Person or Persons giving such instruction are party.

9 *Collateral Agency Agreement*

**Section 2.9** <u>Audits of Collateral.</u>

The Closed-End Servicer, the Borrower, the Closed-End Administrative Agent and the Closed-End Collateral Agent shall permit and facilitate audits of the Receivables and the related Closed-End Leases and Closed-End Vehicles, the Collateral and the Borrower by the Deal Agent or its respective designees (including certified public accountants or other auditors designated by the Closed-End Collateral Agent) at least once during any Fiscal Year and, if the Deal Agent shall request, a second time during any Fiscal Year and, during the pendency of a Warehouse Facility Termination Event or any Unmatured Warehouse Facility Termination Event of the types listed in clauses (a), (b), (e) or (g) of the definition thereof, of each Warehouse Facility as often as the Deal Agent shall request; **<u>provided</u>**, **<u>however</u>**, **<u>that</u>**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Deal Agent shall consult with the Warehouse Facility Agents prior to undertaking any such audit and shall act in accordance with the written instructions of the Required Warehouse Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Deal Agent shall provide to each Warehouse Facility Secured Party, any audit report prepared in connection with such audit (and shall provide access to any audit work papers prepared in connection therewith), subject to appropriate confidentiality undertakings by the Warehouse Facility Secured Parties with respect to such information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Borrower shall only pay the expenses incurred by the Deal Agent in connection with one such audit during each Fiscal Year.

10 *Collateral Agency Agreement*

**ARTICLE III<u><br> THE DEAL AGENT</u>**

**Section 3.1** <u>Appointment.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Warehouse Facility Secured Party hereby appoints Bank of America as the Deal Agent for the Warehouse Facility Secured Parties under and for purposes of this Collateral Agency Agreement, each Collateral Document and **<u>Section 4.5</u>** of the Titling Trust Agreement and designates Bank of America, in its capacity as Deal Agent, as its "Representative Party" for purposes of **<u>Section 3.3</u>** of the Intercreditor Agreement. Each Warehouse Facility Secured Party authorizes the Deal Agent to act on behalf of such Warehouse Facility Secured Party under this Collateral Agency Agreement, each Collateral Document and the Titling Trust Agreement, and, in the absence of other written instructions from the Required Warehouse Lenders received from time to time by the Deal Agent (with respect to which the Deal Agent agrees that it will comply, except as otherwise provided in this Section or as otherwise advised by counsel), to exercise such powers hereunder and thereunder as are specifically delegated to or required of the Deal Agent by the terms hereof and thereof, together with such powers as may be reasonably incidental thereto. To facilitate the carrying out of the Closed-End Collateral Agent's duties under this Collateral Agency Agreement, each Warehouse Facility Lender and Warehouse Facility Agent hereby appoints the Deal Agent as its agent and representative to act on its behalf in relation to the Closed-End Collateral Agent and the Closed-End Administrative Agent under this Collateral Agency Agreement, each Collateral Document and the Titling Trust Agreement. The Deal Agent hereby accepts such appointment. Each Warehouse Facility Lender hereby indemnifies (which indemnity shall survive any termination of this Collateral Agency Agreement, any Collateral Document or the Titling Trust Agreement) the Deal Agent and each of its employees and agents, *pro rata* according to such Warehouse Facility Lender's Warehouse Facility Lender Percentage, from and against any and all liabilities, obligations, losses, damages, claims, costs or expenses of any kind or nature whatsoever that may at any time be imposed on, incurred by, or asserted against, the Deal Agent or any employee or agent thereof in any way relating to or arising out of the execution, delivery, enforcement, performance and/or administration of this Collateral Agency Agreement, including reasonable attorneys' fees and expenses, and as to which the Deal Agent or such agent is not reimbursed by the Borrower; **<u>provided</u>**, **<u>however</u>**, **<u>that</u>**, no Warehouse Facility Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, claims, costs or expenses of the Deal Agent or any agent thereof that are determined by a court of competent jurisdiction in a final proceeding to have resulted solely from the gross negligence or willful misconduct of the Person seeking indemnity. Each Warehouse Facility Lender agrees to make payment of such amounts upon demand. The Deal Agent shall not be required to take any action under this Collateral Agency Agreement, or to prosecute or defend any suit in respect of this Collateral Agency Agreement, unless it is indemnified under this Collateral Agency Agreement to its reasonable satisfaction. If any indemnity in favor of the Deal Agent shall be or become, in the Deal Agent's reasonable determination, inadequate, the Deal Agent may call for additional indemnification from the Warehouse Facility Lenders and cease to do the acts indemnified against hereunder until such additional indemnity is given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting the foregoing, and, in addition to the other duties specifically assigned to the Deal Agent under this Collateral Agency Agreement, the Deal Agent agrees to, on behalf of each Warehouse Facility Secured Party, (i) receive the notices and other documents to be delivered by the Borrower in connection with the designation of an Additional Warehouse Facility pursuant to **<u>Section 2.1</u>**; (ii) deliver the Officer's Certificate or other information required to be delivered to the Closed-End Collateral Agent pursuant to **<u>Section 2.2</u>** to the extent that the Deal Agent receives the

11 *Collateral Agency Agreement*

same from the Warehouse Facility Secured Parties; (iii) receive payments from the Closed-End Collateral Agent pursuant to **<u>Article X</u>**; (iv) deliver any Default Notices to the Closed-End Collateral Agent and/or the Closed-End Administrative Agent, as required pursuant to **<u>Article VIII</u>**; (v) receive notice of resignation from the Closed-End Collateral Agent or the Closed-End Administrative Agent, (vii) provide reasonable assistance to the other Secured Parties in appointing a replacement Closed-End Collateral Agent and/or replacement Closed-End Administrative Agent, pursuant to **<u>Section 4.7</u>** and/or **<u>Section 8.6</u>**, respectively, and (ix) act on behalf of Warehouse Facility Secured Parties in delivering any consents of the Warehouse Facility Secured Parties that may be required under this Collateral Agency Agreement as a condition to the effectiveness of the resignation of the Closed-End Administrative Agent and the Closed-End Collateral Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Warehouse Facility Lender and each Warehouse Facility Agent acknowledges, confirms and agrees to the designation of, and hereby appoints, the Deal Agent as its "Designated Notice Recipient" for purposes of the Titling Trust Agreement, as set forth in **<u>Schedule C</u>** to such agreement.

**Section 3.2** <u>Representations.</u>

The Deal Agent hereby represents and warrants that (i) it is a national banking association duly incorporated, validly existing and in good standing under the laws of its jurisdiction of incorporation and has all requisite corporate power and authority to enter into and perform its obligations under this Collateral Agency Agreement and each Collateral Document executed on or prior to the Closing Date, (ii) the execution, delivery and performance by it of this Collateral Agency Agreement has been duly authorized by all necessary corporate action on its part and (iii) this Collateral Agency Agreement is its legal, valid and binding obligation, enforceable against it in accordance with its 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.

**Section 3.3** <u>Exculpatory Provisions.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Deal Agent shall not be responsible in any manner whatsoever for the correctness of any recitals, statements, representations or warranties contained in this Collateral Agency Agreement, unless specifically made by the Deal Agent. The Deal Agent makes no representations as to the value or condition of the Collateral or any part thereof, or as to the title of the Borrower thereto or as to the security afforded by the Collateral Documents or this Collateral Agency Agreement, or as to the validity, execution (except its own execution), enforceability, priority, perfection, legality or sufficiency of this Collateral Agency Agreement, any Collateral Document or any other Basic Document, and the Deal Agent shall incur no liability or responsibility in respect of any such matters. The Deal Agent shall not be responsible for insuring the Collateral or for the payment of taxes, charges, assessments or liens upon the Collateral or for perfecting or maintaining the perfection of its security interest in the Collateral or otherwise as to the maintenance of the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Deal Agent shall not be required to ascertain or inquire as to the performance by any Relevant Entity of any of the covenants or agreements contained in this Collateral Agency Agreement, in any Collateral Document or in any Receivables Financing Agreement.

12 *Collateral Agency Agreement*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Deal Agent shall not be liable for any action taken or omitted to be taken by it in accordance with this Collateral Agency Agreement except for its own gross negligence or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any reference herein to actual knowledge of the Deal Agent shall mean actual knowledge of an officer of the Deal Agent assigned to and working in its Global Structured Finance Unit or such other department as the Deal Agent may designate from time to time.

**Section 3.4** <u>Reliance by Deal Agent.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Whenever in the administration of this Collateral Agency Agreement the Deal Agent shall deem it necessary or desirable that a matter with respect to the Borrower be proved or established in connection with the taking, suffering or omitting of any action hereunder by the Deal Agent, unless otherwise specifically provided in this Collateral Agency Agreement, such matter (unless other evidence in respect of such matter be specifically prescribed in this Collateral Agency Agreement) may be deemed to be conclusively provided or established by an Officer's Certificate of the Borrower delivered to the Deal Agent (a copy of which Officer's Certificate the Borrower shall deliver to each Warehouse Facility Secured Party), and such Officer's Certificate may be conclusively relied upon by the Deal Agent and shall constitute a full warranty to the Deal Agent for any action taken, suffered or omitted in reliance thereon unless (i) the Deal Agent shall have actual knowledge of an inaccuracy therein or (ii) any Warehouse Facility Secured Party shall provide contrary information in writing to the Deal Agent with respect to such matter, in which case, unless such Warehouse Facility Secured Party and the Borrower can reach agreement on such issue within a period of ten Business Days from the time an Officer's Certificate is submitted, the Deal Agent shall appoint an independent arbitrator (who shall be acceptable to the Borrower and such Warehouse Facility Secured Parties, and whose fees and/or expenses shall be paid by Borrower) to resolve the dispute; **<u>provided</u>**, **<u>however</u>**, **<u>that</u>**, the Deal Agent shall have no responsibility to take any action until such matter is resolved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Deal Agent may consult with independent counsel, and any opinion of such counsel shall be full and complete authorization and protection in respect of any action taken or suffered by the Deal Agent hereunder in accordance therewith unless the Deal Agent shall have actual knowledge of a reason to question the validity of such opinion. The Deal Agent shall have the right at any time to seek instructions from any court of competent jurisdiction concerning the exercise of any rights that the Deal Agent may be deemed to have with respect to the administration of the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Deal Agent may rely and shall be fully protected in acting upon any resolution, statement, certificate, instrument, opinion, report, notice, request, consent, order, bond or other paper or document that it believes in good faith to be genuine and to have been signed or presented by the proper party or parties or, in the case of cables, facsimiles and telexes, to have been sent by the proper party or parties. In the absence of its gross negligence or willful misconduct, the Deal Agent may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Deal Agent.

13 *Collateral Agency Agreement*

**Section 3.5** <u>Limitations on Duties of the Deal Agent.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Deal Agent undertakes to perform only the duties expressly set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Deal Agent may exercise the rights and powers granted to it by this Collateral Agency Agreement and the Collateral Documents, together with such powers as are reasonably incidental thereto, but only pursuant to the terms of this Collateral Agency Agreement, and the Deal Agent shall not be liable with respect to any action taken or omitted by it in accordance with the direction of the Required Warehouse Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as herein otherwise expressly provided, the Deal Agent shall not be under any obligation to take any action that is discretionary on the part of the Deal Agent under the provisions hereof or under any Collateral Document except upon the written request of the Required Secured Parties) pursuant to this Collateral Agency Agreement. The Deal Agent shall make available for inspection and copying by each Warehouse Facility Secured Party each certificate or other paper furnished to the Deal Agent by the Borrower or any Warehouse Facility Secured Party, under or in respect of this Collateral Agency Agreement, any Collateral Document or any of the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Deal Agent shall not be liable for any error of judgment made in good faith by an officer thereof, unless it shall be proved that the Deal Agent was grossly negligent or engaged in willful misconduct in ascertaining the pertinent facts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Unless otherwise provided herein, the Deal Agent may execute any of its powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys, and the Deal Agent shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Deal Agent shall not be deemed to have notice of any event of default under any Warehouse Facility or Closed-End Exchange Note unless and until any Secured Party or the Borrower has given it written notice thereof.

**Section 3.6** <u>Resignation and Removal of Deal Agent.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Deal Agent may, at any time with or without cause by giving 60 days' prior written notice to the Borrower, the Closed-End Servicer and the Warehouse Facility Secured Parties, resign and be discharged of the responsibilities hereby created, such resignation to become effective upon the appointment of a successor Deal Agent by the affirmative vote of the Required Warehouse Lenders, with the consent of the Borrower (so long as no Warehouse Facility Termination Event has occurred and is continuing), which consent shall not be unreasonably withheld, delayed or conditioned, and the acceptance of such appointment by such successor Deal Agent. The Deal Agent may be removed at any time (with cause) and a successor Deal Agent appointed by the affirmative vote of the Required Warehouse Lenders, with the consent (so long as no Warehouse Facility Termination Event has occurred and is continuing) of the Borrower, which consent will not be unreasonably withheld, delayed or

14 *Collateral Agency Agreement*

conditioned, **<u>provided</u>**, **<u>however</u>**, **<u>that</u>**, the Deal Agent shall be entitled to its reasonable fees and expenses to the date of removal. If no successor Deal Agent shall be appointed and approved within 60 days from the date of the giving of the aforesaid notice of resignation or within 60 days from the date of such vote for removal, the Deal Agent, the Borrower or any Warehouse Facility Secured Party may apply to any court of competent jurisdiction to appoint a successor Deal Agent to act until such time, if any, as a successor Deal Agent shall have been appointed as above provided. Any successor Deal Agent so appointed by such court shall immediately and without further act supersede any predecessor Deal Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If at any time the Deal Agent shall resign or otherwise become incapable of acting, or if at any time a vacancy shall occur in the office of the Deal Agent for any other cause, a successor Deal Agent shall be appointed by the Required Warehouse Lenders, with the consent (so long as no Warehouse Facility Termination Event has occurred and is continuing) of Borrower, which consent will not be unreasonably withheld, delayed or conditioned, and the powers, duties, authority and title of the predecessor Deal Agent shall be terminated and cancelled without procuring the resignation of such predecessor Deal Agent, and without any other formality (except as may be required by applicable law) than the appointment and designation of a successor Deal Agent in writing, duly acknowledged, delivered to the predecessor Deal Agent and the Borrower and filed for record in each public office, if any, in which this Collateral Agency Agreement or any notice of the Deal Agent hereunder is required to be filed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The appointment and designation referred to in **<u>Section 3.6(b)</u>** shall, after any required filing, be full evidence of the right and authority to make the same and of all the facts therein recited, and this Collateral Agency Agreement shall vest in such successor Deal Agent, without any further act, deed or conveyance, all of the estate and title of its predecessors and upon such filing for record the successor Deal Agent shall become fully vested with all the estates, properties, rights, powers, trusts, duties, authority and title of its predecessors; but any predecessor Deal Agent shall nevertheless, on payment of its charges and on the written request of the Required Warehouse Lenders, the Borrower or any successor Deal Agent empowered to act as such at the time any such request is made, execute and deliver an instrument without recourse or representation transferring to such successor all the estates, properties, rights, powers, trusts, duties, authority and title of such predecessor hereunder and shall deliver all securities and moneys held by it in connection with the performance of its obligations as Deal Agent (or otherwise in connection with the Basic Documents) to such successor Deal Agent. Should any deed, conveyance or other instrument in writing from the Borrower be required by any successor Deal Agent for more fully and certainly vesting in such successor Deal Agent the estates, properties, rights, powers, trusts, duties, authority and title vested or intended to be vested in the predecessor Deal Agent, any and all such deeds, conveyances and other instruments in writing shall, on request of such successor Deal Agent, be executed, acknowledged and delivered by the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any required filing for record of the instrument appointing a successor Deal Agent as hereinabove provided shall be at the expense of the Borrower. The resignation of any Deal Agent and the instrument or instruments removing any Deal Agent, together with all other instruments, deeds and conveyances provided for in this Section, shall, if permitted by law, be forthwith recorded, registered and filed by and at the expense of the Borrower, wherever this Collateral Agency Agreement is recorded, registered and filed.

15 *Collateral Agency Agreement*

**Section 3.7** <u>Status of Successors to Deal Agent.</u>

Every successor to the Deal Agent appointed pursuant to **<u>Section 3.6</u>** shall be a bank or trust company in good standing and having power so to act and incorporated under the laws of the United States or any state thereof or the District of Columbia, and shall also have capital, surplus and undivided profits of not less than $500,000,000, if there be such an institution with such capital, surplus and undivided profits willing, qualified and able to accept the trust upon reasonable or customary terms.

**Section 3.8** <u>Merger of the Deal Agent.</u>

Any entity into which the Deal Agent may be merged, or with which it may be converted or consolidated, or any entity resulting from any merger, conversion or consolidation to which the Deal Agent shall be a party shall be the Deal Agent under this Collateral Agency Agreement without the execution or filing of any paper or any further act on the part of the parties hereto.

**Section 3.9** <u>Additional Co-Deal Agent; Separate Deal Agent.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) One or more Persons may be appointed from time to time pursuant to this **<u>Section 3.9</u>** either to act as a co-Deal Agent of all or any of the Collateral, jointly with the Deal Agent empowered to act as such at such time, or to act as a separate Deal Agent with respect to any Collateral, if at any time or times such an appointment shall be necessary or prudent in order to conform to any law of any jurisdiction in which any of the Collateral shall be located, the Deal Agent shall be advised by counsel satisfactory to it that such an appointment is so necessary or prudent in the interest of the Warehouse Facility Secured Parties, the Required Warehouse Lenders shall in writing so request such an appointment, or the Deal Agent shall deem such an appointment desirable for its own protection in the performance, or convenient for the administration, of its duties hereunder. In the event such a co-Deal Agent or separate Deal Agent with respect to certain Collateral is to be appointed pursuant to this **<u>Section 3.9</u>**, such co-Deal Agent or such separate Deal Agent shall be appointed by the Required Warehouse Lenders with the consent (so long as no Warehouse Facility Termination Event has occurred and is continuing) of the Borrower, which consent shall not be unreasonably withheld, delayed or conditioned; **<u>provided</u>**, **<u>however</u>**, **<u>that</u>**, any such Person shall meet the requirements of **<u>Section 3.7</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Every separate Deal Agent and every co-Deal Agent shall, to the extent permitted by law, be appointed and act and be such, subject to the following provisions and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all rights, powers, duties and obligations conferred upon the Deal Agent in respect of the custody, control and management of money, papers or securities shall be exercised solely by the Deal Agent (<u>i.e.</u>, the original Deal Agent or its successors appointed pursuant to **<u>Section 3.6</u>**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all rights, powers, duties and obligations conferred or imposed upon the Deal Agent hereunder shall be conferred or imposed and exercised or performed by the Deal Agent and such separate Deal Agent or separate Deal Agents or co-Deal Agent or co-Deal Agents, jointly, as shall be provided in the instrument appointing such separate Deal Agent, separate Deal Agents, co-Deal Agent or co-Deal Agents, except to the extent that under any law

16 *Collateral Agency Agreement*

of any jurisdiction in which any particular act or acts are to be performed the Deal Agent shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations shall be exercised and performed by such separate Deal Agent, separate Deal Agents, co-Deal Agent or co-Deal Agents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) no power given hereby to, or which it is provided hereby may be exercised by, any such co-Deal Agent, co-Deal Agents, separate Deal Agent or separate Deal Agents shall be exercised hereunder by such co-Deal Agent, co-Deal Agents, separate Deal Agent or separate Deal Agents, except jointly with, or with the consent in writing of, the Deal Agent, anything herein contained to the contrary notwithstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) no Deal Agent hereunder shall be personally liable by reason of any act or omission of any other Deal Agent hereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Required Warehouse Lenders and the Deal Agent, at any time, by an instrument in writing, may accept the resignation of or remove any separate Deal Agent or co-Deal Agent, and in that case, by an instrument in writing executed by the Required Secured Parties and the Deal Agent jointly with the consent of the Borrower, which consent will not be unreasonably withheld, delayed or conditioned, may appoint a successor to such separate Deal Agent or co-Deal Agent, as the case may be, anything herein contained to the contrary notwithstanding.

**Section 3.10** <u>Reasonable Care.</u>

The Deal Agent shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral in its possession if the Deal Agent takes such action for that purpose as is requested by the Borrower in writing from time to time, provided that failure to take any such requested action shall not in itself be deemed to constitute a failure to exercise reasonable care.

**Section 3.11** <u>No Agency for Exchange Noteholders.</u>

For avoidance of doubt, the Deal Agent will not constitute an agent for any Exchange Noteholder or other Closed-End EN Secured Party and, except as may be set forth elsewhere in this Collateral Agency Agreement or in any other Basic Document to which it is a party, the Deal Agent will have neither any right nor any obligation to act on behalf of any Exchange Noteholder or other Closed-End EN Secured Party (other than an obligation to act in accordance with this Collateral Agency Agreement and the other Basic Documents to which it is a party).

17 *Collateral Agency Agreement*

**ARTICLE IV<u><br> THE CLOSED-END COLLATERAL AGENT</u>**

**Section 4.1** <u>Appointment.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Secured Parties hereby appoint ALHC as Closed-End Collateral Agent under this Collateral Agency Agreement for the benefit of the Secured Parties. ALHC accepts such appointment pursuant to this **<u>Section 4.1(a)</u>** and agrees to perform the duties of the Closed-End Collateral Agent under this Collateral Agency Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Closed-End Collateral Agent will (in each case, subject to and in accordance with the provisions of this Collateral Agency Agreement and the other Basic Documents, including the provisions requiring release of such security interest under **<u>ARTICLE VI</u>** of the Security Agreement):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) hold a security interest in the Collateral for the benefit of the Secured Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) prepare, file, execute and deliver (in each case if and to the extent applicable) all supplements and amendments to this Collateral Agency Agreement and all financing statements, continuation statements, instruments of further assurance and other instruments, and take such other action necessary or advisable (including recording such financing statements or other instruments in a public filing office) to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) maintain or preserve the security interest (and the priority of such security interest) granted to it under **<u>Section 2.1</u>** of the Security Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) perfect, publish notice of or protect the validity of any security interest granted pursuant to the Security Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) enforce the Collateral; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) preserve and defend title to the Collateral and the rights of the Secured Parties in such Collateral against the claims of all Persons (other than the Closed-End Collateral Agent);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) cause the Certificate of Title for 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 in such Closed-End Vehicle (except to the extent that such actions have been taken by the Closed-End Servicer pursuant to the Closed-End Servicing Agreement);

18 *Collateral Agency Agreement*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) with respect to each Closed-End Vehicle that is permitted or required by the Basic Documents to be sold or otherwise disposed of by the Borrower, take all action necessary to cause (A) the security interest granted pursuant to **<u>Section 2.1</u>** of the Security Agreement in such Closed-End Vehicle to be released and (B) the evidence of the Closed-End Collateral Agent as lienholder on the related Certificate of Title to be removed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) take the actions required to be taken by the Closed-End Collateral Agent pursuant to **<u>Article IV</u>** following an Event of Bankruptcy, a Warehouse Facility Termination Event or an Exchange Note Default; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) take the other actions required to be taken by the Closed-End Collateral Agent under this Collateral Agency Agreement.

**Section 4.2** <u>Representations.</u>

The Closed-End Collateral Agent hereby represents and warrants that (i) it is a corporation duly incorporated, validly existing and in good standing under the laws of its jurisdiction of incorporation and has all requisite corporate power and authority to enter into and perform its obligations under this Collateral Agency Agreement and each Collateral Document executed on or prior to the Closing Date, (ii) the execution, delivery and performance by it of this Collateral Agency Agreement and each such Collateral Document have been duly authorized by all necessary corporate action on its part and (iii) this Collateral Agency Agreement and each such Collateral Document is its legal, valid and binding obligation, enforceable against it in accordance with its terms.

**Section 4.3** <u>Exculpatory Provisions.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Closed-End Collateral Agent shall not be responsible in any manner whatsoever for the correctness of any recitals, statements, representations or warranties contained in this Collateral Agency Agreement or in any Collateral Document, unless specifically made by the Closed-End Collateral Agent. The Closed-End Collateral Agent make no representations as to the value or condition of the Collateral or any part thereof, or as to the title of the Borrower thereto or as to the security afforded by the Collateral Documents or this Collateral Agency Agreement, or as to the validity, execution (except its own execution), enforceability, priority, perfection, legality or sufficiency of this Collateral Agency Agreement, any Collateral Document, any Exchange Note Supplement or any Receivables Financing Agreement, and the Closed-End Collateral Agent shall incur no liability or responsibility in respect of any such matters. The Closed-End Collateral Agent shall not be responsible for insuring the Collateral or for the payment of taxes, charges, assessments or liens upon the Collateral or for perfecting or maintaining the perfection of its security interest in the Collateral or otherwise as to the maintenance of the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Closed-End Collateral Agent shall not be required to ascertain or inquire as to the performance by the Borrower of any of the covenants or agreements contained herein, in any Collateral Document, in any Exchange Note Supplement or in any Receivables Financing Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Closed-End Collateral Agent shall not be liable for any action taken or omitted to be taken by it in accordance with this Collateral Agency Agreement or any Collateral Document except for its own gross negligence or willful misconduct.

19 *Collateral Agency Agreement*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any reference herein to actual knowledge of the Closed-End Collateral Agent shall mean actual knowledge of an officer of the Closed-End Administrative Agent assigned to and working in its Corporate Trust Office (or similar department) or such other department as the Closed-End Administrative Agent may designate from time to time.

**Section 4.4** <u>Reliance by Closed-End Collateral Agent.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Whenever in the administration of this Collateral Agency Agreement the Closed-End Collateral Agent shall deem it necessary or desirable that a matter with respect to the Borrower be proved or established in connection with the taking, suffering or omitting of any action hereunder by the Closed-End Collateral Agent, unless otherwise specifically provided herein, such matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively provided or established by an Officer's Certificate of the Borrower delivered to the Closed-End Collateral Agent (a copy of which Officer's Certificate the Borrower shall deliver to each Secured Party (or, in the case of the Warehouse Facility Secured Parties, the Deal Agent on their behalf)), and such Officer's Certificate may be conclusively relied upon by the Closed-End Collateral Agent and shall constitute a full warranty to the Closed-End Collateral Agent for any action taken, suffered or omitted in reliance thereon unless (i) the Closed-End Collateral Agent shall have actual knowledge of an inaccuracy therein or (ii) any Secured Party (or, in the case of a Warehouse Facility Secured Party, the Deal Agent on its behalf) shall provide contrary information in writing to the Closed-End Collateral Agent with respect to such matter, in which case, unless such Secured Party and the Borrower can reach agreement on such issue within a period of ten Business Days from the time an Officer's Certificate is submitted, the Closed-End Collateral Agent shall appoint an independent arbitrator (who shall be acceptable to the Borrower and such Secured Parties, and whose fees and/or expenses shall be paid by the Borrower) to resolve the dispute; **<u>provided</u>**, **<u>however</u>**, **<u>that</u>**, the Closed-End Collateral Agent shall have no responsibility to take any action until such matter is resolved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Closed-End Collateral Agent may consult with independent counsel, and any opinion of such counsel shall be full and complete authorization and protection in respect of any action taken or suffered by the Closed-End Collateral Agent hereunder in accordance therewith unless the Closed-End Collateral Agent shall have actual knowledge of a reason to question the validity of such opinion. The Closed-End Collateral Agent shall have the right at any time to seek instructions concerning the administration of the Collateral from any court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Closed-End Collateral Agent may rely and shall be fully protected in acting upon any resolution, statement, certificate, instrument, opinion, report, notice, request, consent, order, bond or other paper or document that it believes in good faith to be genuine and to have been signed or presented by the proper party or parties or, in the case of cables, facsimiles and telexes, to have been sent by the proper party or parties. In the absence of its gross negligence or willful misconduct, the Closed-End Collateral Agent may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Closed-End Collateral Agent.

20 *Collateral Agency Agreement*

**Section 4.5** <u>Limitations on Duties of the Closed-End Collateral Agent.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Closed-End Collateral Agent undertakes to perform only the duties expressly set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Closed-End Collateral Agent may exercise the rights and powers granted to it by this Collateral Agency Agreement and the Collateral Documents, together with such powers as are reasonably incidental thereto, but only pursuant to the terms of this Collateral Agency Agreement, and the Closed-End Collateral Agent shall not be liable with respect to any action taken or omitted by it in accordance with the direction of the Required Secured Parties (or, if the Required Warehouse Lenders constitute the Required Secured Parties, the Deal Agent on their behalf).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as herein otherwise expressly provided, the Closed-End Collateral Agent shall not be under any obligation to take any action that is discretionary on the part of the Closed-End Collateral Agent under the provisions hereof or under any Collateral Document except upon the written request of the Required Secured Parties (or, if the Required Warehouse Lenders constitute the Required Secured Parties, the Deal Agent on their behalf) pursuant to this Collateral Agency Agreement. The Closed-End Collateral Agent shall make available for inspection and copying by each Secured Party each certificate or other paper furnished to the Closed-End Collateral Agent by the Borrower or any Secured Party, under or in respect of this Collateral Agency Agreement, any Collateral Document or any of the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Closed-End Collateral Agent shall not be liable for any error of judgment made in good faith by an officer thereof, unless it shall be proved that the Closed-End Collateral Agent was grossly negligent or engaged in willful misconduct in ascertaining the pertinent facts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Unless otherwise provided herein, the Closed-End Collateral Agent may execute any of its powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys, and the Closed-End Collateral Agent shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Closed-End Collateral Agent shall not be deemed to have notice of any event of default with respect to any Warehouse Facility or Closed-End Exchange Note unless and until any Secured Party (or the Deal Agent on its behalf) or the Borrower has given it written notice thereof.

**Section 4.6** <u>Moneys to be Held in Trust.</u>

All moneys received by the Closed-End Collateral Agent under or pursuant to any provision of this Collateral Agency Agreement or any Collateral Document shall be held in trust for the purposes for which they were received.

21 *Collateral Agency Agreement*

**Section 4.7** <u>Resignation and Removal of Closed-End Collateral Agent.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Closed-End Collateral Agent may, at any time with or without cause by giving 60 days' prior written notice to the Borrower and the Secured Parties (or, in the case of the Warehouse Facility Secured Parties, the Deal Agent on their behalf), resign and be discharged of the responsibilities hereby created, such resignation to become effective upon the appointment of a successor Closed-End Collateral Agent by the affirmative vote of the Required Secured Parties, with the consent of the Borrower (such consent of the Borrower being required only so long as no Warehouse Facility Termination Event has occurred and is continuing), which consent shall not be unreasonably withheld, delayed or conditioned, and the acceptance of such appointment by such successor Closed-End Collateral Agent. The Closed-End Collateral Agent may be removed at any time (with cause) and a successor Closed-End Collateral Agent appointed by the affirmative vote of the Required Secured Parties, with the consent (so long as no Warehouse Facility Termination Event has occurred and is continuing) of Borrower, which consent will not be unreasonably withheld, delayed or conditioned, provided that the Closed-End Collateral Agent shall be entitled to its reasonable fees and expenses to the date of removal. If no successor Closed-End Collateral Agent shall be appointed and approved within 60 days from the date of the giving of the aforesaid notice of resignation or within 60 days from the date of such vote for removal, the Closed-End Collateral Agent, the Borrower, the Deal Agent or any Secured Party may apply to any court of competent jurisdiction to appoint a successor Closed-End Collateral Agent to act until such time, if any, as a successor Closed-End Collateral Agent shall have been appointed as above provided. Any successor Closed-End Collateral Agent so appointed by such court shall immediately and without further act supersede any predecessor Closed-End Collateral Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If at any time the Closed-End Collateral Agent shall resign or otherwise become incapable of acting, or if at any time a vacancy shall occur in the office of the Closed-End Collateral Agent for any other cause, a successor Closed-End Collateral Agent shall be appointed by the Required Secured Parties, with the consent (so long as no Warehouse Facility Termination Event has occurred and is continuing) of Borrower, which consent will not be unreasonably withheld, delayed or conditioned, and the powers, duties, authority and title of the predecessor Closed-End Collateral Agent shall be terminated and cancelled without procuring the resignation of such predecessor Closed-End Collateral Agent, and without any other formality (except as may be required by applicable law) than the appointment and designation of a successor Closed-End Collateral Agent in writing, duly acknowledged, delivered to the predecessor Closed-End Collateral Agent and the Borrower and filed for record in each public office, if any, in which this Collateral Agency Agreement or any notice of the Closed-End Collateral Agent hereunder is required to be filed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The appointment and designation referred to in **<u>Section 4.7(b)</u>** shall, after any required filing, be full evidence of the right and authority to make the same and of all the facts therein recited, and this Collateral Agency Agreement shall vest in such successor Closed-End Collateral Agent, without any further act, deed or conveyance, all of the estate and title of its predecessors and upon such filing for record the successor Closed-End Collateral Agent shall become fully vested with all the estates, properties, rights, powers, trusts, duties, authority and title of its predecessors; but any predecessor Closed-End Collateral Agent shall nevertheless, on payment of its charges and on the written request of the Deal Agent or the Required Secured Parties, the Borrower or any successor Closed-End Collateral Agent empowered to act as such at the time any such request is made, execute and deliver an instrument without recourse or representation transferring to such successor all the estates, properties, rights, powers, trusts, duties, authority and title of such predecessor hereunder and shall deliver all securities and moneys held by it to such successor Closed-End Collateral Agent. Should any deed, conveyance or other

22 *Collateral Agency Agreement*

instrument in writing from the Borrower be required by any successor Closed-End Collateral Agent for more fully and certainly vesting in such successor Closed-End Collateral Agent the estates, properties, rights, powers, trusts, duties, authority and title vested or intended to be vested in the predecessor Closed-End Collateral Agent, any and all such deeds, conveyances and other instruments in writing shall, on request of such successor Closed-End Collateral Agent, be executed, acknowledged and delivered by the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any required filing for record of the instrument appointing a successor Closed-End Collateral Agent as hereinabove provided shall be at the expense of the Borrower. The resignation of any Closed-End Collateral Agent and the instrument or instruments removing any Closed-End Collateral Agent, together with all other instruments, deeds and conveyances provided for in this Section, shall, if permitted by law, be forthwith recorded, registered and filed by and at the expense of the Borrower, wherever this Collateral Agency Agreement is recorded, registered and filed.

**Section 4.8** <u>Status of Successors to Closed-End Collateral Agent.</u>

Every successor to the Closed-End Collateral Agent appointed pursuant to **<u>Section 4.7</u>** shall satisfy each of the following requirements, or be a wholly-owned subsidiary of an entity that satisfies each of the following requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) be a bank or trust company in good standing and having power so to act and incorporated under the laws of the United States or any state thereof or the District of Columbia; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) have capital, surplus and undivided profits of not less than $500,000,000,

in each case if there be such an institution with such capital, surplus and undivided profits willing, qualified and able to accept the trust upon reasonable or customary terms.

**Section 4.9** <u>Merger of the Closed-End Collateral Agent.</u>

Any entity into which the Closed-End Collateral Agent may be merged, or with which it may be converted or consolidated, or any entity resulting from any merger, conversion or consolidation to which the Closed-End Collateral Agent shall be a party shall be the Closed-End Collateral Agent under this Collateral Agency Agreement without the execution or filing of any paper or any further act on the part of the parties hereto.

**Section 4.10** <u>Additional Co-Closed-End Collateral Agent; Separate Closed-End Collateral Agent.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) One or more Persons may be appointed from time to time pursuant to this **<u>Section 4.10</u>** either to act as a co-Closed-End Collateral Agent of all or any of the Collateral, jointly with the Closed-End Collateral Agent empowered to act as such at such time, or to act as a separate Closed-End Collateral Agent with respect to any Collateral, if at any time or times such an appointment

23 *Collateral Agency Agreement*

shall be necessary or prudent in order to conform to any law of any jurisdiction in which any of the Collateral shall be located, the Closed-End Collateral Agent shall be advised by counsel satisfactory to it that such an appointment is so necessary or prudent in the interest of the Secured Parties, the Deal Agent or the Required Secured Parties shall in writing so request such an appointment, or the Closed-End Collateral Agent shall deem such an appointment desirable for its own protection in the performance, or convenient for the administration, of its duties hereunder. In the event such a co-Closed-End Collateral Agent or separate Closed-End Collateral Agent with respect to certain Collateral is to be appointed pursuant to this **<u>Section 4.10</u>**, such co-Closed-End Collateral Agent or such separate Closed-End Collateral Agent shall be appointed by the Required Secured Parties with the consent (so long as no Warehouse Facility Termination Event has occurred and is continuing) of the Borrower, which consent shall not be unreasonably withheld, delayed or conditioned; provided, however, that any such Person shall meet the requirements of **<u>Section 4.8</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Every separate Closed-End Collateral Agent and every co-Closed-End Collateral Agent shall, to the extent permitted by law, be appointed and act and be such, subject to the following provisions and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all rights, powers, duties and obligations conferred upon the Closed-End Collateral Agent in respect of the custody, control and management of money, papers or securities shall be exercised solely by the Closed-End Collateral Agent (<u>i.e.</u>, the original Closed-End Collateral Agent or its successors appointed pursuant to **<u>Section 4.7</u>**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all rights, powers, duties and obligations conferred or imposed upon the Closed-End Collateral Agent hereunder shall be conferred or imposed and exercised or performed by the Closed-End Collateral Agent and such separate Closed-End Collateral Agent or separate Closed-End Collateral Agents or co-Closed-End Collateral Agent or co-Closed-End Collateral Agents, jointly, as shall be provided in the instrument appointing such separate Closed-End Collateral Agent, separate Closed-End Collateral Agents, co-Closed-End Collateral Agent or co-Closed-End Collateral Agents, except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed the Closed-End Collateral Agent shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations shall be exercised and performed by such separate Closed-End Collateral Agent, separate Closed-End Collateral Agents, co-Closed-End Collateral Agent or co-Closed-End Collateral Agents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) no power given hereby to, or which it is provided hereby may be exercised by, any such co-Closed-End Collateral Agent, co-Closed-End Collateral Agents, separate Closed-End Collateral Agent or separate Closed-End Collateral Agents shall be exercised hereunder by such co-Closed-End Collateral Agent, co-Closed-End Collateral Agents, separate Closed-End Collateral Agent or separate Closed-End Collateral Agents, except jointly with, or with the consent in writing of, the Closed-End Collateral Agent, anything herein contained to the contrary notwithstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) no Closed-End Collateral Agent hereunder shall be personally liable by reason of any act or omission of any other Closed-End Collateral Agent hereunder; and

24 *Collateral Agency Agreement*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Required Secured Parties and the Closed-End Collateral Agent, at any time, by an instrument in writing, may accept the resignation of or remove any separate Closed-End Collateral Agent or co-Closed-End Collateral Agent, and in that case, by an instrument in writing executed by the Required Secured Parties and the Closed-End Collateral Agent jointly with the consent of the Borrower, which consent will not be unreasonably withheld, delayed or conditioned, may appoint a successor to such separate Closed-End Collateral Agent or co-Closed-End Collateral Agent, as the case may be, anything herein contained to the contrary notwithstanding.

**Section 4.11** <u>Reasonable Care.</u>

The Closed-End Collateral Agent shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral in its possession if the Closed-End Collateral Agent takes such action for that purpose as is requested by the Borrower in writing from time to time, provided that failure to take any such requested action shall not in itself be deemed to constitute a failure to exercise reasonable care.

**ARTICLE V<u><br> THE CLOSED-END ADMINISTRATIVE AGENT</u>**

**Section 5.1** <u>Appointment.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ***<u>Generally</u>*.** Each Secured Party hereby appoints U.S. Bank as Closed-End Administrative Agent under this Collateral Agency Agreement and under each of the other Basic Documents for the benefit of the Secured Parties. U.S. Bank accepts such appointment pursuant to this **<u>Section 5.1(a)</u>** and agrees to perform the duties of the Closed-End Administrative Agent under this Collateral Agency Agreement and under each of the other Basic Documents under which it has obligations. In addition, and without limiting the foregoing, the Closed-End Administrative Agent agrees to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) maintain all licenses, qualifications, authorizations and approvals from Governmental Authorities that are necessary or desirable to facilitate the performance of the Closed-End Collateral Agent's obligations under this Collateral Agency Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) refrain from taking actions in violation of the certificate of incorporation or the by-laws of the Closed-End Collateral Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***<u>Grant of Power of Attorney by Collateral Agent</u>*.** The Closed-End Collateral Agent constitutes and irrevocably appoints the Closed-End Administrative Agent and all Persons (including the Closed-End Collateral Agent Administrator, under the Closed-End Administration Agreement) to whom the obligations of the Closed-End Administrative Agent under this Collateral Agency Agreement are delegated, at all times from and after the date of this Collateral Agency Agreement through the date on which this Collateral Agency Agreement is terminated, as the true and lawful attorney of the Closed-End Collateral Agent, with full power (in the name of the Closed-End

25 *Collateral Agency Agreement*

Collateral Agent or otherwise) to exercise all rights of the Closed-End Collateral Agent, including the power and right to sign any document, agreement or instrument on behalf of the Closed-End Collateral Agent in connection with such exercise of rights. The power of attorney granted, and all authority conferred, pursuant to this **<u>Section 5.1(b)</u>** are granted and conferred solely to facilitate the performance of the Closed-End Administrative Agent's obligations under this Collateral Agency Agreement and will be exercised solely in a manner consistent with this Collateral Agency Agreement. This power of attorney will be irrevocable as one coupled with an interest prior to the date on which this Collateral Agency Agreement is terminated. The rights granted under this **<u>Section 5.1(b)</u>** will terminate as to any Person upon the resignation or removal of such Person in the capacity of Closed-End Administrative Agent and pass to any successor Closed-End Administrative Agent that is appointed pursuant to this Collateral Agency Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ***<u>Delegation to Closed-End Collateral Agent Administrator</u>*.** It is contemplated that, pursuant to the Closed-End Administration Agreement, the Closed-End Administrative Agent will delegate to the Closed-End Collateral Agent Administrator certain of the duties that the Closed-End Administrative Agent is required to perform on behalf of the Closed-End Collateral Agent pursuant to **<u>Section 5.1(a)</u>**, and each party to this Collateral Agency Agreement and each Exchange Noteholder (by accepting the related Closed-End Exchange Note) consents to such delegation. In order to facilitate performance of the duties of the Closed-End Collateral Agent Administrator under the Closed-End Administration Agreement, the Closed-End Collateral Agent agrees to execute and deliver a power of attorney in favor of the Closed-End Collateral Agent Administrator in substantially the form set forth as **<u>Exhibit E</u>**.

**Section 5.2** <u>Representations.</u>

The Closed-End Administrative Agent hereby represents and warrants that (i) it is a national banking association duly incorporated, validly existing and in good standing under the laws of its jurisdiction of organization and has all requisite power and authority to enter into and perform its obligations under this Collateral Agency Agreement and each other Basic Document to which it is a party, (ii) the execution, delivery and performance by it of this Collateral Agency Agreement and each such other Basic Document have been duly authorized by all necessary corporate action on its part and (iii) this Collateral Agency Agreement and each such other Basic Document is its legal, valid and binding obligation, enforceable against it in accordance with its terms.

**Section 5.3** <u>Standard of Care; Exculpatory Provisions.</u>

If an Exchange Note Default, a Warehouse Facility Termination Event or an Event of Bankruptcy with respect to the Borrower has occurred and is continuing, the Closed-End Administrative Agent will exercise the rights and powers vested in it by this Collateral Agency Agreement and use the same degree of care and skill in their exercise as a prudent Person would exercise or use under the circumstances in the conduct of such Person's own affairs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except during the continuance of an Exchange Note Default, a Warehouse Facility Termination Event or an Event of Bankruptcy:

26 *Collateral Agency Agreement*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Closed-End Administrative Agent undertakes to perform such duties and only such duties as are specifically set forth in this Collateral Agency Agreement and no implied covenants or obligations are to be read into this Collateral Agency Agreement against the Closed-End Administrative Agent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the absence of bad faith on its part, the Closed-End Administrative Agent may conclusively rely, as to the truth of the statements and the correctness of the opinions furnished to it, upon any certificates or opinions furnished to it and, if required by the terms of this Collateral Agency Agreement, conforming to the requirements of this Collateral Agency Agreement, provided that the Closed-End Administrative Agent will examine any such certificates and opinions to determine whether or not they conform on their face to the requirements of this Collateral Agency Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Closed-End Administrative Agent will not be liable for any action it takes or omits to take in the absence of bad faith which it believes to be authorized or within its rights or powers. However, the Closed-End Administrative Agent may not be relieved from liability for its own willful misconduct, negligence or bad faith, except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) this **<u>Section 5.3(b)</u>** does not limit **<u>Section 5.4</u>**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Closed-End Administrative Agent will not be liable for any error of judgment made in the absence of bad faith by an Authorized Officer unless it is proved that the Closed-End Administrative Agent was negligent in ascertaining the pertinent facts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Closed-End Administrative Agent will not be liable with respect to any action it takes or omits to take in the absence of bad faith with respect to any exercise of remedies pursuant to **<u>Article VIII</u>** in accordance with a direction received by it from the Person or Persons entitled under this Collateral Agency Agreement to direct the Closed-End Administrative Agent with respect to such action or omission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Closed-End Administrative Agent will not be liable for interest on any money received by it except as the Closed-End Administrative Agent may agree with the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Money held in trust by the Closed-End Administrative Agent need not be segregated from other funds except to the extent required by law or this Collateral Agency Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Closed-End Administrative Agent is not required to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties under this Collateral Agency Agreement or in the exercise of any of its rights or powers by any provision of this Collateral Agency Agreement if it has reasonable grounds to believe that repayment of funds advanced by it or adequate indemnity satisfactory to it against such risk or liability is not reasonably assured to it.

27 *Collateral Agency Agreement*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Every provision of this Collateral Agency Agreement relating to the conduct or affecting the liability of or affording protection to the Closed-End Administrative Agent is subject to the provisions of this **<u>Section 5.3</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Closed-End Administrative Agent will not be charged with knowledge of the occurrence of any Event of Bankruptcy, Exchange Note Default or Warehouse Facility Termination Event unless either (i) an Authorized Officer of the Closed-End Administrative Agent has actual knowledge of such occurrence or (ii) notice of such occurrence has been given to the Closed-End Administrative Agent in accordance with this Collateral Agency Agreement.

**Section 5.4** <u>Reliance by Closed-End Administrative Agent.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Before the Closed-End Administrative Agent acts or refrains from acting, it may require an Officer's Certificate or an Opinion of Counsel. The Closed-End Administrative Agent will not be liable for any action it takes or omits to take in the absence of bad faith in reliance on an Officer's Certificate or Opinion of Counsel. However, the Closed-End Administrative Agent will examine any such Officer's Certificates and Opinions of Counsel to determine whether or not they conform on their face to the requirements of this Collateral Agency Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Closed-End Administrative Agent may execute any of the trusts or powers under this Collateral Agency Agreement or any other Basic Document, or perform any duties under this Collateral Agency Agreement or any other Basic Document, either directly or by or through agents or attorneys or a custodian or nominee, and the Closed-End Administrative Agent will not be responsible for any misconduct or negligence on the part of, or for the supervision of, any such agent, counsel, custodian or nominee appointed with due care by it under this Collateral Agency Agreement or any other Basic Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Closed-End Administrative Agent may consult with counsel, and the advice or Opinion of Counsel with respect to legal matters relating to this Collateral Agency Agreement or any other Basic Document will be full and complete authorization and protection from liability in respect to any action taken, omitted or suffered by it under this Collateral Agency Agreement or any other Basic Document in the absence of bad faith and in accordance with the advice or opinion of such counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Closed-End Administrative Agent is under no obligation to exercise any of the rights or powers vested in it by this Collateral Agency Agreement or any other Basic Document or to honor the request or direction of any of the Exchange Noteholders pursuant to this Collateral Agency Agreement or any other Basic Document unless such Exchange Noteholders have offered to the Closed-End Administrative Agent reasonable security or indemnity satisfactory to it from and against the reasonable costs, expenses and disbursements that might be incurred by the Closed-End Administrative Agent in complying with such request or direction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Closed-End Administrative Agent may rely and will be protected in acting or refraining from acting upon any resolution, certificate, statement, opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document believed by it to be genuine

28 *Collateral Agency Agreement*

and to have been signed or presented by the proper Person. The Closed-End Administrative Agent need not investigate any fact or matter stated in any such document.

**Section 5.5** <u>Individual Rights of the Closed-End Administrative Agent.</u>

The Closed-End Administrative Agent, in its individual or any other capacity, may deal with the Borrower or any of its Affiliates with the same rights it would have if it were not the Closed-End Administrative Agent.

**Section 5.6** <u>Closed-End Administrative Agent's Disclaimer.</u>

The Closed-End Administrative Agent will not be (a) responsible for, and does not make any representation as to, the validity or adequacy of this Collateral Agency Agreement, any Exchange Note Supplement or any of the Closed-End Exchange Notes, (b) accountable for the Borrower's use of the funds advanced under the Warehouse Facilities, or (c) responsible for any statement of the Borrower in this Collateral Agency Agreement or any other Basic Document (all of which will be deemed to be statements of the Borrower) other than the certificate of authentication of the Closed-End Administrative Agent.

**Section 5.7** <u>Resignation and Removal of Closed-End Administrative Agent.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Closed-End Administrative Agent may, at any time with or without cause by giving 60 days' prior written notice to the Borrower and the Secured Parties (or, in the case of the Warehouse Facility Secured Parties, the Deal Agent on their behalf), resign and be discharged of the responsibilities hereby created, such resignation to become effective upon the appointment of a successor Closed-End Administrative Agent by the affirmative vote of the Required Secured Parties, with the consent of the Borrower (such consent of the Borrower being required only so long as no Warehouse Facility Termination Event has occurred and is continuing), which consent shall not be unreasonably withheld, delayed or conditioned, and the acceptance of such appointment by such successor Closed-End Administrative Agent. The Closed-End Administrative Agent may be removed at any time (with cause) and a successor Closed-End Administrative Agent appointed by the affirmative vote of the Required Secured Parties, with the consent (so long as no Warehouse Facility Termination Event has occurred and is continuing) of Borrower, which consent will not be unreasonably withheld, delayed or conditioned, provided that the Closed-End Administrative Agent shall be entitled to its reasonable fees and expenses to the date of removal. If no successor Closed-End Administrative Agent shall be appointed and approved within 60 days from the date of the giving of the aforesaid notice of resignation or within 60 days from the date of such vote for removal, the Closed-End Administrative Agent, the Borrower, the Deal Agent or any Secured Party may apply to any court of competent jurisdiction to appoint a successor Closed-End Collateral Agent to act until such time, if any, as a successor Closed-End Administrative Agent shall have been appointed as above provided. Any successor Closed-End Administrative Agent so appointed by such court shall immediately and without further act supersede any predecessor Closed-End Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If at any time the Closed-End Administrative Agent shall resign or otherwise become incapable of acting, or if at any time a vacancy shall occur in the office of the Closed-End Administrative Agent for any other cause, a successor Closed-End Administrative Agent shall be

29 *Collateral Agency Agreement*

appointed by the Required Secured Parties, with the consent (so long as no Warehouse Facility Termination Event has occurred and is continuing) of Borrower, which consent will not be unreasonably withheld, delayed or conditioned, and the powers, duties, authority and title of the predecessor Closed-End Administrative Agent shall be terminated and cancelled without procuring the resignation of such predecessor Closed-End Administrative Agent, and without any other formality (except as may be required by applicable law) than the appointment and designation of a successor Closed-End Administrative Agent in writing, duly acknowledged, delivered to the predecessor Closed-End Administrative Agent and the Borrower and filed for record in each public office, if any, in which this Collateral Agency Agreement or any notice of the Closed-End Administrative Agent hereunder is required to be filed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The appointment and designation referred to in **<u>Section 5.7(b)</u>** shall, after any required filing, be full evidence of the right and authority to make the same and of all the facts therein recited, and this Collateral Agency Agreement shall vest in such successor Closed-End Administrative Agent, without any further act, deed or conveyance, all of the estate and title of its predecessors and upon such filing for record the successor Closed-End Administrative Agent shall become fully vested with all the estates, properties, rights, powers, trusts, duties, authority and title of its predecessors; but any predecessor Closed-End Administrative Agent shall nevertheless, on payment of its charges and on the written request of the Deal Agent or the Required Secured Parties, the Borrower or any successor Closed-End Administrative Agent empowered to act as such at the time any such request is made, execute and deliver an instrument without recourse or representation transferring to such successor all the estates, properties, rights, powers, trusts, duties, authority and title of such predecessor hereunder and shall deliver all securities and moneys held by it to such successor Closed-End Administrative Agent. Should any deed, conveyance or other instrument in writing from the Borrower be required by any successor Closed-End Administrative Agent for more fully and certainly vesting in such successor Closed-End Administrative Agent the estates, properties, rights, powers, trusts, duties, authority and title vested or intended to be vested in the predecessor Closed-End Administrative Agent, any and all such deeds, conveyances and other instruments in writing shall, on request of such successor Closed-End Administrative Agent, be executed, acknowledged and delivered by the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any required filing for record of the instrument appointing a successor Closed-End Administrative Agent as hereinabove provided shall be at the expense of the Borrower. The resignation of any Closed-End Administrative Agent, and the instrument or instruments removing any Closed-End Administrative Agent, together with all other instruments, deeds and conveyances provided for in this Section, shall, if permitted by law, be forthwith recorded, registered and filed by and at the expense of the Borrower, wherever this Collateral Agency Agreement is recorded, registered and filed.

**Section 5.8** <u>Status of Successors to Closed-End Administrative Agent.</u>

Every successor to the Closed-End Administrative Agent that is appointed pursuant to **<u>Section 5.7</u>** shall be a bank or trust company in good standing and having power so to act and incorporated under the laws of the United States or any state thereof or the District of Columbia, and shall also have capital, surplus and undivided profits of not less than $500,000,000, if there be such an institution with such capital, surplus and undivided profits willing, qualified and able to accept the trust upon reasonable or customary terms.

30 *Collateral Agency Agreement*

**Section 5.9** <u>Merger of the Closed-End Administrative Agent.</u>

Any entity into which the Closed-End Administrative Agent may be merged, or with which it may be converted or consolidated, or any entity resulting from any merger, conversion or consolidation to which the Closed-End Administrative Agent shall be a party shall be the Closed-End Administrative Agent under this Closed-End Administrative Agent without the execution or filing of any paper or any further act on the part of the parties hereto.

**ARTICLE VI<u><br> THE CLOSED-END EXCHANGE NOTES</u>**

**Section 6.1** <u>Sale of Advances; Issuance of Closed-End Exchange Notes; Form.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ***<u>Grant of Purchase Option</u>*.** The Initial Beneficiary shall have the right and option, and each Warehouse Facility Lender hereby grants to the Initial Beneficiary the right and option, to purchase from time to time, subject to the conditions, limitations and rights set forth in this **<u>Article VI</u>**, all or a portion of the outstanding principal balance of the outstanding Advances made by such Warehouse Facility Lenders (each such transaction, an "**<u>Initial Beneficiary Purchase</u>**"), in each case for a purchase price equal to the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the outstanding balance of such Advances (or portion thereof that is so purchased); **<u>plus</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all interest accrued on such Advance (or portion thereof that is so purchased) as of the date that such Initial Beneficiary Purchase is actually made (such date, the "**<u>Initial Beneficiary Purchase Date</u>**"); **<u>plus</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if so demanded in writing by a Warehouse Facility Agent on behalf of any relevant Person (which demand shall be accompanied by a statement setting forth the basis for the amount being claimed), an amount equal to the amount that would have been payable in respect of such Advance (or portion thereof that is so purchased) by the Borrower to a Warehouse Facility Lender or any other Person (1) in the case of an Advance that was made under a Current Warehouse Facility, pursuant to **<u>Section 6.2</u>** of the related Current Receivables Financing Agreement or (2) in the case of any Advance that was made under an Additional Warehouse Facility, pursuant to any provision that is similar or analogous to **<u>Section 6.2</u>** of the Current Receivables Financing Agreements, determined (in the case of clauses (1) and (2)) as though the Advances purchased pursuant to such Initial Beneficiary Purchase had instead been prepaid, on the Initial Beneficiary Purchase Date, in an amount equal to the principal balance of such Advance (or the portion thereof that is so purchased) (the sum of the foregoing clauses (1), (2) and (3), the "**<u>Initial Beneficiary Purchase Price</u>**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Initial Beneficiary shall provide to the Deal Agent, on behalf of the Warehouse Facility Lenders, at least **<u>four (4)</u>** Business Days' prior notice of any Initial Beneficiary

31 *Collateral Agency Agreement*

Purchase (each such notice, an "**<u>Initial Beneficiary Purchase Notice</u>**"). Each Initial Beneficiary Purchase Notice shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) specify:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the proposed Initial Beneficiary Purchase Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the aggregate principal balance of the outstanding Advances to be purchased by the Initial Beneficiary pursuant to such Initial Beneficiary Purchase; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) whether or not such Initial Beneficiary Purchase is being made in connection with a Subsequent Exchange Note Increase; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) include, as an attachment thereto, a Borrowing Base Certificate, conforming to the requirements of the Receivables Financing Agreements, showing that the Aggregate Loan Amount will not exceed the Borrowing Base after giving effect to the Initial Beneficiary Purchase and any related reallocation of assets to the applicable Reference Pool.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ***<u>Allocation</u>*.** Following the occurrence of a Warehouse Facility Termination Event, in connection with each Initial Beneficiary Purchase, each Warehouse Facility Lender (including any Wind-Down Lender) shall be obligated to sell and deliver to the Initial Beneficiary, on the Initial Beneficiary Purchase Date, a ratable portion of each outstanding Advance of such Warehouse Facility Lender (such ratable portion, expressed as a percentage of the outstanding principal balance of such Advance, the "**<u>Allocable Purchased Portion</u>**") equal to:

---

| | | |
|:---|:---|:---|
| ( | &nbsp;&nbsp;Initial Beneficiary Purchase Amount |) |
| ( | &nbsp;&nbsp;Aggregate Loan Amount + Aggregate Wind-Down Loan Amount |) |

---

***Where:***

---

| | | |
|:---|:---|:---|
| *Initial Beneficiary Purchase Amount* | = | The aggregate principal balance of the Advances proposed to be purchased pursuant to such Initial Beneficiary Purchase; and |
| *Aggregate Loan Amount* | = | The Aggregate Loan Amount, as determined as of the related Initial Beneficiary Purchase Date. |
| *Aggregate Wind-Down Loan Amount* | = | The Aggregate Wind-Down Loan Amount, as determined as of the related Initial Beneficiary Purchase Date. |

---

Prior to the occurrence of any Warehouse Facility Termination Event, in connection with each Initial Beneficiary Purchase, the Initial Beneficiary may, in its sole discretion, allocate its purchase of Advances

32 *Collateral Agency Agreement*

between the Wind-Down Lenders and the Revolving Lenders, and each of such Wind-Down Lenders and Revolving Lenders, as applicable, shall be obligated, subject to the terms and conditions of Article VI hereof, to sell and deliver to the Initial Beneficiary, on the related Initial Beneficiary Purchase Date, a corresponding portion of its outstanding Advances; **<u>provided</u>**, **<u>however</u>**, **<u>that</u>** to the extent that the Initial Beneficiary elects to purchase any Advances from any Revolving Lenders, such portion of the Initial Beneficiary Purchase shall be allocated among all Revolving Lenders *pro rata* and each Revolving Lender shall be obligated, subject to the terms and conditions of Article VI hereof, to sell and deliver to the Initial Beneficiary, on the related Initial Beneficiary Purchase Date, a ratable portion of each outstanding Advance of such Revolving Lender (such ratable portion, expressed as a percentage of the outstanding principal balance of such Advance, the "**<u>Allocable Revolving Purchased Portion</u>**") equal to:

---

| | | |
|:---|:---|:---|
| ( | &nbsp;&nbsp;Initial Beneficiary Purchase Amount |) |
| ( | &nbsp;&nbsp;Aggregate Loan Amount |) |

---

Where:

---

| | | |
|:---|:---|:---|
| *Initial Beneficiary Revolving Purchase Amount* | = | The aggregate principal balance of the Advances proposed to be purchased pursuant to such Initial Beneficiary Purchase from Warehouse Facility Lenders with respect to which no Wind-Down Event has occurred; and |
| *Aggregate Loan Amount* | = | The Aggregate Loan Amount, as determined as of the related Initial Beneficiary Purchase Date. |

---

Notwithstanding the foregoing, the aggregate amount of the Advances purchased pursuant to each Initial Beneficiary Purchase shall be in a minimum amount of $5,000,000, in the aggregate, per Warehouse Facility, and integral multiples of $100,000 in excess thereof.

Each assignment pursuant to this **<u>Section 6.1(c)</u>** shall be made without representation, warranty or recourse, except that each Warehouse Facility Lender represents and warrants that it is the owner of the Advances (or portions thereof) assigned by it and has not created any lien or encumbrance thereon that is not being released as of the Initial Beneficiary Purchase Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) ***<u>Initial Beneficiary Advances</u>***. The Initial Beneficiary shall have the right and option to advance from time to time, subject to the conditions, limitations and rights set forth in this **<u>Article VI</u>**, funds to the Borrower (each such advance, an "**<u>Initial Beneficiary Advance</u>**" and, collectively with any Initial Beneficiary Purchase, an "**<u>Exchange Note Funding</u>**"). The Initial Beneficiary shall provide to the Deal Agent, on behalf of the Warehouse Facility Lenders, at least **<u>two (2)</u>** Business Days' prior notice of any Initial Beneficiary Advance (each such notice, an "**<u>Initial Beneficiary Advance Notice</u>**"), which shall set forth the amount of such Initial Beneficiary Advance (the "**<u>Initial Beneficiary Advance Amount</u>**" and, collectively with the Initial Beneficiary Purchase Price, the "**<u>Exchange Note Funding Amount</u>**"), the date on which such Initial Beneficiary Advance will be made (the "**<u>Initial Beneficiary Advance Date</u>**" and, collectively with the Initial Beneficiary Purchase Date, the

33 *Collateral Agency Agreement*

"**<u>Exchange Note Funding Date</u>**") and whether or not such Initial Beneficiary Advance is being made in connection with a Subsequent Exchange Note Increase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) ***<u>Issuance of Closed-End Exchange Notes; Exchange Note Supplement</u>.*** In connection with each Exchange Note Funding (other than an Exchange Note Funding being made in connection with any Subsequent Exchange Note Increase), on the related Exchange Note Funding Date, the Borrower shall issue to the Initial Beneficiary, and the Closed-End Administrative Agent will authenticate and deliver to the Initial Beneficiary, in accordance with the applicable provisions of this **<u>Article VI</u>**, one or more notes representing obligations of the Borrower issued in definitive negotiable form, and having an initial outstanding principal balance equal to the Exchange Note Funding Amount paid or advanced, as applicable, by the Initial Beneficiary in connection with such Exchange Note Funding, which notes shall be issued without any accrued interest thereon as of the Exchange Note Funding Date (each such note, a "**<u>Closed-End Exchange Note</u>**" and, collectively, the "**<u>Closed-End Exchange Notes</u>**"). Each issuance and authentification of a Closed-End Exchange Note pursuant to this **<u>subsection (e)</u>** shall be subject to the conditions precedent set forth in **<u>Section 6.4</u>**. Immediately following the issuance of each Closed-End Exchange Note, on the applicable Exchange Note Funding Date, the terms, conditions, covenants and other provisions applicable to the Advances (or applicable portion thereof) represented by such Closed-End Exchange Note will be agreed upon by the Borrower and the Initial Beneficiary, and amended and restated to read in their entirety as set forth in a supplement to this Collateral Agency Agreement applicable to such Closed-End Exchange Note (each, an "**<u>Exchange Note Supplement</u>**") between the Borrower and the Initial Beneficiary. Upon the execution and delivery of the Exchange Note Supplement with respect to any Closed-End Exchange Note, (1) the terms, conditions, covenants and other provisions set forth in the Receivables Financing Agreements, any applicable Warehouse Facility Notes and the other Basic Documents applicable to any Advances acquired in connection with the related Exchange Note Funding shall no longer apply to such Closed-End Exchange Note, (2) such terms shall be replaced in their entirety, as they relate to such Closed-End Exchange Note, by the terms set forth in such Exchange Note Supplement, any applicable Servicing Supplement and the other terms of the Basic Documents that apply to Closed-End Exchange Notes and (3) any such Advances shall no longer be considered "Advances" or "Loans" within the meaning of this Collateral Agency Agreement, any Receivables Financing Agreement or any other Basic Document. Each Exchange Note Supplement shall be effective upon signature thereof by the Borrower, the Closed-End Collateral Agent, the Closed-End Administrative Agent and the Initial Beneficiary, and shall require neither the signature nor the consent of the Deal Agent or any other party to this Collateral Agency Agreement, so long as the conditions set forth in this **<u>Article VI</u>** with respect to the relevant Exchange Note Funding have been satisfied. Each Closed-End Exchange Note issued under this Collateral Agency Agreement will constitute "Titling Trust Debt" and "Secured Titling Trust Debt" within the meaning of the Titling Trust Agreement and the Persons that are from time to time Exchange Noteholders of such Closed-End Exchange Note will constitute "Secured Titling Trust Creditors" within the meaning of the Titling Trust Agreement. Upon the effectiveness of each Initial Beneficiary Purchase made following the occurrence of a Warehouse Facility Termination Event, each related Warehouse Facility Lender will reduce (or direct the applicable Warehouse Facility Agent, on its behalf, to reduce, and such Warehouse Facility Agent will reduce) on its books and records the outstanding balance of each Advance of such Warehouse Facility Lender by an amount equal to the product of (1) the outstanding principal balance of such Advance and (2) the Allocable Purchased Portion with respect to such Advance. Upon the effectiveness of each Initial Beneficiary Purchase made prior to the occurrence of a Warehouse Facility Termination Event, (A) if all or a portion of such Initial Beneficiary Purchase is allocated to any Wind-Down Lender, such Wind-Down Lender will reduce (or direct the applicable Warehouse Facility Agent, on its behalf, to reduce, and such Warehouse Facility Agent will reduce) on its books and records the outstanding balance of each Advance of such Wind-Down Lender by an amount equal to the portion of the Initial Beneficiary Purchase so allocated; and (B) if all or a portion of such Initial Beneficiary

34 *Collateral Agency Agreement*

Purchase is allocated to the Revolving Lenders, then each Revolving Lender will reduce (or direct the applicable Warehouse Facility Agent, on its behalf, to reduce, and such Warehouse Facility Agent will reduce) on its books and records the outstanding balance of each Advance of such Revolving Lender by an amount equal to the product of (1) the outstanding principal balance of such Advance and (2) the Allocable Revolving Purchased Portion with respect to such Advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each of the parties hereto acknowledges and agrees that none of the Deal Agent, the Warehouse Facility Agents or the Warehouse Facility Lenders (in their capacities as such) shall be deemed to have any participation in, or responsibility for, the issuance or sale of Closed-End Exchange Notes. Without limiting the generality of the foregoing, none of the Deal Agent, the Warehouse Facility Agents or the Warehouse Facility Lenders (in their capacities as such) shall have any duty to monitor the issuance of Closed-End Exchange Notes or to verify the compliance of any Closed-End Exchange Notes with the requirements of applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) ***<u>Subsequent Exchange Note Increase</u>.*** In connection with any Initial Beneficiary Purchase or any Initial Beneficiary Advance, as an administrative convenience and as an alternative to the issuance of a Closed-End Exchange Note and amendment and restatement of the terms thereof pursuant to the related Exchange Note Supplement, in each case pursuant to **<u>subsection (e)</u>**, above, the Initial Beneficiary may specify in the Initial Beneficiary Purchase Notice or the Initial Beneficiary Advance Notice, as applicable, that the outstanding Exchange Note Balance of any Outstanding Closed-End Exchange Note (as specified by the Initial Beneficiary) shall be increased in an amount equal to the Initial Beneficiary Purchase Price and/or the Initial Beneficiary Advance Amount, as applicable, (any such increase pursuant to this **<u>subsection (g)</u>**, a "**<u>Subsequent Exchange Note Increase</u>**"). If the Initial Beneficiary so specifies, (A) the applicable Exchange Noteholder may (1) reflect the amount of such increase on the grid attached to such Closed-End Exchange Note or (2) if such Closed-End Exchange Note does not provide for the grid or other means of reflecting increases from time to time to the Exchange Note Balance thereof, deliver such Closed-End Exchange Note to the Closed-End Administrative Agent in exchange for a new Closed-End Exchange Note reflecting the Exchange Note Balance as so increased (and the Borrower shall issue, and the Closed-End Administrative Agent shall authenticate and deliver, such new Closed-End Exchange Note in accordance with the foregoing) and (B) in the case of an increase made in the manner set forth in the foregoing **<u>subclause (A)(1)</u>**, the Closed-End Administrative Agent shall reflect the increase in the applicable Exchange Note Balance on the Exchange Note Register.

**Section 6.2** <u>Form and Terms of the Closed-End Exchange Notes.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ***<u>Designation of the Reference Pool</u>*.** Each Exchange Note Supplement will designate a portion of the Closed-End Units included in the Warehouse Facility Pool as the "**<u>Reference Pool</u>**" with respect to the related Closed-End Exchange Note or Closed-End Exchange Notes, as applicable. Upon the effectiveness of the applicable Exchange Note Supplement, Closed-End Units designated therein as being included in the applicable Reference Pool will no longer be a part of the Warehouse Facility Pool, and will not be available to be part of any other Reference Pool. Each Closed-End Exchange Note will be payable solely from Closed-End Collections on the Closed-End Units in the related Reference Pool in accordance with the priorities set forth in **<u>Article X</u>** and the applicable Exchange Note Supplement. For purposes of determining the amount and portion of Closed-End Collections that are applicable to any Reference Pool, the Closed-End Units included in such Reference Pool will be deemed to have been included in such Reference Pool from and after the Cutoff Date

35 *Collateral Agency Agreement*

specified in the related Exchange Note Supplement (or, in the case of any Closed-End Units that are subsequently allocated to a Reference Pool pursuant to **<u>Section 6.2(b)</u>**, the Cutoff Date applicable to such Closed-End Units that is specified in the applicable Reference Pool Reallocation Notice).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***<u>Reallocations of Assets from Warehouse Facility Pool to Reference Pool</u>*.** From time to time following the issuance of any Closed-End Exchange Note (and whether or not in connection with a Subsequent Exchange Note Increase), the Initial Beneficiary may designate, by notice to the Closed-End Collateral Agent in substantially the form set forth as **<u>Exhibit F</u>** and in accordance with **<u>Section 6.2(c)</u>** (each such notice, a "**<u>Reference Pool Reallocation Notice</u>**"), any Closed-End Assets included in the Warehouse Facility Pool for reallocation to any Reference Pool; **<u>provided</u>**, **<u>however</u>**, **<u>that</u>** unless such reallocation occurs in connection with a Subsequent Exchange Note Increase that involves a purchase by the Initial Beneficiary of Advances from one or more Wind-Down Lenders, no Closed-End Assets included in a Wind-Down Pool will be reallocated to any Reference Pool. Each such Reference Pool Reallocation Notice will include the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The applicable Reference Pool to which such Closed-End Assets have been or are to be reallocated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the effective date as of which the applicable Closed-End Units have been, or are to be, reallocated to the applicable Reference Pool (the "**<u>Exchange Note Reallocation Date</u>**") (**<u>provided</u>**, **<u>however</u>**, **<u>that</u>**, the Exchange Note Reallocation Date shall not be earlier than the Business Day following the date as of which the Reference Pool Reallocation Notice is delivered (if such notice is delivered by noon, New York time, or if delivered after such time, the next Business Day)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the date as of which all Closed-End Collections on such assets will be applied as Closed-End Collections with respect to the Reference Pool to which such assets are to be reallocated.

Subject to the conditions set forth in the next sentence, and as of the Exchange Note Reallocation Date set forth in the applicable Reference Pool Reallocation Notice, the Closed-End Assets identified therein will be reallocated to the applicable Reference Pool set forth in the Reference Pool Reallocation Notice. Each such reallocation pursuant to this **<u>subsection (b)</u>** shall be subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) as of the Exchange Note Reallocation Date, no Warehouse Facility Termination Event or Unmatured Warehouse Facility Termination Event
shall have occurred and be continuing, or would occur as a result of such reallocation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the Borrower shall have delivered to the Deal Agent (1) an Officer's Certificate to the effect that the conditions set
forth in  **<u>clause (A)</u>** , above, and  **<u>clause (D)</u>** , below, have, in each case, been satisfied, and (2) a Borrowing
Base Certificate conforming to the requirements of the Receivables Financing Agreements showing that the Aggregate Loan

36 *Collateral Agency Agreement*

Amount will not exceed the Borrowing Base after giving effect to such reallocation and any Subsequent Exchange Note Increase (and consequent reduction of the Aggregate Loan Amount) to occur in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) in the case of a reallocation being made in connection with a Subsequent Exchange Note Increase, (a) the payment by the Initial
Beneficiary to the Deal Agent of an amount equal to the Initial Beneficiary Purchase Price (which amount shall be distributed by the Deal
Agent to the Warehouse Facility Lenders (or the Warehouse Facility Agents on their behalf) according to the respective amount owed to
each of them in connection with such Subsequent Exchange Note Increase, including (1) the principal amount of the Advances sold by
each Warehouse Facility Lender pursuant to  **<u>Section 6.1</u>** , (2) the aggregate amount of accrued interest on the such
Advances as of the applicable Initial Beneficiary Purchase Date and (3) any indemnities or similar amounts payable pursuant to  **<u>Section 6.1(a)(iii)</u>** ,
in each case calculated in the manner set forth in  **<u>Section 6.1(a))</u>** or (b) the payment by the Initial Beneficiary
to the Borrower of an amount equal to the Initial Beneficiary Advance Amount, as applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) no selection criteria adverse in any material respect to the interests of the Warehouse Facility Lenders (any such adverse selection
criteria, "  **<u>Adverse Selection Criteria</u>**") shall have been used in selecting the applicable Closed-End Assets ( **<u>provided</u>** ,  **<u>however</u>** ,  **<u>that</u>** , "Adverse Selection Criteria" shall not include (and this  **<u>subclause (D)</u>** shall
not be applicable to) any eligibility criteria based on the delinquency status of the related Closed-End Leases that are applicable to
the securitization or other financing to be backed by the related Closed-End Exchange Note, notwithstanding that (x) such eligibility
criteria or the requirements are more stringent than those applicable to the Warehouse Facility Pool or (y) selection in accordance
with those criteria otherwise could be viewed as having an adverse effect on the Warehouse Facility Lenders).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ***<u>Identification of Assets</u>*.** In identifying Closed-End Assets to be reallocated from the Warehouse Facility Pool to any Reference Pool pursuant to any Reference Pool Reallocation Notice, or from any Reference Pool to the Warehouse Facility Pool pursuant to any Warehouse Pool Reallocation Notice, the Initial Beneficiary will identify to the Closed-End Collateral Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Closed-End Leases by account number;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Closed-End Vehicles by vehicle identification number; and

37 *Collateral Agency Agreement*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any other assets included in the Warehouse Facility Pool by such description in such form that will permit the Closed-End Collateral Agent to identify such assets separately from any other Closed-End Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) ***<u>Form and Transfer of Closed-End Exchange Notes</u>*.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *<u>Form</u>.* Each Closed-End Exchange Note, together with the Closed-End Administrative Agent's certificate of authentication on such Closed-End Exchange Note, will be substantially in the form set forth as **<u>Exhibit C</u>** or in such other form or forms as may be provided in the related Exchange Note Supplement. The Closed-End Exchange Notes may have such marks of identification and such legends or endorsements placed on such Closed-End Exchange Notes as may be determined, consistent with this Collateral Agency Agreement, by the Authorized Officer(s) of the Titling Trustee executing such Closed-End Exchange Notes on behalf of the Borrower, as evidenced by their execution of each such Closed-End Exchange Note. Each Closed-End Exchange Note will be typewritten or printed, as determined by the Authorized Officer(s) of the Titling Trustee executing such Closed-End Exchange Note (acting at the direction of the Initial Beneficiary), as evidenced by such Authorized Officers' execution of such Closed-End Exchange Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *<u>Transfer</u>*. Each Closed-End Exchange Note may be transferred only in the manner set forth in **<u>Section 6.5</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *<u>Dating</u>*. Each Closed-End Exchange Note will be dated the date of its authentication by the Closed-End Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) *<u>Initial Holder</u>*. Each Closed-End Exchange Note will, upon its execution and delivery, be issued to, and be payable in favor of, the Initial Beneficiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) ***<u>Reallocation of Closed-End Units from a Reference Pool to the Warehouse Facility Pool</u>*.** The Exchange Noteholder of any Closed-End Exchange Note may from time to time direct, by notice to the Closed-End Collateral Agent in substantially the form set forth as **<u>Exhibit G</u>** and in accordance with **<u>Section 6.2(c)</u>** (each such notice, a "**<u>Warehouse Pool Reallocation Notice</u>**"), that one or more Closed-End Units be reallocated from the Reference Pool relating to such Closed-End Exchange Note to the Warehouse Facility Pool, whereupon, effective as of the date specified in such notice, such Closed-End Units shall be so reallocated, **<u>subject</u>**, **<u>however</u>**, to the rights of any Person(s) that have provided financing secured, or otherwise backed, by such Closed-End Exchange Note, so long as any such financing shall remain outstanding. Each such Warehouse Pool Reallocation Notice will include the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The applicable Reference Pool from which such Closed-End Units have been or are to be reallocated;

38 *Collateral Agency Agreement*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the effective date as to which the applicable Closed-End Units have been, or are to be, reallocated to the Warehouse Facility Pool (the "**<u>Warehouse Pool Reallocation Date</u>**"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the date as of which all Closed-End Collections on such assets will be applied as Closed-End Collections with respect to the Warehouse Facility Pool, and shall no longer be applied as Closed-End Collections with respect to the Reference Pool from which such assets have been or are to be reallocated.

For purposes of determining the amount and portion of Closed-End Collections that are applicable to any Reference Pool and to the Warehouse Facility Pool, the Closed-End Units that are reallocated pursuant to any Warehouse Pool Reallocation Notice will be deemed to be included in the Warehouse Facility Pool, and will deemed to be no longer included in the Reference Pool from which such Closed-End Units are being reallocated, in each case from and after the Cutoff Date specified in the related Warehouse Pool Reallocation Notice.

Notwithstanding any other part of this **<u>Section 6.2(e)</u>**, it is understood that, in light of the administrative burden associated with the delivery of a Warehouse Pool Reallocation Notice in connection with each reallocation from time to time from a Reference Pool to the Warehouse Facility Pool in connection with an Administrative Repurchase, the Initial Beneficiary may, in lieu of the delivery of a Warehouse Pool Reallocation Notice with respect to any Closed-End Unit(s) that is or are the subject of an Administrative Repurchase, cause such reallocation to be effective (1) by causing a notation reflecting such reallocation to be entered on the books and records of World Omni, as Closed-End Collateral Agent Administrator, acting on behalf of the Closed-End Collateral Agent, or (2) by such other means as may be agreed upon from time to time among the Initial Beneficiary, and the Closed-End Collateral Agent Administrator, with the consent (in the case of this **<u>clause (2)</u>**) of the Deal Agent (which consent shall not be unreasonably withheld, conditioned or delayed).

**Section 6.3** <u>Issuance of Closed-End Exchange Notes; Execution, Authentication and Delivery.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Closed-End Exchange Note will be executed by an Authorized Officer of the Titling Trustee, on behalf of the Borrower. The signature of such Authorized Officer on the Closed-End Exchange Notes may be manual or facsimile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Closed-End Exchange Notes bearing the manual or facsimile signature of an individual who was an Authorized Officer of the Borrower at the time such Closed-End Exchange Notes were executed and delivered will bind the Borrower, notwithstanding that such individual has ceased to hold such office prior to the authentication and delivery of such Closed-End Exchange Notes by the Closed-End Administrative Agent or did not hold such office at the date of issuance of such Closed-End Exchange Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Exchange Note Supplement will set forth:

39 *Collateral Agency Agreement*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the date on which the related Closed-End Exchange Note is to be issued (each, an "**<u>Exchange Note Issuance Date</u>**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the initial Exchange Note Balance of such Closed-End Exchange Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a schedule identifying the Closed-End Assets initially included in the related Reference Pool;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Cutoff Date for the related Reference Pool;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Exchange Note Interest Rate for such Closed-End Exchange Notes being issued (and, in the case of a floating rate Closed-End Exchange Note, the manner of determining the floating rate);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) a specification of any Exchange Note Defaults set forth in **<u>Section 8.7</u>** that are inapplicable to such Closed-End Exchange Note, or are modified with respect to such Closed-End Exchange Note, and any additional events constituting an Exchange Note Default with respect to such Closed-End Exchange Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Final Scheduled Payment Date of such Closed-End Exchange Note; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the conditions precedent to the issuance of such Closed-End Exchange Note (in addition to those set forth in **<u>Section 6.4</u>**).

**Section 6.4** <u>Conditions Precedent to Issuance of Closed-End Exchange Notes; Additional Terms of Exchange Notes.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The issuance of any Closed-End Exchange Note and creation of the related Reference Pool shall be subject to the following conditions precedent (in addition to any additional conditions precedent set forth in the related Exchange Note Supplement pursuant to **<u>Section 6.3(c)(viii)</u>**), unless and to the extent waived by the Deal Agent, with the consent of each Warehouse Facility Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (x) the payment by the Initial Beneficiary to the Deal Agent of an amount equal to the Initial Beneficiary Purchase Price (which amount shall be distributed by the Deal Agent to the Warehouse Facility Lenders (or the Warehouse Facility Agents on their behalf) according to the respective amount owed to each of them in connection with such issuance including (A) the principal amount of Advances sold by each Warehouse Facility Lender pursuant to **<u>Section 6.1</u>** in connection with the related Initial Beneficiary Purchase, (B) the aggregate amount of accrued interest on the such Advances as of the applicable Initial

40 *Collateral Agency Agreement*

Beneficiary Purchase Date and (C) any indemnities or similar amounts payable pursuant to **<u>Section 6.1(a)(iii)</u>**, calculated (in the case of the foregoing clause (A), (B) and (C)) in the manner set forth in **<u>Section 6.1(a))</u>**) or (y) the payment by the Initial Beneficiary to the Borrower of an amount equal to the Initial Beneficiary Advance Amount, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) as of the relevant Exchange Note Funding Date, no Warehouse Facility Termination Event or Unmatured Warehouse Facility Termination Event shall have occurred and be continuing, or would occur as a result of such issuance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) no Adverse Selection Criteria shall have been used in selecting the applicable Closed-End Assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Borrower shall have delivered to the Deal Agent an Officer's Certificate to the effect that the conditions set forth in **<u>clauses (ii)</u>** and **<u>(iii)</u>** of this **<u>Section 6.4(a)</u>** have been satisfied, together, in the case of a Closed-End Exchange Note issued in connection with an Initial Beneficiary Purchase, with a Borrowing Base Certificate conforming to the requirements of the Receivables Financing Agreements showing that the Aggregate Loan Amount will not exceed the Borrowing Base after giving effect to such Initial Beneficiary Purchase (and corresponding reduction in the Aggregate Loan Amount) and the applicable reallocation of Closed-End Assets to such Reference Pool.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The obligation of the Closed-End Administrative Agent to authenticate any Closed-End Exchange Note and to acknowledge and deliver the related Exchange Note Supplement is subject to the delivery to the Closed-End Administrative Agent of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) notice from the Borrower (with a copy to the Deal Agent) specifying the Exchange Note Issuance Date, to be provided at least two (2) Business Days before the Exchange Note Issuance Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Exchange Note Supplement, executed by each party thereto other than the Closed-End Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a Collateral Agency Accession Agreement and Joinder Agreement to the Intercreditor Agreement, in each case executed by the Person that will ultimately acquire (through one or more intermediate Persons) the Closed-End Exchange Note from the Initial Beneficiary on the Exchange Note Issuance Date); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) an Officer's Certificate from the Borrower that all conditions precedent to the authentication and delivery of such Closed-End Exchange Note or Closed-End Exchange Notes, as applicable, have been satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Following satisfaction of the conditions set forth in **<u>Section 6.4(b)</u>**, the Closed-End Administrative Agent will (i) acknowledge the Exchange Note Supplement and (ii)

41 *Collateral Agency Agreement*

authenticate and deliver one or more Closed-End Exchange Notes, as applicable, in the form, with an Exchange Note Balance and with the other terms specified in such Exchange Note Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No Closed-End Exchange Note will be entitled to any benefit under this Collateral Agency Agreement or any Exchange Note Supplement or be valid for any purpose, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the conditions precedent to the issuance of such Closed-End Exchange Note set forth in this Collateral Agency Agreement and in the related Exchange Note Supplement have been satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a certificate of authentication appears on such Closed-End Exchange Note; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) such certificate of authentication is substantially in the form provided for with respect to such Closed-End Exchange Note and is executed by the Closed-End Administrative Agent by the manual or facsimile signature of one of its authorized signatories.

The certificate of authentication appearing upon any Closed-End Exchange Note will be conclusive evidence, and the only evidence, that such Closed-End Exchange Note has been duly authenticated and delivered under this Collateral Agency Agreement.

Notwithstanding the foregoing, the Closed-End Administrative Agent shall not be authorized, permitted or obligated to authenticate any Closed-End Exchange Note, or to acknowledge and deliver the related Exchange Note Supplement, if the Closed-End Administrative Agent has received notice from the Deal Agent to the effect that the conditions set forth in **<u>Section 6.4(a)</u>** have not been satisfied, unless such notice has been subsequently rescinded (such rescission to occur only upon notice of the Deal Agent to the Closed-End Administrative Agent). The Deal Agent agrees for the benefit of the Borrower that shall not deliver a notice of the type described in the immediately preceding sentence unless the Deal Agent has concluded in good faith following, reasonable investigation, there has been a failure of the conditions set forth in **<u>Section 6.4(a)</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each Closed-End Exchange Note will state that (i) any claim that the applicable Exchange Noteholder may seek to enforce at any time against the Borrower will be limited in recourse to the assets included in the related Reference Pool, (ii) if, notwithstanding **<u>clause (i)</u>**, the Exchange Noteholder of such Closed-End Exchange Note is deemed to have any claim against the assets of the Borrower other than the assets described in **<u>clause (i)</u>**, such claim will be subordinate to the payment in full, including post-petition interest, of the claims of the Warehouse Facility Secured Parties and to the holders of all other Closed-End Exchange Notes with respect to such assets and (iii) such recitation constitutes an enforceable subordination agreement for purposes of Section 510(a) of the Bankruptcy Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Initial Beneficiary hereby releases all claims that it may have under the securities laws or otherwise against the Deal Agent or the Warehouse Facility Secured Parties with respect to any Initial Beneficiary Purchase, Initial Beneficiary Advance or the other transactions contemplated by this **<u>Article VI</u>**.

42 *Collateral Agency Agreement*

**Section 6.5** <u>Registration; Registration of Transfer and Exchange.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower will cause to be kept a register (the "**<u>Exchange Note Register</u>**") in which, subject to such reasonable regulations as it may prescribe, the Borrower will provide for the registration of Closed-End Exchange Notes and the registration of transfers of Closed-End Exchange Notes. The Closed-End Administrative Agent initially will be the "**<u>Exchange Note Registrar</u>**" and will keep the Exchange Note Register, as agent for and on behalf of the Borrower, for the purpose of the registration and transfer of Closed-End Exchange Notes as provided in this Collateral Agency Agreement. Upon any resignation of the Exchange Note Registrar, the Borrower will promptly appoint a successor or, if it elects not to make such an appointment, assume the duties of Exchange Note Registrar. If a Person other than the Closed-End Administrative Agent is appointed by the Borrower as Exchange Note Registrar, (i) the Borrower will give the Closed-End Administrative Agent prompt notice of the appointment of such Exchange Note Registrar and of the location, and any change in the location, of the Exchange Note Register, (ii) the Closed-End Administrative Agent will have the right to inspect the Exchange Note Register at all reasonable times and to obtain copies of the Exchange Note Register, and (iii) the Closed-End Administrative Agent will have the right to rely upon a certificate executed on behalf of such Exchange Note Registrar by an Authorized Officer of the Exchange Note Registrar as to the names and addresses of the Exchange Noteholders and the principal amounts and number of such Closed-End Exchange Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon surrender for registration of transfer of any Closed-End Exchange Note, if the requirements of Section 8-401(a) of the UCC are met, the Borrower will execute, and the Closed-End Administrative Agent will authenticate and will deliver to the related Exchange Noteholder, in the name of the designated transferee or transferees, a new Closed-End Exchange Note in the same aggregate principal amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Closed-End Exchange Note issued upon any registration of transfer or exchange of a Closed-End Exchange Note will be the valid obligation of the Borrower, evidencing the same debt, and entitled to the same benefits under this Collateral Agency Agreement and the related Exchange Note Supplement, as the Closed-End Exchange Note surrendered upon such registration of transfer or exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Every Closed-End Exchange Note presented or surrendered for registration of transfer or exchange will be accompanied by a transferee representation letter substantially in the form of **<u>Exhibit D</u>** (with such changes therein as may be approved by the Closed-End Servicer), signed by the proposed transferee, and such other documents or evidence from the Exchange Noteholder proposing to make such transfer, or from the proposed transferee, as the Closed-End Administrative Agent may require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Neither the Borrower nor the Closed-End Administrative Agent will impose a service charge on an Exchange Noteholder for any registration of transfer or exchange of a Closed-End Exchange Note, but the Borrower may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of a Closed-End Exchange Note. Notwithstanding the foregoing, in no event will the Deal Agent or the Warehouse Facility Lenders be obligated to pay any such amounts in connection with the issuance of Closed-End Exchange Notes.

43 *Collateral Agency Agreement*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) By acceptance of any Closed-End Exchange Note, the Exchange Noteholder thereof (excluding for this purpose the Deal Agent or any Warehouse Facility Lender) agrees with and represents to the Borrower and the Closed-End Administrative Agent, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no Transfer of such Closed-End Exchange Note will be made unless the registration requirements of the Securities Act are complied with, or such transfer is exempt from the registration requirements under the Securities Act, and only to either (A) a "qualified institutional buyer" as defined in Rule 144A under the Securities Act, (B) an institutional accredited investor as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act or (C) the Initial Beneficiary or its Affiliates in a transaction exempt from the registration requirements of the Securities Act and, in each case, such transfer is in accordance with any applicable State securities laws, and the transferee executes and delivers to the Closed-End Administrative Agent a transferee representation letter substantially in the form of **<u>Exhibit D</u>**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) either (A) it is not, and is not acquiring and holding such Closed-End Exchange Notes on behalf of, a Plan or a governmental or church plan that is subject to Section 406 of ERISA or Section 4975 of the Code or to any federal, state, foreign or local law that is substantially similar to the prohibited transaction provisions of Section 406 of ERISA or Section 4975 of the Code or (B) its acquisition and holding of such Closed-End Exchange Note throughout the period that it holds such Closed-End Exchange Note will not result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code (or, in the case of a governmental or church plan, a violation of any similar federal, state, foreign or local law). In addition, if the holder is, or is acting on behalf of, a Plan, the fiduciaries of such Plan represent and warrant that they have been informed of and understand the Borrower's investment objectives, policies and strategies and that the decision to invest such Plan's assets in such Closed-End Exchange Note was made with appropriate consideration of relevant investment factors with regard to such Plan and is consistent with the duties and responsibilities imposed upon fiduciaries with regard to their investment decisions under ERISA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) none of the Borrower, the Closed-End Administrative Agent or any other Person is under an obligation to register any Closed-End Exchange Note under the Securities Act or any State securities laws. Each Closed-End Exchange Note will bear a legend to the following effect unless determined otherwise by the Closed-End Servicer (as certified to the Closed-End Administrative Agent in an Officer's Certificate):

"THIS CLOSED-END EXCHANGE NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR UNDER ANY SECURITIES OR BLUE SKY LAW OF ANY STATE OF THE UNITED STATES. THE HOLDER HEREOF, BY PURCHASING THIS CLOSED-END EXCHANGE NOTE, AGREES THAT THIS CLOSED-END EXCHANGE NOTE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (1) TO A "QUALIFIED INSTITUTIONAL BUYER" WITHIN THE MEANING THEREOF IN RULE 144A UNDER THE SECURITIES ACT, (2) TO AN INSTITUTIONAL "ACCREDITED INVESTOR" WITHIN THE MEANING THEREOF IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR

44 *Collateral Agency Agreement*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) TO THE INITIAL BENEFICIARY OR ITS AFFILIATES, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED STATES AND SECURITIES AND BLUE SKY LAWS OF THE STATES OF THE UNITED STATES, AND SUBJECT TO THE RECEIPT BY THE CLOSED-END ADMINISTRATIVE AGENT OF SUCH OTHER EVIDENCE ACCEPTABLE TO THE CLOSED-END ADMINISTRATIVE AGENT THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS;" and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) As a condition to the registration of any sale, transfer, assignment, participation, pledge or other disposition (each, a "**<u>Transfer</u>**") of a Closed-End Exchange Note, the prospective transferee of such Closed-End Exchange Note will be required to represent to the Borrower and the Closed-End Administrative Agent, the following, unless determined otherwise by the Closed-End Servicer (as certified to the Closed-End Administrative Agent in an Officer's Certificate):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) It understands that no subsequent Transfer of the Closed-End Exchange Note is permitted unless it causes its proposed transferee to provide to the Closed-End Administrative Agent and the Borrower a transferee representation letter substantially in the form of **<u>Exhibit D</u>** (with such changes therein as may be approved by the Closed-End Servicer), or such other statement as the Borrower may require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) It understands that any purported Transfer of a Closed-End Exchange Note (or any interest therein) in contravention of any of the restrictions and conditions contained in this **<u>Section 6.5</u>** will be null and void, and the purported transferee in any such purported Transfer will not be recognized by the Borrower or any other Person as an Exchange Noteholder for any purpose.

**Section 6.6** <u>Mutilated, Destroyed, Lost or Stolen Closed-End Exchange Notes.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If (i) any mutilated Closed-End Exchange Note is surrendered to the Closed-End Administrative Agent, or the Closed-End Administrative Agent receives evidence to its satisfaction of the destruction, loss or theft of any Closed-End Exchange Note, and (ii) there is delivered to the Closed-End Administrative Agent such security or indemnity as may be required by it to hold the Borrower and the Closed-End Administrative Agent harmless, then, in the absence of notice to the Borrower, the Exchange Note Registrar or the Closed-End Administrative Agent that such Closed-End Exchange Note has been acquired by a protected purchaser, as defined in Section 8-303 of the UCC (a "**<u>Protected Purchaser</u>**"), and provided that the requirements of Section 8-405 of the UCC are met, the Borrower will execute, and the Closed-End Administrative Agent will authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Closed-End Exchange Note, a replacement Closed-End Exchange Note, except that if any such destroyed, lost or stolen Closed-End Exchange Note (but not a mutilated Closed-End Exchange Note) is due and payable within 7 days or has been called for redemption, instead of issuing a replacement Closed-End Exchange Note, the Borrower may pay such destroyed, lost or stolen Closed-End Exchange Note when so due or payable or upon the Exchange Note Redemption Date applicable to such Closed-End Exchange Note without surrender of

45 *Collateral Agency Agreement*

such Closed-End Exchange Note. If, after the delivery of such replacement Closed-End Exchange Note or payment of a destroyed, lost or stolen Closed-End Exchange Note pursuant to the preceding sentence, a Protected Purchaser of the original Closed-End Exchange Note in lieu of which such replacement Closed-End Exchange Note was issued (or such payment made) presents for payment such original Closed-End Exchange Note, the Borrower and the Closed-End Administrative Agent will be entitled to recover such replacement Closed-End Exchange Note (or such payment) from the Person to whom it was delivered or any Person taking such replacement Closed-End Exchange Note (or such payment) from such Person to whom such replacement Closed-End Exchange Note (or such payment) was delivered or any assignee of such Person, except a Protected Purchaser, and will be entitled to recover upon the security or indemnity provided for such replacement Closed-End Exchange Note (or such payment) to the extent of any cost, expense, loss, damage, claim or liability incurred by the Borrower or the Closed-End Administrative Agent in connection with such replacement Closed-End Exchange Note (or such payment).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon the issuance of any replacement Closed-End Exchange Note under this **<u>Section 6.6</u>**, the Borrower may require the payment by the Exchange Noteholder of such Closed-End Exchange Note of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation to such replacement Closed-End Exchange Note and any other reasonable expenses of the Borrower and/or the Closed-End Administrative Agent in connection with such replacement Closed-End Exchange Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Every replacement Closed-End Exchange Note issued pursuant to this **<u>Section 6.6</u>** will constitute an original additional contractual obligation of the Borrower, whether or not the mutilated, destroyed, lost or stolen Closed-End Exchange Note is enforceable by anyone and, except as provided in this Collateral Agency Agreement, will be entitled to all the benefits of this Collateral Agency Agreement equally and proportionately with any and all other Closed-End Exchange Notes duly issued under this Collateral Agency Agreement and the related Exchange Note Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The provisions of this **<u>Section 6.6</u>** are exclusive and preclude, to the extent lawful, all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Closed-End Exchange Notes.

**Section 6.7** <u>Payment of Principal of and Interest on the Closed-End Exchange Notes.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Closed-End Exchange Note will accrue interest at the applicable Exchange Note Interest Rate, and such interest will be due and payable, in an amount equal to the applicable Exchange Note Interest Amount, on each applicable Closed-End Exchange Note Payment Date. Interest and principal on the Closed-End Exchange Notes will be paid by wire transfer in immediately available funds, to the account of such Exchange Noteholder (as designated by such Exchange Noteholder to the Exchange Note Registrar on or prior to the date such payment is to be made), except that the final installment of principal payable with respect to such Closed-End Exchange Note on a Closed-End Exchange Note Payment Date, an Exchange Note Redemption Date or the Final Scheduled Payment Date will be payable in accordance with **<u>Section 6.5(b)</u>**. Amounts withheld under the Code or any State or local tax law by any Person from a payment to any Exchange Noteholder of interest and/or principal will be considered as having been paid by the Borrower to such Exchange Noteholder for all purposes of this Collateral Agency Agreement and the related Exchange Note Supplement.

46 *Collateral Agency Agreement*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The principal of each Closed-End Exchange Note will be payable in accordance with **<u>Article X</u>** and the related Exchange Note Supplement. Principal payments will be due on each Closed-End Exchange Note on each Closed-End Exchange Note Payment Date in the amount set forth in the applicable Exchange Note Supplement. The entire outstanding Exchange Note Balance of each Closed-End Exchange Note will become due and payable on the Final Scheduled Payment Date with respect to such Closed-End Exchange Note. Notwithstanding the foregoing, the entire unpaid Exchange Note Balance of any Closed-End Exchange Note will be due and payable on the date on which an Exchange Note Default with respect to such Closed-End Exchange Note has occurred and is continuing, if the applicable Exchange Noteholder has declared such Closed-End Exchange Note to be immediately due and payable in the manner provided in **<u>Section 8.7(c)</u>**. The final installment of principal of each Closed-End Exchange Note will be payable only upon presentation and surrender of such Closed-End Exchange Note to the Exchange Note Registrar.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the applicable Monthly Exchange Note Report (a copy of which has been delivered to the Closed-End Administrative Agent) indicates that funds are expected to be available for payment in full of the then remaining unpaid principal amount of a Closed-End Exchange Note on a Closed-End Exchange Note Payment Date, then the Closed-End Administrative Agent will notify the applicable Exchange Noteholder of the date on which the Borrower expects that the final installment of principal of and interest on such Closed-End Exchange Note will be paid not later than 5 days prior to such date. Such notice will specify that such final installment will be payable only upon presentation and surrender of such Closed-End Exchange Note and will specify the place where such Closed-End Exchange Note may be presented and surrendered for payment of such installment.

**Section 6.8** <u>Cancellation of Closed-End Exchange Notes.</u>

In connection with an optional redemption or payment in full of a Closed-End Exchange Note pursuant to the applicable Servicing Supplement or Exchange Note Supplement, the Exchange Noteholder, by notice to the Borrower, the Closed-End Servicer, the Closed-End Collateral Agent and the Closed-End Administrative Agent, may request that the Borrower cancel the Closed-End Exchange Note. Upon such request, the Borrower will, pursuant to this **<u>Section 6.8</u>**, cancel the Closed-End Exchange Note and, upon cancellation, if no other Closed-End Exchange Notes related to such Reference Pool are Outstanding, the applicable Reference Pool will be deemed to no longer exist and the Closed-End Units included in such Reference Pool will be deemed to be (without further action of any Person) reallocated to the Warehouse Facility Pool.

**ARTICLE VII<u><br> RELEASE OF COLLATERAL; Allocation of collateral</u>**

**Section 7.1** <u>Release of Collateral Upon Satisfaction of Certain Secured Obligations.</u>

Upon receipt by the Closed-End Collateral Agent of Officer's Certificates from each Secured Party stating that (a) all Secured Obligations owed (or deemed owed) to such Secured Party have been paid in full and, if applicable (b) its Commitment has been terminated, the Closed-End Collateral Agent shall (provided that the Borrower shall have made adequate provision for the reasonable expenses of the Closed-End Collateral Agent associated with such release of Collateral and all other amounts payable to the Collateral Agent under this Collateral Agency Agreement and the other Basic Documents) (i) execute and deliver to the Borrower such documents (including UCC termination statements) as shall

47 *Collateral Agency Agreement*

be necessary to release all of the Collateral from the liens or security interest evidenced by the Collateral Documents, which documents shall be prepared by the Borrower and approved by the Closed-End Collateral Agent and (ii) deliver or cause to be delivered to the Borrower, without any representation, warranty or recourse of any kind whatsoever, all property, including all moneys, instruments and securities, of the Borrower then held by the Closed-End Collateral Agent.

**Section 7.2** <u>Effect of Release of Collateral.</u>

Upon the effectiveness of the release of the Collateral pursuant to **<u>Section 7.1</u>**, all right, title and interest of the Closed-End Collateral Agent and the Secured Parties in, to and under the Collateral and the Collateral Documents shall terminate and shall revert to the Borrower, its successors and assigns, and the estate, right, title and interest of the Closed-End Collateral Agent therein shall thereupon cease, terminate and become void. The cancellation and satisfaction of such right, title and interest shall be without prejudice to the rights of the Closed-End Collateral Agent or any successor Closed-End Collateral Agent to charge and be reimbursed for any expenditures that it may thereafter incur in connection therewith.

**Section 7.3** <u>No Recourse.</u>

Any release granted by the Closed-End Collateral Agent pursuant to this **<u>Article VII</u>** shall be without recourse to the Closed-End Collateral Agent.

**Section 7.4** <u>Designation of Wind-Down Pool.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ***<u>Designation of the Wind-Down Pool</u>***. On the fifth (5<sup>th</sup>) Business Day prior to the Scheduled Commitment Termination Date for any Warehouse Facility with respect to which either (i) the Borrower shall not have requested an extension or (ii) the Alternate Lender under such Warehouse Facility shall not, prior to such date, have provided the Borrower with written notice of its acceptance of Borrower's request for an extension, if any, and so long as no Warehouse Facility Termination Event shall have occurred and be continuing, and subject to the conditions specified in this **<u>Section 7.4</u>**, the Closed-End Servicer will designate, by notice to the Closed-End Collateral Agent in substantially the form set forth as **<u>Exhibit H</u>** and in accordance with **<u>Section 7.4(b)</u>** (each such notice, a "**<u>Wind-Down Pool Reallocation Notice</u>**"), a portion of the Closed-End Units included in the Warehouse Facility Pool as the "**<u>Wind-Down Pool</u>**" with respect to the Warehouse Facility Note related to such Warehouse Facility (the "**<u>Wind-Down Note</u>**"). Upon the effectiveness of such designation, Closed-End Units designated as being included in the applicable Wind-Down Pool will no longer be part of the Revolving Pool and will not be available to be part of any other Wind-Down Pool until such applicable Wind-Down Note has been repaid in full. Each Wind-Down Note will be payable solely from Closed-End Collections on the Closed-End Units in the related Wind-Down Pool in accordance with the priorities set forth in **<u>Article X</u>** and the applicable Receivables Financing Agreement. For purposes of determining the amount and portion of Closed-End Collections that are applicable to any Wind-Down Pool, the Closed-End Units included in such Wind-Down Pool will be deemed to have been included in such Wind-Down Pool from and after the Wind-Down Date specified in the Wind-Down Pool Reallocation Notice that designates such Wind-Down Pool.

Each Wind-Down Pool Reallocation Notice will include the following information:

48 *Collateral Agency Agreement*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The applicable Wind-Down Pool to which such Closed-End Assets are to be reallocated; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the applicable Wind-Down Date, which shall also be (A) the effective date as of which the applicable Closed-End Units are to be reallocated to the applicable Wind-Down Pool and (B) the date as of which all Closed-End Collections on such assets will be applied as Wind-Down Pool Collections with respect to the Wind-Down Pool to which such assets are to be reallocated.

Subject to the conditions set forth in the next sentence, and as of the Wind-Down Date set forth in the applicable Wind-Down Pool Reallocation Notice, the Closed-End Assets identified therein will be reallocated to the applicable Wind-Down Pool set forth in the Wind-Down Pool Reallocation Notice. Each such reallocation pursuant to this **<u>subsection (a)</u>** shall be subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) as of such Wind-Down Date, no Warehouse Facility Termination Event or Unmatured Warehouse Facility Termination Event (other than an
Unmatured Warehouse Facility Termination Event relating to a Termination Event described in clause (ii) in the parenthetical set
forth in clause (b) of the definition of Warehouse Facility Termination Event in the Receivables Financing Agreement for the applicable
Wind-Down Facility) shall have occurred and be continuing, or would occur as a result of such reallocation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the Borrower shall have delivered to the Deal Agent and each Warehouse Facility Agent (1) an Officer's Certificate, which
includes reasonably detailed calculations supporting the statements therein, to the effect that the conditions set forth in  **<u>clause (A)</u>** , above, and  **<u>clauses (D)</u>** and  **<u>(E)</u>** , below, have, in each case, been satisfied, and (2) a
Borrowing Base Certificate conforming to the requirements of the Receivables Financing Agreements showing that the Aggregate Loan Amount
will not exceed the Borrowing Base after giving effect to such reallocation (and consequent reduction of the Aggregate Loan Amount) to
occur in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the Outstanding Principal Balance of the Closed-End Assets allocated to the Wind-Down Pool shall be sufficient to ensure that the
outstanding principal balance under the applicable Wind-Down Warehouse Facility as of the Wind-Down Date shall be no greater than the
applicable Wind-Down Borrowing Base;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) in selecting the Closed-End Assets for allocation to a Wind-Down Pool, the Closed-End Servicer shall employ no Adverse Selection Criteria;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) the Closed-End Servicer shall select Closed-End Assets for allocation to a Wind-Down Pool on a random basis;  **<u>provided</u>** ,  **<u>however</u>** ,  **<u>that</u>** with respect to any Specified Parameter, in no event will the fraction, expressed as a percentage,
(1) the numerator of which is equal to the absolute value of the difference between (a) such Specified Parameter computed with
respect to the Closed-End Assets included in the Warehouse Facility Pool minus (b) such Specified Parameter computed with respect
to the Closed-End Assets included in such Wind-Down Pool and (2) the denominator of which is equal to such Specified Parameter computed
with respect to the Closed-End Assets included in such Warehouse Facility Pool, measured in each case as of the related Wind-Down Date,
be greater than the Permitted Variance for such Specified Parameter; and

49 *Collateral Agency Agreement*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) as of the Wind-Down Date, the Borrower has complied with  **<u>Section 9.1(j)</u>** of each Receivables Financing Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***<u>Identification of Assets</u>***. In identifying Closed-End Assets in the Warehouse Facility Pool to be allocated to any Wind-Down Pool, the Closed-End Servicer will identify to the Closed-End Collateral Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Closed-End Leases by account number;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Closed-End Vehicles by vehicle identification number; and

any other assets included in the Warehouse Facility Pool by such description in such form that will permit the Closed-End Collateral Agent to identify such assets separately from any other Closed-End Assets.

**Section 7.5** <u>Reallocation of Assets from Wind-Down Pool.</u>

Following payment in full of all Secured Obligations owed (or deemed owed) to any Wind-Down Lender, the Closed-End Assets included in the related Wind-Down Pool shall automatically, without further action by any party, be reallocated to the Revolving Pool; **<u>provided</u>**, **<u>however</u>**, **<u>that</u>** the Closed-End Servicer may elect, by delivery of a Reference Pool Reallocation Notice in accordance with **<u>Section 6.2(b)</u>**, copies of which Reference Pool Reallocation Notice will be provided to the Deal Agent and each Warehouse Facility Agent, to have the Closed-End Assets included in such Wind-Down Pool reallocated, following payment in full of such Secured Obligations, to the Reference Pool designated in such Reference Pool Reallocation Notice (**<u>provided</u>**, **<u>however</u>**, **<u>that</u>**, for the avoidance of doubt, such reallocation pursuant to this **<u>Section 7.5</u>** shall not be contingent on the conditions listed in **<u>subclauses (A)</u>** through **<u>(D)</u>** of **<u>Section 6.2(b))</u>**.

**ARTICLE VIII<u><br> REMEDIES</u>**

**Section 8.1** <u>Default Notice.</u>

After any Secured Party (or the Deal Agent on behalf of any Warehouse Facility Secured Party) has given the Closed-End Collateral Agent a Default Notice (and so long as such Default Notice has not been withdrawn), the Required Secured Parties with respect thereto (or the Deal Agent on behalf of the Required Warehouse Lenders in the case of a Default Notice in respect of a Warehouse Facility) may direct the Closed-End Collateral Agent to take any action the Closed-End Collateral Agent is permitted to take after delivery of a Default Notice (or after the occurrence of the Warehouse Facility Termination Event or Exchange Note Default giving rise to such Default Notice) under applicable law, this Collateral Agency Agreement or any Receivables Financing Agreement, Exchange Note Supplement or Collateral Document, and, subject to **<u>Section 8.13</u>**, upon receiving such direction, the Closed-End Collateral Agent shall forthwith commence such action. The Deal Agent or the Secured Party that delivered a Default Notice shall be entitled to withdraw the Default Notice by delivering written notice of such withdrawal to the Closed-End Collateral Agent (i) before the Closed-End Collateral Agent takes any action to exercise any remedy with respect to the Collateral, or (ii) thereafter, if the Secured Parties

50 *Collateral Agency Agreement*

indemnify the Closed-End Collateral Agent with respect to all reasonable costs and expenses incurred by the Closed-End Collateral Agent in connection with reversing all actions the Closed-End Collateral Agent has taken to exercise any remedy or remedies with respect to the Collateral. Nothing in this **<u>Section 8.1</u>** is intended to modify the rights that the Closed-End Collateral Agent has by law or under this Collateral Agency Agreement or any other agreement for the benefit of the Secured Parties with respect to the Borrower or the Collateral, but rather is intended to provide a mechanism for the enforcement of such rights and performance of incidental actions.

**Section 8.2** <u>Remedies Generally.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the extent permitted by applicable law and the Security Agreement, the Borrower hereby waives presentment, demand, protest or any notice of any kind in connection with this Collateral Agency Agreement, any Collateral, each Closed-End Exchange Note and each other instrument issued pursuant to any Receivables Financing Agreement or Exchange Note Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower hereby irrevocably constitutes and appoints the Closed-End Collateral Agent and any officer or agent thereof, with full power of substitution, as its true and lawful attorney-in-fact with full power and authority in the name of the Borrower, from time to time in the Closed-End Collateral Agent's discretion, for the purpose of carrying out the terms of this Collateral Agency Agreement and the Collateral Documents, to take any and all appropriate action and to execute any and all documents and instruments that may be necessary or desirable to accomplish the purposes hereof and thereof and, without limiting the generality of the foregoing, hereby gives the Closed-End Collateral Agent the power and right on behalf of the Borrower, without notice to or assent by the Borrower, to do the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) ask for, demand, sue for, collect, receive and/or give acquittance for any and all money due or to become due upon or by virtue hereof and thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) receive, take, endorse, assign and/or deliver any and all checks, notes, drafts, acceptances, documents and/or other negotiable and non-negotiable instruments and chattel paper taken or received by the Closed-End Collateral Agent in connection herewith and therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) commence, file, prosecute, defend, settle, compromise or adjust any claim, suit, action or proceeding with respect hereto and thereto or in connection herewith and therewith, in each case relating to the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) sell, transfer, assign and/or otherwise deal in or with the Collateral or any part thereof as fully and effectually as if the Closed-End Collateral Agent were the absolute owner thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) make demands, give consents and releases, and/or exercise any other rights contemplated and/or permitted by the Collateral Documents;

51 *Collateral Agency Agreement*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) do, at its option and at the expense and for the account of the Borrower, at any time and from time to time, all acts and things that the Closed-End Collateral Agent deems necessary to protect or preserve the Collateral and to realize upon the Collateral; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) in the circumstances described in **<u>clause (d)</u>** below, perform the affirmative obligations of the Borrower hereunder;

**<u>provided</u>**, **<u>however</u>**, **<u>that</u>**, the Closed-End Collateral Agent will not take any of the actions described in **<u>clauses (i)</u>** through **<u>(vi)</u>** unless the Closed-End Collateral Agent has received (A) a Default Notice or (B) a notice of unmatured default under, or with respect to, any Warehouse Facility or Closed-End Exchange Note arising from either (1) a failure to pay timely principal and interest with respect thereto or (2) the bankruptcy or insolvency of the Borrower or Closed-End Servicer, in either case from a Warehouse Facility Lender (and only for so long as such Default Notice or other notice has not been withdrawn).

The Borrower acknowledges that the foregoing power of attorney is coupled with an interest and is irrevocable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon receipt of a Default Notice, but subject to this **<u>Article VIII</u>**, (i) the Closed-End Collateral Agent shall have the right and power to institute and maintain such suits and proceedings as it or the Required Secured Parties (or, if the Required Warehouse Lenders constitute the Required Secured Parties, the Deal Agent on their behalf) may deem appropriate to protect and enforce the rights vested in it by this Collateral Agency Agreement and each Collateral Document and (ii) the Closed-End Collateral Agent may proceed by suit or suits at law or in equity to enforce such rights, foreclose upon the Collateral and/or sell all or any of the Collateral under the judgment or decree of a court of competent jurisdiction, <u>provided</u> that nothing in this **<u>Section 8.2</u>** shall be construed to impose a duty on the Closed-End Collateral Agent to take any discretionary action without first receiving direction from the Required Secured Parties (or, if the Required Warehouse Lenders constitute the Required Secured Parties, the Deal Agent on their behalf).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If at any time the Borrower fails to perform any agreement contained herein or in any Collateral Document, the Closed-End Collateral Agent may, after not less than five Business Days' notice to the Borrower of its intent to do so, itself perform, or cause the performance of, such agreement, and the reasonable expenses of the Closed-End Collateral Agent incurred in connection therewith shall be payable by the Borrower pursuant to **<u>Section 2.3</u>**.

**Section 8.3** <u>Appointment of a Receiver.</u>

If a receiver of the Collateral shall be appointed in judicial proceedings, the Closed-End Collateral Agent or the Closed-End Administrative Agent may be appointed as such receiver. Notwithstanding the appointment of a receiver, the Closed-End Collateral Agent and the Closed-End Administrative Agent shall be entitled to retain possession and control of all cash held by or deposited with it or its agents pursuant to any provision of this Collateral Agency Agreement or any Collateral Document.

52 *Collateral Agency Agreement*

**Section 8.4** <u>Exercise of Powers.</u>

All of the powers, remedies and rights of the Closed-End Collateral Agent as set forth in this Collateral Agency Agreement may be exercised by the Closed-End Collateral Agent in respect of any Collateral Document as though set forth at length therein and all the powers, remedies and rights of the Closed-End Collateral Agent and the Secured Parties as set forth in any Collateral Document may be exercised from time to time as herein and therein specified, provided that nothing in this Section shall be construed to impose a duty on the Closed-End Collateral Agent to take any discretionary action without first receiving direction from the Required Secured Parties (or, if the Required Warehouse Lenders constitute the Required Secured Parties, the Deal Agent on their behalf).

**Section 8.5** <u>Actions of the Collateral Agent Upon Default.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to **<u>Section 8.13</u>**, if the Closed-End Collateral Agent shall have received a Default Notice:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Closed-End Collateral Agent shall take such action as is required by this **<u>Article VIII</u>** and take such other action as the Required Secured Parties (or, if the Required Warehouse Lenders constitute the Required Secured Parties, the Deal Agent on their behalf) shall request in writing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Closed-End Collateral Agent shall follow the written directions of the Required Secured Parties (or, if the Required Warehouse Lenders constitute the Required Secured Parties, the Deal Agent on their behalf) with respect to the time, method and place of taking any action required by the preceding **<u>clause (i)</u>** or, if no such direction is provided, then the Closed-End Collateral Agent may take such action in the manner it deems advisable in order to protect the interests of the Secured Parties, **<u>provided</u>** that nothing in this Section shall be construed to impose a duty on the Closed-End Collateral Agent to take any discretionary action without first receiving direction from the Required Secured Parties (or, if the Required Warehouse Lenders constitute the Required Secured Parties, the Deal Agent on their behalf).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Nothing in this **<u>Section 8.5</u>** shall impair the right of the Closed-End Collateral Agent in its discretion to take or omit to take any action deemed proper by the Closed-End Collateral Agent and which action or omission is not inconsistent with the direction of the Required Secured Parties (or, if the Required Warehouse Lenders constitute the Required Secured Parties, the Deal Agent on their behalf); **<u>provided</u>**, **<u>however</u>**, **<u>that</u>**, the Closed-End Collateral Agent shall not be under any obligation to take any action that is left to the discretion of the Closed-End Collateral Agent under the provisions hereof without the prior written direction of the Required Secured Parties (or, if the Required Warehouse Lenders constitute the Required Secured Parties, the Deal Agent on their behalf) without first being reasonably satisfied that it is or will be duly indemnified for any loss, costs or damage caused by, or in connection with, its taking such action (except any loss, costs or damage caused by its own gross negligence or willful misconduct) or that could reasonably be expected to subject the Closed-End Collateral Agent to liability against which indemnity would not be satisfactory.

53 *Collateral Agency Agreement*

**Section 8.6** <u>Warehouse Facility Remedies.</u>

Without limiting the generality of **<u>Section 8.5</u>**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Following the occurrence and during the continuation of a Facility Servicer Event of Default or a Warehouse Facility Servicer Default, the Required Warehouse Lenders may direct the Deal Agent to terminate the rights and obligations of the Closed-End Servicer and appoint a new Person acceptable to the Required Warehouse Lenders to perform the duties of Closed-End Servicer under the Closed-End Servicing Agreement, all in accordance with and subject to **<u>Article VIII</u>** of the Closed-End Servicing Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) after the Closed-End Collateral Agent has received a Default Notice (that has not been withdrawn), the Required Warehouse Lenders (or the Deal Agent on their behalf) may direct the Closed-End Collateral Agent to give notice to the Company Account Bank, as provided in the Company Account Agreement, of the exercise by the Closed-End Collateral Agent of exclusive dominion and control over the Company Account; **<u>provided</u>**, **<u>however</u>**, **<u>that</u>**, any such notice may be given only pursuant to and in accordance with the terms of, and procedures set forth in, the Company Account Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) after the Closed-End Collateral Agent has taken control of the Company Account in the manner set forth in **<u>Section 8.6(b)</u>**, the Closed-End Collateral Agent shall direct the Company Account Bank to withdraw from the Company Account, and deposit into the Lease Funding Account, all Closed-End Collections with respect to the Warehouse Facility Pool that are on deposit in the Company Account. The Closed-End Administrative Agent shall apply such amounts in accordance with the terms of this Collateral Agency Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) after the Closed-End Collateral Agent has received a Default Notice (that has not been withdrawn), the Required Warehouse Lenders (or the Deal Agent on their behalf) may direct the Closed-End Collateral Agent to give notice to the Lease Funding Account Bank, as provided in the Lease Funding Account Agreement, of the exercise by the Closed-End Collateral Agent of exclusive dominion and control over the Lease Funding Account; **<u>provided</u>**, **<u>however</u>**, **<u>that</u>**, any such notice may be given only pursuant to and in accordance with the terms of, and procedures set forth in, the Lease Funding Account Agreement.

**Section 8.7** <u>Exchange Note Defaults.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ***<u>Events Constituting Exchange Note Default</u>*.** Except to the extent otherwise provided in the related Exchange Note Supplement, any of the following events or occurrences with respect to any Closed-End Exchange Note will constitute an "**<u>Exchange Note Default</u>**," solely with respect to such Closed-End Exchange Note:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *<u>Failure to Pay Principal</u>*. The Borrower fails to pay or cause to be paid any principal of such Closed-End Exchange Note on the applicable Final Scheduled Payment Date and, if such failure is due to an administrative omission, mistake or technical

54 *Collateral Agency Agreement*

difficulty, such failure continues for five (5) Business Days after the date when such principal became due or such other length of time as specified in the Exchange Note Supplement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *<u>Failure to Pay Interest</u>*. The Borrower fails to pay or cause to be paid any part of the Exchange Note Interest Amount, as specified in the Exchange Note Supplement, when due, and such failure continues for five (5) Business Days after the due date or such other length of time as specified in the Exchange Note Supplement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *<u>Breach of Covenant</u>*. There is a default in the observance or performance of any covenant or agreement of the Borrower made in this Collateral Agency Agreement or the related Exchange Note Supplement (other than a covenant or agreement, a default in the observance or performance of which is specifically covered by another Exchange Note Default), the Exchange Noteholders of such Closed-End Exchange Note are materially and adversely affected by such default and such default is not cured (x) on or before the 60th day after the Borrower has received a notice from such Exchange Noteholders that states that it is a "Notice of Exchange Note Default" and specifies the default or (y) within the period specified in the related Exchange Note Supplement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) *<u>Breach of Representation or Warranty</u>*. Any representation or warranty of the Borrower made in this Collateral Agency Agreement, the Exchange Note Supplement or in any certificate or other document delivered in connection with this Collateral Agency Agreement or the related Exchange Note Supplement with respect to such Closed-End Exchange Note proves to have been incorrect as of the time made, the Exchange Noteholders of such Closed-End Exchange Note are materially and adversely affected by such incorrectness and such incorrectness is not cured (x) on or before the 60th day after the Borrower has received a notice from such Exchange Noteholders that states that it is a "Notice of Exchange Note Default" and specifies the default or (y) within the period specified in the related Exchange Note Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***<u>Notice of Exchange Note Default</u>*.** Within 5 Business Days after an Authorized Officer of the Borrower first has actual knowledge of the occurrence of an Exchange Note Default with respect to any Closed-End Exchange Note, the Borrower will notify the Closed-End Servicer, the Closed-End Administrative Agent, the Deal Agent and the related Exchange Noteholder of its status and what action, if any, the Borrower is taking or proposing to take with respect to such Exchange Note Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ***<u>Acceleration of Closed-End Exchange Note Following Default</u>*.** If an Exchange Note Default occurs and is continuing with respect to any Closed-End Exchange Note, the related Exchange Noteholder may, by notice to the Borrower, the Closed-End Servicer, the Closed-End Collateral Agent and the Closed-End Administrative Agent, declare such Closed-End Exchange Note to be immediately due and payable, and upon any such declaration the Exchange Note Balance of such Closed-End Exchange Note and any more senior Closed-End Exchange Note related to the same Reference Pool, together with accrued and unpaid interest thereon through the date of acceleration, will become immediately due and payable.

55 *Collateral Agency Agreement*

**Section 8.8** <u>Closed-End Exchange Note Remedies.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If an Event of Bankruptcy or an Exchange Note Default has occurred and is continuing (and in the case of an Exchange Note Default, the Exchange Noteholder has taken the action described in **<u>Section 8.7(c)</u>**), subject to **<u>Article X</u>**, the related Exchange Noteholder may (i) commence appropriate Proceedings and pursue any of its other rights, remedies, powers or privileges under this Collateral Agency Agreement or otherwise; and (ii) direct the Closed-End Collateral Agent to and the Closed-End Collateral Agent will (x) institute Proceedings for the complete or partial foreclosure on the Closed-End Leases and Closed-End Vehicles included in the related Reference Pool; (y) exercise any remedies of a secured party under the UCC and take any other appropriate action to protect and enforce the rights and remedies of such Exchange Noteholder; and/or (z) sell or otherwise liquidate all or a portion of the Collateral included in the Reference Pool with respect to such Closed-End Exchange Note, or any right or interest included in such Collateral, at one or more public or private sales called and conducted in any manner permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The proceeds of any liquidation or sale of the Collateral included in any Reference Pool pursuant to **<u>Section 8.8(a)(ii)(z)</u>** will be applied in accordance with the applicable Exchange Note Supplement.

**Section 8.9** <u>Remedies Not Exclusive.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No remedy conferred upon or reserved to the Closed-End Collateral Agent, the Warehouse Facility Secured Parties or the Exchange Noteholder herein or in the Collateral Documents is intended to be exclusive of any other remedy or remedies, but every such remedy shall be cumulative and shall be in addition to every other remedy conferred herein or in the Collateral Documents or now or hereafter existing at law, in equity or by statute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No delay or omission of the Closed-End Collateral Agent, the Closed-End Administrative Agent, any Warehouse Facility Secured Party or any Exchange Noteholder, as applicable, to exercise any right or remedy whether accruing upon any Warehouse Facility Termination Event or Exchange Note Default or otherwise will impair any such right or remedy or constitute a waiver of or any acquiescence of such right or remedy. Every right and remedy conferred by this Collateral Agency Agreement or any other Collateral Document or Basic Document or by law to the Closed-End Collateral Agent, the Warehouse Facility Secured Parties or any Exchange Noteholder, as applicable, may be exercised from time to time, and as often as may be deemed expedient, by the Closed-End Collateral Agent, the Warehouse Facility Secured Parties or by the Exchange Noteholder, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In case the Closed-End Collateral Agent shall have proceeded to enforce any right, remedy or power under this Collateral Agency Agreement or any Collateral Document or Basic Document and the proceeding for the enforcement thereof shall have been discontinued or abandoned for any reason or shall have been determined adversely to the Closed-End Collateral Agent, then and in every such case the Borrower, the Closed-End Collateral Agent and the Secured Parties shall, subject to any determination in such proceeding, severally and respectively be restored to their former positions and rights hereunder and under such Collateral Document with respect to the Collateral and in all other

56 *Collateral Agency Agreement*

respects, and thereafter all rights, remedies and powers of the Closed-End Collateral Agent shall continue as though no proceeding had been taken.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All rights of action and rights to assert claims upon or under this Collateral Agency Agreement and the Collateral Documents may be enforced by the Closed-End Collateral Agent without the possession of any debt instrument or the production thereof in any trial or other proceeding relative thereto, and any such suit or proceeding instituted by the Closed-End Collateral Agent shall be brought in its name as Closed-End Collateral Agent and any recovery of judgment shall be held as part of the Collateral.

**Section 8.10** <u>Waiver of Certain Rights.</u>

The Borrower, to the extent it may lawfully do so, on behalf of itself and all who may claim through or under it, including any and all subsequent creditors, vendees, assignees and lienors, expressly waives and releases any, every and all rights to demand or to have any marshalling of the Collateral upon any sale, whether made under any power of sale herein granted or pursuant to judicial proceedings or upon any foreclosure or any enforcement of the Security Agreement or this Collateral Agency Agreement and consents and agrees that all the Collateral at any such sale may be offered and sold as an entirety.

**Section 8.11** <u>Waiver of Past Defaults under Closed-End Exchange Notes.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Prior to the declaration of the acceleration of the maturity of the applicable Closed-End Exchange Note as provided in **<u>Section 8.7(c)</u>**, the Exchange Noteholder may waive or rescind, by notice to the Closed-End Administrative Agent, any past Exchange Note Default, and its consequences; provided, however, that, the Closed-End Servicer has deposited into the applicable Exchange Note Collection Account established with respect to the related Reference Pool a sum sufficient to pay:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all payments of principal of and interest on the applicable Closed-End Exchange Note and all other amounts that would then be due under such Closed-End Exchange Note if the Exchange Note Default giving rise to such acceleration had not occurred; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all other amounts owed in respect of the applicable Closed-End Exchange Note in accordance with this Collateral Agency Agreement, the related Exchange Note Supplement and the other Basic Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon any such waiver or rescission, such Exchange Note Default will cease to exist and be deemed to have been cured and not to have occurred, but no such waiver or rescission will extend to any subsequent or other Exchange Note Default, or impair any right consequent thereto. Any such rescission, consent or waiver by an Exchange Noteholder will be conclusive and binding upon such Exchange Noteholder and upon all future holders of such Closed-End Exchange Note and of any Closed-End Exchange Note issued upon the registration of transfer thereof or in exchange

57 *Collateral Agency Agreement*

therefor or in lieu thereof whether or not notation of such rescission, consent or waiver is made upon such Closed-End Exchange Note.

**Section 8.12** <u>Limitation on Closed-End Collateral Agent's Duties in Respect of Collateral.</u>

Beyond its duties set forth in this Collateral Agency Agreement, the Closed-End Collateral Agent shall not have any duty to the Secured Parties as to any Collateral in its possession or control or in the possession or control of any agent or nominee of it or any income thereon or as to the preservation of rights against prior parties or any other rights pertaining thereto.

**Section 8.13** <u>Limitation by Law.</u>

All rights, remedies and powers provided by this **<u>Article VIII</u>** may be exercised only to the extent that the exercise thereof does not violate any applicable provision of law, and all the provisions of this **<u>Article VIII</u>** are intended to be subject to all applicable mandatory provisions of law that may be controlling and to be limited to the extent necessary so that they will not render this Collateral Agency Agreement invalid, unenforceable in whole or in part or not entitled to be recorded, registered, or filed under the provisions of any applicable law.

**Section 8.14** <u>Absolute Rights of Secured Parties.</u>

Notwithstanding any other provision of this Collateral Agency Agreement or any provision of any Collateral Document, the right of each Secured Party, which is absolute and unconditional, to receive payments of the Secured Obligations held by such Secured Party on or after the due date thereof as set forth in the applicable Basic Documents, to institute suit for the enforcement of such payment on or after such due date, or to assert its position as a secured creditor in a case under the Bankruptcy Code in which the Borrower is a debtor, or the obligation of any Person, which is also absolute and unconditional, to pay the Secured Obligations to the Secured Parties at the time and place expressed therein shall not be impaired or affected without the consent of such Secured Party. In addition, every right of each Secured Party to receive payment or security from sources other than the Collateral shall not be, and is not hereby, impaired or affected.

**Section 8.15** <u>Restricted Pool Condition.</u>

In the event that the Closed-End Collateral Agent becomes aware that a failure of a Restricted Pool Condition with respect to the Warehouse Facility Pool or any Reference Pool has occurred under the Master Exchange Agreement, the Closed-End Collateral Agent shall deliver notice to each of the Warehouse Facility Secured Parties (in the case of a Restricted Pool Condition with respect to the Warehouse Facility Pool) or the applicable Exchange Noteholder (in the case of a Restricted Pool Condition with respect to its related Reference Pool). Upon the direction of the Required Secured Parties (or, if the Required Warehouse Lenders constitute the Required Secured Parties, the Deal Agent on their behalf), the Closed-End Collateral Agent shall deliver to the Qualified Intermediary a notice in the form set forth as **<u>Exhibit B</u>** (a "**<u>Restricted Pool Condition Failure Notice</u>**"), with copies to the Closed-End Servicer and the Deal Agent.

58 *Collateral Agency Agreement*

**ARTICLE IX<u><br> AMENDMENTS</u>**

**Section 9.1** <u>Amendments Without Consent of Exchange Noteholders or Warehouse Facility Lenders.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower, the Closed-End Collateral Agent, the Closed-End Administrative Agent and the Deal Agent may enter into one or more Collateral Documents or amendments to this Collateral Agency Agreement, without the consent of the Exchange Noteholders or the Warehouse Facility Lenders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to cure any ambiguity in, or to correct or supplement the description of any property subject to the security interest granted under, the Security Agreement, or better to assure, convey and confirm unto the Closed-End Collateral Agent any property subject or required to be subjected to the security interest granted under the Security Agreement, or to subject to the security interest granted under the Security Agreement additional property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to add to the covenants of the Borrower, or to surrender any right or power conferred upon the Borrower in this Collateral Agency Agreement, in each case for the benefit of the Secured Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to convey, transfer, assign, mortgage or pledge any property to the Closed-End Collateral Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to cure any ambiguity in or to correct or supplement any provision in this Collateral Agency Agreement that may be inconsistent with any other provision in this Collateral Agency Agreement or in any amendment or to make any other provisions with respect to matters or questions arising under this Collateral Agency Agreement which will not be inconsistent with the provisions of this Collateral Agency Agreement; **<u>provided</u>** that such action does not materially adversely affect the interests of the Exchange Noteholders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to evidence the acceptance of the appointment under this Collateral Agency Agreement of a successor Closed-End Administrative Agent, successor Closed-End Collateral Agent or successor Deal Agent.

All amendments pursuant to this **<u>Section 9.1</u>** will be in form reasonably satisfactory to the Closed-End Administrative Agent. The Closed-End Administrative Agent and the Closed-End Collateral Agent are authorized to join in the execution of any such amendment and to make any further appropriate agreements and stipulations that may be contained in such amendment.

59 *Collateral Agency Agreement*

**Section 9.2** <u>Amendments with Consent of Warehouse Facility Lenders but Without Consent of Exchange Noteholders.</u>

Subject to **<u>Section 9.4</u>**, the Borrower, the Closed-End Collateral Agent, the Closed-End Administrative Agent, the Required Warehouse Lenders and the Deal Agent may enter into one or more amendments to this Collateral Agency Agreement, without the consent of the Exchange Noteholders, to add any provisions to, or change any manner or eliminate any of the provisions of, this Collateral Agency Agreement or modify in any manner the rights of the Exchange Noteholders under this Collateral Agency Agreement and any Exchange Note Supplement; **<u>provided</u>**, **<u>that</u>** (i) the Borrower delivers an Officer's Certificate to the Closed-End Administrative Agent to the effect that such amendment will not materially adversely affect the interests of any Exchange Noteholder (other than Exchange Noteholders who have consented to such amendment) and (ii) the Exchange Note Supplements may require the consent of the Exchange Noteholders or other Persons to, or may impose additional restrictions on, amendments to this Collateral Agency Agreement, so long as such additional consent rights or restrictions do not impair the rights of the Borrower, the Closed-End Collateral Agent, the Closed-End Administrative Agent and the Warehouse Facility Secured Parties, as otherwise provided in this **<u>Article IX</u>**, to make amendments to this Collateral Agency Agreement that relate solely to the Warehouse Facility Secured Parties, the Warehouse Facilities and/or the Warehouse Facility Pool.

**Section 9.3** <u>Amendments with Consent of Exchange Noteholders.</u>

Subject to **<u>Section 9.4</u>**, this Collateral Agency Agreement may be amended (in any manner and for any purpose) by the Borrower, the Closed-End Collateral Agent, the Required Warehouse Lenders, the Deal Agent and the Closed-End Administrative Agent; **<u>provided</u>**, **<u>however</u>**, **<u>that</u>**, each Exchange Noteholder of an Outstanding Closed-End Exchange Note has consented to such amendment.

**Section 9.4** <u>Modifications Requiring Consent of All Warehouse Facility Lenders**.**</u>

Notwithstanding anything to the contrary in **<u>Sections 9.2</u>** and **<u>9.3</u>**, no amendment or waiver shall, without the prior written consent of each Warehouse Facility Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) amend, modify or waive any provision of **<u>Section 2.1</u>** or **<u>2.8</u>**, **<u>Articles VI</u>** or **<u>XI</u>**, this **<u>Section 9.4</u>** or, insofar as they relate to Section 2.8, **<u>Sections 8.1</u>**, **<u>8.2</u>**, **<u>8.4</u>** and **<u>8.6</u>** without the written consent of each Warehouse Facility Lender; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) change the definition of "Commitment", "Default Notice", "Percentage", "Required Secured Parties", "Required Warehouse Lender", "Revolving Lender", "Revolving Warehouse Facility", "Revolving Warehouse Facility Secured Party", "Secured Obligations", "Secured Party", "Voting Percentage", "Warehouse Facility Lenders", "Warehouse Facilities" (other than to reflect the addition of an Additional Warehouse Facility in accordance with **<u>Section 2.1(b)</u>**), "Warehouse Facility Secured Party", "Wind-Down Borrowing Base", "Wind-Down Lender", "Wind-Down Warehouse Facility" or "Wind-Down Facility Secured Party", as such definitions apply to this Collateral Agency Agreement.

60 *Collateral Agency Agreement*

**Section 9.5** <u>Tax Opinion Requirement.</u>

Notwithstanding any other part of this **<u>Article IX</u>**, so long as any Closed-End Exchange Notes remain Outstanding, no amendment to this Collateral Agency Agreement or any Exchange Note Supplement will be effective unless the Borrower delivers an Opinion of Counsel to the Closed-End Administrative Agent, in form reasonably satisfactory to it, to the effect that such amendment will not (a) cause any Closed-End Exchange Note to be deemed sold or exchanged for purposes of Section 1001 of the Code or (b) cause the Borrower to be treated as an association or publicly traded partnership taxable as a corporation for U.S. federal income tax purposes.

**Section 9.6** <u>Execution of Amendments.</u>

In executing any amendment permitted by this **<u>Article IX</u>**, each of the Closed-End Collateral Agent and the Closed-End Administrative Agent may require, and, subject to the applicable limitations on exculpation and liability as are set forth in **<u>Section 3.3</u>**, **<u>Section 4.3</u>**, **<u>Section 5.3</u>** and/or **<u>Section 5.4</u>**, as applicable to such Person, will be fully protected in relying upon, an Opinion of Counsel stating that (i) the execution of such amendment is authorized or permitted by this Collateral Agency Agreement and (ii) all conditions precedent to the execution and delivery of such amendment have been satisfied. Each of the Closed-End Collateral Agent and the Closed-End Administrative Agent may, but is not be obligated to, enter into any such amendment that affects such party's own rights, powers, duties, obligations, liabilities or immunities under this Collateral Agency Agreement.

**ARTICLE X<u><br> APPLICATION OF CLOSED-END COLLECTIONS; CREDITORS' RELATIONS</u>**

**Section 10.1** <u>Allocation of Closed-End Collections.</u>

The Secured Parties, by entering into this Collateral Agency Agreement, acknowledge and agree that, notwithstanding that the obligations arising under the Warehouse Facilities and the Closed-End Exchange Notes are secured, pursuant to the Security Agreement, by a single security interest in all of the Collateral (i) each such Person will be subject to the limitation of recourse, waiver of claims and rights, and subordination provisions set forth in this **<u>Article X</u>** and (ii) all Closed-End Collections will be applied in accordance with the priorities and procedures set forth in this **<u>Article X</u>**.

**Section 10.2** <u>Application of Closed-End Collections on the Revolving Pool Prior to Default.</u>

Except during the effective time of any Default Notice delivered pursuant to **<u>Section 8.1</u>**, (A) all Revolving Pool Excess Funds and Closed-End Warehouse Additional Amounts designated by the Servicer for allocation to the Revolving Pool from time to time withdrawn from the Lease Funding Account and deposited into the Company Account pursuant to **<u>Section 5.2(b)(v)</u>** of the Closed-End Servicing Agreement, (B) all payments received by the Borrower under any Qualifying Hedge Contract entered into in connection with the Revolving Pool and (C) any capital contributions made pursuant to **<u>Section 5.1(a)</u>** of the Closed-End Servicing Agreement and designated by ALF LLC as having been made in respect of the Revolving Pool shall be applied on each Payment Date (or, with respect to clauses "**<u>FOURTH</u>**" and "**<u>FIFTH</u>**" below, from time to time) by the Closed-End Servicer as follows:

61 *Collateral Agency Agreement*

**<u>FIRST</u>**, with respect to any Qualifying Hedge Contract entered into with respect to the Revolving Pool, any net payments owing to the related Hedge Counterparty under such Qualifying Hedge Contract (excluding any payment amounts due to the related Hedge Counterparty in respect of any early termination of the such Qualifying Hedge Contract);

**<u>SECOND</u>**, to each Revolving Warehouse Facility Agent, for the account of the related Revolving Facility Lenders, all accrued and unpaid interest (other than any Subordinated Interest) on all Advances made by such Revolving Facility Lenders under the related Warehouse Facility;

**<u>THIRD</u>**, to each Revolving Warehouse Facility Agent, for its own account and for the account of the related Revolving Facility Lenders, all accrued and unpaid Fees that are currently due and payable under the related Receivables Financing Agreement and/or the related Fee Letter;

**<u>FOURTH</u>**, on or prior to the sixth Business Day following a day on which the Aggregate Loan Amount exceeds the Borrowing Base, to the Revolving Warehouse Facility Agents, for the accounts of each and for the accounts of the related Revolving Lenders, a prepayment of the outstanding Advances made by the Revolving Lenders in an amount equal to the amount necessary to reduce the Aggregate Loan Amount such that it is equal to or less than the Borrowing Base, such amount to be allocated among the Revolving Warehouse Facilities at the Borrower's discretion; **<u>provided</u>**, that if payment of such amount is to be made on a Payment Date, it will be allocated, *<u>pro rata</u>*, among each Revolving Warehouse Facility Agent, for its own account and for the account of the related Revolving Lenders;

**<u>FIFTH</u>**, to any Revolving Warehouse Facility Agent, for its own account and for the account of the related Revolving Lenders, *<u>first</u>*, payment of the principal amount of outstanding Advances made by such Revolving Lenders when due in accordance with the related Revolving Warehouse Facilities and *<u>second</u>*, prepayment in accordance with **<u>Section 4.1(a)</u>** of the applicable Receivables Financing Agreement of all or a portion of the principal amount of outstanding Advances made by such Revolving Facility Lenders;

**<u>SIXTH</u>,** to each Revolving Warehouse Facility Agent for the account of the related Revolving Lenders, the portion, if any, of the accrued and unpaid interest on all Advances made by such Revolving Lenders under the related Revolving Warehouse Facilities that constitutes Subordinated Interest;

**<u>SEVENTH</u>**, with respect to any Qualifying Hedge Contract entered into with respect to the Revolving Pool, any payment amounts due to the related Hedge Counterparty in respect of any early termination of the such Qualifying Hedge Contract and any other amounts payable by the Borrower to such Hedge Counterparty under such Qualifying Hedge Contract and not previously paid;

**<u>EIGHTH</u>**, to the payment when due of the Revolving Pool Share of all other amounts that are currently due and payable by the Borrower to the Warehouse Facility Secured Parties;

**<u>NINTH</u>**, solely if and to the extent directed by the Closed-End Servicer, on behalf of the Borrower (but subject to the other terms of this Collateral Agency Agreement, and to the terms of any Exchange Note Supplement and each other Basic Document), to the payment when due or (if the Closed-End Servicer so elects) prepayment of any other obligations,

62 *Collateral Agency Agreement*

liabilities or expenses of the Borrower (or, if applicable, the Revolving Pool Share of such obligations, liabilities or expenses) that were not paid on such date pursuant to clauses "**<u>FIRST</u>**" through "**<u>EIGHTH</u>**," above; and

**<u>TENTH</u>**, as to all remaining amounts, to be applied, as directed by the Titling Trust Administrator, acting on behalf of the Titling Trust, to any other legal and valid corporate purposes of the Borrower to the extent otherwise permitted under this Collateral Agency Agreement, the Receivables Financing Agreements and the other Basic Documents (which purposes may include, except as may be otherwise expressly prohibited under this Collateral Agency Agreement, any Receivables Financing Agreement or any other Basic Document which the Borrower is bound, the making of a distribution to the Holder or Holders of the Certificates representing the Beneficial Interest in the Closed-End Collateral Specified Interest).

**Section 10.3** <u>Application of Closed-End Collections on the Revolving Pool After Default; Application of Closed-End Collections on any Wind-Down Pool</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No later than 2:00 p.m. (New York time) on each Payment Date following the occurrence of any Warehouse Facility Termination Event or during and Wind-Down Pool Delay Period, the Closed-End Administrative Agent shall withdraw all available funds on deposit in the Lease Funding Account that relate to Revolving Pool Collections as of the close of business on the last day of the immediately preceding calendar month and apply such amounts, together with (A) all payments received by the Borrower under any Qualifying Hedge Contract entered into with respect to the Revolving Pool and (B) any capital contributions made pursuant to **<u>Section 5.1(c)</u>** of the Closed-End Servicing Agreement and designated by ALF LLC as having been made in respect of the Revolving Pool, as follows:

**<u>FIRST</u>**, *pro rata*, to each applicable Hedge Counterparty under any Qualifying Hedge Contract entered into with respect to the Revolving Pool, any net payments owing to such Hedge Counterparty under such Qualifying Hedge Contract (excluding any payment amounts due to the related Hedge Counterparty in respect of any early termination of the such Qualifying Hedge Contract);

**<u>SECOND</u>**, to the payment of (x) the Revolving Pool Share of any unpaid Closed-End Warehouse Servicer Expenses, but **<u>subject</u>**, **<u>however</u>**, to **<u>clauses (i)</u>** through **<u>(iii)</u>** of the proviso to **<u>Section 5.2(d)</u>** of the Closed-End Servicing Agreement and (y) the Revolving Pool Share of the Warehouse Facility Pool Servicing Fee;

**<u>THIRD</u>**, to the Closed-End Collateral Agent, the Closed-End Administrative Agent and the Deal Agent, the Revolving Pool Share of any accrued and unpaid fees and expenses of such Persons that are currently due and payable by the Borrower pursuant to the Basic Documents (to be applied *pro rata*, based on the respective amounts due);

**<u>FOURTH</u>**, *pro rata* to each Revolving Warehouse Facility Agent, for the account of the related Revolving Lenders, all accrued and unpaid interest (other than any Subordinated Interest) on all Advances made by such Revolving Lenders under the related Revolving Warehouse Facility;

**<u>FIFTH</u>**, *pro rata* to each Revolving Warehouse Facility Agent, for its own account and for the account of the related Revolving Lenders, all accrued and unpaid Fees that are

63 *Collateral Agency Agreement*

currently due and payable under the related Receivables Financing Agreement and/or the related Fee Letter;

**<u>SIXTH</u>**, *pro rata* to each Revolving Warehouse Facility Agent for the account of the related Revolving Lenders, the outstanding principal amount of all Advances made by such Revolving Lenders under the related Revolving Warehouse Facility;

**<u>SEVENTH</u>**, *pro rata* to each Revolving Warehouse Facility Agent for the account of the related Revolving Lenders, the portion, if any, of the accrued and unpaid interest on all Advances made by such Revolving Lenders under the related Revolving Warehouse Facilities that constitutes Subordinated Interest;

**<u>EIGHTH</u>**, *pro rata*, to each applicable Hedge Counterparty under any Qualifying Hedge Contract entered into with respect to the Revolving Pool, any payment amounts due to such Hedge Counterparty in respect of any early termination of such Qualifying Hedge Contract and any other amounts payable by the Borrower to such Hedge Counterparty under such Qualifying Hedge Contract and not previously paid;

**<u>NINTH</u>**, to the payment when due of the Revolving Pool Share of all other amounts that are currently due and payable by the Borrower to the Warehouse Facility Secured Parties;

**<u>TENTH</u>**, solely if and to the extent directed by the Closed-End Servicer, on behalf of the Borrower (but subject to the other terms of this Collateral Agency Agreement, and to the terms of any Exchange Note Supplement and each other Basic Document), to the payment when due or (if the Closed-End Servicer so elects) prepayment of any other obligations, liabilities or expenses of the Borrower that were not paid on such date pursuant to clauses "**<u>FIRST</u>**" through "**<u>NINTH</u>**," above, to be allocated, if applicable, *pro rata* among the payees of such amounts relating to each Revolving Warehouse Facility; and

**<u>ELEVENTH</u>**, as to all remaining amounts, to be applied, as directed by the Titling Trust Administrator, acting on behalf of the Titling Trust, to any other legal and valid corporate purposes of the Borrower to the extent otherwise permitted under this Collateral Agency Agreement, the Receivables Financing Agreements and the other Basic Documents (which purposes may include, except as may be otherwise expressly prohibited under this Collateral Agency Agreement, any Receivables Financing Agreement or any other Basic Document by which the Borrower is bound, the making of a distribution to the Holder or Holders of the Certificates representing the Beneficial Interest in the Closed-End Collateral Specified Interest).

Funds available for application by the Closed-End Collateral Agent to the payment of the foregoing amounts on each Payment Date following the occurrence of any Warehouse Facility Termination Event shall be shared ratably within each priority among the parties to whom such amounts are owed in accordance with the amount owing to each of them on such Payment Date in respect of such priority. In order to determine the ratable amounts to be distributed to each of the Revolving Warehouse Facility Secured Parties pursuant to this **<u>Section 10.3(a)</u>**, the Closed-End Collateral Agent shall rely on an Officer's Certificate of the applicable Revolving Warehouse Facility Agent (each of which Officer's Certificates shall promptly be delivered by such Revolving Warehouse Facility Agent to each other Revolving Warehouse Facility Agent and to the Borrower not more than two Business Days prior to each Payment Date following the occurrence of any Warehouse Facility Termination Event) unless the Closed-End Collateral Agent shall have actual knowledge of any inaccuracy in any such Officer's Certificates. Notwithstanding the foregoing, until receiving notice from a Revolving Warehouse Facility Agent that it

64 *Collateral Agency Agreement*

intends to provide Officer's Certificates as described above, the Closed-End Administrative Agent shall make distributions pursuant to this **<u>Section 10.3(a)</u>** based on a written report provided by the Closed-End Servicer to the Closed-End Administrative Agent and such Revolving Warehouse Facility Agent, which report sets forth in reasonable detail a determination of the amounts to be distributed to the related Revolving Warehouse Facility Secured Parties pursuant to this **<u>Section 10.3(a)</u>** on such Payment Date. In the event any Revolving Warehouse Facility Agent (or other Revolving Warehouse Facility Secured Party) provides information to the Closed-End Collateral Agent contrary to the information provided by any other Revolving Warehouse Facility Agent (or other Revolving Warehouse Facility Secured Party) or the Closed-End Servicer, the Closed-End Collateral Agent shall have the right to seek instructions from any court of competent jurisdiction concerning any distribution hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On each Payment Date, the Closed-End Administrative Agent shall withdraw all available funds on deposit in the Lease Funding Account that relate to Wind-Down Pool Collections with respect to any Wind-Down Pool as of the close of business on the last day of the immediately preceding calendar month and apply such amounts, together with (A) all payments received by the Borrower under any Qualifying Hedge Contract entered into with respect to such Wind-Down Pool and (B) any capital contributions made pursuant to **<u>Section 5.1(c)</u>** of the Closed-End Servicing Agreement and designated by ALF LLC as having been made in respect of such Wind-Down Pool, as follows:

**<u>FIRST</u>**, with respect to any Qualifying Hedge Contract entered into with respect to the applicable Wind-Down Pool, any net payments owing to the related Hedge Counterparty under such Qualifying Hedge Contract (excluding any payment amounts due to the related Hedge Counterparty in respect of any early termination of the such Qualifying Hedge Contract);

**<u>SECOND</u>**, to the payment of (x) the applicable Wind-Down Pool Share of any unpaid Closed-End Warehouse Servicer Expenses, but **<u>subject</u>**, **<u>however</u>**, to **<u>clauses (i)</u>** through **<u>(iii)</u>** of the proviso to **<u>Section 5.2(d)</u>** of the Closed-End Servicing Agreement and (y) the applicable Wind-Down Pool Share of the Warehouse Facility Pool Servicing Fee;

**<u>THIRD</u>**, to the Closed-End Collateral Agent, the Closed-End Administrative Agent and the Deal Agent, the applicable Wind-Down Pool Share of any accrued and unpaid fees and expenses of such Persons that are currently due and payable by the Borrower pursuant to the Basic Documents (to be applied *pro rata*, based on the respective amounts due);

**<u>FOURTH</u>**, to the applicable Wind-Down Warehouse Facility Agent, for the account of the related Wind-Down Lenders, all accrued and unpaid interest (other than any Subordinated Interest) on all Advances made by such Wind-Down Lenders under the related Wind-Down Warehouse Facility;

**<u>FIFTH</u>**, to the applicable Wind-Down Warehouse Facility Agent, for its own account and for the account of the related Wind-Down Lenders, all accrued and unpaid Fees that are currently due and payable under the related Receivables Financing Agreement and/or the related Fee Letter;

**<u>SIXTH</u>**, to the applicable Wind-Down Warehouse Facility Agent for the account of the related Wind-Down Lenders, the outstanding principal amount of all Advances made by such Wind-Down Lenders under the related Wind-Down Warehouse Facility;

**<u>SEVENTH</u>**, to the applicable Wind-Down Warehouse Facility Agent for the account of the related Wind-Down Lenders, the portion, if any, of the accrued and unpaid interest on

65 *Collateral Agency Agreement*

all Advances made by such Wind-Down Lenders under the related Wind-Down Warehouse Facilities that constitutes Subordinated Interest;

**<u>EIGHTH</u>**, with respect to any Qualifying Hedge Contract entered into with respect to the applicable Wind-Down Pool, any payment amounts due to the related Hedge Counterparty in respect of any early termination of such Qualifying Hedge Contract and any other amounts payable by the Borrower to such Hedge Counterparty under such Qualifying Hedge Contract and not previously paid;

**<u>NINTH</u>**, to the payment when due of the applicable Wind-Down Pool Share of all other amounts that are currently due and payable by the Borrower to the Warehouse Facility Secured Parties;

**<u>TENTH</u>**, solely if and to the extent directed by the Closed-End Servicer, on behalf of the Borrower (but subject to the other terms of this Collateral Agency Agreement, and to the terms of any Exchange Note Supplement and each other Basic Document), to the payment when due or (if the Closed-End Servicer so elects) prepayment of any other obligations, liabilities or expenses of the Borrower that were not paid on such date pursuant to clauses "**<u>FIRST</u>**" through "**<u>NINTH</u>**," above; and

**<u>ELEVENTH</u>**, as to all remaining amounts, to be applied, as directed by the Titling Trust Administrator, acting on behalf of the Titling Trust, to any other legal and valid corporate purposes of the Borrower to the extent otherwise permitted under this Collateral Agency Agreement, the Receivables Financing Agreements and the other Basic Documents (which purposes may include, except as may be otherwise expressly prohibited under this Collateral Agency Agreement, any Receivables Financing Agreement or any other Basic Document by which the Borrower is bound, the making of a distribution to the Holder or Holders of the Certificates representing the Beneficial Interest in the Closed-End Collateral Specified Interest).

Funds available for application by the Closed-End Collateral Agent to the payment of the foregoing amounts on each Payment Date shall be shared ratably within each priority among the parties to whom such amounts are owed in accordance with the amount owing to each of them on such Payment Date in respect of such priority. The Closed-End Administrative Agent shall make distributions pursuant to this **<u>Section 10.3(b)</u>** based on a written report provided by the Closed-End Servicer to the Closed-End Administrative Agent with respect to each Payment Date.

**Section 10.4** <u>[Reserved].</u>

**Section 10.5** <u>Application of Closed-End Collections on the Reference Pools.</u>

Closed-End Collections with respect to each Reference Pool shall be applied in the manner set forth in the related Exchange Note Supplement.

**Section 10.6** <u>Application of Liquidation Proceeds.</u>

In the event that any liquidation proceeds with respect to any Collateral cannot be identified, after reasonable efforts by the Closed-End Servicer or other Person required to make such

66 *Collateral Agency Agreement*

identification, as relating to the Warehouse Facility Pool or a specific Reference Pool, then any such amounts will be deemed to constitute Closed-End Collections with respect to the Warehouse Facility Pool and each Reference Pool, to be allocated to such pools pro rata based on the outstanding Aggregate Loan Amount, the Aggregate Wind-Down Loan Amount and the Exchange Note Balances of the related Closed-End Exchange Notes. The amount of such liquidation proceeds allocated to the Warehouse Facility Pool in accordance with the immediately preceding sentence will be further allocated between the Revolving Pool and any Wind-Down Pools pro rata based on the outstanding Aggregate Loan Amount and the Aggregate Wind-Down Loan Amount.

**Section 10.7** <u>Limited Recourse; Subordination of Claims.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ***<u>Obligations Solely Those of the Borrower</u>*.** The obligations of the Borrower under this Collateral Agency Agreement, the Warehouse Facilities and any Closed-End Exchange Notes are solely the obligations of the Borrower and do not represent any obligation of or interest in any assets of the Closed-End Servicer, the Initial Beneficiary, the Closed-End Collateral Agent, the Closed-End Administrative Agent or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***<u>Recourse Limited to Applicable Assets</u>.*** The Borrower and the Secured Parties, by entering into the Security Agreement, or by accepting (directly or indirectly) the benefits of the Security Agreement or this Collateral Agency Agreement, or by taking delivery of a Closed-End Exchange Note, each acknowledges and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any claim against the Borrower in respect of any Secured Obligations by (A) the Revolving Warehouse Facility Secured Parties will be limited in recourse to the assets of the Borrower that are included in the Revolving Pool, (B) any Wind-Down Warehouse Facility Secured Parties will be limited in recourse to the assets of the Borrower that are included in the related Wind-Down Pool, and (C) any Exchange Noteholder or other Closed-End EN Secured Party will be limited in recourse to the assets of the Borrower that are included in the related Reference Pool; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) neither the Warehouse Facility Secured Parties nor any Closed-End EN Secured Party has any right, title or interest in or to any assets of the Borrower other than (x) in the case of a Revolving Warehouse Facility Secured Party, the assets described in **<u>clause (i)(A)</u>** of this **<u>Section 10.7(b)</u>**, (y) in the case of a Wind-Down Warehouse Facility Secured Party, the assets described in **<u>clause (i)(B)</u>** of this **<u>Section 10.7(b)</u>** or (z) in the case of any Closed-End EN Secured Party, the assets described in **<u>clause (i)(C)</u>** of this **<u>Section 10.7(b)</u>**, with respect to such Closed-End EN Secured Party (in each case, the "**<u>Other Assets</u>**" with respect to such Person).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ***<u>Subordination of Claims Against Other Assets</u>*.** Each Secured Party further acknowledges and agrees that, notwithstanding **<u>Section 10.7(b)</u>**:

**<u>IF</u>** such Secured Party either (i) asserts an interest in, claim to, or benefit from, the Other Assets (as determined with respect to such Secured Party) or (ii) is deemed to have any such interest in, claim to, or benefit from such Other Assets, whether by operation of law,

67 *Collateral Agency Agreement*

legal process, pursuant to insolvency laws or otherwise (including by virtue of Section 1111(b) of the Bankruptcy Code),

**<u>THEN</u>** any such interest, claim or benefit in, to or from the Other Assets is expressly subordinated to the indefeasible payment in full of the other obligations and liabilities of the Borrower including Secured Obligations (the "**<u>Other Liabilities</u>**"), which, in each case, pursuant to this Collateral Agency Agreement, the Warehouse Facilities, any Closed-End Exchange Note, the other Basic Documents or any other relevant documents, are entitled to be paid from, entitled to the benefits of, or otherwise secured by such Other Assets (whether or not any such entitlement or security interest is legally perfected or otherwise entitled to a priority of distributions or application under Applicable Law, including insolvency laws, and whether or not asserted against the Borrower), including the payment of post-petition interest on such other obligations and liabilities.

The agreement of the Secured Parties pursuant to this **<u>Section 10.7(c)</u>** shall constitute a "subordination agreement" within the meaning of Section 510(a) of the Bankruptcy Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) ***<u>Equitable Remedies</u>*.** The Closed-End Collateral Agent, the Closed-End Administrative Agent, and the Secured Parties further acknowledge and agree that (i) no adequate remedy at law exists for a breach of this **<u>Section 10.7</u>** and (ii) this **<u>Section 10.7</u>** may be enforced by an action for specific performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) ***<u>Bankruptcy Code Election Regarding Recourse and Treatment as Secured Claim</u>*.** Each of the Closed-End Collateral Agent and the Closed-End Administrative Agent on behalf of itself and each such Person, irrevocably makes the election afforded to secured creditors by Section 1111(b)(1)(A)(i) of the Bankruptcy Code to receive the treatment afforded by Section 1111(b)(2) of the Bankruptcy Code with respect to any secured claim that such Person may have at any time against any Other Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) ***<u>Third Party Beneficiaries</u>*.** This **<u>Section 10.7</u>** is for the third party benefit of the holders, pledgees or other beneficiaries of any Other Liabilities and will survive the termination of this Collateral Agency Agreement.

**ARTICLE XI<u><br> MISCELLANEOUS</u>**

**Section 11.1** <u>Amendments to Security Agreement or Master Exchange Agreement.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Closed-End Collateral Agent shall not agree to any amendment to, or grant any waiver or consent with respect to, the Security Agreement without the prior written consent of the Deal Agent and, to the extent that their respective interests would be adversely affected in any material respect by such amendment, waiver or consent, the Secured Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Deal Agent shall not consent to any amendment to the Master Exchange Agreement without the consent of the Required Warehouse Lenders to the extent that such

68 *Collateral Agency Agreement*

amendment (a) would affect the obligation of the Qualified Intermediary or the QI Administrator to apply Intermediary Funds either (i) to pay the Replacement Vehicle Purchase Price in respect of Replacement Vehicles or (ii) to make a deposit into the Lease Funding Account pursuant to **<u>Section 4.15</u>** of the Master Exchange Agreement; (b) would have the effect of modifying or amending in any manner the Restricted Pool Conditions applicable to the Warehouse Facility Pool or would cause the Warehouse Facility Pool to no longer constitute a Restricted Pool; or (c) would modify the definitions of "Effective Date" or "Relinquished Vehicle Conditions," "Lease Funding Account," "Closed-End Servicing Agreement" and "Titling Trust Agreement" or the meanings of any terms used therein, except, in each case, in the limited circumstances set forth in the Master Exchange Agreement under which the consent of the Deal Agent is not required in connection with any such amendment.

**Section 11.2** <u>Amendments to Warehouse Facilities.</u>

The Borrower represents to the Warehouse Facility Secured Parties that the representations and warranties, covenants, termination events, indemnities and other provisions set forth in **<u>Sections 2.1(b)</u>**, **<u>3.2</u>** and **<u>4.1</u>**, **<u>Section 2.4</u>** and **<u>Articles VIII</u>**, **<u>IX</u>**, **<u>X</u>** and **<u>XIV</u>** of the Receivables Financing Agreements in effect on the date hereof and the definitions of the terms "Borrowing Base" (and any other defined term necessary to calculate such Borrowing Base), "Wind-Down Borrowing Base" (and any other defined term necessary to calculate such Wind-Down Borrowing Base), "Wind-Down Event", "Eligible Receivable" (and any defined term used therein) and "Warehouse Facility Termination Event" (and any defined term used therein) applicable thereto are substantially identical to the representations and warranties, covenants, termination events, indemnities, other provisions and definitions of such terms set forth in the corresponding Sections and Articles of the Additional Warehouse Facilities and agrees (and each Warehouse Facility Secured Party agrees) that such corresponding Sections, Articles and definitions contained in the Receivables Financing Agreement entered into with respect to any Warehouse Facility will not be amended or modified unless (i) such amendment or modification is consented to by the Required Warehouse Lenders and (ii) conforming changes are concurrently made to Receivables Financing Agreements entered into with respect to any other Warehouse Facility.

**Section 11.3** <u>Additional Actions of Secured Parties.</u>

The Required Secured Parties (or, if the Required Warehouse Lenders constitute the Required Secured Parties, the Deal Agent on their behalf) from time to time may reasonably request that the Closed-End Collateral Agent take or refrain from taking certain actions with respect to the applicable Collateral or the applicable Secured Parties, and the Closed-End Collateral Agent shall take or refrain from taking such action, provided that the Closed-End Collateral Agent need not take or refrain from taking such actions if it would violate applicable law or the terms of this Collateral Agency Agreement or the Collateral Documents or if the Closed-End Collateral Agent shall not be reasonably satisfied that it is or will be duly indemnified for any loss or damage caused by, or in connection with, its taking such action (except for any loss or damage caused by its own gross negligence or willful misconduct) or that could reasonably be expected to subject the Closed-End Collateral Agent to liability against which indemnity would not be satisfactory.

**Section 11.4** <u>Notices.</u>

Any and all notices and other communications provided for under this Collateral Agency Agreement shall, unless otherwise stated herein, be delivered in accordance with, and shall be deemed

69 *Collateral Agency Agreement*

delivered in accordance with, the Notice Requirements, which are hereby incorporated into this Collateral Agency Agreement.

**Section 11.5** <u>Alternate Payment and Notice Provisions.</u>

Notwithstanding any provision of this Collateral Agency Agreement or any of the Closed-End Exchange Notes to the contrary, the Borrower may enter into any agreement with any Exchange Noteholder providing for a method of payment or a method of notice by the Closed-End Administrative Agent to such Exchange Noteholder that is different from the methods provided for in this Collateral Agency Agreement for such payments or notices. The Borrower will furnish to the Closed-End Administrative Agent a copy of each such agreement and the Closed-End Administrative Agent will, if such agreement is reasonably acceptable to the Closed-End Administrative Agent, cause payments to be made and notices to be given in accordance with such agreements.

**Section 11.6** <u>Borrower Representation.</u>

The Borrower represents and warrants that (i) it is a statutory trust duly organized, validly existing and in good standing under the laws of its jurisdiction of organization and has all requisite power and authority as a statutory trust to enter into and perform its obligations under this Collateral Agency Agreement and each Collateral Document executed on or prior to the Closing Date, (ii) the execution, delivery and performance by it of this Collateral Agency Agreement and each such Collateral Document have been duly authorized by all necessary action on its part and (iii) this Collateral Agency Agreement and each such Collateral Document is its legal, valid and binding obligation, enforceable against it in accordance with its 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.

**Section 11.7** <u>No Petition.</u>

Each of the Closed-End Administrative Agent, the Closed-End Collateral Agent and each Secured Party, by accepting the benefits of the Security Agreement and this Collateral Agency Agreement or by taking delivery of a Closed-End Exchange Note, covenants and agrees that for a period of one year and one day (or, if longer, any applicable preference period) after payment in full of all obligations under this Collateral Agency Agreement, the Warehouse Facilities, all Closed-End Exchange Notes, the other Basic Documents and any and all outstanding Trust-Related Obligations, it will not institute against the Borrower or the Initial Beneficiary, or join in any institution against the Borrower or the Initial Beneficiary of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any federal or State bankruptcy or similar law in connection with any obligations relating to this Collateral Agency Agreement, the Security Agreement or any of the other Basic Documents.

**Section 11.8** <u>Confidential Information.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Closed-End Administrative Agent and the Closed-End Collateral Agent agrees to hold and treat all Confidential Information provided to it under, or in connection with the transactions contemplated by, any Basic Document in confidence and in accordance

70 *Collateral Agency Agreement*

with this Section 11.8, and will implement and maintain safeguards to further assure the confidentiality of such Confidential Information. Such Confidential Information will not, without the prior written consent of the Borrower, be disclosed or used by the Closed-End Administrative Agent, the Closed-End Collateral Agent or any of their respective officers, directors, employees, agents, advisors, representatives or affiliates, including legal counsel and accountants (collectively, the "**<u>Information Recipients</u>**"), other than in connection with the transactions contemplated by the Basic Documents. Each of the Closed-End Administrative Agent and the Closed-End Collateral Agent agrees that it will not, and will cause its affiliates not to (i) purchase or sell any securities issued by World Omni or its Affiliates or special purpose entities on the basis of any Confidential Information or (ii) use the Confidential Information in connection with the preparation of any research reports, newsletters or other publications or communications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**<u>Confidential Information</u>**" means all oral, written and electronic materials (irrespective of their source or form of communication) furnished before, on or after the date of this Collateral Agency Agreement to the Closed-End Administrative Agent and/or the Closed-End Collateral Agent in connection with the transactions contemplated by this Collateral Agency Agreement and the Basic Documents, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) non-public personal information (as defined in the Gramm-Leach-Bliley Act of 1999 and its enabling regulations issued by the Federal Trade Commission) regarding lessees of motor vehicles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) information, data or documents about World Omni or World Omni's lease portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) financial products, product pricing, product performance, organization, management, origination and servicing guidelines, policies and procedures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) notes, analyses, compilations, studies or other documents or records prepared by World Omni or others, which contain information supplied by or on behalf of World Omni or its representatives.

"Confidential Information" also includes the content of this Collateral Agency Agreement and the Basic Documents and any other documents entered into in connection herewith and therewith (unless otherwise set forth in such subsequent agreement). However, Confidential Information will not include information that (i) is or becomes generally available to the public other than as a result of disclosure by any of the Information Recipients, (ii) was available to, or becomes available to, any of the Information Recipients on a non-confidential basis from a Person or entity other than World Omni or one of its Affiliates prior to its disclosure to any of the Information Recipients who, to the knowledge of such Information Recipient, is not otherwise bound by a confidentiality agreement with World Omni or one or more of its Affiliates and is not otherwise prohibited from transmitting the information to the Information Recipients or (iii) the Warehouse Facility Lenders provide permission to the applicable Information Recipients to release.

71 *Collateral Agency Agreement*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each of the Closed-End Administrative Agent and the Closed-End Collateral Agent will take reasonable measures to protect the secrecy of and avoid disclosure and unauthorized use of any and all Confidential Information, including those measures that it takes to protect its own Confidential Information and not less than a reasonable standard of care.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If either the Closed-End Administrative Agent or the Closed-End Collateral Agent is required by applicable law, regulation, rule or order issued by any administrative, governmental, regulatory, judicial or stock exchange authority, or in response to a request from the auditors or Rating Agencies with respect to any such Person, to disclose any portion of the Confidential Information, such Person may disclose such Confidential Information. However, prior to any required disclosure (other than a required disclosure to bank examiners or securities industry examiners), the Closed-End Administrative Agent or the Closed-End Collateral Agent, as the case may be, to the extent permitted by law, will use its reasonable efforts to provide the Borrower with notice of such requirement and will cooperate, at the Borrower's expense, in the Borrower's pursuit of any appropriate protective order or other relief in connection with the disclosure of the Confidential Information. If the Borrower is unable to obtain such protective order or other appropriate remedy by the date that such information is required to be disclosed, the Closed-End Administrative Agent or the Closed-End Collateral Agent, as the case may be, will disclose only that portion of the Confidential Information that it is advised by its legal counsel it is legally required to disclose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Information Recipients may disclose to any and all persons, without limitation of any kind, the tax treatment and any facts that may be relevant to the tax structure of this Collateral Agency Agreement; provided, however, that, no Information Recipients shall disclose any other information that is not relevant to understanding the tax treatment or tax structure of any Basic Document (including the identity of any party and any information that could lead another to determine the identity of any party to a Basic Document) the disclosure of which is otherwise prohibited pursuant to this Collateral Agency Agreement, or any other information to the extent that such disclosure could result in a violation of any Applicable Law.

**Section 11.9** <u>Headings.</u>

Section, subsection and other headings used in this Collateral Agency Agreement are for convenience only and shall not affect the construction of this Collateral Agency Agreement.

**Section 11.10** <u>Severability.</u>

Any provision of this Collateral Agency Agreement that is prohibited or unenforceable in any jurisdiction shall not invalidate the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

**Section 11.11** <u>Counterparts.</u>

This Collateral Agency Agreement may be executed in separate counterparts, each of which shall be an original and all of which taken together shall constitute one and the same instrument.

72 *Collateral Agency Agreement*

**Section 11.12** <u>Conflicts with Collateral Documents.</u>

The parties agree that in the event of any conflict between the provisions of this Collateral Agency Agreement and the provisions of any other Collateral Documents or any Warehouse Facility or Exchange Note Supplement, the provisions of this Collateral Agency Agreement shall control.

**Section 11.13** <u>Binding Effect.</u>

This Collateral Agency Agreement shall be binding upon and inure to the benefit of each of the parties hereto and shall inure to the benefit of the Secured Parties and their respective successors and assigns, and nothing herein or in any Collateral Document is intended or shall be construed to give any other Person any right, remedy or claim under, to or in respect of this Collateral Agency Agreement, any Collateral Document or the Collateral.

**Section 11.14** <u>Survival.</u>

The obligations of the Borrower under **<u>Sections 2.3</u>**, **<u>2.4</u>**, **<u>2.5</u>** and **<u>2.6</u>** shall survive any termination of this Collateral Agency Agreement.

**Section 11.15** <u>Governing Law; Submission to Jurisdiction.</u>

**THIS COLLATERAL AGENCY AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.**

**ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS COLLATERAL AGENCY AGREEMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR OF THE UNITED STATES FEDERAL COURT SITTING IN THE SOUTHERN DISTRICT OF NEW YORK, AND BY EXECUTION AND DELIVERY OF THIS COLLATERAL AGENCY AGREEMENT, EACH OF THE PARTIES HERETO HEREBY CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THOSE COURTS. EACH PARTY HEREBY IRREVOCABLY WAIVES, TO THE MAXIMUM EXTENT PERMITTED BY LAW, ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF THIS COLLATERAL AGENCY AGREEMENT**.

**Section 11.16** <u>Effectiveness.</u>

This Collateral Agency Agreement shall become effective on the execution and delivery hereof and shall remain in effect so long as the Closed-End Collateral Agent shall have any obligations hereunder.

**Section 11.17** <u>No Recourse.</u>

It is expressly understood and agreed by the parties hereto that (a) this Collateral Agency Agreement is executed and delivered by VT Inc. and U.S. Bank, not individually or personally but solely

73 *Collateral Agency Agreement*

as Titling Trustee and Closed-End Administrative Agent, respectively, in the exercise of the powers and authority conferred and vested in it, (b) each of the representations, undertakings and agreements herein made on the part of World Omni LT, as Borrower, is made and intended not as a personal representations, undertakings and agreements by VT Inc. or U.S. Bank, but is made and intended for the purpose of binding only World Omni LT, (c) nothing herein contained shall be construed as creating any liability on 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 claiming by, through or under the parties hereto 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 under this Collateral Agency Agreement or any other related documents.

**[SIGNATURE PAGES BEGIN ON NEXT PAGE]**

74 *Collateral Agency Agreement*

**IN WITNESS WHEREOF**, each party hereto has executed this Collateral Agency Agreement or caused this Collateral Agency Agreement to be duly executed by its officer thereunto duly authorized as of the day and year first above-written.

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| | |
|:---|:---|
| **WORLD OMNI LT,<br> as Borrower** | **WORLD OMNI LT,<br> as Borrower** |
| **By:** | **VT INC.,** |
|  | as Titling Trustee |
| By: | /s/ Patricia M. Child |
|  | Name: Patricia M. Child |
|  | Title: President |

---

S-1 *Collateral Agency Agreement*

---

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

---

S-2 *Collateral Agency Agreement*

---

| | |
|:---|:---|
| **AUTO LEASE FINANCE LLC** | **AUTO LEASE FINANCE LLC** |
| as Initial Beneficiary | as Initial Beneficiary |
| By: | /s/ Ben Miller |
|  | Name: Ben Miller |
|  | Title: Assistant Treasurer |

---

S-3 *Collateral Agency Agreement*

**U.S. BANK NATIONAL ASSOCIATION**, as Closed-End Administrative Agent

---

| | |
|:---|:---|
| By: | /s/ Patricia M. Child |
|  | Name: Patricia M. Child |
|  | Title: Vice President |

---

S-4 *Collateral Agency Agreement*

**BANK OF AMERICA, N.A**., as Deal Agent

---

| | |
|:---|:---|
| By: | /s/ Matt Zimmerman |
|  | Name: Matt Zimmerman |
|  | Title: Vice President |

---

S-5 *Collateral Agency Agreement*

**EACH OF THE FOLLOWING PERSONS AS<br> A SECURED PARTY:**

**WORLD OMNI FINANCIAL CORP.**

---

| | |
|:---|:---|
| By: | /s/ Ben Miller |
|  | Name: Ben Miller |
|  | Title: Assistant Treasurer |

---

S-6 *Collateral Agency Agreement*

**AUTO LEASE FINANCE LLC**

---

| | |
|:---|:---|
| By: | /s/ Ben Miller |
|  | Name: Ben Miller |
|  | Title: Assistant Treasurer |

---

S-7 *Collateral Agency Agreement*

**BANK OF AMERICA, N.A.**

---

| | |
|:---|:---|
| By: | /s/ Matt Zimmerman |
|  | Name: Matt Zimmerman |
|  | Title: Vice President |

---

S-8 *Collateral Agency Agreement*

**ENTERPRISE FUNDING COMPANY LLC**

---

| | |
|:---|:---|
| By: | /s/ Kevin P. Burns |
|  | Name: Kevin P. Burns |
|  | Title: Vice President |

---

S-9 *Collateral Agency Agreement*

**EXHIBIT A**

**[FORM OF COLLATERAL AGENCY ACCESSION AGREEMENT]**

*[DATE]*

To: AL Holding Corp., as Closed-End Collateral Agent <br> Bank of America, N.A., as Deal Agent

Ladies and Gentlemen:

We refer to the Fourth Amended and Restated Collateral Agency Agreement, dated as of December 15, 2009 (together with all amendments and other modifications, if any, from time to time thereafter made thereto, the "**<u>Collateral Agency Agreement</u>**"), among World Omni LT, a Delaware statutory trust (the "**<u>Borrower</u>**"), as Borrower, Auto Lease Finance LLC, as Initial Beneficiary, AL Holding Corp., as collateral agent (the "**<u>Collateral Agent</u>**") for the Secured Parties, Bank of America, N.A., as Deal Agent on behalf of the Warehouse Facility Lenders and the Warehouse Facility Agents (the "**<u>Deal Agent</u>**"), U.S. Bank National Association, as Closed-End Administrative Agent (the "**<u>Closed-End Administrative Agent</u>**") the other Secured Parties from time to time party to such agreement. Capitalized terms used but not defined herein have the meanings assigned to such terms under the Collateral Agency Agreement (including **<u>Appendix A</u>** thereto). Certain rules of usage set forth in **<u>Appendix A</u>** to the Collateral Agency Agreement are applicable hereto. This is a "Collateral Agency Accession Agreement," within the meaning of the Collateral Agency Agreement, and is being delivered to you by the Borrower and *<u>[INSERT NAME(S) OF NEW SECURED PARTIES]</u>* (each a "**<u>New Secured Party</u>**" and, collectively, the "**<u>New Secured Parties</u>**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To the extent applicable, the Borrower hereby represents and warrants to each of you that the conditions specified in **<u>Section 2.1(b)</u>** of the Collateral Agency Agreement are satisfied with respect to the addition of each New Secured Party as a Secured Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Each New Secured Party hereby:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) acknowledges and confirms that it has received copies of the Collateral Agency Agreement and the Security Agreement (including, in
each case, the schedules, exhibits and appendices thereto);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) agrees to be bound by the terms and conditions set forth in the Collateral Agency Agreement as if it were an original signatory thereto
as a Secured Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) confirms that it has no knowledge contradicting the statement of the Borrower set forth in  **<u>paragraph 1</u>** above (to the
extent applicable); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) advises each of you of the following administrative details with respect to each New Secured Party for purposes of the Collateral
Agency Agreement:

S-10 *Collateral Agency Agreement*

Institution Name:

Attention:

Telephone:<br> Facsimile:

Telex (Answerback):

Institution Name:

Attention:

Telephone:<br> Facsimile:<br> Telex (Answerback):

S-11 *Collateral Agency Agreement*

**IN WITNESS WHEREOF**, the Borrower and each New Secured Party have caused this Collateral Agency Accession Agreement to be executed by its officer thereunto duly authorized as of the day and year first above-written.

**WORLD OMNI LT**

---

| | |
|:---|:---|
| By: | **VT, INC.**, |
|  | as Titling Trustee |

---

By:   <br> Name: <br> Title:

*[NEW SECURED PARTY]*

By: <br> Name: <br> Title:

*[NEW SECURED PARTY]*

By: <br> Name: <br> Title:

S-12 *Collateral Agency Agreement*

**EXHIBIT B**

**[FORM OF RESTRICTED POOL CONDITION FAILURE NOTICE]**

*[DATE]*

**WOFC QI Exchange LLC**,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as Qualified Intermediary

c/o Bank One Exchange Corporation

c/o JP Morgan Property Exchange Inc.

1001 Hingham Street

Suite 300

Rockland, MA 02370

Attention: Linda Mesheau Pratt, <br> Manager of LKE Programs

**Re: <u>Restricted Pool Condition Failure Notice</u>**

Ladies and Gentlemen:

Reference is made to the (1) Fourth Amended and Restated Collateral Agency Agreement, dated as of December 15, 2009 (together with all amendments and other modifications, if any, from time to time thereafter made thereto, the "**<u>Collateral Agency Agreement</u>**"), among World Omni LT, a Delaware statutory trust (the "**<u>Borrower</u>**"), as Borrower, Auto Lease Finance LLC, as Initial Beneficiary, AL Holding Corp., as collateral agent (the "**<u>Collateral Agent</u>**") for the Secured Parties, Bank of America, N.A., as Deal Agent on behalf of the Warehouse Facility Lenders and the Warehouse Facility Agents (the "**<u>Deal Agent</u>**"), U.S. Bank National Association, as Closed-End Administrative Agent (the "**<u>Closed-End Administrative Agent</u>**") the other Secured Parties from time to time party to such agreement and (2) the Second Amended and Restated Master Exchange Agreement, dated as of December 15, 2009 (the "**<u>Master Exchange Agreement</u>**"), among World Omni Financial Corp. ("**<u>World Omni</u>**"), WOFC QI Exchange LLC, Auto Lease Finance LLC and the other Persons named therein (the "**<u>Master Exchange Agreement</u>**"). This notice is being delivered pursuant to **<u>Section 8.15</u>** of the Collateral Agency Agreement, and constitutes a "Restricted Pool Condition Failure Notice" within the meaning of the Collateral Agency Agreement and the Master Exchange Agreement.

The undersigned hereby notifies you that the failure of a Restricted Pool Condition has occurred with respect to the *[Warehouse Facility Pool] [identify specific Closed-End Exchange Note(s)]* (the "**<u>Affected Pool</u>**"). You are hereby notified and directed that, in accordance with **<u>Section 4.1</u>** and the parenthetical in **<u>Section 4.1(c)(iii)</u>**, in each case of the Master Exchange Agreement, no further assignments to you of the rights under Disposition Contracts with respect to Closed-End Vehicles that are allocated to the Affected Pool shall occur.

Capitalized terms used but not defined herein have the meanings assigned to such terms under the Collateral Agency Agreement (including Appendix A thereto) or, if no meaning is assigned thereunder, the meanings assigned under the Master Exchange Agreement. Certain rules of usage set forth in **<u>Appendix A</u>** to the Collateral Agency Agreement are applicable hereto.

B-1 *Collateral Agency Agreement*

Very truly yours,

**AL HOLDING CORP.**,<br> as Closed-End Collateral Agent

By:   <br> Name: <br> Title:

---

| | |
|:---|:---|
| **cc:** | **World Omni Financial Corp.,** |

---

as Closed-End Servicer

**Bank of America, N.A.,**

as Deal Agent

B-2 *Collateral Agency Agreement*

**EXHIBIT C**

**[FORM OF CLOSED-END EXCHANGE NOTE]**

**[ ] CLOSED-END EXCHANGE NOTE**

THIS [ ] CLOSED-END EXCHANGE NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR UNDER ANY SECURITIES OR BLUE SKY LAW OF ANY STATE OF THE UNITED STATES. THE HOLDER HEREOF, BY PURCHASING THIS [ ] CLOSED-END EXCHANGE NOTE, AGREES THAT THIS [ ] CLOSED-END EXCHANGE NOTE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (1) TO A "QUALIFIED INSTITUTIONAL BUYER" WITHIN THE MEANING THEREOF IN RULE 144A UNDER THE SECURITIES ACT, (2) TO AN INSTITUTIONAL "ACCREDITED INVESTOR" WITHIN THE MEANING THEREOF IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (3) TO THE INITIAL BENEFICIARY OR ITS AFFILIATES, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED STATES AND SECURITIES AND BLUE SKY LAWS OF THE STATES OF THE UNITED STATES, AND SUBJECT TO THE RECEIPT BY THE CLOSED-END ADMINISTRATIVE AGENT OF SUCH OTHER EVIDENCE ACCEPTABLE TO THE CLOSED-END ADMINISTRATIVE AGENT THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS.

THIS [ ] CLOSED-END EXCHANGE NOTE MAY BE TRANSFERRED ONLY IN WHOLE AND NOT IN PART. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID FROM THE BEGINNING, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE PURCHASER OR TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE BORROWER, THE CLOSED-END ADMINISTRATIVE AGENT OR ANY INTERMEDIARY.

HOLDERS OF THIS [ ] CLOSED-END EXCHANGE NOTE WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT THEY EITHER (A) ARE NOT, AND ARE NOT ACQUIRING AND HOLDING THE [ ] CLOSED-END EXCHANGE NOTE ON BEHALF OF, A PLAN OR A GOVERNMENTAL OR CHURCH PLAN THAT IS SUBJECT TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR TO ANY FEDERAL, STATE, FOREIGN OR LOCAL LAW THAT IS SUBSTANTIALLY SIMILAR TO THE PROHIBITED TRANSACTION PROVISIONS OF SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR (B) THEIR ACQUISITION AND HOLDING OF THE [ ] CLOSED-END EXCHANGE NOTE THROUGHOUT THE PERIOD THAT IT HOLDS THE [ ] CLOSED-END EXCHANGE NOTE WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (OR, IN THE CASE OF A GOVERNMENTAL OR CHURCH PLAN, A VIOLATION OF ANY SIMILAR FEDERAL, STATE, FOREIGN OR LOCAL LAW). IN ADDITION, IF THE HOLDERS ARE, OR ARE ACTING ON BEHALF OF, A PLAN, THE FIDUCIARIES OF SUCH PLAN WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT THEY HAVE BEEN INFORMED OF AND UNDERSTAND THE BORROWER'S INVESTMENT OBJECTIVES, POLICIES AND STRATEGIES AND THAT THE DECISION TO INVEST SUCH PLAN'S ASSETS IN THE [ ] CLOSED-END EXCHANGE NOTE WAS MADE with APPROPRIATE CONSIDERATION OF RELEVANT INVESTMENT FACTORS WITH REGARD TO SUCH PLAN AND IS CONSISTENT WITH THE DUTIES AND RESPONSIBILITIES IMPOSED UPON FIDUCIARIES WITH REGARD TO THEIR INVESTMENT DECISIONS UNDER ERISA.

C-3 *Collateral Agency Agreement*

NEITHER THIS [ ] CLOSED-END EXCHANGE NOTE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE TRANSFEREE OR PURCHASER DELIVERS TO THE CLOSED-END ADMINISTRATIVE AGENT AND THE BORROWER A DULY EXECUTED INVESTMENT LETTER IN THE FORM ATTACHED AS EXHIBIT D TO THE COLLATERAL AGENCY AGREEMENT. THE PURCHASER UNDERSTANDS AND AGREES THAT ANY PURPORTED TRANSFER OF THIS [ ] CLOSED-END EXCHANGE NOTE OR ANY INTEREST HEREIN IN VIOLATION OF THE PRECEDING SENTENCE SHALL BE VOID AND OF NO EFFECT.

THE PRINCIPAL OF THIS [ ] CLOSED-END EXCHANGE NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS [ ] CLOSED-END EXCHANGE NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

C-4 *Collateral Agency Agreement*

---

| | |
|:---|:---|
| REGISTERED | $[ ] |
| No. [ ] |  |

---

**[[ ]%] [FLOATING RATE] [ ] CLOSED-END EXCHANGE NOTE**

**WORLD OMNI LT**, as borrower (the "**<u>Borrower</u>**"), for value received, hereby promises to pay to [ ] and its registered assigns (the registered holder form time to time of this [ ] Closed-End Exchange Note, the "**<u>[ ] Exchange Noteholder</u>**"), the principal sum of [ ] (U.S. $[ ]) payable on each Closed-End Exchange Note Payment Date in an amount equal to the Exchange Note Principal Payment Amount for such Closed-End Exchange Note Payment Date pursuant to **<u>Section [ ]</u>** of the [ ] Closed-End Exchange Note Supplement; <u>provided</u>, <u>however</u>, that (i) the entire unpaid principal amount of this Note will be due and payable on [ ] (the "**<u>[ ] Final Scheduled Payment Date</u>**") and (ii) this [ ] Closed-End Exchange Note (this "**<u>Note</u>**") may be redeemed earlier than the Final Scheduled Payment Date pursuant to **<u>[Section ]</u>** of the [ ] Servicing Supplement, dated as of [ ], 20[ ], among World Omni Financial Corp., as servicer (the "**<u>Closed-End Servicer</u>**"), the Closed-End Collateral Agent (as defined below), and the Borrower (the "**<u>[ ] Closed-End Servicing Supplement</u>**"). This Note has been issued pursuant to the Fourth Amended and Restated Collateral Agency Agreement, dated as of December 15, 2009 (the "**<u>Collateral Agency Agreement</u>**"), among the Borrower, AL Holding Corp. ("**<u>ALHC</u>**"), as collateral agent (in such capacity, the "**<u>Closed-End Collateral Agent</u>**"), Bank of America, N.A., as deal agent (the "**<u>Deal Agent</u>**"), U.S. Bank National Association ("**<u>U.S. Bank</u>**"), as administrative agent (in such capacity, the "**<u>Closed-End Administrative Agent</u>**"), and the other Secured Parties from time to time party to such agreement, as supplemented by the [ ] Closed-End Exchange Note Supplement, dated as of [ ], between the Borrower and Auto Lease Finance LLC, as initial beneficiary (the "**<u>Initial Beneficiary</u>**"), (the "**<u>[ ] Closed-End Exchange Note Supplement</u>**"). References hereinafter to the "**<u>Collateral Agency Agreement</u>**" are to the Collateral Agency Agreement (as defined above), as supplemented by the [ ] Closed-End Exchange Note Supplement.

Capitalized terms used but not defined herein have the meanings assigned to such terms under the Collateral Agency Agreement (including **<u>Appendix A</u>** thereto), or, if no meaning is assigned thereunder, the meanings assigned under the Receivables Financing Agreements (including **<u>Schedule 1</u>** to each such agreement).

The Borrower will pay interest on this Note in an amount equal to the [ ] Exchange Note Interest Amount until the principal of this Note is paid or made available for payment. The amount of interest due on this Note on each Closed-End Exchange Note Payment Date will be calculated on the basis of the [ ] Closed-End Exchange Note Balance outstanding on the preceding Closed-End Exchange Note Payment Date (after giving effect to all payments of principal made on the preceding Closed-End Exchange Note Payment Date), and will be subject to certain limitations contained in Section [ ] of the [ ] Closed-End Exchange Note Supplement. Such principal of and interest on this Note will be paid in the manner specified on the reverse hereof.

The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Borrower with respect to this [Note will be applied to interest on and principal of this Note in the manner set forth in the [ ] Closed-End Exchange Note Supplement.

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

C-5 *Collateral Agency Agreement*

Unless the certificate of authentication hereon has been executed by the Closed-End Administrative Agent whose name appears below by manual or facsimile signature, this Note will not be entitled to any benefit under the Collateral Agency Agreement or be valid or obligatory for any purpose.

**[SIGNATURE PAGE FOLLOWS]**

C-6 *Collateral Agency Agreement*

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

Date: *[DATE]*

---

| |
|:---|
| **WORLD OMNI LT**, |
| as Borrower |

---

---

| | |
|:---|:---|
| By: | **VT INC.**, |
|  | as Titling Trustee |

---

By:   <br> Name: <br> Title:

**ADMINISTRATIVE AGENT'S CERTIFICATE OF AUTHENTICATION**

This is the [ ] Closed-End Exchange Note designated above and referred to in the within-mentioned [ ] Closed-End Exchange Note Supplement.

Date: *[DATE]*

**U.S. BANK NATIONAL ASSOCIATION,**<br> not in its individual capacity but solely as<br> Closed-End Administrative Agent

By: <br> Authorized Officer

C-7 *Collateral Agency Agreement*

**REVERSE OF [ ] CLOSED-END EXCHANGE NOTE**

This Note is one of the duly authorized issue of Closed-End Exchange Notes, which may be issued under the Collateral Agency Agreement, to which Collateral Agency Agreement and all Closed-End Exchange Note Supplements that are supplemental thereto reference is made for a statement of the respective rights and obligations thereunder of the Borrower, the Closed-End Servicer, the Closed-End Administrative Agent, the Closed-End Collateral Agent, the Exchange Noteholders and certain other parties. This Note is subject to all terms of the Collateral Agency Agreement. In the event of a conflict between the terms of this Note and the terms of the Collateral Agency Agreement, the Collateral Agency Agreement will prevail.

Interest on and principal of this Note will be payable in accordance with the priority of payments set forth in [**<u>Section ]</u>** of the [ ] Closed-End Exchange Note Supplement.

Principal of this Note will be payable on each Closed-End Exchange Note Payment Date in an amount equal to the [ ] Closed-End Exchange Note Principal Distribution Amount for such Closed-End Exchange Note Payment Date. "**<u>Closed-End Exchange Note Payment Date</u>**" means the [ ]th day of each calendar month or, if any such day is not a Business Day, the next Business Day, commencing [ ], 20[ ].

As described on the face hereof, the entire unpaid principal amount of this Note will be due and payable on the [ ] Final Scheduled Payment Date. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes will be due and payable on the date on which an Exchange Note Default with respect to this Note has occurred and is continuing and the [ ] Exchange Noteholder has declared the Note to be immediately due and payable in the manner provided in the Collateral Agency Agreement.

Payments of interest on this Note on each Closed-End Exchange Note Payment Date, together with the installment of principal, if any, to the extent not in full payment of this Note, will be made to the account of the registered holder hereof either by wire transfer in immediately available funds, to the account of such [ ] Exchange Noteholder or an account designated by the [ ] Exchange Noteholder at a bank or other entity having appropriate facilities therefor if such [ ] Exchange Noteholder has provided to the Exchange Note Registrar appropriate written instructions at least five (5) Business Days prior to such Closed-End Exchange Note Payment Date or, if not, by check mailed first-class mail postage prepaid to the [ ] Exchange Noteholder's address as it appears on the [Exchange Note Register] prior to such Closed-End Exchange Note Payment Date, except that the final installment of principal payable on this [ ] Closed-End Exchange Note on a Closed-End Exchange Note Payment Date or the [ ] Final Scheduled Payment Date will be payable only upon the presentation and surrender of this Note in the manner set forth in **<u>Section 6.7(b)</u>** of the Collateral Agency Agreement. Such payments will be made without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this Note effected by any payments made on any Closed-End Exchange Note Payment Date will be binding upon all future [ ] Exchange Noteholders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Collateral Agency Agreement, for payment in full of the then remaining unpaid principal amount of this Note on a Closed-End Exchange Note Payment Date, then the Closed-End Administrative Agent will notify the [ ] Exchange Noteholder of the date on which the Borrower expects that the final installment of principal of and interest on this Note will be paid not later than five (5) days prior to such date. Such notice will specify that such final installment will be

C-8 *Collateral Agency Agreement*

payable only upon presentation and surrender of this Note and will specify the place where this Note may be presented and surrendered for payment of such installment.

The transfer of this Note is subject to the restrictions on transfer specified on the face hereof and to the other limitations set forth in the Collateral Agency Agreement. Subject to the satisfaction of such restrictions and limitations, the transfer of this Note may be registered on the Exchange Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Borrower pursuant to the Collateral Agency Agreement, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Closed-End Administrative Agent duly executed by, the [ ] Exchange Noteholder hereof or the [ ] Exchange Noteholder's attorney duly authorized in writing, with such signature guaranteed by an "eligible guarantor institution" meeting the requirements of the Exchange Note Registrar, and thereupon a new [ ] Closed-End Exchange Note in the same aggregate principal amount will be issued to the designated transferee. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange.

The [ ] Exchange Noteholder, by accepting this Note acknowledges and agrees that (i) if an Exchange Note Default occurs, any claim that the [ ] Exchange Noteholder may seek to enforce at any time against the Borrower and the Holding Company will be limited in recourse to the Closed-End Assets in the related [ ] Reference Pool and (ii) if, notwithstanding clause (i), the [ ] Exchange Noteholder is deemed to have any claim against the assets of the Borrower and the Holding Company other than the assets included in the Closed-End Assets in the [ ] Reference Pool, whether by operation of law, legal process, pursuant to insolvency laws or otherwise (including by virtue of Section 1111(b) of the Bankruptcy Code), such claim will be subordinate to the payment in full, including post-petition interest, of the claims of the Warehouse Facility Secured Parties and to the holders of (A) all other Closed-End Exchange Notes and (B) in the case of assets allocated to a Specified Interest other than the Closed-End Collateral Specified Interest, all other asset-backed securities, the payments on which are derived primarily from collections on designated assets of the Borrower and all related hedging arrangements.

**THE RECITATION SET FORTH IN THE PRECEDING PARAGRAPH WILL BE DEEMED TO CONSTITUTE AN ENFORCEABLE SUBORDINATION AGREEMENT WITHIN THE MEANING OF SECTION 510(A) OF THE BANKRUPTCY CODE.**

In addition, the [ ] Exchange Noteholder, by accepting this Note, consents to the Closed-End Administrative Agent's delegation under the Closed-End Administration Agreement to the Closed-End Collateral Agent Administrator of certain of the duties that the Closed-End Administrative Agent is required to perform on behalf of the Closed-End Collateral Agent pursuant to the Collateral Agency Agreement.

The [ ] Exchange Noteholder, by accepting this Note, covenants and agrees that for a period of one year and one day after payment in full of all Trust-Related Obligations (as defined in the Titling Trust Agreement), it will not institute against the Borrower or the Holding Company, or join in any institution against the Borrower or the Holding Company of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any federal or State bankruptcy or similar law in connection with any obligations relating to this Note, the Collateral Agency Agreement, the [ ] Closed-End Exchange Note Supplement or any of the other [ ] Basic Documents.

The Borrower has entered into the [ ] Closed-End Exchange Note Supplement and this Note is issued with the intention that, for U.S. federal, State and local income, single business and franchise tax purposes, this Note will qualify as indebtedness of the Borrower. The [ ] Exchange

C-9 *Collateral Agency Agreement*

Noteholder, by its acceptance of this Note, will be deemed to agree to treat this [ ] Closed-End Exchange Note for U.S. federal, State and local income, single business and franchise tax purposes as indebtedness of the Borrower.

Prior to the due presentment for registration of transfer of this Note, the Borrower and the Closed-End Administrative Agent and any agent of the Borrower or the Closed-End Administrative Agent may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the [ ] Closed-End Exchange Note Supplement) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and none of the Borrower, the Closed-End Administrative Agent or any such agent will be affected by notice to the contrary.

The Collateral Agency Agreement permits the amendment thereof and, under certain circumstances, the consent of the [ ] Exchange Noteholder will be required as a condition to the effectiveness of such amendment. Any such consent by the [ ] Exchange Noteholder will be conclusive and binding upon the [ ] Exchange Noteholder and upon all future holders of this Note and of any [ ] Closed-End Exchange Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this [ ] Closed-End Exchange Note.

The term "**<u>Borrower</u>**," as used in this Note, includes any successor to the Borrower under the Collateral Agency Agreement.

This Note is issuable only in registered form as provided in the Collateral Agency Agreement, subject to certain limitations therein set forth.

**THIS [ ] CLOSED-END EXCHANGE NOTE, THE COLLATERAL AGENCY AGREEMENT AND THE [ ] CLOSED-END EXCHANGE NOTE SUPPLEMENT WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.**

No reference herein to the Collateral Agency Agreement, and no provision of this Note or of the Collateral Agency Agreement will alter or impair the obligation of the Borrower, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency herein prescribed.

Notwithstanding anything to the contrary set forth in this Note or the Collateral Agency Agreement, it is expressly understood and agreed that (1) this Note is executed and delivered by VT Inc., not individually or personally but solely as Titling Trustee in the exercise of the powers and authority conferred and vested in it in such capacity, (2) each of the representations, undertakings and agreements made herein, or in the Collateral Agency Agreement, in each case on the part of World Omni LT, as Borrower, are made and intended not as personal representations, undertakings and agreements by VT Inc., but are made and intended for the purpose of binding only World Omni LT, (3) nothing herein contained shall be construed as creating any liability on VT Inc., individually or personally, to perform any covenant, either expressed or implied, contained in the Collateral Agency Agreement or this Note, all such liability, if any, being expressly waived by each Exchange Noteholder of this Note, by taking delivery hereof, and by any person claiming by, through or under any such Exchange Noteholder, (4) under no circumstances shall VT Inc. or any of its affiliates, partners, beneficiaries, agents, officers, directors, employees or successors or assigns (the foregoing, collectively, the "**<u>Trustee Parties</u>**") be personally liable for, nor will recourse be had to any of them for, the payment of principal of or interest on this Note, (5) the liability of the Trustee Parties will be limited in the manner set forth in the Titling Trust Agreement, which the holder of this Note acknowledges by taking delivery hereof, and (5) under no

C-10 *Collateral Agency Agreement*

circumstances shall VT Inc. be personally liable for the payment of any other indebtedness or expenses of World Omni LT under this Note, the Collateral Agency Agreement or any other related document.

**[REMAINDER OF THIS PAGE LEFT INTENTIONALLY BLANK]**

C-11 *Collateral Agency Agreement*

**ASSIGNMENT**

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

**FOR VALUE RECEIVED**, the undersigned hereby sells, assigns and transfers without recourse unto

________________________________________________________

(name and address of assignee)

the within [ ] Closed-End Exchange Note and all rights thereunder, and hereby irrevocably constitutes and appoints ________________, attorney, to transfer said [ ] Closed-End Exchange Note on the books kept for registration thereof, with full power of substitution in the premises.

Date:

  <br> Signature Guaranteed

C-12 *Collateral Agency Agreement*

**EXHIBIT D**

**FORM OF TRANSFEREE REPRESENTATION LETTER**

WORLD OMNI LT,<br> as Borrower<br> VT Inc., as Titling Trustee to World Omni LT<br> c/o U.S. Bank Trust National Association<br> 209 South LaSalle Street<br> Suite 300<br> Chicago, Illinois 60604

U.S. Bank Trust National Association,<br> as Closed-End Administrative Agent<br> 209 South LaSalle Street<br> Suite 300<br> Chicago, Illinois 60604

Re: <u>World Omni LT 20[ ]-[ ] Closed-End Exchange Note</u>

Ladies and Gentlemen:

In connection with our proposed transfer of the 20[ ]-[ ] Closed-End Exchange Note (the "<u>Exchange Note</u>") of World Omni LT (the "<u>Borrower</u>") issued pursuant to the Fourth Amended and Restated Collateral Agency Agreement, dated as of December 15, 2009 (the "<u>Collateral Agency Agreement</u>"), and the Exchange Note Supplement dated as of [ ], 20[ ] (the "<u>20[ ]-[ ] Exchange Note Supplement</u>"), among World Omni LT, as Borrower (the "<u>Borrower</u>"), Auto Lease Finance LLC, as Initial Beneficiary (the "<u>Initial Beneficiary</u>"), AL Holding Corp., as collateral agent (the "<u>Closed-End Collateral Agent</u>"), Bank of America, N.A., as deal agent (the "<u>Deal Agent</u>"), U.S. Bank Trust National Association ("<u>U.S. Bank</u>"), as closed-end administrative agent (the "<u>Closed-End Administrative Agent</u>"), and each of the Secured Parties (as defined therein) as may from time to time become party to such agreement, we agree with and represent to and for the benefit of the Borrower and the Closed-End Administrative Agent, that:

1. No Transfer of the Exchange Note will be made unless the registration requirements of the Securities Act of 1933, as amended (the
 " <u>Securities Act</u> ") and any applicable state securities laws are complied with, or such transfer is exempt from the registration
requirements under the Securities Act, and only to either (i) a "qualified institutional buyer" as defined in Rule 144A
of the Securities Act (a " <u>Qualified Institutional Buyer</u> "), (ii) an institutional accredited investor as defined
in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act (an " <u>Institutional Accredited Investor</u> ")
or (iii) the Initial Beneficiary or its Affiliates in a transaction exempt from the registration requirements of the Securities Act
and, in each case, such transfer is in accordance with any applicable State securities laws and the transferee executes and delivers to
the Borrower and the Closed-End Administrative Agent a transferee representation letter substantially in the form of this  **<u>Exhibit D</u>** to the Collateral Agency Agreement.

2. We are, and were at the time that we acquired the Exchange Note held by us, a Qualified Institutional Buyer or an Institutional Accredited
Investor and we are aware that the sale or transfer of Exchange Note to us is being made in reliance or the exemption from registration
provided by Rule 144A or Section 4(2) of the Securities Act, as applicable.

D-1 *Collateral Agency Agreement*

3. We are acquiring the Exchange Note for our own account or for one or more accounts, each of which is either a Qualified Institutional
Buyer or an Institutional Accredited Investor, and as to each of which we exercise sole investment discretion for us and for each such
account.

4. We have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of our
investment in the Exchange Note, and we and any accounts for which we are acting are each able to bear the economic risk of such investment.

5. If we are a corporation, partnership, trust or other entity we were not formed or recapitalized for the specific purpose of acquiring
the Exchange Note.

6. We understand that the Exchange Note is being offered only in a transaction not involving any public offering in the United States
within the meaning of the Securities Act, the Exchange Note has not been and will not be registered under the Securities Act, and, if
in the future we decide to offer, resell, pledge or otherwise transfer the Exchange Note, such security may be offered, resold, pledged
or otherwise transferred only in accordance with the legend on such Note set forth herein. We acknowledge that no representation is made
by the Seller as to the availability of any exemption under the Securities Act or any state securities laws for resale of the Exchange
Note;

7. We understand that an investment in the Exchange Note involves certain risks, including the risk of loss of a substantial part of
our investment under certain circumstances. We have had access to such financial and other information concerning the Borrower, the Leases,
the Vehicles and the Servicer's servicing practices and procedures as we deemed necessary or appropriate in order to make an informed
investment decision with respect to our acquisition of the Exchange Note, including an opportunity to ask questions of and request information
from the Borrower.

8. Either (A) we are not, and are not acquiring and holding such Exchange Note on behalf of, a Plan or a governmental or church
plan that is subject to Section 406 of ERISA or Section 4975 of the Code or to any federal, State, foreign or local law that
is substantially similar to the prohibited transaction provisions of Section 406 of ERISA or Section 4975 of the Code or (B) our
acquisition and holding of such Exchange Note throughout the period that we hold such Exchange Note will not result in a non-exempt prohibited
transaction under Section 406 of ERISA or Section 4975 of the Code (or, in the case of a governmental or church plan, a violation
of any similar federal, State, foreign or local law). In addition, if we are, or are acting on behalf of, a Plan, the fiduciaries of such
Plan represent and warrant that they have been informed of and understand the Issuer's investment objectives, policies and strategies
and that the decision to invest such Plan's assets in such Exchange Note was made with appropriate consideration of relevant investment
factors with regard to such Plan and is consistent with the duties and responsibilities imposed upon fiduciaries with regard to their
investment decisions under ERISA.

9. Neither the Borrower nor the Closed-End Administrative Agent is under an obligation to register the Exchange Note under the Securities
Act or any State securities laws. Each Note will bear a legend to the following effect unless determined otherwise by the Servicer (as
certified to the Closed-End Administrative Agent in an Officer's Certificate):

"THIS CLOSED-END EXCHANGE NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR UNDER ANY SECURITIES OR BLUE SKY LAW OF ANY STATE OF THE UNITED STATES. THE HOLDER HEREOF, BY PURCHASING THIS CLOSED-END EXCHANGE NOTE, AGREES THAT THIS CLOSED-END EXCHANGE NOTE MAY BE REOFFERED, RESOLD, PLEDGED

D-2 *Collateral Agency Agreement*

OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (1) TO A "QUALIFIED INSTITUTIONAL BUYER" WITHIN THE MEANING THEREOF IN RULE 144A UNDER THE SECURITIES ACT, (2) TO AN INSTITUTIONAL "ACCREDITED INVESTOR" WITHIN THE MEANING THEREOF IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (3) TO THE INITIAL BENEFICIARY OR ITS AFFILIATES, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED STATES AND SECURITIES AND BLUE SKY LAWS OF THE STATES OF THE UNITED STATES, AND SUBJECT TO THE RECEIPT BY THE CLOSED-END ADMINISTRATIVE AGENT OF SUCH OTHER EVIDENCE ACCEPTABLE TO THE CLOSED-END ADMINISTRATIVE AGENT THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS;"

10. As a condition to the registration of any sale, transfer, assignment, participation, pledge or other disposition (each, a " <u>Transfer</u> ")
of an Exchange Note, the prospective transferee of such Exchange Note will be required to represent to the Closed-End Administrative Agent
and the Borrower the following, unless determined otherwise by the Servicer (as certified to the Closed-End Administrative Agent in an
Officer's Certificate):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It understands that no subsequent Transfer of the Exchange Note is permitted unless it causes its proposed transferee to provide to
the Closed-End Administrative Agent and the Borrower a letter substantially in the form of this  **<u>Exhibit D</u>** (with such
changes therein as may be approved by the Servicer), or such other statement as the Borrower may require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It understands that any purported Transfer of an Exchange Note (or any interest therein) in contravention of any of the restrictions
and conditions contained in  **<u>Section 6.5</u>** of the Collateral Agency Agreement will be null and void, and the purported
transferee in any such purported Transfer will not be recognized by the Borrower or any other Person as an Exchange Noteholder for any
purpose.

11. We acknowledge, submit to and agree to be bound by the Intercreditor Agreement, and each acknowledges receipt of a copy of such agreement
as in effect on the Closing Date. We acknowledge that, among other things, the Intercreditor Agreement limits any interest of the Exchange
Noteholder and any transferee in the Borrower to the assets allocated to the related Reference Pool in the Collateral Specified Interests
of the Borrower.

12. Any Transfer of the Exchange Note to a Person that is neither a Qualified Institutional Buyer nor an Institutional Accredited Investor,
or otherwise that is not made in accordance with the restrictions set forth in the Collateral Agency Agreement will be null and void from
the beginning and will not be given effect for any purpose under this letter or the Collateral Agency Agreement.

Capitalized terms used and not otherwise defined herein have the meanings assigned to such terms in **<u>Appendix A</u>** to the Collateral Agency Agreement, which also contains rules as to usage applicable to this letter.

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

D-3 *Collateral Agency Agreement*

Very truly yours,

[NAME OF TRANSFEREE]

By:   <br> Name: <br> Title:

D-4 *Collateral Agency Agreement*

**EXHIBIT E**

**[FORM OF POWER OF ATTORNEY IN FAVOR OF THE<br> CLOSED-END COLLATERAL AGENT ADMINISTRATOR]**

STATE OF ILLINOIS } <br> } <br> COUNTY OF COOK }

Reference is made to the Third Amended and Restated Pledge and Security Agreement (the "**<u>Security Agreement</u>**"), dated as of July 16, 2008, between the WORLD OMNI LT, a Delaware statutory trust, as Borrower (the "**<u>Borrower</u>**"), and AL HOLDING CORP., a Delaware corporation ("**<u>ALHC</u>**"), as collateral agent (the "**<u>Closed-End Collateral Agent</u>**"), 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. World Omni Financial Corp., a Florida corporation ("**<u>World Omni</u>**"), 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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) "<u>Auction</u>" means [Manheim Auctions, Inc.], [Auto Trade Center] and any other physical or electronic auction house, motor vehicle disposition agent, consignor or vendor, (ii) "<u>Execute</u>" means to prepare, execute, submit, deliver and/or file, in each case on behalf of ALHC, as Collateral Agent under the Security Agreement, (iii) "<u>Document</u>" 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.

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[ ].

E-1 *Collateral Agency Agreement*

**AL HOLDING CORP.**

By:   <br> Name: <br> Title:

STATE OF ILLINOIS } <br> } <br> 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 _____<br> day of [ ], 20[ ].

Notary Public - State of Illinois [seal]

________________________________<br> Name: __________________________<br> Commission Expires: ______________

E-2 *Collateral Agency Agreement*

**EXHIBIT F**

**[FORM OF REFERENCE POOL REALLOCATION NOTICE]**

*[DATE]*

---

| | |
|:---|:---|
| To: | **AL HOLDING CORP.**, |
|  | as Closed-End Collateral Agent |

---

**Re: <u>Reallocation of Assets to [ ]</u>**

Reference is made to the Fourth Amended and Restated Collateral Agency Agreement, dated as of December 15, 2009 (the "**<u>Collateral Agency Agreement</u>**"), among World Omni LT, as Borrower, Auto Lease Finance LLC, as Initial Beneficiary, AL Holding Corp., as 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 from time to time party to such agreement. Unless otherwise defined herein, all capitalized terms shall have the meanings ascribed thereto in the Collateral Agency Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Pursuant to  **<u>Section 6.2(b)</u>** of the Collateral Agency Agreement, you are hereby directed to reallocate from
the Warehouse Facility Pool to the Reference Pool designated as "[ ]" (the "  **<u>[ ]" Reference Pool</u>** ")
those Closed-End Leases and Closed-End Vehicles identified on  **<u>Annex A</u>** hereto, together with all other assets relating to
such Closed-End Leases and Closed-End Vehicles (collectively, the "  **<u>Reallocated Assets</u>** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Exchange Note Reallocation Date for the Reallocated Assets is [ ], 20[ ]. (This is the date as of which the reallocation described
in  **<u>Paragraph (1)</u>** , above, is effective.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) From and after [ ], 20[ ], all Closed-End Collections on the Reallocated Assets shall be treated as Closed-End Collections with respect
to the [ ] Reference Pool.

**[SIGNATURE PAGE FOLLOWS]**

F-1 *Collateral Agency Agreement*

**IN WITNESS WHEREOF**, the undersigned has caused this Reference Pool Reallocation Notice to be duly executed and delivered by its officer hereunto duly authorized, as of the date and year first above written.

---

| | |
|:---|:---|
| **AUTO LEASE FINANCE LLC**, | **AUTO LEASE FINANCE LLC**, |
| as Initial Beneficiary, | as Initial Beneficiary, |
| By: |  |
|  | Name: |
|  | Title: |

---

F-2 *Collateral Agency Agreement*

**EXHIBIT G**

**[FORM OF Warehouse pool reallocation notice]**

*[DATE]*

---

| | |
|:---|:---|
| To: | **AL HOLDING CORP.**, |
|  | as Closed-End Collateral Agent |

---

**Re: <u>Reallocation of Assets to the Warehouse Facility Pool</u>**

Reference is made to the Fourth Amended and Restated Collateral Agency Agreement, dated as of December 15, 2009 (the "**<u>Collateral Agency Agreement</u>**"), among World Omni LT, as Borrower, Auto Lease Finance LLC, as Initial Beneficiary, AL Holding Corp., as 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 from time to time party to such agreement. Unless otherwise defined herein, all capitalized terms shall have the meanings ascribed thereto in the Collateral Agency Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Pursuant
 to  **<u>Section 6.2(e)</u>** of the Collateral Agency Agreement, you are hereby
 directed to reallocate from the Reference Pool designated as "[ ]" (the "  **<u>[ ]" Reference Pool</u>**") to the Warehouse Facility Pool those Closed-End Leases
 and Closed-End Vehicles identified on  **<u>Annex A</u>** hereto, together with all other
 assets relating to such Closed-End Leases and Closed-End Vehicles (collectively, the "  **<u>Reallocated Assets</u>** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The
 Warehouse Pool Reallocation Date for the Reallocated Assets is [ ], 20[ ]. (This is the date
 as of which the reallocation described in  **<u>Paragraph (1)</u>** , above, is effective.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) From
 and after [ ], 20[ ], all Closed-End Collections on the Reallocated Assets shall be treated
 as Closed-End Collections with respect to the Warehouse Facility Pool and shall no longer
 constitute Closed-End Collections with respect to the applicable Reference Pool.

**[SIGNATURE PAGE FOLLOWS]**

G-1 *Collateral Agency Agreement*

**IN WITNESS WHEREOF**, the undersigned has caused this Reference Pool Reallocation Notice to be duly executed and delivered by its officer hereunto duly authorized, as of the date and year first above written.

---

| | |
|:---|:---|
| **AUTO LEASE FINANCE LLC**, | **AUTO LEASE FINANCE LLC**, |
| as Initial Beneficiary, | as Initial Beneficiary, |
| By: |  |
|  | Name: |
|  | Title: |

---

G-2 *Collateral Agency Agreement*

**EXHIBIT H**

**[FORM OF WIND-DOWN POOL REALLOCATION NOTICE]**

*[DATE]*

---

| | |
|:---|:---|
| To: | **AL HOLDING CORP.**, |
|  | as Closed-End Collateral Agent |

---

**Re: <u>Reallocation of Assets to [ ]</u>**

Reference is made to the Fourth Amended and Restated Collateral Agency Agreement, dated as of December 15, 2009 (the "**<u>Collateral Agency Agreement</u>**"), among World Omni LT, as Borrower, Auto Lease Finance LLC, as Initial Beneficiary, AL Holding Corp., as 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 from time to time party to such agreement. Unless otherwise defined herein, all capitalized terms shall have the meanings ascribed thereto in the Collateral Agency Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Pursuant
 to  **<u>Section 7.4(a)</u>** of the Collateral Agency Agreement, you are hereby
 directed to reallocate from the Warehouse Facility Pool to the Wind-Down Pool designated
 as "[ ]" (the "  **<u>[ ]" Wind-Down Pool</u>**") those Closed-End
 Leases and Closed-End Vehicles identified on  **<u>Annex A</u>** hereto, together with
 all other assets relating to such Closed-End Leases and Closed-End Vehicles (collectively,
 the "  **<u>Reallocated Assets</u>** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The
 Wind-Down Date for the Reallocated Assets is [ ], 20[ ]. (This is the date as of which the
 reallocation described in  **<u>Paragraph (1)</u>** , above, is effective.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) From
 and after [ ], 20[ ], all Closed-End Collections on the Reallocated Assets shall be treated
 as Closed-End Collections with respect to the [ ] Reference Pool.

**[SIGNATURE PAGE FOLLOWS]**

H-1 *Collateral Agency Agreement*

**IN WITNESS WHEREOF**, the undersigned has caused this Wind-Down Pool Reallocation Notice to be duly executed and delivered by its officer hereunto duly authorized, as of the date and year first above written.

---

| | |
|:---|:---|
| **AUTO LEASE FINANCE LLC**, | **AUTO LEASE FINANCE LLC**, |
| as Initial Beneficiary, | as Initial Beneficiary, |
| By: |  |
|  | Name: |
|  | Title: |

---

H-2 *Collateral Agency Agreement*

**Appendix A**

**USAGE AND DEFINITIONS**

**<u>Usage</u>**

The following rules of construction and usage are applicable to this Appendix and to any agreement that incorporates this Appendix and any certificate or other document made or delivered pursuant to any such agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All terms defined in this Appendix, unless otherwise defined in any agreement that incorporates this Appendix or any certificate or other document made or delivered pursuant to any such agreement, have the meanings assigned in this Appendix.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Accounting terms not defined in this Appendix or in any such agreement, certificate or other document, and accounting terms partly defined in this Appendix or in any such agreement, certificate or other document, to the extent not defined, have the respective meanings given to them under U.S. generally accepted accounting principles as in effect on the date of such agreement, certificate or other document. To the extent that the definitions of accounting terms in this Appendix or in any such agreement, certificate or other document are inconsistent with the meanings of such terms under U.S. generally accepted accounting principles, the definitions contained in this Appendix or in any such agreement, certificate or other document will control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) References in an agreement to "Article," "Section," "Exhibit," "Schedule" or another subdivision or to an attachment are, unless otherwise specified, to an article, section, exhibit, schedule or other subdivision of or an attachment to such agreement; and the term "including" means "including without limitation."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **<u>IF</u>**, in any agreement that incorporates this Appendix, a provision (as used in this **<u>clause (d)</u>**, "**<u>Provision X</u>**") precedes or follows another provision (as used in this **<u>clause (d)</u>**, "**<u>Provision Y</u>**"), **<u>where</u>** either (x) all or any portion of any matter addressed in Provision X is wholly or partially subsumed within Provision Y, with Provision Y being more broadly stated than Provision X with respect to such matter **<u>and/or</u>** (y) Provision X addresses more specifically a matter than is addressed more generally in Provision Y, **<u>THEN</u>**, in each such case, (A) Provision X shall be deemed to include language to the effect that Provision X shall not limit the generality of Provision Y with respect to any such matter and (B) as to such matter, Provision Y shall be interpreted as written, without negative inference being drawn from the inclusion of Provision X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The definitions contained in this Appendix are equally applicable to both the singular and plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any agreement or statute defined or referred to in this Appendix or in any agreement that incorporates this Appendix means such agreement or statute as from time to time amended, modified, supplemented or replaced, including (in the case of agreements) by waiver or consent and (in the case of statutes) by succession of comparable successor statutes and includes (in the case of agreements) references to all attachments thereto and instruments incorporated therein and (in the case of statutes) any rules and regulations promulgated thereunder and any judicial and administrative interpretations thereof. Any such amendment, modification, supplement or replacement shall bind each party to the applicable agreement (irrespective of, in the case of an amendment, modification, supplement or replacement of an agreement, whether such party had a right to consent thereto), except to the extent

Appendix A – page 1 *Collateral Agency Agreement*

that causing such party to be so bound would, solely by application of Applicable Law, cause such agreement to become unenforceable in any material respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) References to a Person are also to its permitted successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) References to deposits, transfers and payments of any amounts refer to deposits, transfers or payments of such amounts in immediately available funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Except where "not less than zero" or similar language is indicated, amounts determined by reference to a mathematical formula may be positive or negative.

Appendix A – page 2 *Collateral Agency Agreement*

**<u>Definitions</u>**

"**<u>Additional Warehouse Facility</u>**" means any Additional Warehouse Facility that is established under a Receivables Financing Agreement entered into pursuant to and in accordance with **<u>Section 2.1(b)</u>** of the Collateral Agency Agreement, excluding any such agreement entered into by way of amendment, restatement, supplement or other modification to any Warehouse Facility in effect on the date of the Collateral Agency Agreement (or any related document).

"**<u>Additional Warehouse Facilities</u>**" has a meaning correlative to the foregoing.

"**<u>Administrative Repurchase</u>**" means, with respect to one or more Closed-End Unit(s), a purchase, repurchase or indemnification payment made by World Omni or any of its Affiliates, whether acting as seller, servicer or in any other capacity, in connection with the breach of any representation, warranty or covenant (including any servicing covenant), or in connection with any indemnification obligation.

"**<u>Advance</u>**" means any amount disbursed as principal by any Warehouse Facility Lender to the Borrower under any Warehouse Facility.

"**<u>Adverse Claim</u>**" means a lien, security interest, pledge, charge or encumbrance, or similar right or claim (other than any lien, security interest, pledge, charge or encumbrance, or similar right or claim of the Closed-End Collateral Agent under the Security Agreement) of any Person; **<u>provided</u>**, **<u>however</u>**, **<u>that</u>**, the assignment of the proceeds of Relinquished Vehicles and the rights under Disposition Contracts relating to such vehicles pursuant to **<u>Section 4.1</u>** of the Master Exchange Agreement shall not constitute an Adverse Claim with respect to such vehicles so long as the Closed-End Collateral Specified Interest remains a Restricted Pool, and the Restricted Pool Conditions continue to be applicable thereto as set forth in **<u>Schedule 5</u>** to the Master Exchange Agreement.

"**<u>Affected Party</u>**" means, (A) as used in or with respect to any Receivables Financing Agreement, (i) the related Warehouse Facility Lenders, any Liquidity Banks and any Program Support Providers, (ii) any permitted assignee of such Warehouse Facility Lenders,, any Liquidity Banks or any Program Support Providers, (iii) any subsequent holder of a participation interest in the rights and obligations of any related Warehouse Facility Lenders under such Receivables Financing Agreement, any Liquidity Banks under a Liquidity Agreement and any subsequent holder of a participation interest in the rights and obligations of any Program Support Providers under a Program Support Agreement, in each case relating to such Receivables Financing Agreement and (B) when used with respect to any Conduit Lender, such Conduit Lender, any related Alternate Lender, the related Group Agent, any related Program Support Provider, any permitted assignee of any of the foregoing, any subsequent holder of a participation interest in the rights and obligations of such Alternate Lender and any subsequent holder of a participation interest in the rights and obligations of any Program Support Provider under a Program Support Agreement.

"**<u>Affiliate</u>**" of any Person means any other Person that (i) directly or indirectly controls, is controlled by or is under common control with such Person (excluding any trustee under, or any committee with responsibility for administering, any employee benefit plan) or (ii) is an officer or director of such Person. A Person shall be deemed to be "controlled by" any other Person if such other Person possesses, directly or indirectly, power:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to
 vote 5% or more of the securities (on a fully diluted basis) having ordinary voting power
 for the election of directors or managing partners; or

Appendix A – page 3 *Collateral Agency Agreement*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to
 direct or cause the direction of the management and policies of such Person whether by contract
 or otherwise.

"**<u>Affiliated</u>**" has a correlative meaning.

"**<u>Aggregate Loan Amount</u>**" means the aggregate principal amount of all Advances outstanding under the Revolving Warehouse Facilities.

"**<u>Aggregate Wind-Down Loan Amount</u>**" means the aggregate principal amount of all Advances outstanding under the Wind-Down Warehouse Facilities.

"**<u>Alabama Trust</u>**" means World Omni LT, an Alabama trust.

"**<u>ALF LP</u>**" means Auto Lease Finance L.P., a Delaware limited partnership.

"**<u>ALF LP Contribution Agreement</u>**" means the Contribution Agreement and Amendment to Limited Partnership Agreement, dated as of July 16, 2008, between World Omni, as contributor, and ALF LLC, as contributee.

"**<u>ALF LLC</u>**" means Auto Lease Finance LLC, a Delaware limited liability company.

"**<u>ALF LLC Agreement</u>**" means the Amended and Restated Limited Liability Company Agreement of ALF LLC, dated as of July 16, 2008, by World Omni, as sole member, and each of Bernard J. Angelo and Frank Bilotta, as the initial Independent Directors.

"**<u>ALHC</u>**" means AL Holding Corp., a Delaware corporation.

"**<u>Applicable Base Margin</u>**" means, with respect to any Warehouse Facility, the meaning specified in the related Receivables Financing Agreement.

"**<u>Applicable Law</u>**" means all applicable laws, ordinances, judgments, decrees, injunctions, writs and orders of any Governmental Authority and rules, regulations, orders, interpretations, licenses and permits of any Governmental Authority.

"**<u>Applicable Margin</u>**" means, with respect to any Warehouse Facility, the meaning specified in the related Receivables Financing Agreement.

"**<u>Asset Pool</u>**" means the Revolving Pool, each Wind-Down Pool, each Reference Pool and each other portfolio of Titling Trust Assets.

"**<u>Automotive Lease Guide</u>**" means, with respect to any Closed-End Vehicle and the related Closed-End Lease, the Automotive Lease Guide prepared and published by Automotive Lease Guide, LLC, which edition is the most current at the inception of such Closed-End Lease.

"**<u>Authorized Officer</u>**":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) has,
 with respect to the Initial Beneficiary, Titling Trust Administrator, Delaware Trustee or
 Titling Trustee, the meaning specified in the Titling Trust Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with
 respect to the Closed-End Collateral Agent Administrator, means the individuals designated
 by the Closed-End Collateral Agent Administrator from

Appendix A – page 4 *Collateral Agency Agreement*

---

| | |
|:---|:---|
|  | time to time pursuant to **<u>Section 2.5</u>** of the Closed-End Administration Agreement; |
| (iii) | with respect to U.S. Bank or U.S. Bank Trust (in any capacity), means any president, vice president, assistant vice president, treasurer, assistant treasurer, secretary, assistant secretary or any other officer of such Person, customarily performing functions similar to those performed by any of the above designated having responsibility for the administration of the Basic Documents and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer's knowledge of and familiarity with the particular subject; and |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) with
 respect to the Closed-End Servicer, the individuals identified from time to time on  **<u>Exhibit G</u>** to the Closed-End Servicing Agreement.

"**<u>Bank of America</u>**" means Bank of America, N.A., a national banking association.

"**<u>Bank of America Receivables Financing Agreement</u>**" means the Receivables Financing Agreement, dated as of December<u> </u>, 2009 among the Borrower, ALF LLC, as Initial Beneficiary, the Closed-End Servicer, the Lenders party thereto, and Bank of America, as Warehouse Facility Agent.

"**<u>Bankruptcy Code</u>**" means the United States Bankruptcy Code, as set forth in Title 11 of the United States Code.

"**<u>Basic Documents</u>**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the
 Receivables Financing Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the
 Borrower Novation Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the
 Collateral Agency Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the
 Security Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) the
 Collateral Agent Assignment Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) the
 Closed-End Servicing Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) the
 Closed-End Administration Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) the
 Titling Trust Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) the
 Merger Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(J) the
 Master Exchange Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(K) the
 Intercreditor Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(L) the
 Lease Funding Account Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(M) the
 Company Account Agreement;

Appendix A – page 5 *Collateral Agency Agreement*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(N) the
 Performance Guaranty; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(O) the
 Warehouse Facility Notes.

"**<u>Beneficial Interest</u>**" has, with respect to any Warehouse Facility, the meaning specified in the Titling Trust Agreement.

"**<u>Board Resolution</u>**" means a copy of a resolution certified by the Secretary or an Assistant Secretary of any specified Person to have been duly adopted by the Board of Directors (or equivalent, if applicable), or a duly authorized committee thereof, of such Person and to be in full force and effect on the date of such certification and delivered to the Person to which such resolution is required to be delivered.

"**<u>Booked Residual Value</u>**" means, with respect to a Closed-End Vehicle, the amount stipulated in the related Closed-End Lease (as reflected in the Schedule of Leases and Vehicles) as the value of such Closed-End Vehicle at the Maturity Date of the related Closed-End Lease, as established upon the date of origination of the related Closed-End Lease.

"**<u>Borrower</u>**" means WOLT, as borrower under each of the Warehouse Facilities.

"**<u>Borrower Novation Agreement</u>**" means the Novation Agreement, dated as of July 16, 2008, among ALF LP, as Borrower Transferor, WOLT, as Borrower Transferee, and the Novation Consenting Parties named therein.

"**<u>Borrowing Base</u>**" has, with respect to any Warehouse Facility, the meaning set forth in the related Receivables Financing Agreement.

"**<u>Borrowing Base Certificate</u>**" has, with respect to any Warehouse Facility, the meaning specified in the related Receivables Financing Agreement.

"**<u>Borrowing Request</u>**" means, as used in any Receivables Financing Agreement, the notice delivered by the Borrower to the applicable Warehouse Facility Agent under the terms of such agreement to request that an Advance be made thereunder.

"**<u>Business Day</u>**" means (a) any day other than a Saturday, Sunday or other day on which banks are required or authorized by law to close in New York City, New York or Charlotte, North Carolina, and (b) in the case of a Business Day which relates to a Eurodollar Loan, any day dealings are carried on in the London interbank market.

"**<u>Carrying Costs</u>**" means, with respect to any month, the sum (without duplication) of all of WOLT's financing costs and expenses incurred during such month under all the Warehouse Facilities determined on an accrual basis in accordance with GAAP, including, (a) all interest accrued on the Advances, (b) all accrued Fees, (c) commercial paper dealer fees and note fees and (d) all indemnity obligations of WOLT (including all amounts payable as increased costs or funding losses pursuant to any Warehouse Facility). For avoidance of doubt, "Carrying Costs" shall include all of the amounts referred to in **<u>clauses (a)</u>** through **<u>(d)</u>** of the immediately preceding sentence that are paid by, or payable by, the Holder of the Closed-End Certificate, the Closed-End Servicer or the Titling Trust Administrator, in each case on behalf of the Titling Trust.

"**<u>Certificate</u>**" has the meaning specified in the Titling Trust Agreement.

Appendix A – page 6 *Collateral Agency Agreement*

"**<u>Certificate of Title</u>**" means a certificate of title or other similar evidence of ownership of a Closed-End Vehicle issued in paper form by the relevant governmental department or agency in the jurisdiction in which the Closed-End Vehicle is registered, or a record maintained by such governmental department or agency in the form of information stored in electronic media. However, if a certificate of title or other similar evidence of ownership in paper form or such record stored on electronic media has not been issued or is not being maintained, the application (or copy thereof) for the certificate of title or other similar evidence of ownership will constitute the "**<u>Certificate of Title</u>**." "**<u>Certificates of Title</u>**" has a meaning correlative with the foregoing.

"**<u>Change in Control</u>**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) JM
 Family Enterprises, Inc. shall fail to own, directly or indirectly, free and clear of
 all Adverse Claims, at least 80% of the outstanding shares of voting stock of World Omni
 on a fully diluted basis; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) World
 Omni shall fail to own, directly or indirectly, free and clear of all Adverse Claims, 100%
 of the membership interest of ALF LLC; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ALF
 LLC shall cease to be the sole owner of the Certificate (s) of the Borrower.

"**<u>Charged-off Lease</u>**" means a Closed-End Lease with respect to which (a) the related Closed-End Vehicle has been repossessed and sold or otherwise disposed of, or (b) the Closed-End Lease has been written off by the Closed-End Servicer in accordance with its normal policies for writing off lease contracts other than with respect to repossessions.

"**<u>Claim</u>**" means any loss, liability or expense, including reasonable attorneys' and other professional's fees and expenses (collectively "**<u>Claims</u>**"), arising out of or incurred in connection with any of the Closed-End Assets (including without limitation any Claims relating to Closed-End Leases, Closed-End Vehicles, consumer fraud, consumer leasing act violation, misrepresentation, deceptive and unfair trade practices, and any other claims arising in connection with any Closed-End Lease, personal injury or property damage claims arising with respect to any Closed-End Vehicle or any claim with respect to any tax arising with respect to any Closed-End Asset.

"**<u>Class</u>**" has the meaning specified in the Titling Trust Agreement.

"**<u>Closed-End Administration Agreement</u>**" means the Administration Agreement, dated as of July 16, 2008, between World Omni, as Closed-End Collateral Agent Administrator, and U.S. Bank, as Closed-End Administrative Agent.

"**<u>Closed-End Administrative Agent</u>**" means U.S. Bank National Association, as Closed-End Administrative Agent under the Collateral Agency Agreement.

"**<u>Closed-End Asset</u>**" means each Closed-End Unit, and each other asset, from time to time allocated to the Closed-End Collateral Specified Interest pursuant to the Titling Trust Agreement.

"**<u>Closed-End Certificate</u>**" means the Certificate issued by the Titling Trust and representing the entire Beneficial Interest in the Closed-End Collateral Specified Interest.

"**<u>Closed-End Collateral Agent</u>**" means ALHC, as collateral agent for the Secured Parties pursuant to the Collateral Agency Agreement.

Appendix A – page 7 *Collateral Agency Agreement*

"**<u>Closed-End Collateral Agent Administrator</u>**" means World Omni, as Closed-End Collateral Agent Administrator under the Closed-End Administration Agreement.

"**<u>Closed-End Collateral Specification Notice</u>**" means the Specification Notice, dated as of July 16, 2008, and establishing the Closed-End Collateral Specified Interest.

"**<u>Closed-End Collateral Specified Interest</u>**" means the Specified Interest designated as the "Closed-End Collateral Specified Interest" pursuant to the Closed-End Collateral Specification Notice.

"**<u>Closed-End Collected Amounts</u>**" means, collectively, all of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) all
 Scheduled Payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) all
 Liquidation Proceeds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) all
 Insurance Proceeds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) all
 Prepayments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) all
 Payments Ahead;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) all
 Released Intermediary Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) all
 proceeds from the exercise of Dealer Recourse Rights; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) all
 other payments made by or on behalf of any Closed-End Obligor or otherwise with respect to
 any Closed-End Lease or Closed-End Vehicle;

**<u>but</u>**, **<u>excluding</u>**, **<u>however</u>**, in each case, all payments made by such Obligors representing late payment charges, payments made for excise or other taxes or fees due to any government authority, extension fees or similar charges. For the avoidance of doubt, "**<u>Closed-End Collected Amounts</u>**" shall not include any Relinquished Vehicle Proceeds to the extent that the Closed-End Servicer has made a deposit into the Collection Account of the Required Deposit Amount with respect to the related Relinquished Vehicle.

"**<u>Closed-End Collections</u>**" means, collectively, (1) the Closed-End Exchange Note Collections with respect to each Reference Pool and (2) the Closed-End Warehouse Collections.

"**<u>Closed-End EN Collected Amounts</u>**" means, with respect to any Reference Pool, all Closed-End Collected Amounts with respect to the Closed-End Leases and Closed-End Vehicles included in such Reference Pool.

"**<u>Closed-End EN Collection Period</u>**" means, with respect to any Reference Pool, a calendar month (and, with respect to any Closed-End Exchange Note Payment Date, means the calendar month preceding the month in which such Closed-End Exchange Note Payment Date occurs).

"**<u>Closed-End EN Secured Party</u>**" means, with respect to any Reference Pool, the related Exchange Noteholders and all other Secured Parties whose Secured Obligations are paid principally from Closed-End EN Collected Amounts in respect of such Reference Pool. "**<u>Closed-End EN Secured Parties</u>**" has a meaning correlative to the foregoing.

Appendix A – page 8 *Collateral Agency Agreement*

"**<u>Closed-End Exchange Note Collections</u>**" means all Closed-End EN Collected Amounts that have been both (x) Received and (y) Posted, in each case as of the relevant date of determination.

"**<u>Closed-End Exchange Note Payment Date</u>**," as used with respect to any Closed-End Exchange Note, has the meaning specified in the related Exchange Note Supplement.

"**<u>Closed-End Lease</u>**" means any agreement between the Titling Trust (or the Titling Trustee, on behalf of the Titling Trust), as assignee of a Dealer, as lessor, and any Person, as lessee, providing for the fixed rate retail closed-end lease of a Closed-End Vehicle, if and to the extent that the rights of the Titling Trust under such agreement have been allocated to the Closed-End Collateral Specified Interest. The "related" Closed-End Lease means, with respect to any Receivable, the Closed-End Lease under which such Receivable arises.

"**<u>Closed-End Obligor</u>**" means the lessee of a Closed-End Vehicle or any other Person who is obligated to make payments on the related Closed-End Lease (other than any Dealer in respect of any Dealer Recourse Rights).

"**<u>Closed-End Servicer</u>**" means World Omni, as Closed-End Servicer under the Closed-End Servicing Agreement.

"**<u>Closed-End Servicing Agreement</u>**" means the Fifth Amended and Restated Servicing Agreement, dated as of December 15, 2009, among the Closed-End Servicer, the Titling Trust and the Closed-End Collateral Agent, with respect to the servicing by the Closed-End Servicer of the Specified Assets of the Closed-End Collateral Specified Interest. Where used with respect to any Reference Pool, "Closed-End Servicing Agreement" means the aforementioned agreement, as supplemented by the applicable Servicing Supplement.

"**<u>Closed-End Unit</u>**" means any Closed-End Lease together with the related Closed-End Vehicle.

"**<u>Closed-End Vehicle</u>**" means any automobile or light duty truck, together with all accessories, additions and parts constituting thereof and all accessions thereto, that is subject to a Closed-End Lease.

"**<u>Closed-End Warehouse Collected Amounts</u>**" means all Closed-End Collected Amounts with respect to the Closed-End Leases and Closed-End Vehicles included in the Warehouse Facility Pool.

"**<u>Closed-End Warehouse Collections</u>**" means all Closed-End Warehouse Collected Amounts that have been both (x) Received and (y) Posted, in each case as of the relevant date of determination.

"**<u>Closed-End Warehouse Facility Lease</u>**" means a Closed-End Lease that is included, as of the relevant date of determination, in the Warehouse Facility Pool.

"**<u>Closed-End Warehouse Facility Vehicle</u>**" means a Closed-End Vehicle that is included, as of the relevant date of determination, in the Warehouse Facility Pool.

"**<u>Closing Date</u>**" means December 15, 2009.

Appendix A – page 9 *Collateral Agency Agreement*

"**<u>Code</u>**" means the Internal Revenue Code of 1986, as amended.

"**<u>Collateral Agent Assignment Agreement</u>**" means the Collateral Agent Assignment Agreement, dated as of July 16, 2008 between Bank of America, as assignor, and ALHC, as assignee.

"**<u>Collateral Agency Agreement</u>**" means the Fourth Amended and Restated Collateral Agency Agreement, dated as of December 15, 2009, among the Borrower, ALHC, as Closed-End Collateral Agent, Bank of America, as Deal Agent, U.S. Bank, as Closed-End Administrative Agent, and the other Secured Parties from time to time party to such agreement.

"**<u>Collateral Document</u>**" means (i) the Security Agreement, and (ii) any additional agreements pursuant to which collateral securing the Secured Obligations may at any time be granted to the Closed-End Collateral Agent.

"**<u>Collection Account</u>**" means with respect to (1) the Warehouse Facility Pool, the Lease Funding Account and (2) any Reference Pool, the related Exchange Note Collection Account.

"**<u>Commercial Paper Note</u>**" has, with respect to any Warehouse Facility, the meaning specified in the related Receivables Financing Agreement.

"**<u>Commission</u>**" means the United States Securities and Exchange Commission.

"**<u>Commitment</u>**" or "**<u>Commitments</u>**" has, with respect to any Warehouse Facility (and with respect to any Warehouse Facility Lender thereunder), the meaning specified in the related Receivables Financing Agreement.

"**<u>Commitment Period</u>**" means, with respect to any Warehouse Facility, the period (x) beginning on and including the Closing Date (or, in the case of an Additional Warehouse Facility, such later date on which such Warehouse Facility becomes effective) and (y) ending on but excluding the last Commitment Termination Date to occur with respect to any Warehouse Facility Lender under such Warehouse Facility.

"**<u>Commitment Termination Date</u>**" has, with respect to any Warehouse Facility, the meaning specified in the related Receivables Financing Agreement.

"**<u>Company Account</u>**" means the account established and maintained by the Closed-End Servicer pursuant to **<u>Section 5.2(c)</u>** of the Closed-End Servicing Agreement, which account initially shall be account number 8188516078, established at the Company Account Bank.

"**<u>Company Account Agreement</u>**" means the Deposit Account Control Agreement, among the Titling Trust, the Servicer, the Closed-End Collateral Agent and Bank of America.

"**<u>Company Account Bank</u>**" means Bank of America.

"**<u>Contingent Liability</u>**" means any agreement, undertaking or arrangement by which any Person guarantees, endorses or otherwise becomes or is contingently liable upon (by direct or indirect agreement, contingent or otherwise, to provide funds for payment, to supply funds to, or otherwise to invest in, a debtor, or otherwise to assure a creditor against loss) the indebtedness, obligation or any other liability of any other Person (other than by endorsements of instruments in the course of collection), or guarantees the payment of dividends or other distributions upon the shares of any other Person. The amount of any Person's obligation under any Contingent Liability shall (subject to any limitation set forth

Appendix A – page 10 *Collateral Agency Agreement*

therein) be deemed to be the outstanding principal amount (or maximum outstanding principal amount, if larger) of the debt, obligation or other liability guaranteed thereby. "**<u>Contingent Liabilities</u>**" has a meaning correlative to the foregoing.

"**<u>Corporate Trust Office</u>**" means, with respect to the Closed-End Administrative Agent and the Titling Trustee, the office of the Closed-End Administrative Agent or the Titling Trustee, as the case may be, at which its corporate trust business is administered, which on the Closing Date is located, in the case of the Closed-End Administrative Agent, at:

U.S. Bank National Association<br> 209 South LaSalle Street<br> Suite 300<br> Chicago, Illinois 60604<br> Attention: Patricia M. Child<br> Fax: 312-325-8905<br> Telephone: 312-325-8902

and, in the case of the Titling Trustee, at:

VT Inc.<br> 209 South LaSalle Street,<br> Chicago, IL 60697<br> Attention: Corporate Trust Department<br> Fax: 312-325-8905

or, in each case, at such other address as the party may designate by notice to the Borrower, the Closed-End Servicer and each Exchange Noteholder.

"**<u>Credit and Collection Policy</u>**" means the credit and collection standards, policies, procedures and practices of the Closed-End Servicer relating to motor vehicle leases and the related vehicles serviced by the Closed-End Servicer, as the same may be modified from time to time without violating the terms of the Receivables Financing Agreements, such standards, policies, procedures and practices to be carried out in accordance with 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.

"**<u>Current Receivables Financing Agreements</u>**" means the Bank of America Receivables Financing Agreement.

"**<u>Current Warehouse Facilities</u>**" means each of the Warehouse Facilities that was entered into pursuant to a Current Receivables Financing Agreement. "**<u>Current Warehouse Facility</u>**" has a meaning correlative to the foregoing.

"**<u>Cutoff Date</u>**" means, (1) with respect to any Reference Pool and any Closed-End Unit included or to be included therein, the date as of which all Closed-End Collections on such Closed-End Units will be applied as Closed-End Collections with respect to such Reference Pool (determined after all processing on such day), as specified (x) in the case of the initial Closed-End Units with respect to such Reference Pool, in the related Exchange Note Supplement and (y) in the case of any Closed-End Units that are subsequently allocated to a Reference Pool pursuant to **<u>Section 6.2(b)</u>** of the Collateral Agency Agreement, in the applicable Reference Pool Reallocation Notice and (2) with respect to any Closed-End

Appendix A – page 11 *Collateral Agency Agreement*

Unit to be reallocated from any Reference Pool to the Warehouse Facility Pool pursuant to **<u>Section 6.2(e)</u>** of the Collateral Agency Agreement, the date as of which all Closed-End Collections with respect to such Closed-End Unit will be applied as Closed-End Collections with respect to the Warehouse Facility Pool, and shall no longer be applied as Closed-End Collections with respect to such Reference Pool (in each case, determined after all processing on such day), as specified in the related Warehouse Pool Reallocation Notice.

"**<u>Deal Agent</u>**" means Bank of America, N.A., as Deal Agent under the Collateral Agency Agreement.

"**<u>Dealer</u>**" means any Person who in the ordinary course of business sells or leases motor vehicles and has entered into a Dealer Agreement with World Omni.

"**<u>Dealer Agreement</u>**" has, with respect to any Warehouse Facility, the meaning specified in the related Receivables Financing Agreement.

"**<u>Dealer Recourse Right</u>**" means, with respect to any Closed-End Unit, any and all recourse rights against the originating Dealer.

"**<u>Default Notice</u>**" means a notice delivered to the Closed-End Collateral Agent and the Titling Trustee by any Warehouse Facility Secured Party stating that a Warehouse Facility Termination Event has occurred and is continuing under the provisions of its Warehouse Facility.

"**<u>Defaulted Receivable</u>**" means a Receivable: (a) as to which any Scheduled Payment, or part thereof in excess of **<u>$40.00</u>**, remains unpaid for more than 90 days from the original due date for such payment (other than a Receivable as to which an extension has been granted with respect to such date by the Closed-End Servicer pursuant to **<u>Section 6.2</u>** of the Closed-End Servicing Agreement), <u>or</u> (b) that has been, or, consistent with the Credit and Collection Policy, would be, written off (in whole or in part) the books of the Closed-End Servicer or the Titling Trust, as the case may be, as uncollectible <u>or</u> (c) as to which the related Obligor is the subject of any bankruptcy or other insolvency proceeding.

"**<u>Delinquent Receivable</u>**" has, with respect to any Warehouse Facility, the meaning specified in the related Receivables Financing Agreement.

"**<u>Delaware Statutory Trust Act</u>**" means the Delaware Statutory Trust Act (currently Chapter 38 of Title 12, Sections 3801 through 3863 of the Delaware Code).

"**<u>Delaware Trustee</u>**" means U.S. Bank Trust National Association, a national banking association, and any successor thereto.

"**<u>Disposition Contract</u>**" has the meaning specified in the Master Exchange Agreement.

"**<u>Dollar</u>**" and the sign "**<u>$</u>**" means the lawful money of the United States of America.

"**<u>Draft Account</u>**" means Account No. 81887-03225, denominated "Word Omni Financial Corp.", located at Bank of America or any such other account as may be specified as such from time to time by the Closed-End Servicer with notice to the Titling Trustee.

"**<u>DTC</u>**" means the Depository Trust Company, its nominee, and their respective successors.

Appendix A – page 12 *Collateral Agency Agreement*

"**<u>Effective Date</u>**" has the meaning specified in the Master Exchange Agreement.

"**<u>Effective MSRP</u>**" has, with respect to any Warehouse Facility, the meaning specified in the related Receivables Financing Agreement.

"**<u>Eligible Lease</u>**" has the meaning set forth in the related Receivables Financing Agreement.

"**<u>Eligible State</u>**" means any State in which the Titling Trust is qualified, authorized and licensed to hold title or other evidence of the interest in Closed-End Vehicles.

"**<u>ERISA</u>**" means the Employee Retirement Income Security Act of 1974.

"**<u>Eurodollar Loan</u>**" means, with respect to any Receivables Financing Agreement, any Advance (or portion thereof) that bears interest at the Eurodollar Rate (Reserve Adjusted).

"**<u>Eurodollar Rate (Reserve Adjusted)</u>**" has, with respect to any Warehouse Facility, the meaning specified in the related Receivables Financing Agreement.

"**<u>Event of Bankruptcy</u>**" will be deemed to have occurred with respect to a Person if either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 case or other proceeding shall be commenced, without the application or consent of such Person,
 in any court, seeking the liquidation, reorganization, debt arrangement, dissolution, winding
 up, or composition or readjustment of debts of such Person, the appointment of a trustee,
 receiver, custodian, liquidator, assignee, sequestrator or the like for such Person or all
 or substantially all of its assets, or any similar action with respect to such Person under
 any law relating to bankruptcy, insolvency, reorganization, winding up or composition or
 adjustment of debts, and such case or proceeding shall continue undismissed, or unstayed
 and in effect, for a period of  **<u>60</u>** consecutive days; or an order for relief
 in respect of such Person shall be entered in an involuntary case under the federal bankruptcy
 laws or other similar laws now or hereafter in effect; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such
 Person shall commence a voluntary case or other proceeding under any applicable bankruptcy,
 insolvency, reorganization, debt arrangement, dissolution or other similar law now or hereafter
 in effect, or shall consent to the appointment of or taking possession by a receiver, liquidator,
 assignee, trustee, custodian, sequestrator (or other similar official) for such Person or
 for any substantial part of its property, or shall make any general assignment for the benefit
 of creditors.

"**<u>Exchange Note Allocation Percentage</u>**" means, with respect to any Reference Pool and any date of determination, a fraction, expressed as a percentage, (i) the numerator of which is equal to the total amount of Unpaid Titling Trust Debt with respect to such Reference Pool as of such date of determination and (ii) the denominator of which is equal to the aggregate amount of Unpaid Titling Trust Debt with respect to the Warehouse Facility Pool and all Reference Pools, taken as a whole.

"**<u>Exchange Note Balance</u>**" means, with respect to any Closed-End Exchange Note, the initial principal balance of such Closed-End Exchange Note, as increased by the amount

Appendix A – page 13 *Collateral Agency Agreement*

of any Subsequent Exchange Note Increases and as reduced by all amounts distributed on such Closed-End Exchange Note and allocable to principal.

"**<u>Exchange Note Collection Account</u>**" means the account designated as such with respect to any Reference Pool pursuant to **<u>Section 5.2(f)(ii)</u>** of the Closed-End Servicing Agreement.

"**<u>Exchange Note Interest Amount</u>**" means, with respect to any Closed-End Exchange Note and any Closed-End Exchange Note Payment Date, except as otherwise specified in the related Closed-End Exchange Note, the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 portion of the Exchange Note Interest Amount with respect to such Closed-End Exchange Note
 and the immediately preceding Closed-End Exchange Note Payment Date that was not paid on
 such date;  **<u>plus</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 product of (A) the Exchange Note Balance as of the first day of such Interest Period,  **<u>times</u>** (B) the applicable Exchange Note Interest Rate,  **<u>times</u>** (C) the day count fraction specified in the related Closed-End Exchange Note and/or
 Exchange Note Supplement.

"**<u>Exchange Note Interest Rate</u>**" means, with respect to any Closed-End Exchange Note and any Interest Period, the fixed rate or floating rate specified in the related Closed-End Exchange Note.

"**<u>Exchange Note Principal Payment Amount</u>**" means the amount owed with respect to a principal payment for a Closed-End Exchange Note on each applicable Closed-End Exchange Note Payment Date, as set forth in the applicable Closed-End Exchange Note.

"**<u>Exchange Note Redemption Date</u>**" means with respect to the redemption of any Closed-End Exchange Note, the date on which such redemption is to occur pursuant to the terms of the applicable Servicing Supplement.

"**<u>Exchange Note Redemption Price</u>**" means, the amount payable with respect to a Closed-End Exchange Note in connection with the redemption of such Closed-End Exchange Note as set forth in the applicable Servicing Supplement.

"**<u>Exchange Noteholder</u>**" means, with respect to any Closed-End Exchange Note, the Initial Beneficiary or any indorsee of such Closed-End Exchange Note.

"**<u>Extension Fee</u>**" means, with respect to any Closed-End Lease that has had its Maturity Date extended pursuant to Section 6.2(a) of the Closed-End Servicing Agreement, any payment required to be made with respect to such Closed-End Lease by the Obligor.

"**<u>Facility Default</u>**" means either (1) an Event of Bankruptcy with respect to the Borrower or (2) the delivery of a notice of termination pursuant to **<u>Section 8.1(c)</u>** of the Closed-End Servicing Agreement following a Facility Servicer Event of Default (unless, in the case of this **<u>clause (2)</u>**, a successor Closed-End Servicer has accepted its appointment on or before the date specified in such notice of termination pursuant to **<u>Section 8.4(c)</u>** of the Closed-End Servicing Agreement) will constitute a "Facility Default."

"**<u>Facility Limit</u>**" has, with respect to any Warehouse Facility, the meaning specified in the related Receivables Financing Agreement.

Appendix A – page 14 *Collateral Agency Agreement*

"**<u>Facility Servicer Event of Default</u>**" has the meaning specified in <u>Section 8.1(a)</u> of the Closed-End Servicing Agreement.

"**<u>Federal Funds Rate</u>**" means, for any period, a fluctuating interest rate per annum equal (for each day during such period) to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as published for such day (or, if such day is not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if such rate is not so published for any day that is a Business Day, the average of the quotations for such day on such transactions received by the Liquidity Agent from three federal funds brokers of recognized standing selected by it.

"**<u>Fee Letter</u>**" means, with respect to any Warehouse Facility, the meaning assigned to such term under the related Receivables Financing Agreement.

"**<u>Fees</u>**" means, with respect to any Warehouse Facility, all fees and other amounts payable by the Borrower to the Warehouse Facility Agent (for its own account or the account of any Warehouse Facility Lender) pursuant to the related Receivables Financing Agreement or any related Fee Letter.

"**<u>FICO Score</u>**" has, with respect to any Warehouse Facility, the meaning specified in the related Receivables Financing Agreement.

"**<u>Filing Collateral</u>**" means that portion of the Collateral in which a security interest may be perfected under the UCC by the filing of a financing statement.

"**<u>Final Scheduled Payment Date</u>**" means, with respect to any Closed-End Exchange Note, the date specified in such Closed-End Exchange Note or in the related Closed-End Exchange Note as the fixed date that the final payment of principal on such Closed-End Exchange Note is due and payable.

"**<u>Financial Officer</u>**" means the chief financial officer, treasurer, assistant treasurer or chief accounting officer of World Omni.

"**<u>Fiscal Quarter</u>**" means any period of three consecutive calendar months ending on the last day of any March, June, September or December, with respect to any Person, or such other quarterly periods as may be declared by such Person as its fiscal quarter, by notice to the Closed-End Collateral Agent and the Deal Agent.

"**<u>Fiscal Year</u>**" means any period of twelve consecutive calendar months ending on December 31 or, with respect to any Person, or such other annual period as may be declared by such Person as its fiscal year, by notice to the Closed-End Collateral Agent and the Deal Agent.

"**<u>Fitch</u>**" means Fitch, Inc., doing business as Fitch Ratings.

"**<u>Force Majeure</u>**" means any delay or failure in performance caused by acts beyond the Closed-End Servicer's reasonable control, including acts of God, terrorism, war, vandalism, sabotage, accidents, fires, floods, hurricanes, tornados, civil unrest, strikes, labor disputes, mechanical or electronic

Appendix A – page 15 *Collateral Agency Agreement*

breakdown, shortages or delays in obtaining suitable parts or equipment, material, labor, or transportation, acts of subcontractors, interruption of utility services, acts of any unit of government or governmental agency, or any similar or dissimilar cause.

"**<u>GAAP</u>**" means the generally accepted United States accounting principles promulgated or adopted by the Financial Accounting Standards Board and its predecessors and successors from time to time.

"**<u>Governmental Authority</u>**" means the United States of America, any State or other political subdivision thereof and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. "**<u>Governmental Authorities</u>**" has a meaning correlative to the foregoing.

"**<u>Grant</u>**" means to mortgage, pledge and grant a security interest in any specified property or assets.

"**<u>Hedge Contract</u>**" means any agreement (including any master agreement incorporated into a transaction and any agreement, whether or not in writing, relating to any single transaction) that is an interest rate swap, cap, collar, swaption, or option or similar agreement.

"**<u>Holder</u>**" means each holder of a Certificate.

"**<u>Holding Company</u>**" means ALF LLC, as Holder of the Open-End Collateral Specified Interest Certificate.

"**<u>Implicit Rate</u>**" has, with respect to any Warehouse Facility, the meaning specified in the related Receivables Financing Agreement.

"**<u>Indebtedness</u>**" of any Person means, without duplication:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 obligations of such Person for borrowed money and all obligations of such Person evidenced
 by bonds, debentures, notes or other similar instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all
 obligations, contingent or otherwise, relative to the face amount of all letters of credit,
 whether or not drawn, and banker's acceptances issued for the account of such Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all
 obligations of such Person as lessee under leases that have been or should be, in accordance
 with GAAP, recorded as capitalized lease liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all
 other items that, in accordance with GAAP, would be included as liabilities on the liability
 side of the balance sheet of such Person as of the date at which Indebtedness is to be determined;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) whether
 or not so included as liabilities in accordance with GAAP, all obligations of such Person
 to pay the deferred purchase price of property or services, and indebtedness (excluding prepaid
 interest thereon) secured by a lien on property owned or being purchased by such Person (including
 indebtedness arising under conditional sales or other title retention agreements), whether
 or not such indebtedness shall have been assumed by such Person or is limited in recourse;

Appendix A – page 16 *Collateral Agency Agreement*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all
 net obligations of such Person in respect of interest rate swap, cap, collar, swaption, option
 or similar agreements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) all
 Contingent Liabilities of such Person in respect of any of the foregoing.

"**<u>Indemnified Person</u>**" as used with respect to (i) any Receivables Financing Agreement, has the meaning specified therein, (ii) the Closed-End Servicing Agreement, has the meaning specified in **<u>Section 3.3(b)</u>**, **<u>(c)</u>** or **<u>(d)</u>**, as applicable, of the Closed-End Servicing Agreement and (iii) the Closed-End Administration Agreement, has the meaning specified in **<u>Section 3.2(a)</u>** or **<u>(b)</u>**, as applicable, of the Closed-End Administration Agreement.

"**<u>Independent</u>**" means, when used with respect to any accountant, such an accountant, who may also be the Accountant who audits the books of the Company, the Closed-End Servicer or any of their respective Affiliates, who is Independent with respect to the Borrower, the Closed-End Servicer, and their respective Affiliates as contemplated by Rule 101 of the Code of Professional Conduct of the American Institute of Certified Public Accountants. Whenever it is herein provided that any Independent Person's opinion or certificate shall be furnished to the Titling Trustee, such Person shall be acceptable to the Titling Trustee if such opinion or certificate shall state that the signer has read this direction and that the signer is independent within the meaning thereof.

"**<u>Initial Beneficiary</u>**" means ALF LLC, as Initial Beneficiary under the Titling Trust Agreement.

"**<u>Insurance Expenses</u>**" means any amount of Insurance Proceeds (a) applied to the repair of the related Closed-End Vehicle, (b) released to an obligor in accordance with the normal servicing procedures of the Closed-End Servicer, or (c) representing other related expenses incurred by the Closed-End Servicer not otherwise included in Liquidation Expenses and recoverable under the Closed-End Servicing Agreement.

"**<u>Insurance Policies</u>**" means any residual value, comprehensive, collision, liability, physical damage, credit or other insurance policies (including rights under any self-insurance provided by World Omni and assigned to the Titling Trust), and all rights thereunder, which are maintained by the Closed-End Servicer, holders of any Closed-End Exchange Notes, any Closed-End Lease or any Affiliate of any of the foregoing, in each case to the extent such policy or program covers or applies to any Closed-End Lease, Closed-End Vehicle or the ability of any Closed-End Obligor to make any required payment under the related Closed-End Lease or with respect to the related Closed-End Vehicle, and any contingent or excess liability insurance policy or program maintained by or on behalf of the Titling Trust or with respect thereto. "**<u>Insurance Policy</u>**" has a meaning correlative to the foregoing.

"**<u>Insurance Proceeds</u>**" means, with respect to any Closed-End Lease or the related Closed-End Vehicle or Obligor, proceeds paid to the Closed-End Servicer or the Titling Trustee, on behalf of the Titling Trust, pursuant to an Insurance Policy and amounts paid to the Titling Trustee or the Closed-End Servicer under any other insurance policy related to such Closed-End Lease, Closed-End Vehicle or obligor (including but not limited to any contingent and excess liability insurance policy or residual value insurance policy maintained by or on behalf of the Titling Trustee, on behalf of the Titling Trust).

"**<u>Intercreditor Agreement</u>**" means the Intercreditor Agreement, dated as of July 16, 2008, among (A) World Omni, as Titling Trust Administrator and as an Interest Holder, (B) WOLT, as Titling Trust, (C) ALF LLC, as a Multiple-Use SPV and as an Interest Holder, (D) VT Inc., as Titling

Appendix A – page 17 *Collateral Agency Agreement*

Trustee and as an Interest Holder and (E) each of the other Persons identified from time to time as "Interest Holders" on **<u>Schedule I</u>** to such agreement.

"**<u>Interest Period</u>**" has:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) with
 respect to any Closed-End Exchange Note, the meaning specified in the related Exchange Note
 Supplement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) with
 respect to any Advance under any Warehouse Facility, the meaning specified in the related
 Receivables Financing Agreement.

"**<u>Intermediary Funds</u>**" has the meaning specified in the Master Exchange Agreement.

"**<u>Investment Company Act</u>**" means the Investment Company Act of 1940.

"**<u>IRS</u>**" means the Internal Revenue Service.

"**<u>Joinder Agreement</u>**" has the meaning specified in the Intercreditor Agreement.

"**<u>Joint Account</u>**" has the meaning specified in the Master Exchange Agreement.

"**<u>Joint Account Agreement</u>**" has the meaning specified in the Master Exchange Agreement.

"**<u>Lease Balance</u>**" means, with respect to any Closed-End Lease as of any date, an amount equal to (a) the sum of all Scheduled Payments remaining to be made (**<u>provided</u>**, **<u>however</u>**, **<u>that</u>**, Payments Ahead received but not yet applied are deemed to be Scheduled Payments remaining to be made), less any unearned finance or other charges relating to the period beginning after the next succeeding payment date for Scheduled Payments on such Closed-End Lease (determined in accordance with the actuarial method) in accordance with the usual practices of the Closed-End Servicer, **<u>plus</u>** (b) the Booked Residual Value of the related Closed-End Vehicle.

"**<u>Lease Files</u>**" means, with respect to any Closed-End Lease and Closed-End Obligor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 original of the Closed-End Lease (or electronic copies of such documents that satisfy Section 9-105
 of the UCC) that is clearly marked to show the Titling Trust as the owner of such Closed-End
 Lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 original credit application fully executed by the Closed-End Obligor or a photocopy or electronic
 facsimile thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 original Certificate of Title and all related documents and records (electronic or otherwise)
 evidencing the ownership of the related Closed-End Vehicle or Closed-End Vehicles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any
 and all other documents that the Closed-End Servicer retains on file, in accordance with
 the Credit and Collection Policy, relating to such Closed-End Lease, or the related Closed-End
 Vehicle or Closed-End Vehicles or Closed-End Obligor.

Appendix A – page 18 *Collateral Agency Agreement*

"**<u>Lease Funding Account</u>**" means the account established and maintained by the Closed-End Servicer pursuant to **<u>Section 5.2(b)</u>** of the Closed-End Servicing Agreement, which account initially shall be account no. 77044091 maintained at the Lease Funding Account Bank.

"**<u>Lease Funding Account Agreement</u>**" means the Securities Account Control Agreement, among the Titling Trust, as Borrower, the Closed-End Collateral Agent, the Closed-End Servicer, and U.S. Bank, as account bank (in such capacity, the "**<u>Lease Funding Account Bank</u>**") and as securities intermediary (in such capacity, the "**<u>Securities Intermediary</u>**").

"**<u>Lease Funding Account Bank</u>**" means U.S. Bank.

"**<u>Lease Number</u>**" means, with respect to any Closed-End Lease, the identifying number, if any, assigned to such Closed-End Lease by the Closed-End Servicer on its internal books and records.

"**<u>Lien</u>**" means a security interest, lien, charge, pledge, equity, or encumbrance of any kind.

"**<u>Liquidation Expenses</u>**" means reasonable out-of-pocket expenses incurred by the Closed-End Servicer in connection with the attempted realization of the full amounts due or to become due under any Closed-End Lease, including expenses in connection with the repossession of any related Closed-End Vehicle, the sale of such a Closed-End Vehicle, whether upon its repossession or upon return of a Closed-End Vehicle on or around the Maturity Date or any Extended Termination Date, any collection effort (whether or not resulting in a lawsuit against the obligor under such Closed-End Lease) or any application for Insurance Proceeds.

"**<u>Liquidation Proceeds</u>**" means gross amounts received by the Closed-End Servicer or the Titling Trustee, on behalf of the Titling Trust (before reimbursement for Liquidation Expenses), in connection with the realization of the full amounts due or to become due under any Closed-End Lease, whether from the sale or other disposition of the related Closed-End Vehicle (without regard to whether such proceeds exceed the Booked Residual Value therefor), the proceeds of any collection effort (whether or not resulting in a lawsuit against the obligor under such Closed-End Lease), the proceeds of recourse payments by Dealers, receipt of Insurance Proceeds, or collection of amounts due hereunder in respect of that Closed-End Lease (including but not limited to the application of any security deposit pursuant to the Credit and Collection Policy) or otherwise; **<u>provided</u>, <u>however</u>, <u>that</u>**, for the avoidance of doubt, "**<u>Liquidation Proceeds</u>**" shall not include any Disposition Deposit Amounts distributed by the Qualified Intermediary to the Closed-End Servicer in accordance with the first proviso of **<u>Section 4.15</u>** of the Master Exchange Agreement.

"**<u>Liquidity Agent</u>**" has, with respect to any Warehouse Facility, the meaning specified in the related Receivables Financing Agreement.

"**<u>Liquidity Agreement</u>**" has, with respect to any Warehouse Facility, the meaning specified in the related Receivables Financing Agreement.

"**<u>Liquidity Bank</u>**" has, with respect to any Warehouse Facility, the meaning specified in the related Receivables Financing Agreement.

"**<u>Master Exchange Agreement</u>**" means the Second Amended and Restated Master Exchange Agreement, dated as of December 15, 2009, among World Omni, individually, as servicer and as Titling Trust Administrator, the ALF LLC, the Titling Trust, the QI Administrator and the Qualified Intermediary.

Appendix A – page 19 *Collateral Agency Agreement*

"**<u>Material Adverse Effect</u>**" means with respect to any event or circumstance, a material adverse effect on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 business, assets, financial condition or operations of World Omni and its Subsidiaries, taken
 as a whole, the Borrower, ALF LLC or the Titling Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 ability of World Omni, Closed-End Servicer (if World Omni), ALF LLC or the Borrower to perform
 their respective obligations under any Basic Document to which such Person is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 validity, enforceability or collectibility of any Basic Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 status, existence, perfection or priority of the Closed-End Collateral Agent's security
 interest in the Collateral.

"**<u>Maturity Date</u>**" means, with respect to any Closed-End Lease, the date on which the related Closed-End Vehicle is scheduled to be returned if not purchased by the Obligor thereunder, as such date may be extended in accordance with the Closed-End Servicing Agreement.

"**<u>Merger</u>**" means the merger between the Alabama Trust and WOLT after which WOLT was the surviving entity pursuant to the Merger Agreement.

"**<u>Merger Agreement</u>**" means the Agreement and Plan of Merger, dated as of July 16, 2008, between the Alabama Trust and the Titling Trust, with respect to the Merger.

"**<u>Month End Date</u>**" means the last day of each calendar month.

"**<u>Monthly Reporting Date</u>**" has, with respect to any Warehouse Facility, the meaning specified in the related Receivables Financing Agreement.

"**<u>Moody's</u>**" means Moody's Investors Service, Inc.; **<u>provided</u>**, **<u>however</u>**, **<u>that</u>**, references in the Basic Documents to Moody's shall be disregarded if and when it ceases to rate the Commercial Paper Notes of all Warehouse Facility Lenders.

"**<u>Net Credit Losses</u>**" has, with respect to any Warehouse Facility, the meaning specified in the related Receivables Financing Agreement.

"**<u>Net Liquidation Proceeds</u>**" means the Liquidation Proceeds, net of Liquidation Expenses Received from the sale or other disposition of a Returned Vehicle or Payoff Concession Vehicle.

"**<u>Net Investment Value</u>**" has, with respect to any Warehouse Facility, the meaning specified in the related Receivables Financing Agreement.

"**<u>Notice Requirements</u>**" means, for purposes of any Basic Document that incorporates this definition of "Notice Requirements," the following conditions, terms and requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)  ***<u>Notices in Writing</u>* .** All notices, requests, demands, consents, waivers or other communications
 to or from the parties to such document will be in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)  ***<u>Delivery of Notices</u>* .** Notices, requests, demands, consents and other communications will
 be deemed to have been given and made:

Appendix A – page 20 *Collateral Agency Agreement*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) upon
 delivery or, in the case of a letter mailed via registered first class mail, postage prepaid,
 3 days after deposit in the mail;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) in
 the case of a facsimile, when receipt is confirmed by telephone or by reply email or reply
 facsimile from the recipient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) in
 the case of an email, when receipt is confirmed by telephone or by reply email from the recipient;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) in
 the case of an electronic posting to a password-protected website, upon printed confirmation
 of the recipient's access to such password-protected website, or when notification
 of such electronic posting is confirmed in accordance with  **<u>clauses (2)(A)</u>** through  **<u>(2)(C)</u>** of this definition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)  ***<u>Address for Notices</u>* .** Unless otherwise specified in the applicable Basic Document, any
 such notice, request, demand, consent or other communication will be delivered or addressed
 to the intended party at the address or facsimile number set forth from time to time on  **<u>Schedule I</u>** or  **<u>Schedule II</u>** , as the case may be, to the Intercreditor Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)  ***<u>When Notice Giver and Recipient are the Same Person</u>.*** Notwithstanding the foregoing
 part of this definition, in the case of any requirement under the applicable Basic Document
 to provide notice, where both the party required to deliver such notice and the party entitled
 to receive such notice are the same Person (whether acting in the same or in different capacities),
 such notice shall be deemed to have been delivered immediately, on the date that such requirement
 arises, without any action on the part of such Person.

"**<u>Obligation</u>**" has, with respect to any Warehouse Facility, the meaning specified in the related Receivables Financing Agreement.

"**<u>Obligor</u>**" means a Person that is obligated to make payments with respect to a Receivable.

"**<u>Officer's Certificate</u>**" means, subject to the terms of any applicable Exchange Note Supplement, with respect to the Closed-End Servicer, a certificate signed by any Authorized Officer of the Closed-End Servicer; and with respect to the Borrower, a certificate signed by any Authorized Officer of the Borrower and delivered to the Closed-End Administrative Agent, Warehouse Facility Lender, and, if so specified in the provision requiring delivery of such certificate, to each Borrower, if any.

"**<u>One-Month LIBOR</u>**" means, with respect to the last Business Day of each calendar week and for any Warehouse Facility:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the rate per annum (carried out to the fifth decimal place) equal to the rate that appears on the Bloomberg Screen BTMM Page under the heading "LIBOR FIX" for deposits in Dollars having a one-month maturity, determined as of approximately 11:00 a.m. (London time), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the event that the rate referenced in the preceding subsection (a) does not appear on such page or service or such page or service shall cease to be available, the rate per annum (carried to the fifth decimal place) equal to the rate determined by the applicable Warehouse Facility Agent to be the offered rate on such other page or other service that displays an average British Bankers Association Interest Settlement Rate for deposits in Dollars having a one-month maturity, determined as of approximately 11:00 a.m. (London time), or

Appendix A – page 21 *Collateral Agency Agreement*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the event the rates referenced in the preceding subsections (a) or (b) are not available, the rate per annum determined by the applicable Warehouse Facility Agent as the rate of interest at which deposits in Dollars in same day funds and having a one-month maturity would be offered by its London Branch (the "Eurodollar Office") to major banks in the offshore interbank market at their request at approximately 11:00 a.m. (London time).

"**<u>Open-End Collateral Specification Notice</u>**" means the Specification Notice, dated as of July 16, 2008, and establishing the Open-End Collateral Specified Interest.

"**<u>Open-End Collateral Specified Interest</u>**" means the Specified Interest designated as the "Open-End Collateral Specified Interest" pursuant to the Open-End Collateral Specification Notice.

"**<u>Opinion of Counsel</u>**" means a written opinion of counsel who may be an employee of or counsel to the Borrower or an Affiliate of the Borrower and, in the case of an opinion of counsel to be delivered to the Closed-End Administrative Agent (i) is delivered by counsel reasonably acceptable to the Closed-End Administrative Agent and (ii) is addressed to the Closed-End Administrative Agent. "**<u>Opinions of Counsel</u>**" has a meaning correlative to the foregoing.

"**<u>Other Proceeds</u>**" means moneys arising from the sale, exchange, lease, collection or other disposition of lease contracts and related leased vehicles or other receivables (other than the Closed-End Leases and Closed-End Vehicles) as to which the Closed-End Servicer is acting as servicer.

"**<u>Outstanding</u>**" means, with respect to the Closed-End Exchange Notes, as of any date, all Closed-End Exchange Notes authenticated and delivered under any Exchange Note Supplement on or before such date except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Closed-End Exchange Notes that have been cancelled by the Borrower or delivered to the Closed-End Administrative Agent for cancellation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Closed-End Exchange Notes or portions of Closed-End Exchange Notes to the extent and amount necessary to pay all or such portion of such Closed-End Exchange Notes has been deposited with the Closed-End Administrative Agent in trust for the Exchange Noteholders of such Closed-End Exchange Notes on or before such date, provided that if such Closed-End Exchange Notes are to be redeemed, notice of such redemption has been duly given pursuant to any Exchange Note Supplement or provision for such notice has been made, satisfactory to the Closed-End Administrative Agent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Closed-End Exchange Notes in exchange for or in lieu of which other Closed-End Exchange Notes have been authenticated and delivered pursuant to an Exchange Note Supplement unless proof satisfactory to the Closed-End Administrative Agent is presented that a bona fide purchaser holds any such Closed-End Exchange Notes;

provided that in determining (A) whether the Exchange Noteholders of Closed-End Exchange Notes evidencing the requisite Exchange Note Balance have given any request, demand, authorization, direction, notice, consent, or waiver under any Basic Document, Closed-End Exchange Notes owned by the Borrower, the Closed-End Servicer and any of their Affiliates will be disregarded and deemed not to be Outstanding and (B) whether the Closed-End Administrative Agent is protected in relying on any such request, demand, authorization, direction, notice, consent or waiver, only Closed-End Exchange Notes that an Authorized Officer of the Closed-End Administrative Agent knows to be so owned will be disregarded and deemed not to be Outstanding. Closed-End Exchange Notes owned by the Borrower, the Closed-End Servicer or any of their Affiliates that have been pledged in good faith may be regarded as

Appendix A – page 22 *Collateral Agency Agreement*

Outstanding if the pledgee establishes to the satisfaction of the Closed-End Administrative Agent the pledgee's right to act with respect to such Closed-End Exchange Notes and that the pledgee is not the Borrower, the Closed-End Servicer or any of their Affiliates.

"**<u>Outstanding Principal Balance</u>**" has, with respect to any Warehouse Facility, the meaning set forth in the related Receivables Financing Agreement.

"**<u>Payment Ahead</u>**" means any payment of one or more Scheduled Payments (not constituting a Prepayment) remitted by an Obligor with respect to a Closed-End Lease in excess of the Scheduled Payment due with respect to such Closed-End Lease, which sums the Obligor has instructed the Closed-End Servicer to apply to Scheduled Payments due in one or more immediately subsequent calendar months. "**<u>Payments Ahead</u>**" has a meaning correlative to the foregoing.

"**<u>Payment Date</u>**" means the 10th day of each calendar month, or, if any such day is not a Business Day, the immediately succeeding Business Day.

"**<u>Payment Information</u>**" means, with respect to any Closed-End Collected Amount, the following information with respect to such Closed-End Collected Amount or the related Closed-End Lease or Closed-End Vehicle, as the case may be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the
 amount of such Closed-End Collected Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the
 Lease Number of the related Closed-End Lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the
 nature of such Closed-End Collected Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the
 Receipt Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the
 Asset Pool in which such Closed-End Lease and Closed-End Vehicle are included.

"**<u>Payoff Concession Vehicle</u>**" means any Closed-End Vehicle that the Closed-End Servicer has permitted the Obligor under the related Closed-End Lease to purchase for an amount less than the Booked Residual Value of such Closed-End Vehicle.

"**<u>Percentage</u>**" means, as to any Warehouse Facility Lender or Exchange Noteholder:

![](tm2521876d1_ex10-8sp5img01.jpg)

***Where:***

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;***P<sub>Party</sub>*** | &nbsp;&nbsp;= | &nbsp;&nbsp;The aggregate outstanding principal amount of the Advances, or the aggregate Exchange Note Balance of the Closed-End Exchange Notes, as the case may be, under which such Secured Party is entitled to payment |
| &nbsp;&nbsp;***C<sub>Party</sub>*** | &nbsp;&nbsp;= | &nbsp;&nbsp;The aggregate amount of the unused Commitments (in the case of a Warehouse Facility Lender) |
| &nbsp;&nbsp;***P<sub>All</sub>*** |  | &nbsp;&nbsp;The sum of (i) aggregate outstanding principal amount of all outstanding Advances plus (ii) the aggregate Exchange Note Balance of all Exchange Notes |
| &nbsp;&nbsp;***C<sub>All</sub>*** |  | &nbsp;&nbsp;The aggregate amount of the unused Commitments of all |

---

Appendix A – page 23 *Collateral Agency Agreement*

Warehouse Facility Lenders

"**<u>Performance Guarantor</u>**" means JM Family Enterprises, Inc.

"**<u>Performance Guaranty</u>**" means the Performance Guaranty, dated as of December 15, 2009, made by the Performance Guarantor in favor of the Deal Agent for the benefit of the Warehouse Facility Secured Parties.

"**<u>Permitted Investments</u>**" means, with respect to any Securities Account or any amounts on deposit therein, any one or more of the following instruments, obligations or securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)  ***<u>Treasury and Agency Debt</u>* .** (A) Direct obligations of, and obligations fully guaranteed
 by, the United States or any agency or instrumentality of the United States the obligations
 of which are backed by the full faith and credit of the United States (other than the Government
 National Mortgage Association) and (B) the direct obligations of, or obligations fully
 guaranteed by, the Federal National Mortgage Association or any State.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)  ***<u>Bank Obligations</u>* .** Certificates of deposit (and time deposits represented by such certificates
 of deposit) of, bankers' acceptances issued by, or federal funds sold by any depository
 institution or trust company (including the Titling Trustee or any Affiliate thereof) incorporated
 under the laws of the United States or any state and subject to supervision and examination
 by federal and/or state banking authorities, so long as at the time of such investment or
 contractual commitment providing for such investment either the short-term, unsecured debt
 obligations of such depository institution or trust company have the highest available credit
 ratings from any two national rating agencies or the Titling Trustee shall have received
 a letter from any such rating agencies that then rate any Trust-Related Obligation to the
 effect that such investment would not result in the qualification, downgrading or withdrawal
 of any rating then assigned to such Trust-Related Obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)  ***<u>Repos</u>* .** Repurchase obligations with respect to (A) any security described in  **<u>clause (i)</u>** of
 this definition, or (B) any other security issued or guaranteed by any agency or instrumentality
 of the United States, in either case entered into with a depository institution or trust
 company (including the Titling Trustee or any Affiliate thereof) acting as principal, whose
 obligations having the same maturity as that of the repurchase agreement would be Permitted
 Investments under  **<u>clause (ii)</u>** of this definition;  **<u>provided</u>** ,  **<u>however</u>** ,  **<u>that</u>** , repurchase obligations entered into with any particular
 depository institution or trust company (including the Titling Trustee or any Affiliate thereof)
 will not be Permitted Investments to the extent that the aggregate principal amount of such
 repurchase obligations with such depository institution or trust company held as part of
 the Titling Trust Assets shall exceed  **<u>10%</u>** of all Permitted Investments held
 as part of the Titling Trust Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)  ***<u>Commercial Paper</u>* .** Securities bearing interest or sold at a discount issued by any corporation
 incorporated under the laws of the United States or any State so long as at the time of such
 investment or contractual commitment providing for such investment either the long-term,
 unsecured debt of such corporation has the highest available ratings from any two national
 rating agencies or the Titling Trustee shall have received a letter from any such rating
 agency that then rates any Trust-Related Obligation to the effect that such investment would
 not result in the qualification, downgrading or withdrawal of the rating

Appendix A – page 24 *Collateral Agency Agreement*

then assigned to such Trust-Related Obligation, or commercial paper or other short-term debt rated by any national rating agency in one of its two highest rating categories.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)  ***<u>Short-Term Institutional Investments</u>* .** Amounts in "sweep accounts," short-term
 asset management accounts, funds classified as money market funds and the like utilized for
 the commingled investment, on an overnight basis, of residual balances in investment accounts
 maintained at the institution at which the applicable Securities Account is maintained and
 any Affiliate thereof.

"**<u>Permitted Lien</u>**" means, with respect to any Closed-End Lease or Closed-End Vehicle, any tax lien, mechanics' lien or lien that attaches to a Closed-End Lease or Closed-End Vehicle by operation of law and arises solely as a result of an action or omission of the related Closed-End Obligor.

"**<u>Permitted Variance</u>**" means, with respect to (A) weighted average FICO Score, 0.50%: (B) weighted average original term to maturity, 5.0%; (C) weighted average remaining term to maturity, 5.0%; (D) geographic concentration, 3.0%; and (E) vehicle model concentration, 5.0%.

"**<u>Person</u>**" means a natural person, corporation, business trust, joint venture, association, company, limited liability company, partnership, joint stock company, trust, incorporated organization, government or any agency or political subdivision thereof.

"**<u>Plan</u>**" means a Benefit Plan Investor that is subject to Title I of ERISA, Section 4975 of the Code or substantially similar federal, state or local law.

"**<u>Posted</u>**" means a condition that will be true as of any date of determination and with respect to any Closed-End Collected Amount if either (A) such Closed-End Collected Amount was accompanied by all related Payment Information or (B) such Payment Information otherwise has been received on or prior to such date of determination.

"**<u>Posted Date</u>**" means, as used with respect to any Closed-End Collections or any Closed-End Collected Amount, the date on which such amount was Posted.

"**<u>Prepayment</u>**" means payment to the Closed-End Servicer of 100% of the Outstanding Principal Balance of a Closed-End Lease (exclusive of any Closed-End Lease referred to in the definition of the term "Charged-off Lease"), including any related payment of interest.

"**<u>Proceeding</u>**" means any suit in equity, action at law or other judicial or administrative proceeding.

"**<u>Pro Rata Share</u>**" means, with respect to any Warehouse Facility Lender, a fraction, of which (1) the numerator is equal to the aggregate outstanding principal amount of the Advances made by such Warehouse Facility Lender and (2) the denominator is equal to sum of the Aggregate Loan Amount plus the Aggregate Wind-Down Loan Amount.

"**<u>QI Administrator</u>**" means Bank One Exchange Corporation, as QI Administrator under the Master Exchange Agreement.

"**<u>Qualified Institution</u>**" means any bank or depository institution organized under the laws of the United States or any State or any United States branch or agency of a foreign bank or depository institution that is subject to supervision and examination by federal or State banking or depository institution authorities and which bank or depository institution (i) has a short-term deposit

Appendix A – page 25 *Collateral Agency Agreement*

rating of "Prime-1" by Moody's and "A-1" by Standard & Poor's, (ii) if such bank or depository institution holds any relevant account other than as segregated trust accounts and the deposits are to be held in such accounts more than 30 days, has a long-term unsecured debt rating or Borrower rating of not less than "AA-" by Standard & Poor's and (iii) in the case of any such institution organized under the laws of the United States, whose deposits are insured by the Federal Deposit Insurance Corporation.

"**<u>Qualified Intermediary</u>**" means WOFC QI Exchange LLC, as Qualified Intermediary under the Master Exchange Agreement.

"**<u>Qualified Trust Institution</u>**" means the corporate trust department of U.S. Bank or any bank or depository institution organized under the laws of the United States or any State or any United States branch or agency of a foreign bank or depository institution that is subject to supervision and examination by federal or State banking or depository institution authorities and which bank or depository institution (i) is authorized under such laws to act as a trustee or in any other fiduciary capacity, (ii) holds not less than $1,000,000,000 in assets in its fiduciary capacity and (iii) has a long-term deposit rating of not less than "Baa3" from Moody's.

"**<u>Qualifying Hedge Contract</u>**" means any Qualifying Swap Contract and any interest rate cap agreement, swaption or option (or other hedge agreement approved in writing by each Warehouse Facility Agent) entered into by the Borrower to hedge its interest rate risk with respect to the Advances under the Warehouse Facilities that satisfies each of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the counterparty thereunder is rated at least "A-," "A3" or the equivalent by each of S&P and Moody's;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all of the Borrower's right, title and interest under such agreement has been pledged by the Borrower to the Closed-End Collateral Agent under the Security Agreement, for the benefit of the Secured Parties, the counterparty thereunder has consented to such pledge and has agreed to make all payments thereunder to the Closed-End Administrative Agent, on behalf of the Warehouse Facility Secured Parties, upon receipt of notice from the Closed-End Collateral Agent that a Warehouse Facility Termination Event has occurred under any Warehouse Facility, and the Closed-End Collateral Agent, on behalf of the Secured Parties, shall have the right to cure any defaults by the Borrower under such agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the master agreement governing such agreement contains the provisions set forth on Schedule I attached hereto, and copies of each such agreement entered into with each counterparty and each confirmation issued thereunder shall have been delivered to the Closed-End Collateral Agent to be held by the Closed-End Collateral Agent on behalf of each Warehouse Facility Agent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) unless each Warehouse Facility Agent shall have otherwise agreed in writing, the Borrower shall not have any payment obligations thereunder other than a single upfront payment obligation, which upfront payment obligation shall be required to have been performed in full before such cap agreement, swaption or option (or other agreement) shall qualify as a Qualifying Hedge Contract.

"**<u>Qualifying Swap Contract</u>**" means any interest rate swap agreement approved by each Warehouse Facility Agent.

"**<u>Rating Agencies</u>**" means, with respect to any Warehouse Facility Lender, at any time, the rating agencies that have been requested to rate, and in fact are rating, the Commercial Paper Notes of such Warehouse Facility Lender. "**<u>Rating Agency</u>**" means any one of the foregoing.

Appendix A – page 26 *Collateral Agency Agreement*

"**<u>Receipt Date</u>**" means, as used with respect to any Closed-End Collections or any Closed-End Collected Amount, the date on which such amount was Received.

"**<u>Receivable</u>**" means any right to payment from a Person arising under a Closed-End Lease, and includes without limitation the right to payment of any interest or finance charges and other obligations of such Person with respect thereto.

"**<u>Receivables Financing Agreement</u>**" means any one of, and "**<u>Receivables Financing Agreements</u>**" means all of, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Bank of America Receivables Financing Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 receivables financing agreements or similar documents entered into from time to time after
 the Closing Date in connection with any Additional Warehouse Facilities pursuant to  **<u>Section 2.1(b)</u>** of
 the Collateral Agency Agreement (each of such receivables financing agreements to be in substantially
 the form of the Receivables Financing Agreements relating to the Current Warehouse Facilities).

"**<u>Received</u>**" or "**<u>Receipt</u>**" means a condition that exists with respect to any Closed-End Collected Amount when such amount has been actually received by the Closed-End Servicer either (1) through any lock box or similar mechanism used for the collection of regular periodic payments on leases and/or receivables owned or serviced by it or (2) directly at any of its servicing offices.

"**<u>Reference Pool Servicing Fee</u>**" has, with respect to any Reference Pool, the meaning specified in the related Servicing Supplement.

"**<u>Registered Pledgee</u>**" has the meaning specified in the Titling Trust Agreement.

"**<u>Regulation D</u>**" means Regulation D of the Board of Governors of the Federal Reserve System.

"**<u>Regulatory Change</u>**" means, relative to any Affected Party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 change in (or the adoption, implementation, change in the phase-in or commencement of effectiveness
 of) any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) United
 States Federal or state law or foreign law applicable to such Affected Party,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) regulation,
 interpretation, directive, requirement or request (whether or not having the force of law)
 applicable to such Affected Party of (A) any court or government authority charged with
 the interpretation or administration of any law referred to in clause (a)(i) or of (B) any
 fiscal, monetary or other authority having jurisdiction over such Affected Party, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) GAAP
 or regulatory accounting principles applicable to such Affected Party and affecting the application
 to such Affected Party of any law, regulation, interpretation, directive, requirement or
 request referred to in clauses (a)(i) or (a)(ii) of this definition;

Appendix A – page 27 *Collateral Agency Agreement*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 change in the application to such Affected Party of any existing law, regulation, interpretation,
 directive, requirement, request or accounting principles referred to in clauses (a)(i), (a)(ii) or
 (a)(iii) above; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 issuance, publication or release of any regulation, interpretation, directive, requirement
 or request of a type described in clause (a)(ii) above to the effect that the obligations
 of any Liquidity Bank under a Liquidity Agreement are not entitled to be included in the
 zero percent category of off-balance sheet assets for purposes of any risk-weighted capital
 guidelines applicable to such Liquidity Bank or any related Affected Party.

"**<u>Released Intermediary Funds</u>**" means all funds available for deposit in the Lease Funding Account pursuant to **<u>Section 4.15</u>** of the Master Exchange Agreement. Upon the deposit of any Released Intermediary Funds into the Lease Funding Account, such funds shall be deemed to be a capital contribution by ALF LLC to the Titling Trust with respect to the Closed-End Collateral Specified Interest.

"**<u>Relevant Entities</u>**" mean each of World Omni, as the initial Closed-End Servicer, the Performance Guarantor, ALF LLC, and the Borrower. Each of the foregoing is referred to as a "**<u>Relevant Entity</u>**."

"**<u>Relinquished Vehicle</u>**" has the meaning specified in the Master Exchange Agreement; **<u>provided</u>**, **<u>however</u>**, **<u>that</u>**, "Relinquished Vehicle" shall include only a Closed-End Vehicle that was allocated to the Closed-End Collateral Specified Interest at the time of the disposition thereof.

"**<u>Relinquished Vehicle Proceeds</u>**" means, with respect to any Relinquished Vehicle as to which the assignment of rights under the related Disposition Contract to the Qualified Intermediary under the Master Exchange Agreement has not been revoked, without duplication:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) all Liquidation Proceeds with respect to any such Relinquished Vehicle allocated to the Closed-End Collateral Specified Interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) all other proceeds of the sale or disposition of such Relinquished Vehicle (including all proceeds of any Insurance Policies); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) all subvention payments with respect to such Relinquished Vehicle.

"**<u>Replacement Vehicle</u>**" has the meaning specified in the Master Exchange Agreement.

"**<u>Replacement Vehicle Purchase Price</u>**" has the meaning specified in the Master Exchange Agreement.

"**<u>Required Lease Funding Account Balance</u>**" means, as of any date, an amount equal to the **<u>sum</u>** of (a) the **<u>product</u>** of (i) 1.5 **<u>multiplied by</u>** (ii) all amounts payable on the immediately preceding Payment Date pursuant to clauses **<u>SECOND</u>**, **<u>THIRD</u>** and **<u>SIXTH</u>** of **<u>Section 10.2</u>** or clauses **<u>FOURTH</u>**, **<u>FIFTH</u>** and **<u>SEVENTH</u>** of Section 10.3(a), as applicable, **<u>multiplied by</u>** (iii) a fraction, of which (x) the numerator is equal to the current Aggregate Loan Amount and (y) the denominator is equal to the Aggregate Loan Amount as of the last day of the immediately preceding calendar month **<u>plus</u>** (b) all indemnity obligations of WOLT in respect of all Revolving Warehouse Facilities (including all amounts payable as increased costs or funding losses pursuant to any such Revolving Warehouse Facility).

Appendix A – page 28 *Collateral Agency Agreement*

"**<u>Required Remittance Date</u>**" means for any Closed-End Collected Amount, the date determined as follows:

---

| | |
|:---|:---|
| ***If such Collected Amount is—*** | &nbsp;&nbsp;&nbsp;***Then the Required Remittance Date will be—*** |
| accompanied by all Payment Information upon Receipt | &nbsp;&nbsp;&nbsp;the second Business Day following the Receipt Date |
| **<u>not</u>** accompanied by all Payment Information **<u>and not</u>** constituting Released Intermediary Funds | &nbsp;&nbsp;&nbsp;the second Business Day following the Posted Date |
| Released Intermediary Funds | &nbsp;&nbsp;&nbsp;the second Business Day following the Receipt Date |

---

"**<u>Required Secured Parties</u>**" means, at any time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with
 respect to any action, determination or other matter that relates solely to the Warehouse
 Facility Secured Parties, the Warehouse Facilities or the Warehouse Facility Pool, (A) so
 long as any Advances remain outstanding, the Required Warehouse Lenders and (B) thereafter,
 the Warehouse Facility Secured Parties holding unpaid Secured Obligations with respect to
 the Warehouse Facility Pool that aggregate more than  **<u>50%</u>** of all Secured Obligations
 owed to the Warehouse Facility Secured Parties at such time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with
 respect to any action, determination or other matter that relates solely to a single Closed-End
 Exchange Note or the related Reference Pool, (A) prior to the payment in full of the
 Closed-End Exchange Note, the related Exchange Noteholder, and (B) thereafter, the Closed-End
 EN Secured Parties with respect to such Reference Pool holding Secured Obligations that aggregate
 more than  **<u>50%</u>** of all Secured Obligations owed to all related Closed-End EN
 Secured Parties at such time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) with
 respect to any other action, determination or other matter, (A) so long as any Advance
 or Closed-End Exchange Note remains outstanding, the Warehouse Facility Lenders and Exchange
 Noteholders having Percentages that aggregate more than  **<u>50%</u>** and (B) thereafter,
 Secured Parties holding unpaid Secured Obligations that aggregate more than  **<u>50%</u>** of all Secured Obligations owed to the Secured Parties at such time.

"**<u>Required Warehouse Lenders</u>**" means, at any time, any Warehouse Facility Lender or Warehouse Facility Lenders holding Warehouse Facility Lender Percentages that aggregate more than **<u>50%</u>**.

"**<u>Restricted Pool</u>**" has the meaning specified in the Master Exchange Agreement.

"**<u>Restricted Pool Condition</u>**" has the meaning specified in the Master Exchange Agreement.

"**<u>Return Date</u>**" means, with respect to any Returned Vehicle, the date on which such Closed-End Vehicle is returned to the Closed-End Servicer.

"**<u>Returned Vehicle</u>**" means any Closed-End Vehicle related to a Closed-End Lease, with respect to which all Scheduled Payments due thereunder have been made, and which Closed-End Vehicle

Appendix A – page 29 *Collateral Agency Agreement*

has been returned to the Closed-End Servicer on behalf of the Titling Trust. For the avoidance of doubt, no repossessed Closed-End Vehicle shall be considered a Returned Vehicle.

"**<u>Returned Vehicle Disposition</u>**" means (i) the disposition by the Closed-End Servicer of a Returned Vehicle or (ii) any purchase of a Payoff Concession Vehicle by the Obligor under the related Closed-End Lease.

"**<u>Revolving Lender</u>**" means any one of, and "**<u>Revolving Lenders</u>**" means all of, the Warehouse Facility Lenders relating to any Revolving Warehouse Facility.

**"<u>Revolving Pool</u>"** means all Closed-End Leases, Closed-End Vehicles and other Titling Trust Assets allocated to the Warehouse Facility Pool that are not included in a Wind-Down Pool.

**"<u>Revolving Pool Asset</u>"** means a Closed-End Asset included in the Revolving Pool.

"**<u>Revolving Pool Collected Amounts</u>**" means all Closed-End Warehouse Collected Amounts with respect to the Closed-End Leases and Closed-End Vehicles included in the Revolving Pool.

"**<u>Revolving Pool Collections</u>**" means all Revolving Pool Collected Amounts that have been both (x) Received and (y) Posted, in each case as of the relevant date of determination.

"**<u>Revolving Pool Excess Funds</u>**" means, with respect to any Payment Date, the portion of Closed-End Warehouse Facility Excess Funds on deposit in the Company Account that relate to Revolving Pool Collections.

**"<u>Revolving Pool Share</u>"** means, on any date, a fractional share equal to the aggregate Outstanding Principal Balance of all Closed-End Leases included in the Revolving Pool on such date, divided by the aggregate Outstanding Principal Balance of all Closed-End Leases allocated to the Warehouse Facility Pool on such date.

"**<u>Revolving Warehouse Facility</u>**" means one of, and "**<u>Revolving Warehouse Facilities</u>**" means all of, the Warehouse Facilities with respect to which no Wind-Down Pool has been created.

"**<u>Revolving Warehouse Facility Agent</u>**" means a financial institution that is identified as the "Agent", "Administrative Agent", or "Warehouse Facility Agent" of a Warehouse Facility Lender under the Receivables Financing Agreement with respect to any Revolving Warehouse Facility.

"**<u>Revolving Warehouse Facility Secured Party</u>**" means the Deal Agent, the Revolving Lenders, the Revolving Warehouse Facility Agents and each of the other Secured Parties as to which the applicable Secured Obligations arise under the Revolving Warehouse Facilities, and "**<u>Revolving Warehouse Facility Secured Parties</u>**" has a meaning correlative to the foregoing.

"**<u>RV Adjustment Funds</u>**" means any payments received by the Closed-End Servicer from any Person made in order to subsidize or otherwise fund any unpaid modification to the dollar value acceptable by the Closed-End Servicer as the Booked Residual Value of any Closed-End Vehicle.

"**<u>Scheduled Commitment Termination Date</u>**" has, with respect to any Warehouse Facility, the meaning specified in the related Receivables Financing Agreement.

Appendix A – page 30 *Collateral Agency Agreement*

"**<u>Scheduled Payment</u>**" means, with respect to any Closed-End Lease, the payments made or required to be made under such Closed-End Lease, as the case may be; excluding, however, any portion of such payment that represents late payment charges and payments in respect of taxes, licenses or similar items.

"**<u>Schedule of Leases and Vehicles</u>**" means the list of Titling Trust Leases and related Titling Trust Vehicles, on microfiche, microfilm or hard paper copy, that are included as Titling Trust Assets allocated to the Closed-End Collateral Specified Interest, as such list may be revised and supplemented from time to time pursuant to **<u>Section 4.4</u>** of the Closed-End Servicing Agreement, and which shall set forth the following information with respect to each such Titling Trust Lease in separate columns or data fields:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Lease Number

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Date of Origination

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Maturity Date

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Monthly Lease Payment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Original Principal Balance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Outstanding Principal Balance as of the last day of the immediately preceding calendar month

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Booked Residual Value

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Vehicle Identification Number

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Model Year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Make

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Model

"**<u>Secured Parties</u>**" means the Deal Agent, the Warehouse Facility Lenders, the Warehouse Facility Agents, the Exchange Noteholders and each of the other Persons to whom Secured Obligations are owed. Each of the foregoing is a "**<u>Secured Party</u>**."

"**<u>Security Deposit</u>**" means, with respect to any Closed-End Lease, the refundable security deposit specified in such Closed-End Lease.

"**<u>Securities Act</u>**" means the Securities Act of 1933.

"**<u>Security Agreement</u>**" means the Third Amended and Restated Pledge and Security Agreement, dated as of July 16, 2008, between the Borrower, as grantor, the Closed-End Collateral Agent, as secured party, and the Security Agreement Consenting Parties from time to time party to such agreement, as amended, supplemented or otherwise modified from time to time.

"**<u>Series</u>**" has the meaning specified in the Titling Trust Agreement.

"**<u>Servicer Event of Default</u>**" means a Facility Servicer Event of Default, a Warehouse Facility Servicer Default or an Exchange Note Servicer Default, as the context requires.

"**<u>Servicing Fee</u>**" means, with respect to any Closed-End EN Collection Period, the sum of the Warehouse Facility Pool Servicing Fee and the Reference Pool Servicing Fees, if any.

"**<u>Servicing Fee Rate</u>**" means **<u>1%</u>**.

"**<u>Specification Notice</u>**" has the meaning specified in the Titling Trust Agreement.

Appendix A – page 31 *Collateral Agency Agreement*

"**<u>Specified Assets</u>**" has the meaning specified in the Titling Trust Agreement.

"**<u>Specified Interest</u>**" has the meaning specified in the Titling Trust Agreement.

"**<u>Specified Asset Titling Trust Administrator Fee</u>**" has the meaning specified in the Titling Trust Agreement.

"**Specified Parameters**" means, on any date of determination, each of the following as of such date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) weighted average FICO Score;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) weighted average original term to maturity of the Closed-End Leases;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) weighted average remaining term to maturity of the Closed-End Leases;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the geographic concentration of the Closed-End Leases, represented by a fraction, expressed as a percentage, (i) the numerator of which is equal to the aggregate Outstanding Principal Balance of Eligible Leases originated in the four (4) states with the highest Outstanding Principal Balances of Eligible Lease originations and (ii) the denominator of which is equal to the aggregate Outstanding Principal Balance of all Closed-End Leases included in the Warehouse Facility Pool or Wind-Down Pool, as applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) the vehicle model concentration of the Closed-End Leases, represented by a fraction, expressed as a percentage, (i) the numerator of which is equal to the aggregate Outstanding Principal Balance of Eligible Leases relating to Closed-End Vehicles representing the five (5) vehicle models with the highest Outstanding Principal Balances of related Eligible Leases and (ii) the denominator of which is equal to the aggregate Outstanding Principal Balance of all Closed-End Leases included in the Warehouse Facility Pool or Wind-Down Pool, as applicable.

"**<u>Standard & Poor's</u>**" and "**<u>S&P</u>**" means Standard & Poor's Ratings Services, a Standard & Poor's Financial Services LLC business; **<u>provided</u>**, **<u>however</u>**, **<u>that</u>**, references in the Basic Documents to "Standard & Poor's" or "S&P" shall be disregarded if and when it ceases to rate the Commercial Paper Notes of all Warehouse Facility Lenders.

"**<u>Stated Maturity Date</u>**" means, with respect to the Receivables Financing Agreements, six (6) years after the Scheduled Commitment Termination Date under such Receivables Financing Agreements, as such date is extended as provided therein.

"**<u>State</u>**" means any state or Commonwealth of the United States or the District of Columbia.

"**<u>Subordinated Interest</u>**" means, with respect to any Warehouse Facility Lender and any Payment Date, the positive difference, if any, between (i) the amount of interest accrued on all Advances of such Warehouse Facility Lender (or a portion thereof) funded or maintained other than by the issuance of Commercial Paper Notes during the related Interest Period and (ii) the amount of interest that would have accrued on such Advances (or a portion thereof) during such Interest Period at an interest rate *per annum* equal to the Eurodollar Rate (Reserve Adjusted) for such Interest Period, <u>plus</u> 1.00%.

"**<u>Subsidiary</u>**" means, with respect to any Person, a corporation of which such Person and/or its other Subsidiaries own, directly or indirectly, such number of outstanding shares as have more

Appendix A – page 32 *Collateral Agency Agreement*

than **<u>50%</u>** of the ordinary voting power for the election of directors. "**<u>Subsidiaries</u>**" has a meaning correlative to the foregoing.

"**<u>Tangible Net Worth</u>**" means, with respect to any Person, the net worth of such Person calculated in accordance with GAAP after subtracting therefrom the aggregate amount of such Person's intangible assets (other than, with respect to the Borrower, the Collateral), including, without limitation, goodwill, franchises, licenses, patents, trademarks, trade names, copyrights and service marks.

"**<u>Titling Trust</u>**" means World Omni LT, a Delaware statutory trust.

"**<u>Titling Trust Administrator</u>**" means World Omni, as Titling Trust Administrator under the Titling Trust Agreement.

"**<u>Titling Trust Administrator Fee</u>**" means, with respect to the Titling Trust and any Specified Interest, the Specified Asset Titling Trust Administrator Fee with respect to such Specified Interest.

"**<u>Titling Trust Agreement</u>**" means the Second Amended and Restated Trust Agreement, dated and effective as of July 16, 2008, by and among ALF LLC, as Initial Beneficiary, World Omni, as Titling Trust Administrator, VT Inc., as Titling Trustee, and U.S. Bank Trust, as Delaware Trustee, and U.S. Bank, as Initial Titling Trustee Agent.

"**<u>Titling Trust Assets</u>**" has the meaning specified in the Titling Trust Agreement.

"**<u>Titling Trust Debt</u>**" has the meaning specified in the Titling Trust Agreement.

"**<u>Titling Trust Lease</u>**" has the meaning specified in the Titling Trust Agreement.

"**<u>Titling Trust Vehicle</u>**" has the meaning specified in the Titling Trust Agreement.

"**<u>Titling Trustee</u>**" means VT Inc., as Titling Trustee under the Titling Trust Agreement.

"**<u>Titling Trustee Agent</u>**" has the meaning specified in the Titling Trust Agreement.

"**<u>Titling Trustee Fee</u>**" means the fee payable to the Titling Trustee for the performance of its obligations under the Titling Trust Agreement and the other Basic Documents, as agreed upon from time to time by the Initial Beneficiary and the Titling Trustee.

"**<u>Treasury Regulations</u>**" means the regulations promulgated by the U.S. Department of Treasury pursuant to the Code.

"**<u>Trustee</u>**" has the meaning specified in the Titling Trust Agreement.

"**<u>Trust-Related Obligations</u>**" has the meaning specified in the Titling Trust Agreement.

"**<u>Turn-in Ratio</u>**" has, with respect to any Warehouse Facility, the meaning specified in the related Receivables Financing Agreement.

"**<u>UCC</u>**" means the Uniform Commercial Code as in effect in any relevant jurisdiction.

"**<u>Undertaking</u>**" has the meaning specified in the Titling Trust Agreement.

Appendix A – page 33 *Collateral Agency Agreement*

"**<u>Unmatured Warehouse Facility Termination Event</u>**" means any event that, if it continues uncured, will, with lapse of time or notice or lapse of time and notice, constitute a Warehouse Facility Termination Event.

"**<u>Unpaid Titling Trust Debt</u>**" means, as the context may require:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any
 Closed-End Exchange Note as to which there has occurred and is continuing an Exchange Note
 Default (A) of the type described in either (x)  **<u>Section 8.7(a)(i)</u>** (*Failure to Pay Principal*) of the Collateral Agency Agreement, (y)  **<u>Section 8.7(a)(ii)</u>** (*Failure to Pay Interest*) of the Collateral Agency Agreement has occurred and is continuing or
 (B) of any other type designated as a "Payment Default" for purposes of
 this definition under the related Exchange Note Supplement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any
 Warehouse Facility as to which a Warehouse Facility Termination Event is continuing as a
 result of a failure to pay interest on, principal of, or any fees or other amounts with respect
 to, the obligations of the Titling Trust outstanding under such Warehouse Facility, as set
 forth in  **<u>subclause (i)</u>** or  **<u>(ii)</u>** of  **<u>clause (a)</u>** (*Payment Default; Failure to Deliver Reports*) of the definition of "Warehouse Facility Termination
 Event";  **<u>and/or</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Any
 other Secured Obligation that remains unpaid after its due date (after giving effect to any
 applicable grace period).

"**<u>U.S. Bank</u>**" means U.S. Bank National Association, a national banking association.

"**<u>U.S. Bank Trust</u>**" means U.S. Bank Trust National Association, a national banking association.

"**<u>VT Inc.</u>**" means VT Inc., an Alabama corporation.

"**<u>Warehouse Facility</u>**" means any one of, and "**<u>Warehouse Facilities</u>**" means all of, the revolving credit facilities provided pursuant to the Receivables Financing Agreements.

"**<u>Warehouse Facility Agent</u>**" means a financial institution that is identified as the "Agent", "Administrative Agent", or "Warehouse Facility Agent" of a Warehouse Facility Lender under the Receivables Financing Agreement with respect to any Warehouse Facility.

"**<u>Warehouse Facility Allocation Percentage</u>**" means, as of any date of determination, a fraction, expressed as a percentage (i) the numerator of which is equal to the total amount of Unpaid Titling Trust Debt with respect to the Warehouse Facility Pool as of such date of determination and (ii) the denominator of which is equal to the aggregate amount of Unpaid Titling Trust Debt with respect to the Warehouse Facility Pool and all Reference Pools, taken as a whole.

"**<u>Warehouse Facility Lender</u>**" means any one of, and "**<u>Warehouse Facility Lenders</u>**" means all of, the commercial paper vehicles and financial institutions, as lenders, party to the Receivables Financing Agreements as are or may be entered into from time to time.

"**<u>Warehouse Facility Lender Percentage</u>**" means, as to any Warehouse Facility Lender:

Appendix A – page 34 *Collateral Agency Agreement*

![](tm2521876d1_ex10-8sp5img02.jpg)

***Where:***

P<sub>Party </sub>= The aggregate principal amount of the outstanding Advances of such Warehouse Facility Lender

C<sub>Party </sub>= The aggregate amount of the unfunded Commitments of such Warehouse Facility Lender

P<sub>All</sub> = The Aggregate Loan Amount + the Aggregate Wind-Down Loan Amount

C<sub>All </sub>= The aggregate amount of the unfunded Commitments of all Warehouse Facility Lenders

"**<u>Warehouse Facility Note</u>**" has, with respect to any Warehouse Facility, the meaning specified in the related Receivables Financing Agreement.

"**<u>Warehouse Facility Pool</u>**" means the Closed-End Leases, Closed-End Vehicles and other Titling Trust Assets that have been allocated to the Closed-End Collateral Specified Interest in accordance with the Titling Trust Agreement and the Closed-End Collateral Specification Notice (regardless of whether such have been further allocated to the Wind-Down Pool) and that have not been allocated to any Reference Pool in accordance with the Collateral Agency Agreement (unless such Titling Trust Assets have been subsequently reallocated to the Warehouse Facility Pool in accordance with the Collateral Agency Agreement). For the avoidance of doubt, no Titling Trust Assets allocated to the Open-End Collateral Specified Interest shall be included in the Warehouse Facility Pool.

"**<u>Warehouse Facility Servicer Default</u>**" has the meaning specified in Section 8.2(a) of the Closed-End Servicing Agreement.

"**<u>Warehouse Facility Pool Servicing Fee</u>**" means a fee payable by the Titling Trust to the Closed-End Servicer on each Payment Date in an amount equal to the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 product of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) one-twelfth; <u>multiplied by</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the
 Servicing Fee Rate; <u>multiplied by</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the
 aggregate Lease Balance of the Closed-End Leases (excluding Closed-End Leases that have been
 allocated to a Reference Pool) determined as of the last day of the calendar month immediately
 preceding the calendar month during which such fee becomes due;  **<u>plus</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 late fees and other administration fees or similar charges paid by any Closed-End Obligor
 pursuant to a Closed-End Lease during the calendar month immediately preceding the calendar
 month during which such fee becomes due.

"**<u>Warehouse Facility Secured Party</u>**" means the Deal Agent, the Warehouse Facility Lenders, the Warehouse Facility Agents and each of the other Secured Parties as to which the applicable

Appendix A – page 35 *Collateral Agency Agreement*

Secured Obligations arise under the Warehouse Facilities, and "**<u>Warehouse Facility Secured Parties</u>**" has a meaning correlative to the foregoing.

"**<u>Warehouse Facility Termination Event</u>**" has the meaning set forth in the related Receivables Financing Agreement.

"**<u>Wind-Down Borrowing Base</u>**" means with respect to any Wind-Down Warehouse Facility, the amount that would be yielded on the related Wind-Down Date if the "Borrowing Base" as defined in the related Receivables Financing Agreement were calculated with reference solely to (A) the related Wind-Down Pool Assets, in the case of the terms "Excess Spread Value", "Total Reserve Lease Principal Balance" and "Total Reserves" used in the definition of "Borrowing Base", (B) the applicable Wind-Down Lender's pro rata share (based on the aggregate principal amount of all Advances under the Warehouse Facilities) of the amounts described in clause (iii) of the definition of "Borrowing Base", (C) if the calculation of Borrowing Base relies on clause (a) of the definition of the term "Eligible Returned Vehicle Amount", the applicable Wind-Down Lender's pro rata share (based on the aggregate principal amount of all Advances under the Warehouse Facilities) of the amount described in such clause (a) prior to the creation of such Wind-Down Pool, and (D) if the calculation of Borrowing Base relies on clause (b) of the definition of the term "Eligible Returned Vehicle Amount", the related Wind-Down Pool Assets.

**"<u>Wind-Down Date</u>"** means with respect to any Warehouse Facility, the date specified as such in the related Receivables Financing Agreement.

"**<u>Wind-Down Event</u>**" has the meaning set forth in the related Receivables Financing Agreement.

"**<u>Wind-Down Lender</u>**" means any one of, and "**<u>Wind-Down Lenders</u>**" means all of, the Warehouse Facility Lenders relating to any Wind-Down Warehouse Facility.

"**<u>Wind-Down Period</u>**" means, with respect to any Warehouse Facility, the period commencing upon the occurrence of a Wind-Down Event with respect to such Warehouse Facility and ending upon the earlier to occur of (i) the date on which indefeasible payment of all Secured Obligations payable to the related Warehouse Facility Secured Parties shall have been made in full and (ii) the date of delivery of a Default Notice (it being understood, for avoidance of doubt, that if the Wind-Down Period ends, pursuant to **<u>clause (ii)</u>** of this definition as a result of a delivery of a Default Notice, and such Default Notice is subsequently withdrawn, such withdrawal shall have the effect of reinstating the Wind-Down Period).

**"<u>Wind-Down Pool</u>"** means all Closed-End Leases, Closed-End Vehicles and other Titling Trust Assets that were allocated to the Wind-Down Pool on and as of any Wind-Down Date.

**"<u>Wind-Down Pool Asset</u>"** means, with respect to any Wind-Down Pool, a Closed-End Asset included in such Wind-Down Pool.

"**<u>Wind-Down Pool Collected Amounts</u>**" means, with respect to any Wind-Down Pool, all Closed-End Warehouse Collected Amounts with respect to the Closed-End Leases and Closed-End Vehicles included in such Wind-Down Pool.

"**<u>Wind-Down Pool Collections</u>**" means, with respect to any Wind-Down Pool, all Wind-Down Pool Collected Amounts related to such Wind-Down Pool that have been both (x) Received and (y) Posted, in each case as of the relevant date of determination.

Appendix A – page 36 *Collateral Agency Agreement*

**"<u>Wind-Down Pool Share</u>"** means, with respect to any Wind-Down Pool on any date, a fractional share equal to the aggregate Outstanding Principal Balance of all Closed-End Leases included in such Wind-Down Pool on such date, divided by the aggregate Outstanding Principal Balance of all Closed-End Leases allocated to the Warehouse Facility Pool on such date.

"**<u>Wind-Down Warehouse Facility</u>**" means one of, and "**<u>Wind-Down Warehouse Facilities</u>**" means all of, the Warehouse Facilities with respect to which a Wind-Down Event has occurred and a Wind-Down Pool has been created.

"**<u>Wind-Down Warehouse Facility Agent</u>**" means, with respect to any Wind-Down Facility, a financial institution that is identified as the "Agent", "Administrative Agent", or "Warehouse Facility Agent" of a Warehouse Facility Lender under the Receivables Financing Agreement with respect to such Wind-Down Warehouse Facility.

"**<u>Wind-Down Warehouse Facility Secured Party</u>**" means, with respect to any Wind-Down Pool, the Deal Agent, the Wind-Down Lenders, the Wind-Down Warehouse Facility Agents and each of the other Secured Parties as to which the applicable Secured Obligations are paid principally from Wind-Down Pool Collected Amounts in respect of such Wind-Down Pool, and "**<u>Wind-Down Warehouse Facility Secured Parties</u>**" has a meaning correlative to the foregoing.

"**<u>World Omni</u>**" means World Omni Financial Corp., a Florida corporation.

"**<u>WOLT</u>**" means World Omni LT, a Delaware statutory trust.

Appendix A – page 37 *Collateral Agency Agreement*

## Exhibit 10.9

**EXHIBIT 10.9**

FIRST AMENDMENT TO FOURTH AMENDED AND RESTATED

<u>COLLATERAL AGENCY AGREEMENT</u>

THIS FIRST AMENDMENT to FOURTH AMENDED AND RESTATED COLLATERAL AGENCY AGREEMENT, dated as of October 30, 2015 (this "<u>Amendment</u>"), is among WORLD OMNI LT, a Delaware statutory trust (the "<u>Borrower</u>"), WORLD OMNI LEASE FINANCE LLC, a Delaware limited liability company ("<u>WOLF LLC</u>"), AUTO LEASE FINANCE LLC, a Delaware limited liability company (the "<u>Initial Beneficiary</u>"), AL HOLDING CORP., a Delaware corporation ("<u>ALHC</u>"), as Closed-End Collateral Agent, BANK OF AMERICA, N.A. (the "<u>Deal Agent</u>"), U.S. BANK NATIONAL ASSOCIATION ("<u>U.S. Bank</u>"), as Close-End Administrative Agent and the lenders party hereto (the "<u>Required Warehouse Lenders</u>").

<u>Background</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Borrower, the Initial Beneficiary, ALHC, the Deal Agent, U.S. Bank and certain secured parties from time to time have entered into that certain Fourth Amended and Restated Collateral Agency Agreement, dated as of December 15, 2009 (as amended, supplemented or otherwise modified through the date hereof, the "<u>Agreement</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The parties hereto desire to amend the Agreement in certain respects as set forth herein.

NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows.

SECTION 1. <u>Definitions</u>. Capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings assigned thereto in the Agreement.

SECTION 2. <u>Amendments to the Agreement</u>. The Agreement is hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 The Index of Defined Terms included at the beginning of the Agreement is hereby amended by inserting the following terms in the appropriate alphabetical order therein:

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| | |
|:---|:---|
| "Unencumbered Account | Closed-End Servicing Agreement, Section 5.2(f) |
| Unencumbered Reference Pool | Collateral Agency Agreement, Section 6.2(e) |
| Unencumbered Reference Pool Servicer Default | Closed-End Servicing Agreement, Section 8.3(d) |
| Warehouse Designation | Appendix A |
| WOLF LLC | Appendix A |
| WOLF LLC Limited Liability Company Agreement | Appendix A |
| WOLT Receivables Financing Agreement | Appendix A |
| WOLT Warehouse Facility Note | Appendix A" |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Section 2.1 of the Agreement is hereby amended by replacing the first paragraph of clause (b) thereof in its entirety as follows:

"(b) From time to time after the Closing Date, the Borrower may, by notice to the Closed-End Collateral Agent and the Deal Agent, designate Additional

1 *1<sup>st</sup> Amendment to Fourth Amended and<br> Restated Collateral Agency Agreement*

Warehouse Facilities and modify existing Warehouse Facilities, and upon such designation, the various parties thereto shall become Warehouse Facility Secured Parties entitled to the ratable benefits afforded to the Warehouse Facility Lenders under this Collateral Agency Agreement; **<u>provided</u>**, however, that, no such designation shall be effective until such time as the Warehouse Facility Secured Parties under the prospective Warehouse Facility, the Closed-End Collateral Agent, the Deal Agent and the Borrower execute an accession agreement in substantially the form set forth in **<u>Exhibit A</u>** (each, a "**<u>Collateral Agency Accession Agreement</u>**") and deliver executed counterparts thereof to the Closed-End Collateral Agent, the Deal Agent and each other Warehouse Facility Secured Party; and **<u>provided</u>**, **<u>further</u>**, **<u>however</u>**, **<u>that</u>**, no such designation shall be effective:"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 Section 6.2 of the Agreement is hereby amended by replacing the header of Section 6.2 in its entirety as follows:

"<u>Form and Terms of the Closed-End Exchange Notes and Warehouse Designation</u>."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 Section 6.2(a) of the Agreement is hereby amended by replacing it in its entirety as follows:

"(a) **<u>Designation of the Reference Pool</u>**. Each Exchange Note Supplement or Warehouse Designation will designate a portion of the Closed-End Units included in the Warehouse Facility Pool as the "**Reference Pool"** with respect to the related Closed-End Exchange Note, Closed-End Exchange Notes or Warehouse Designation, as applicable. Upon the effectiveness of the applicable Exchange Note Supplement or Warehouse Designation, Closed-End Units designated therein as being included in the applicable Reference Pool will no longer be a part of the Warehouse Facility Pool, and will not be available to be part of any other Reference Pool. Each Closed-End Exchange Note will be payable solely from Closed-End Collections on the Closed-End Units in the related Reference Pool in accordance with the priorities set forth in **<u>Article X</u>** and the related Exchange Note Supplement, if applicable. Payments made on the Reference Pool designated pursuant to the Warehouse Designation will be payable solely from Closed-End Collections on the Closed-End Units in the related Reference Pool in accordance with the Warehouse Designation and the documents related thereto. For purposes of determining the amount and portion of Closed-End Collections that are applicable to any Reference Pool, the Closed-End Units included in such Reference Pool will be deemed to have been included in such Reference Pool from and after the Cutoff Date specified in the related Exchange Note Supplement or Warehouse Designation (or, in the case of any Closed-End Units that are subsequently allocated to a Reference Pool pursuant to **<u>Section 6.2(b)</u>**, the Cutoff Date applicable to such Closed-End Units that is specified in the applicable Reference Pool Reallocation Notice)."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 Section 6.2(b) of the Agreement is hereby amended by replacing it in its entirety as follows

2 *1<sup>st</sup> Amendment to Fourth Amended and<br> Restated Collateral Agency Agreement*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***<u>Reallocations of Assets from Warehouse Facility Pool to Reference Pool</u>*.** From time to time following the issuance of any Closed-End Exchange Note (and whether or not in connection with a Subsequent Exchange Note Increase) or Warehouse Designation, the Initial Beneficiary may designate, by notice to the Closed-End Collateral Agent in substantially the form set forth as **<u>Exhibit F</u>** and in accordance with **<u>Section 6.2(c)</u>** (each such notice, a "**<u>Reference Pool Reallocation Notice</u>**" or a "**<u>Warehouse Designation Pool Reallocation Notice</u>**", as applicable), any Closed-End Assets included in the Warehouse Facility Pool for reallocation to any Reference Pool; **<u>provided</u>**, **<u>however</u>**, **<u>that</u>** unless such reallocation occurs in connection with a Subsequent Exchange Note Increase that involves a purchase by the Initial Beneficiary of Advances from one or more Wind-Down Lenders, no Closed-End Assets included in a Wind-Down Pool will be reallocated to any Reference Pool. Each such Reference Pool Reallocation Notice or Warehouse Designation Pool Reallocation Notice, as applicable, will include the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The applicable Reference Pool to which such Closed-End Assets have been or are to be reallocated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the effective date as of which the applicable Closed-End Units have been, or are to be, reallocated to the applicable Reference Pool (the "**<u>Exchange Note Reallocation Date</u>**" and for a Warehouse Designation, the "**<u>Warehouse Designation Reallocation Date</u>**") (**<u>provided</u>**, **<u>however</u>**, **<u>that</u>**, such date shall not be earlier than the Business Day following the date as of which the applicable notice is delivered (if such notice is delivered by noon, New York time, or if delivered after such time, the next Business Day)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the date as of which all Closed-End Collections on such assets will be applied as Closed-End Collections with respect to the Reference Pool to which such assets are to be reallocated.

Subject to the conditions set forth in the next sentence, and as of the Exchange Note Reallocation Date or Warehouse Designation Reallocation Date, as applicable, set forth in the applicable Reference Pool Reallocation Notice or Warehouse Designation Pool Allocation Notice, as applicable, the Closed-End Assets identified therein will be reallocated to the applicable Reference Pool set forth in the Reference Pool Reallocation Notice or Warehouse Designation Pool Reallocation Notice, as applicable. Each such reallocation pursuant to this subsection (b) shall be subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) as of the Exchange Note Reallocation Date or Warehouse Designation Reallocation Date, as applicable, no Warehouse Facility Termination Event or Unmatured Warehouse Facility Termination Event shall have occurred and be continuing, or would occur as a result of such reallocation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the Borrower shall have delivered to the Deal Agent (1) an Officer's Certificate to the effect that the conditions set forth in clause (A), above, and clause (D), below, have, in each case, been satisfied, and (2) a Borrowing Base Certificate conforming to the requirements of the Receivables Financing Agreements showing that the Aggregate Loan Amount will not exceed the Borrowing Base after giving effect to such reallocation and any Subsequent

3 *1<sup>st</sup> Amendment to Fourth Amended and<br> Restated Collateral Agency Agreement*

Exchange Note Increase (and consequent reduction of the Aggregate Loan Amount) to occur in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) in the case of a reallocation being made in connection with a Subsequent Exchange Note Increase, (a) the payment by the Initial Beneficiary to the Deal Agent of an amount equal to the Initial Beneficiary Purchase Price (which amount shall be distributed by the Deal Agent to the Warehouse Facility Lenders (or the Warehouse Facility Agents on their behalf) according to the respective amount owed to each of them in connection with such Subsequent Exchange Note Increase, including (1) the principal amount of the Advances sold by each Warehouse Facility Lender pursuant to Section 6.1, (2) the aggregate amount of accrued interest on the such Advances as of the applicable Initial Beneficiary Purchase Date and (3) any indemnities or similar amounts payable pursuant to Section 6.1(a)(iii), in each case calculated in the manner set forth in Section 6.1(a)) or (b) the payment by the Initial Beneficiary to the Borrower of an amount equal to the Initial Beneficiary Advance Amount, as applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) no selection criteria adverse in any material respect to the interests of the Warehouse Facility Lenders (any such adverse selection criteria, "Adverse Selection Criteria") shall have been used in selecting the applicable Closed-End Assets (provided, however, that, "Adverse Selection Criteria" shall not include (and this subclause (D) shall not be applicable to) any eligibility criteria based on the delinquency status of the related Closed-End Leases that are applicable to the securitization or other financing to be backed by the related Closed-End Exchange Note, notwithstanding that (x) such eligibility criteria or the requirements are more stringent than those applicable to the Warehouse Facility Pool or (y) selection in accordance with those criteria otherwise could be viewed as having an adverse effect on the Warehouse Facility Lenders)."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 Section 6.2(c) of the Agreement is hereby amended by adding the phrase "or Warehouse Designation Pool Reallocation Notice, as applicable" after the phrase "Reference Pool Reallocation Notice" in the first sentence thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 Section 6.2(e) of the Agreement is hereby amended by replacing the first sentence in its entirety as follows:

"The Exchange Noteholder of any Closed-End Exchange Note or the Initial Beneficiary, with respect to any Reference Pool designated pursuant to a Warehouse Designation (each, an "**<u>Unencumbered Reference Pool</u>**") may, from time to time direct, by notice to the Closed-End Collateral Agent in substantially the form set forth as **<u>Exhibit G</u>** and in accordance with **<u>Section 6.2(c)</u>** (each such notice, a "**<u>Warehouse Pool Reallocation Notice</u>**"), that one or more Closed-End Units be reallocated from the Reference Pool relating to such Closed-End Exchange Note or the Unencumbered Reference Pool, as applicable, to the Warehouse Facility Pool, whereupon, effective as of the date specified in such notice, such Closed-End Units shall be so reallocated, subject, however, to the rights of any Person(s) that have provided financing secured, or otherwise backed, by such Closed-End Exchange Note, so long as any such financing statement shall remain outstanding."

4 *1<sup>st</sup> Amendment to Fourth Amended and<br> Restated Collateral Agency Agreement*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 Section 7.4(a) of the Agreement is hereby amended by replacing the reference to "Section 9.1(j)" in clause (F) thereof with the phrase "the interest rate hedge and wind-down covenant".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 Section 10.1 of the Agreement is hereby amended by adding after the first paragraph a new paragraph as follows:

"For administrative convenience, so long as the Bank of America Receivables Financing Agreement is effective, any Closed-End Collections owing under the WOLT Receivables Financing Agreement, will be applied to WOLF LLC in accordance with the WOLT Receivables Financing Agreement and shall not be applied pursuant to the terms of this **<u>Article X</u>**."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 Section 10.5 of the Agreement is hereby amended by adding the phrase "or, in the case of an Unencumbered Reference Pool, at the direction of the Initial Beneficiary, subject to the terms of the WOLT Receivables Financing Agreement" at the end of the first sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 Appendix A of the Agreement is hereby amended by replacing the definition of the term "Bank of America Receivables Financing Agreement" as follows:

""**<u>Bank of America Receivables Financing Agreement</u>**" means the Second Amended and Restated Receivables Financing Agreement, dated as of October 30, 2015 among the Borrower, ALF LLC, the Closed-End Servicer, the Lenders party thereto, and Bank of America, as Warehouse Facility Agent."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 Appendix A of the Agreement is hereby amended by replacing clauses (N) and (O) of the term of "Basic Documents" and adding clauses (P) and (Q) thereto as follows:

"(N) the Performance Guaranty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(O) the Warehouse Facility Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(P) the WOLF LLC Limited Liability Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Q) the WOLT Warehouse Facility Note."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 Appendix A of the Agreement is hereby amended by replacing the definition of the term "Borrower" as follows:

""**<u>Borrower</u>**" means WOLT, WOLF LLC or any other entity designated as borrower under any of the Warehouse Facilities, as applicable; provided that no additional borrowers shall be designated without the prior written consent of the Deal Agent."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 Appendix A of the Agreement is hereby amended by replacing clause (c) of the term of "Change in Control" as follows:

"(c) ALF LLC shall cease to be the sole owner of the Certificate(s) of the Titling Trust."

5 *1<sup>st</sup> Amendment to Fourth Amended and<br> Restated Collateral Agency Agreement*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 Appendix A of the Agreement is hereby amended by replacing clause (ii) of the term "Receivables Financing Agreement" as follows:

"(ii) any receivables financing agreements or similar documents entered into from time to time after the Closing Date in connection with any Additional Warehouse Facilities pursuant to **<u>Section 2.1(b)</u>** of the Collateral Agency Agreement, including the WOLT Receivables Financing Agreement (each of such receivables financing agreements to be in substantially the form of the Receivables Financing Agreements relating to the Current Warehouse Facilities)."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 Appendix A of the Agreement is hereby amended by replacing the definition of the term of "Closed-End EN Collected Amounts" as follows:

""**<u>Closed-End EN Collected Amounts</u>**" means, with respect to any Reference Pool (including, for the avoidance of doubt, any Unencumbered Reference Pool), all Closed-End Collected Amounts with respect to the Closed-End Leases and Closed-End Vehicles included in such Reference Pool."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17 Appendix A of the Agreement is hereby amended by replacing the definition of the term of "Collection Account" as follows:

""**<u>Collection Account</u>**" means with respect to (1) the Warehouse Facility Pool, the Lease Funding Account and (2) any Reference Pool, the related Exchange Note Collection Account or Unencumbered Account, as applicable."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 Appendix A of the Agreement is hereby amended by replacing the definition of the term "Relevant Entities" as follows:

""**<u>Relevant Entities</u>**" mean each of World Omni, as the initial Closed-End Servicer, the Performance Guarantor, ALF LLC, and any Borrower. Each of the foregoing is referred to as a "**<u>Relevant Entity</u>**.""

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19 Appendix A of the Agreement is hereby amended by replacing the definition of the term "Warehouse Facility Lender" as follows:

""**<u>Warehouse Facility Lender</u>**" means any one of, and "Warehouse Facility Lenders" means all of, the commercial paper vehicles, financial institutions and entities extending loans as lenders, party to the Receivables Financing Agreements as are or may be entered into from time to time."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20 Appendix A of the Agreement is hereby amended by adding the following definitions in alphanumeric order as follows:

""**<u>Warehouse Designation</u>**" has the meaning specified in the Bank of America Receivables Financing Agreement."

""**<u>WOLF LLC</u>**" means World Omni Lease Finance LLC, a Delaware limited liability company."

""**<u>WOLF LLC Limited Liability Company Agreement</u>**" means the limited liability company agreement of WOLF LLC, dated as of October 2, 2015."

6 *1<sup>st</sup> Amendment to Fourth Amended and<br> Restated Collateral Agency Agreement*

""**<u>WOLT Receivables Financing Agreement</u>**" means the Receivables Financing Agreement, dated as of October 30, 2015 among the Borrower, WOLT, ALF LLC, the Closed-End Servicer, the Lenders party thereto, and Bank of America, as Warehouse Facility Agent."

""**<u>WOLT Warehouse Facility Note</u>**" has the meaning specified in the WOLT Receivables Financing Agreement."

SECTION 3. <u>Miscellaneous</u>. The Agreement, as amended hereby, remains in full force and effect. Any reference to the Agreement from and after the date hereof shall be deemed to refer to the Agreement as amended hereby, unless otherwise expressly stated. This Amendment shall be governed by, and construed in accordance with, the internal laws of the State of New York without regard to otherwise applicable principles of conflicts of law (other than Section 5-1401 of the New York General Obligations Law). This Amendment may be executed in any number of counterparts, and by the different parties hereto on separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. The various headings of this Amendment are inserted for convenience only and shall not affect the meaning or interpretation of this Amendment or the Agreement or any provision hereof or thereof.

SECTION 4. <u>Effective Date of this Amendment</u>. This Amendment shall become effective on the date that the Deal Agent shall have received counterparts of this Amendment (including facsimile copies) duly executed by all of the parties hereto.

[SIGNATURE PAGES FOLLOW]

7 *1<sup>st</sup> Amendment to Fourth Amended and<br> Restated Collateral Agency Agreement*

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective duly authorized officers as of the date first above written.

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| | |
|:---|:---|
| WORLD OMNI LT., | WORLD OMNI LT., |
| as Borrower | as Borrower |
| By: VT INC., as trustee | By: VT INC., as trustee |
| By: | /s/ Edwin J. Janis |
| Name: | Edwin J. Janis |
| Its: | Vice President |

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| | |
|:---|:---|
| AUTO LEASE FINANCE LLC, | AUTO LEASE FINANCE LLC, |
| as Initial Beneficiary | as Initial Beneficiary |
| By: | /s/ Bryan Romano |
| Name: | Bryan Romano |
| Its: | Assistant Treasurer |

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S-1 *1<sup>st</sup> Amendment to Fourth Amended and<br> Restated Collateral Agency Agreement*

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| | |
|:---|:---|
| AL HOLDING CORP. | AL HOLDING CORP. |
| as Closed-End Collateral Agent | as Closed-End Collateral Agent |
| By: | /s/ Lori Gebron |
| Name: | Lori Gebron |
| Title: | Vice President |

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S-2 *1<sup>st</sup> Amendment to Fourth Amended and<br> Restated Collateral Agency Agreement*

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| | |
|:---|:---|
| BANK OF AMERICA, N.A., | BANK OF AMERICA, N.A., |
| as Deal Agent and as an Alternate Lender | as Deal Agent and as an Alternate Lender |
| By: | /s/ Nina Austin |
| Name: | Nina Austin |
| Title: | Vice President |

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S-3 *1<sup>st</sup> Amendment to Fourth Amended and<br> Restated Collateral Agency Agreement*

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| | |
|:---|:---|
| U.S. BANK NATIONAL ASSOCIATION, | U.S. BANK NATIONAL ASSOCIATION, |
| as Closed-End Administrative Agent | as Closed-End Administrative Agent |
| By: | /s/ Edwin J. Janis |
| Name: | Edwin J. Janis |
| Title: | Vice President |

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S-4 *1<sup>st</sup> Amendment to Fourth Amended and<br> Restated Collateral Agency Agreement*

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| | |
|:---|:---|
| GOTHAM FUNDING CORPORATION, | GOTHAM FUNDING CORPORATION, |
| as a Conduit Lender | as a Conduit Lender |
| By: | /s/ David V. DeAngelis |
| Name: | David V. DeAngelis |
| Title: | Vice President |

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| | |
|:---|:---|
| THE BANK OF TOKYO-MITSUBISHI UFJ LTD., NEW YORK BRANCH, | THE BANK OF TOKYO-MITSUBISHI UFJ LTD., NEW YORK BRANCH, |
| as a Group Agent | as a Group Agent |
| By: | /s/ Christopher Pohl |
| Name: | Christopher Pohl |
| Title: | Managing Director |

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| | |
|:---|:---|
| THE BANK OF TOKYO-MITSUBISHI UFJ LTD., NEW YORK BRANCH, | THE BANK OF TOKYO-MITSUBISHI UFJ LTD., NEW YORK BRANCH, |
| as an Alternate Lender | as an Alternate Lender |
| By: | /s/ George Stoecklein |
| Name: | George Stoecklein |
| Title: | Director |

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S-5 *1<sup>st</sup> Amendment to Fourth Amended and<br> Restated Collateral Agency Agreement*

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| | |
|:---|:---|
| ACKNOWLEDGED AND AGREED: | ACKNOWLEDGED AND AGREED: |
| WORLD OMNI LEASE FINANCE LLC | WORLD OMNI LEASE FINANCE LLC |
| By: | /s/ Bryan Romano |
| Name: | Bryan Romano |
| Title: | Assistant Treasurer |

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S-6 *1<sup>st</sup> Amendment to Fourth Amended and<br> Restated Collateral Agency Agreement*

## Exhibit 10.10

**EXHIBIT 10.10**

SECOND AMENDMENT TO FOURTH AMENDED AND RESTATED

<u>COLLATERAL AGENCY AGREEMENT</u>

THIS SECOND AMENDMENT to FOURTH AMENDED AND RESTATED COLLATERAL AGENCY AGREEMENT, dated as of October 27, 2017 (this "<u>Amendment</u>"), is among WORLD OMNI LT, a Delaware statutory trust (the "<u>Borrower</u>"), WORLD OMNI LEASE FINANCE LLC, a Delaware limited liability company ("<u>WOLF LLC</u>"), AUTO LEASE FINANCE LLC, a Delaware limited liability company (the "<u>Initial Beneficiary</u>"), AL HOLDING CORP., a Delaware corporation ("<u>ALHC</u>"), as Closed-End Collateral Agent, BANK OF AMERICA, N.A. (the "<u>Deal Agent</u>"), U.S. BANK NATIONAL ASSOCIATION ("<u>U.S. Bank</u>"), as Closed-End Administrative Agent and the lenders party hereto (the "<u>Required Warehouse Lenders</u>").

<u>Background</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Borrower, the Initial Beneficiary, ALHC, the Deal Agent, U.S. Bank and certain secured parties from time to time have entered into that certain Fourth Amended and Restated Collateral Agency Agreement, dated as of December 15, 2009, as amended by the First Amendment to Fourth Amended and Restated Collateral Agency Agreement, among the Borrower, WOLF LLC, the Initial Beneficiary, ALHC, the Deal Agent, U.S. Bank and certain secured parties, dated as of October 30, 2015 (as further amended, supplemented or otherwise modified through the date hereof, the "<u>Agreement</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The parties hereto desire to amend the Agreement in certain respects as set forth herein.

NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows.

SECTION 1. <u>Definitions</u>. Capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings assigned thereto in the Agreement.

SECTION 2. <u>Amendments to the Agreement</u>. The Agreement is hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 The replacement of each reference to "The Bank of Tokyo-Mitsubishi UFJ Ltd., New York Branch" with a reference to "The Bank of Tokyo-Mitsubishi UFJ Ltd.".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 The Index of Defined Terms included at the beginning of the Agreement is hereby amended by inserting the following terms in the appropriate alphabetical order therein:

---

| | |
|:---|:---|
| "Gross Total Lease Principal Balance | Appendix A, |
| Weighted Average FICO Score | Appendix A" |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 Section 6.2(b)(D) of the Agreement is hereby amended by replacing it in its entirety as follows:

"(D) the eligibility criteria used in selecting the Closed-End Assets for such reallocation from the Warehouse Facility Pool would not cause, with respect

1 *2<sup>nd</sup> Amendment to Fourth Amended and<br> Restated Collateral Agency Agreement*

to the resulting Warehouse Facility Pool, (i) the Weighted Average FICO Score of all Closed-End Assets to be less than **<u>710</u>** or (ii) the aggregate Outstanding Principal Balance of all Closed-End Assets owned by Obligors which have a FICO Score between **<u>0</u>** and **<u>619</u>** (including Obligors with no FICO Scores) to exceed **<u>10%</u>** of the Gross Total Lease Principal Balance. The prohibited eligibility criteria described above shall not include (and this **<u>subclause (D)</u>** shall not be applicable to) any eligibility criteria based on the delinquency status of the related Closed-End Leases that are applicable to the securitization or other financing to be backed by the related Closed-End Exchange Note, notwithstanding that (x) such eligibility criteria or the requirements are more stringent than those applicable to the Warehouse Facility Pool or (y) selection in accordance with those criteria otherwise could be viewed as having an adverse effect on the Warehouse Facility Lenders)."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 Appendix A of the Agreement is hereby amended by adding the following definitions in alphanumeric order as follows:

""**<u>Adverse Selection Criteria</u>**" means eligibility criteria that does not comply with **<u>Section 6.2(b)(D)</u>**."

""**<u>Gross Total Lease Principal Balance</u>**" means the aggregate Outstanding Principal Balance of all Closed-End Leases included in the Warehouse Facility Pool (other than Closed-End Leases related to Defaulted Receivables)."

""**<u>Weighted Average FICO Score</u>**" means, as of any date of determination, the sum of the weighted FICO Scores calculated for each FICO Score as follows: (i) the sum of the aggregate Outstanding Principal Balance of all Closed-End Assets owed by Obligors for such FICO Score, **<u>divided by</u>** the sum of the aggregate Outstanding Principal Balance of all Closed-End Assets for all FICO Scores, excluding any FICO Score of zero and any Obligors with no FICO Scores, **<u>multiplied by</u>** (ii) such FICO Score."

SECTION 3. <u>Miscellaneous</u>. The Agreement, as amended hereby, remains in full force and effect. Any reference to the Agreement from and after the date hereof shall be deemed to refer to the Agreement as amended hereby, unless otherwise expressly stated. This Amendment shall be governed by, and construed in accordance with, the internal laws of the State of New York without regard to otherwise applicable principles of conflicts of law (other than Section 5-1401 of the New York General Obligations Law). This Amendment may be executed in any number of counterparts, and by the different parties hereto on separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. The various headings of this Amendment are inserted for convenience only and shall not affect the meaning or interpretation of this Amendment or the Agreement or any provision hereof or thereof.

SECTION 4. <u>Effective Date of this Amendment</u>. This Amendment shall become effective on the date that the Deal Agent shall have received counterparts of this Amendment (including facsimile copies) duly executed by all of the parties hereto.

2 *2<sup>nd</sup> Amendment to Fourth Amended and<br> Restated Collateral Agency Agreement*

[SIGNATURE PAGES FOLLOW]

3 *2<sup>nd</sup> Amendment to Fourth Amended and<br> Restated Collateral Agency Agreement*

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective duly authorized officers as of the date first above written.

---

| | |
|:---|:---|
| WORLD OMNI LT., | WORLD OMNI LT., |
| as Borrower | as Borrower |
| By: VT INC., as trustee | By: VT INC., as trustee |
| By: | /s/ Christopher J. Nuxoll |
| Name: | Christopher J. Nuxoll |
| Its: | Vice President |

---

---

| | |
|:---|:---|
| AUTO LEASE FINANCE LLC, | AUTO LEASE FINANCE LLC, |
| as Initial Beneficiary | as Initial Beneficiary |
| By: | /s/ Bryan Romano |
| Name: | Bryan Romano |
| Its: | Assistant Treasurer |

---

S-1 *2<sup>nd</sup> Amendment to Fourth Amended and<br> Restated Collateral Agency Agreement*

---

| | |
|:---|:---|
| AL HOLDING CORP. | AL HOLDING CORP. |
| as Closed-End Collateral Agent | as Closed-End Collateral Agent |
| By: | /s/ Denise Veidt |
| Name: | Denise Veidt |
| Title: | Vice President |

---

S-2 *2<sup>nd</sup> Amendment to Fourth Amended and<br> Restated Collateral Agency Agreement*

---

| | |
|:---|:---|
| BANK OF AMERICA, N.A., | BANK OF AMERICA, N.A., |
| as Deal Agent and as an Alternate Lender | as Deal Agent and as an Alternate Lender |
| By: | /s/ Bryan S. Kearns |
| Name: | Bryan S. Kearns |
| Title: | Director |

---

S-3 *2<sup>nd</sup> Amendment to Fourth Amended and<br> Restated Collateral Agency Agreement*

---

| | |
|:---|:---|
| U.S. BANK NATIONAL ASSOCIATION, | U.S. BANK NATIONAL ASSOCIATION, |
| as Closed-End Administrative Agent | as Closed-End Administrative Agent |
| By: | /s/ Christopher J. Nuxoll |
| Name: | Christopher J. Nuxoll |
| Title: | Vice President |

---

S-4 *2<sup>nd</sup> Amendment to Fourth Amended and<br> Restated Collateral Agency Agreement*

---

| | |
|:---|:---|
| GOTHAM FUNDING CORPORATION, | GOTHAM FUNDING CORPORATION, |
| as a Conduit Lender | as a Conduit Lender |
| By: | /s/ David V. DeAngelis |
| Name: | David V. DeAngelis |
| Title: | Vice President |

---

---

| | |
|:---|:---|
| THE BANK OF TOKYO-MITSUBISHI UFJ LTD., | THE BANK OF TOKYO-MITSUBISHI UFJ LTD., |
| as a Group Agent | as a Group Agent |
| By: | /s/ Christopher Pohl |
| Name: | Christopher Pohl |
| Title: | Managing Director |

---

---

| | |
|:---|:---|
| THE BANK OF TOKYO-MITSUBISHI UFJ LTD., | THE BANK OF TOKYO-MITSUBISHI UFJ LTD., |
| as an Alternate Lender | as an Alternate Lender |
| By: | /s/ Christopher Pohl |
| Name: | Christopher Pohl |
| Title: | Managing Director |

---

S-5 *2<sup>nd</sup> Amendment to Fourth Amended and<br> Restated Collateral Agency Agreement*

---

| | |
|:---|:---|
| WELLS FARGO BANK, N.A., | WELLS FARGO BANK, N.A., |
| as a Group Agent and as an Alternate Lender | as a Group Agent and as an Alternate Lender |
| By: | /s/ Austin Vanassa |
| Name: | Austin Vanassa |
| Title: | Director |
| By: | /s/ Austin Vanassa |
| Name: | Austin Vanassa |
| Title: | Director |

---

S-6 *2<sup>nd</sup> Amendment to Fourth Amended and<br> Restated Collateral Agency Agreement*

---

| | |
|:---|:---|
| ACKNOWLEDGED AND AGREED: | ACKNOWLEDGED AND AGREED: |
| WORLD OMNI LEASE FINANCE LLC | WORLD OMNI LEASE FINANCE LLC |
| By: | /s/ Bryan Romano |
| Name: | Bryan Romano |
| Title: | Assistant Treasurer |

---

S-7 *2<sup>nd</sup> Amendment to Fourth Amended and<br> Restated Collateral Agency Agreement*

## Exhibit 10.11

**EXHIBIT 10.11**

THIRD AMENDMENT TO FOURTH AMENDED AND RESTATED

<u>COLLATERAL AGENCY AGREEMENT</u>

THIS THIRD AMENDMENT to FOURTH AMENDED AND RESTATED COLLATERAL AGENCY AGREEMENT, dated as of October 26, 2018 (this "<u>Amendment</u>"), is among WORLD OMNI LT, a Delaware statutory trust (the "<u>Borrower</u>"), WORLD OMNI LEASE FINANCE LLC, a Delaware limited liability company ("<u>WOLF LLC</u>"), AUTO LEASE FINANCE LLC, a Delaware limited liability company (the "<u>Initial Beneficiary</u>"), AL HOLDING CORP., a Delaware corporation ("<u>ALHC</u>"), as Closed-End Collateral Agent, BANK OF AMERICA, N.A. (the "<u>Deal Agent</u>"), U.S. BANK NATIONAL ASSOCIATION ("<u>U.S. Bank</u>"), as Closed-End Administrative Agent and the lenders party hereto (the "<u>Required Warehouse Lenders</u>").

<u>Background</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Borrower, the Initial Beneficiary, ALHC, the Deal Agent, U.S. Bank and certain secured parties from time to time have entered into that certain Fourth Amended and Restated Collateral Agency Agreement, dated as of December 15, 2009, as amended by the First Amendment to Fourth Amended and Restated Collateral Agency Agreement, among the Borrower, WOLF LLC, the Initial Beneficiary, ALHC, the Deal Agent, U.S. Bank and certain secured parties, dated as of October 30, 2015 and as amended by the Second Amendment to the Fourth Amended and Restated Collateral Agency Agreement, among the Borrower, WOLF LLC, the Initial Beneficiary, ALHC, the Deal Agent, U.S. Bank and certain secured parties, dated as of October 27, 2017 (as further amended, supplemented or otherwise modified through the date hereof, the "<u>Agreement</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The parties hereto desire to amend the Agreement in certain respects as set forth herein.

NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows.

SECTION 1. <u>Definitions</u>. Capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings assigned thereto in the Agreement.

SECTION 2. <u>Amendments to the Agreement</u>. The Agreement is hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 The definition of "Wind-Down Borrowing Base" in Appendix A to the Agreement is hereby amended by deleting the reference to "Total Reserve Lease Principal Balance" therein and changing it to "Total Lease Principal Balance".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Clause (c) of the definition of "Qualifying Hedge Contract" in Appendix A to the Agreement is hereby amended and restated in its entirety as set forth below:

"(c) copies of each master agreement entered into with each counterparty and each confirmation issued thereunder shall have been delivered to the Closed-End Collateral Agent to be held by the Closed-

1 *3<sup>rd</sup> Amendment to Fourth Amended and<br> Restated Collateral Agency Agreement*

End Collateral Agent on behalf of each Warehouse Facility Agent; and"

SECTION 3. <u>Miscellaneous</u>. The Agreement, as amended hereby, remains in full force and effect. Any reference to the Agreement from and after the date hereof shall be deemed to refer to the Agreement as amended hereby, unless otherwise expressly stated. This Amendment shall be governed by, and construed in accordance with, the internal laws of the State of New York without regard to otherwise applicable principles of conflicts of law (other than Section 5-1401 of the New York General Obligations Law). This Amendment may be executed in any number of counterparts, and by the different parties hereto on separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. The various headings of this Amendment are inserted for convenience only and shall not affect the meaning or interpretation of this Amendment or the Agreement or any provision hereof or thereof.

SECTION 4. <u>Effective Date of this Amendment</u>. This Amendment shall become effective on the date that the Deal Agent shall have received the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) counterparts of this Amendment (including facsimile copies) duly executed by all of the parties hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) an Officer's Certificate of the Borrower to the Closed-End Administrative Agent to the effect that this Amendment will not materially adversely affect the interests of any Exchange Noteholder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) a tax opinion, as required pursuant to Section 9.5 of the Agreement.

[SIGNATURE PAGES FOLLOW]

2 *3<sup>rd</sup> Amendment to Fourth Amended and<br> Restated Collateral Agency Agreement*

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective duly authorized officers as of the date first above written.

---

| | |
|:---|:---|
| WORLD OMNI LT., | WORLD OMNI LT., |
| as Borrower | as Borrower |
| By: | VT INC., as trustee |
| By: | /s/ Christopher J. Nuxoll |
| Name: | Christopher J. Nuxoll |
| Its: | Vice President |

---

---

| | |
|:---|:---|
| AUTO LEASE FINANCE LLC, | AUTO LEASE FINANCE LLC, |
| as Initial Beneficiary | as Initial Beneficiary |
| By: | /s/ Bryan Romano |
| Name: | Bryan Romano |
| Its: | Assistant Treasurer |

---

S-1 *3<sup>rd</sup> Amendment to Fourth Amended and<br> Restated Collateral Agency Agreement*

---

| | |
|:---|:---|
| AL HOLDING CORP. | AL HOLDING CORP. |
| as Closed-End Collateral Agent | as Closed-End Collateral Agent |
| By: | /s/ Denise Veidt |
| Name: | Denise Veidt |
| Title: | Vice President |

---

S-2 *3<sup>rd</sup> Amendment to Fourth Amended and<br> Restated Collateral Agency Agreement*

---

| | |
|:---|:---|
| BANK OF AMERICA, N.A., | BANK OF AMERICA, N.A., |
| as Deal Agent, Group Agent and as an Alternate Lender | as Deal Agent, Group Agent and as an Alternate Lender |
| By: | /s/ Christopher C. Jonas |
| Name: | Christopher C. Jonas |
| Title: | Director |

---

S-3 *3<sup>rd</sup> Amendment to Fourth Amended and<br> Restated Collateral Agency Agreement*

---

| | |
|:---|:---|
| U.S. BANK NATIONAL ASSOCIATION, | U.S. BANK NATIONAL ASSOCIATION, |
| as Closed-End Administrative Agent | as Closed-End Administrative Agent |
| By: | /s/ Christopher J. Nuxoll |
| Name: | Christopher J. Nuxoll |
| Its: | Vice President |

---

S-4 *3<sup>rd</sup> Amendment to Fourth Amended and<br> Restated Collateral Agency Agreement*

---

| | |
|:---|:---|
| GOTHAM FUNDING CORPORATION, | GOTHAM FUNDING CORPORATION, |
| as a Conduit Lender | as a Conduit Lender |
| By: | /s/ Kevin J. Corrigan |
| Name: | Kevin J. Corrigan |
| Its: | Vice President |

---

---

| | |
|:---|:---|
| MUFG BANK, LTD., | MUFG BANK, LTD., |
| as a Group Agent | as a Group Agent |
| By: | /s/ Christopher Pohl |
| Name: | Christopher Pohl |
| Its: | Managing Director |

---

---

| | |
|:---|:---|
| MUFG BANK, LTD., | MUFG BANK, LTD., |
| as an Alternate Lender | as an Alternate Lender |
| By: | /s/ Christopher Pohl |
| Name: | Christopher Pohl |
| Its: | Managing Director |

---

S-5 *3<sup>rd</sup> Amendment to Fourth Amended and<br> Restated Collateral Agency Agreement*

---

| | |
|:---|:---|
| TD SECURITIES INC., | TD SECURITIES INC., |
| as a Group Agent | as a Group Agent |
| By: | /s/ Peter O'Sullivan |
| Name: | Peter O'Sullivan |
| Title: | Director |

---

---

| | |
|:---|:---|
| THE TORONTO-DOMINION BANK, | THE TORONTO-DOMINION BANK, |
| as an Alternate Lender | as an Alternate Lender |
| By: | /s/ Bradley Purkis |
| Name: | Bradley Purkis |
| Title: | Managing Director |

---

S-6 *3<sup>rd</sup> Amendment to Fourth Amended and<br> Restated Collateral Agency Agreement*

---

| | |
|:---|:---|
| WELLS FARGO BANK, N.A., | WELLS FARGO BANK, N.A., |
| as a Group Agent and as an Alternate Lender | as a Group Agent and as an Alternate Lender |
| By: | /s/ Austin Vanassa |
| Name: | Austin Vanassa |
| Title: | Director |

---

S-7 *3<sup>rd</sup> Amendment to Fourth Amended and<br> Restated Collateral Agency Agreement*

---

| | |
|:---|:---|
| ACKNOWLEDGED AND AGREED: | ACKNOWLEDGED AND AGREED: |
| WORLD OMNI LEASE FINANCE LLC | WORLD OMNI LEASE FINANCE LLC |
| By: | /s/ Bryan Romano |
| Name: | Bryan Romano |
| Title: | Assistant Treasurer |

---

S-8 *3<sup>rd</sup> Amendment to Fourth Amended and<br> Restated Collateral Agency Agreement*

## Exhibit 10.12

**EXHIBIT 10.12**

FOURTH AMENDMENT TO FOURTH AMENDED AND RESTATED

<u>COLLATERAL AGENCY AGREEMENT</u>

THIS FOURTH AMENDMENT to FOURTH AMENDED AND RESTATED COLLATERAL AGENCY AGREEMENT, dated as of October 25, 2019 (this "<u>Amendment</u>"), is among WORLD OMNI LT, a Delaware statutory trust (the "<u>Borrower</u>"), WORLD OMNI LEASE FINANCE LLC, a Delaware limited liability company ("<u>WOLF LLC</u>"), AUTO LEASE FINANCE LLC, a Delaware limited liability company (the "<u>Initial Beneficiary</u>"), AL HOLDING CORP., a Delaware corporation ("<u>ALHC</u>"), as Closed-End Collateral Agent, BANK OF AMERICA, N.A. (the "<u>Deal Agent</u>"), U.S. BANK NATIONAL ASSOCIATION ("<u>U.S. Bank</u>"), as Closed-End Administrative Agent and the lenders party hereto (the "<u>Required Warehouse Lenders</u>").

<u>Background</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Borrower, the Initial Beneficiary, ALHC, the Deal Agent, U.S. Bank and certain secured parties from time to time have entered into that certain Fourth Amended and Restated Collateral Agency Agreement, dated as of December 15, 2009, as amended by the First Amendment to Fourth Amended and Restated Collateral Agency Agreement, dated as of October 30, 2015, the Second Amendment to Fourth Amended and Restated Collateral Agency Agreement, dated as of October 27, 2017, and the Third Amendment to Fourth Amended and Restated Collateral Agency Agreement, dated as of October 26, 2018, each among the Borrower, WOLF LLC, the Initial Beneficiary, ALHC, the Deal Agent, U.S. Bank and certain secured parties (as further amended, supplemented or otherwise modified through the date hereof, the "<u>Agreement</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The parties hereto desire to amend the Agreement in certain respects as set forth herein.

NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows.

SECTION 1. <u>Definitions</u>. Capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings assigned thereto in the Agreement.

SECTION 2. <u>Amendments to the Agreement</u>. The Agreement is hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 The definition of "One-Month LIBOR" in Appendix A to the Agreement is hereby amended and restated in its entirety as set forth below:

""**<u>One-Month LIBOR</u>**" means, with respect to the last Business Day of each calendar week and for any Warehouse Facility:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the rate per annum (carried out to the fifth decimal place) equal to the rate that appears on the Bloomberg Screen BTMM Page under the heading "LIBOR FIX" (the "**<u>LIBOR Screen Rate</u>**") for deposits in Dollars having a one-month maturity, determined as of approximately 11:00 a.m. (London time), or

1 *4<sup>th</sup> Amendment to Fourth Amended and* <br> *Restated Collateral Agency Agreement*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the event that the rate referenced in the preceding subsection (a) does not appear on such page or service or such page or service shall cease to be available, the rate per annum (carried to the fifth decimal place) equal to the rate determined by the applicable Warehouse Facility Agent to be the offered rate on such other page or other service that displays an average British Bankers Association Interest Settlement Rate for deposits in Dollars having a one-month maturity, determined as of approximately 11:00 a.m. (London time), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the event the rates referenced in the preceding subsections (a) or (b) are not available, the rate per annum determined by the applicable Warehouse Facility Agent as the rate of interest at which deposits in Dollars in same day funds and having a one-month maturity would be offered by its London Branch (the "Eurodollar Office") to major banks in the offshore interbank market at their request at approximately 11:00 a.m. (London time);

**<u>provided</u>**, **<u>however</u>**, that notwithstanding anything to the contrary in this Agreement or any other Basic Documents, if the applicable Warehouse Facility Agent determines (which determination shall be conclusive absent manifest error), or the Borrower or Required Warehouse Lenders notify such Warehouse Facility Agent (with, in the case of the Required Warehouse Lenders, a copy to the Borrower) that the Borrower or Required Warehouse Lenders (as applicable) have determined, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) adequate and reasonable means do not exist for ascertaining One-Month LIBOR for any requested date of
determination, including, without limitation, because the LIBOR Screen Rate is not available or published on a current basis and such
circumstances are unlikely to be temporary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the administrator of the LIBOR Screen Rate or a governmental authority having jurisdiction over the applicable
Warehouse Facility Agent has made a public statement identifying a specific date after which One-Month LIBOR or the LIBOR Screen Rate
shall no longer be made available, or used for determining the interest rate of loans, provided that, at the time of such statement, there
is no successor administrator that is satisfactory to such Warehouse Facility Agent, that will continue to provide One-Month LIBOR after
such specific date (such specific date, the "  **<u>Scheduled Unavailability Date</u>** "); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) syndicated loans currently being executed, or that include language similar to that contained in this
definition, are being executed or amended (as applicable) to incorporate or adopt a new benchmark interest rate to replace One-Month LIBOR,

then, reasonably promptly after such determination by the applicable Warehouse Facility Agent or receipt by such Warehouse Facility Agent of such notice, as applicable, such Warehouse Facility Agent and the Borrower may amend this Agreement to replace One-Month LIBOR with (x) one or more SOFR-Based Rates or (y) another alternate benchmark rate giving due consideration to any

2 *4<sup>th</sup> Amendment to Fourth Amended and* <br> *Restated Collateral Agency Agreement*

evolving or then existing convention for similar U.S. dollar denominated syndicated credit facilities for such alternative benchmarks and, in each case, including any mathematical or other adjustments to such benchmark giving due consideration to any evolving or then existing convention for similar U.S. dollar denominated syndicated credit facilities for such benchmarks, which adjustment or method for calculating such adjustment shall be published on an information service as selected by such Warehouse Facility Agent from time to time in its reasonable discretion and may be periodically updated (the "**<u>Adjustment</u>**;" and any such proposed rate, a "**<u>LIBOR Successor Rate</u>**"), and any such amendment shall become effective at 5:00 p.m. on the fifth Business Day after such Warehouse Facility Agent shall have posted such proposed amendment to all Warehouse Facility Lenders and the Borrower unless, prior to such time, the Warehouse Facility Lenders comprising the Required Warehouse Lenders have delivered to such Warehouse Facility Agent written notice that such Required Warehouse Lenders (A) in the case of an amendment to replace One-Month LIBOR with a rate described in clause (x), object to the Adjustment; or (B) in the case of an amendment to replace One-Month LIBOR with a rate described in clause (y), object to such amendment; **<u>provided</u>** that for the avoidance of doubt, in the case of clause (A), the Required Warehouse Lenders shall not be entitled to object to any SOFR-Based Rate contained in any such amendment. Such LIBOR Successor Rate shall be applied in a manner consistent with market practice; **<u>provided</u>** that to the extent such market practice is not administratively feasible for such Warehouse Facility Agent, such LIBOR Successor Rate shall be applied in a manner as otherwise reasonably determined by such Warehouse Facility Agent.

If no LIBOR Successor Rate has been determined and the circumstances under clause (a) above exist or the Scheduled Unavailability Date has occurred (as applicable), the applicable Warehouse Facility Agent will promptly so notify the Borrower and each Warehouse Facility Lender. Thereafter, (x) the obligation of the Warehouse Facility Lenders to determine interest with respect to the Discount Rate shall be suspended, and (y) the One-Month LIBOR component shall no longer be utilized in determining the Discount Rate.

Notwithstanding anything else herein, any definition of LIBOR Successor Rate shall provide that in no event shall such LIBOR Successor Rate be less than zero for purposes of this Agreement.

In connection with the implementation of a LIBOR Successor Rate, the applicable Warehouse Facility Agent will have the right to make LIBOR Successor Rate Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Basic Document, any amendments implementing such LIBOR Successor Rate Conforming Changes will become effective without any further action or consent of any other party to this Agreement.

For the avoidance of doubt: (a) in no event will the Closed-End Administrative Agent be responsible for (i) determining One-Month LIBOR or any substitute for One-Month LIBOR or (ii) making any adjustments to the alternative benchmark or the spread thereon, the business day convention, interest determination dates and any related provisions and definitions or any other relevant methodology for

3 *4<sup>th</sup> Amendment to Fourth Amended and* <br> *Restated Collateral Agency Agreement*

calculating such substitute or successor benchmark; and (b) in connection with any of the matters referenced in clause (a) of this sentence, the Closed-End Administrative Agent will be entitled to conclusively rely on any determinations made by the applicable Warehouse Facility Agent, the Borrower or Required Warehouse Lenders in regards to such matters and will have no liability for such actions taken at the direction of such Warehouse Facility Agent, the Borrower or Required Warehouse Lenders."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Appendix A of the Agreement is hereby amended by adding each of the following definitions in its appropriate alphabetical order:

""**<u>LIBOR Successor Rate Conforming Changes</u>**" means, with respect to any proposed LIBOR Successor Rate, any conforming changes to the definition of Discount Rate, timing and frequency of determining rates and making payments of interest and other technical, administrative or operational matters as may be appropriate, in the discretion of the applicable Warehouse Facility Agent, to reflect the adoption and implementation of such LIBOR Successor Rate and to permit the administration thereof by such Warehouse Facility Agent in a manner substantially consistent with market practice (or, if such Warehouse Facility Agent determines that adoption of any portion of such market practice is not administratively feasible or that no market practice for the administration of such LIBOR Successor Rate exists, in such other manner of administration as such Warehouse Facility Agent determines is reasonably necessary in connection with the administration of this Agreement)."

""**<u>Relevant Governmental Body</u>**" means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York for the purpose of recommending a benchmark rate to replace One-Month LIBOR in loan agreements similar to this Agreement."

""**<u>SOFR</u>**" with respect to any day means the secured overnight financing rate published for such day by the Federal Reserve Bank of New York, as the administrator of the benchmark (or a successor administrator) on the Federal Reserve Bank of New York's website (or any successor source) and, in each case, that has been selected or recommended by the Relevant Governmental Body."

""**<u>SOFR-Based Rate</u>**" means SOFR or Term SOFR."

""**<u>Term SOFR</u>**" means the forward-looking term rate for any period that is approximately (as determined by the applicable Warehouse Facility Agent) one-month and that is based on SOFR and that has been selected or recommended by the Relevant Governmental Body, in each case as published on an information service as selected by the applicable Warehouse Facility Agent from time to time in its reasonable discretion."

SECTION 3. <u>Miscellaneous</u>. The Agreement, as amended hereby, remains in full force and effect. Any reference to the Agreement from and after the date hereof shall be deemed to refer to the Agreement as amended hereby, unless otherwise expressly stated. This Amendment shall be governed by, and construed in accordance with, the internal laws of the State of New York without regard to otherwise applicable principles of conflicts of law (other than Section

4 *4<sup>th</sup> Amendment to Fourth Amended and* <br> *Restated Collateral Agency Agreement*

5-1401 of the New York General Obligations Law). This Amendment may be executed in any number of counterparts, and by the different parties hereto on separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. The various headings of this Amendment are inserted for convenience only and shall not affect the meaning or interpretation of this Amendment or the Agreement or any provision hereof or thereof.

SECTION 4. <u>Effective Date of this Amendment</u>. This Amendment shall become effective on the date that the Deal Agent shall have received the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) counterparts of this Amendment (including facsimile copies) duly executed by all of the parties hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an Officer's Certificate of the Borrower to the Closed-End Administrative Agent to the effect that this Amendment will not materially adversely affect the interests of any Exchange Noteholder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a tax opinion, as required pursuant to Section 9.5 of the Agreement.

[SIGNATURE PAGES FOLLOW]

5 *4<sup>th</sup> Amendment to Fourth Amended and* <br> *Restated Collateral Agency Agreement*

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective duly authorized officers as of the date first above written.

---

| | |
|:---|:---|
| WORLD OMNI LT., | WORLD OMNI LT., |
| as Borrower | as Borrower |
| By: | VT INC., as trustee |
| By: | /s/ Christopher J. Nuxoll |
| Name: | Christopher J. Nuxoll |
| Its: | Vice President |

---

---

| | |
|:---|:---|
| AUTO LEASE FINANCE LLC, | AUTO LEASE FINANCE LLC, |
| as Initial Beneficiary | as Initial Beneficiary |
| By: | /s/ Ronald J. Virtue |
| Name: | Ronald J. Virtue |
| Its: | Assistant Treasurer |

---

S-1 *4<sup>th</sup> Amendment to Fourth Amended and* <br> *Restated Collateral Agency Agreement*

---

| | |
|:---|:---|
| AL HOLDING CORP. | AL HOLDING CORP. |
| as Closed-End Collateral Agent | as Closed-End Collateral Agent |
| By: | /s/ Albert J. Fioravanti |
| Name: | Albert J. Fioravanti |
| Title: | President |

---

S-2 *4<sup>th</sup> Amendment to Fourth Amended and* <br> *Restated Collateral Agency Agreement*

---

| | |
|:---|:---|
| BANK OF AMERICA, N.A., | BANK OF AMERICA, N.A., |
| as Deal Agent, Group Agent and as an Alternate Lender | as Deal Agent, Group Agent and as an Alternate Lender |
| By: | /s/ Christopher C. Jonas |
| Name: | Christopher C. Jonas |
| Title: | Director |

---

S-3 *4<sup>th</sup> Amendment to Fourth Amended and* <br> *Restated Collateral Agency Agreement*

---

| | |
|:---|:---|
| U.S. BANK NATIONAL ASSOCIATION, | U.S. BANK NATIONAL ASSOCIATION, |
| as Closed-End Administrative Agent | as Closed-End Administrative Agent |
| By: | /s/ Christopher J. Nuxoll |
| Name: | Christopher J. Nuxoll |
| Title: | Vice President |

---

S-4 *4<sup>th</sup> Amendment to Fourth Amended and* <br> *Restated Collateral Agency Agreement*

---

| | |
|:---|:---|
| GOTHAM FUNDING CORPORATION, as a Conduit Lender | GOTHAM FUNDING CORPORATION, as a Conduit Lender |
| By: | /s/ Kevin J. Corrigan |
| Name: | Kevin J. Corrigan |
| Title: | Vice President |

---

---

| | |
|:---|:---|
| MUFG BANK, LTD., as a Group Agent | MUFG BANK, LTD., as a Group Agent |
| By: | /s/ Christopher Pohl |
| Name: | Christopher Pohl |
| Title: | Managing Director |

---

---

| | |
|:---|:---|
| MUFG BANK, LTD., as an Alternate Lender | MUFG BANK, LTD., as an Alternate Lender |
| By: | /s/ Christopher Pohl |
| Name: | Christopher Pohl |
| Title: | Managing Director |

---

S-5 *4<sup>th</sup> Amendment to Fourth Amended and* <br> *Restated Collateral Agency Agreement*

---

| | |
|:---|:---|
| TD SECURITIES INC., as a Group Agent | TD SECURITIES INC., as a Group Agent |
| By: | /s/ Perter O'Sullivan |
| Name: | Peter O'Sullivan |
| Title: | Director |

---

---

| | |
|:---|:---|
| THE TORONTO-DOMINION BANK, | THE TORONTO-DOMINION BANK, |
| as an Alternate Lender | as an Alternate Lender |
| By: | /s/ Bradley Purkis |
| Name: | Bradley Purkis |
| Title: | Managing Director |

---

S-6 *4<sup>th</sup> Amendment to Fourth Amended and* <br> *Restated Collateral Agency Agreement*

---

| | |
|:---|:---|
| WELLS FARGO BANK, N.A., as a Group Agent and as an Alternate Lender | WELLS FARGO BANK, N.A., as a Group Agent and as an Alternate Lender |
| By: | /s/ James B. Brinkley II |
| Name: | James B. Brinkley II |
| Title: | Managing Director |

---

S-7 *4<sup>th</sup> Amendment to Fourth Amended and* <br> *Restated Collateral Agency Agreement*

---

| | |
|:---|:---|
| ACKNOWLEDGED AND AGREED: | ACKNOWLEDGED AND AGREED: |
| WORLD OMNI LEASE FINANCE LLC | WORLD OMNI LEASE FINANCE LLC |
| By: | /s/ Ronald J. Virtue |
| Name: | Ronald J. Virtue |
| Title: | Assistant Treasurer |

---

S-8 *4<sup>th</sup> Amendment to Fourth Amended and* <br> *Restated Collateral Agency Agreement*

## Exhibit 10.13

**EXHIBIT 10.13**

<u>FIFTH AMENDMENT TO FOURTH AMENDED AND RESTATED</u>

<u>COLLATERAL AGENCY AGREEMENT</u>

THIS FIFTH AMENDMENT to FOURTH AMENDED AND RESTATED COLLATERAL AGENCY AGREEMENT, dated as of October 22, 2021 (this "<u>Amendment</u>"), is among WORLD OMNI LT, a Delaware statutory trust (the "<u>Borrower</u>"), WORLD OMNI LEASE FINANCE LLC, a Delaware limited liability company ("<u>WOLF LLC</u>"), AUTO LEASE FINANCE LLC, a Delaware limited liability company (the "<u>Initial Beneficiary</u>"), AL HOLDING CORP., a Delaware corporation ("<u>ALHC</u>"), as Closed-End Collateral Agent, BANK OF AMERICA, N.A. (the "<u>Deal Agent</u>"), U.S. BANK NATIONAL ASSOCIATION ("<u>U.S. Bank</u>"), as Closed-End Administrative Agent and the lenders party hereto (the "<u>Required Warehouse Lenders</u>").

<u>Background</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Borrower, the Initial Beneficiary, ALHC, the Deal Agent, U.S. Bank and certain secured parties from time to time have entered into that certain Fourth Amended and Restated Collateral Agency Agreement, dated as of December 15, 2009, as amended by the First Amendment to Fourth Amended and Restated Collateral Agency Agreement, dated as of October 30, 2015, the Second Amendment to Fourth Amended and Restated Collateral Agency Agreement, dated as of October 27, 2017, the Third Amendment to Fourth Amended and Restated Collateral Agency Agreement, dated as of October 26, 2018, and the Fourth Amendment to Fourth Amended and Restated Collateral Agency Agreement, dated as of October 25, 2019, each among the Borrower, WOLF LLC, the Initial Beneficiary, ALHC, the Deal Agent, U.S. Bank and certain secured parties (as further amended, supplemented or otherwise modified through the date hereof, the "<u>Agreement</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The parties hereto desire to amend the Agreement in certain respects as set forth herein.

NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows.

SECTION 1. <u>Definitions</u>. Capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings assigned thereto in the Agreement.

SECTION 2. <u>Amendments to the Agreement</u>. The Agreement is hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 The definition of "Force Majeure" in Appendix A to the Agreement is hereby amended and restated in its entirety as set forth below:

""**<u>Force Majeure</u>**" means any delay or failure in performance caused by acts beyond the Closed-End Servicer's reasonable control, including acts of God, terrorism, war, vandalism, sabotage, ransomware, accidents, fires, floods, hurricanes, tornados, civil unrest, strikes, labor disputes, mechanical or electronic breakdown, shortages or delays in obtaining suitable parts or equipment, material, labor, or transportation, acts of

1 *5<sup>th</sup> Amendment to Fourth Amended and* <br> *Restated Collateral Agency Agreement*

subcontractors, interruption of utility services, acts of any unit of government or governmental agency, or any similar or dissimilar cause."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 The definition of "One-Month LIBOR" in Appendix A to the Agreement is hereby amended and restated in its entirety as set forth below:

""**<u>One-Month LIBOR</u>**" means, with respect to the last Business Day of each calendar week and for any Warehouse Facility:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the rate per annum (carried out to the fifth decimal place) equal to the rate that appears on the Bloomberg Screen BTMM Page under the heading "LIBOR FIX" (the "**<u>LIBOR Screen Rate</u>**") for deposits in Dollars having a one-month maturity, determined as of approximately 11:00 a.m. (London time), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the event that the rate referenced in the preceding subsection (i) does not appear on such page or service or such page or service shall cease to be available, the rate per annum (carried to the fifth decimal place) equal to the rate determined by the applicable Warehouse Facility Agent to be the offered rate on such other page or other service that displays an average British Bankers Association Interest Settlement Rate for deposits in Dollars having a one-month maturity, determined as of approximately 11:00 a.m. (London time), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in the event the rates referenced in the preceding subsections (i) or (ii) are not available, the rate per annum determined by the applicable Warehouse Facility Agent as the rate of interest at which deposits in Dollars in same day funds and having a one-month maturity would be offered by its London Branch (the "Eurodollar Office") to major banks in the offshore interbank market at their request at approximately 11:00 a.m. (London time);

<u>provided</u>, <u>however</u>, that notwithstanding anything to the contrary in this Agreement or any other Basic Documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) On March 5, 2021 the Financial Conduct Authority ("FCA"), the regulatory supervisor of LIBOR's administrator ("IBA"), announced in a public statement the future cessation or loss of representativeness of overnight/Spot Next, 1-week, 1-month, 2-month, 3-month, 6-month and 12-month U.S. dollar LIBOR tenor settings. On the earliest of (A) the date that all Available Tenors of U.S dollar LIBOR have permanently or indefinitely ceased to be provided by IBA or have been announced by the FCA pursuant to public statement or publication of information to be no longer representative, (B) June 30, 2023 and (C) the Early Opt-in Effective Date in respect of a SOFR Early Opt-in, if the then-current Benchmark is One-Month LIBOR, the Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Basic Document in respect of any setting of such Benchmark on such day and all subsequent settings without any amendment to, or further action or

2 *5<sup>th</sup> Amendment to Fourth Amended and* <br> *Restated Collateral Agency Agreement*

consent of any other party to this Agreement or any other Basic Document. If the Benchmark Replacement is Daily Simple SOFR, all interest payments will be payable on a monthly basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) (x) Upon (A) the occurrence of a Benchmark Transition Event or (B) a determination by the applicable Warehouse Facility Agent that neither of the alternatives under clause (1) of the definition of Benchmark Replacement are available, the Benchmark Replacement will replace the then-current Benchmark for all purposes hereunder and under any Basic Document in respect of any Benchmark setting at or after 5:00 p.m. on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Warehouse Facility Lenders without any amendment to, or further action or consent of any other party to, this Agreement or any other Basic Document so long as such Warehouse Facility Agent has not received, by such time, written notice of objection to such Benchmark Replacement from any Warehouse Facility Lender (and any such objection shall be conclusive and binding absent manifest error); provided that solely in the event that the then-current Benchmark at the time of such Benchmark Transition Event is not a SOFR-based rate, the Benchmark Replacement therefor shall be determined in accordance with clause (1) of the definition of Benchmark Replacement unless such Warehouse Facility Agent determines that neither of such alternative rates is available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) On the Early Opt-in Effective Date in respect of an Other Rate Early Opt-in, the Benchmark Replacement will replace One-Month LIBOR for all purposes hereunder and under any Basic Document in respect of any setting of such Benchmark on such day and all subsequent settings without any amendment to, or further action or consent of any other party to this Agreement or any other Basic Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) At any time that the administrator of the then-current Benchmark has permanently or indefinitely ceased to provide such Benchmark or such Benchmark has been announced by the regulatory supervisor for the administrator of such Benchmark pursuant to public statement or publication of information to be no longer representative of the underlying market and economic reality that such Benchmark is intended to measure and that representativeness will not be restored, the Borrower may revoke any request for a borrowing of, conversion to or continuation of loans to be made, converted or continued that would bear interest by reference to such Benchmark until the Borrower's receipt of notice from the applicable Warehouse Facility Agent that a Benchmark Replacement has replaced such Benchmark, and, failing that, the Borrower will be deemed to have converted any such request into a request for a borrowing of or conversion to Alternate Reference Rate Loans. During the period referenced in the foregoing sentence, the component of Alternate Reference Rate based upon the Benchmark will not be used in any determination of Alternate Reference Rate.

3 *5<sup>th</sup> Amendment to Fourth Amended and* <br> *Restated Collateral Agency Agreement*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) In connection with the implementation and administration of a Benchmark Replacement, the applicable Warehouse Facility Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Basic Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) The applicable Warehouse Facility Agent will promptly notify the Borrower and the Warehouse Facility Lenders of (A) the implementation of any Benchmark Replacement and (B) the effectiveness of any Benchmark Replacement Conforming Changes. Any determination, decision or election that may be made by such Warehouse Facility Agent pursuant to clauses (iv) through (ix) of this definition, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action, will be conclusive and binding absent manifest error and may be made in its sole discretion and without consent from any other party hereto, except, in each case, as expressly required pursuant to clauses (iv) through (ix) of this definition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) At any time (including in connection with the implementation of a Benchmark Replacement), (A) if the then-current Benchmark is a term rate (including Term SOFR or One-Month LIBOR), then the applicable Warehouse Facility Agent may remove any tenor of such Benchmark that is unavailable or non-representative for Benchmark (including Benchmark Replacement) settings and (B) the applicable Warehouse Facility Agent may reinstate any such previously removed tenor for Benchmark (including Benchmark Replacement) settings."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 The definition of "Relevant Government Body" in Appendix A to the Agreement is hereby amended and restated in its entirety as set forth below:

""**<u>Relevant Governmental Body</u>**" means the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or any successor thereto."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 The definition of "Term SOFR" in Appendix A to the Agreement is hereby amended and restated in its entirety as set forth below:

"**<u>Term SOFR</u>**" means, for the applicable corresponding tenor (or if any Available Tenor of a Benchmark does not correspond to an Available Tenor for the applicable Benchmark Replacement, the closest corresponding Available Tenor and if such Available Tenor corresponds equally to two Available Tenors of the applicable Benchmark Replacement, the corresponding tenor of the shorter duration shall be

4 *5<sup>th</sup> Amendment to Fourth Amended and* <br> *Restated Collateral Agency Agreement*

applied), the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 The definition of "Warehouse Facility Pool Servicing Fee" in Appendix A to the Agreement is hereby amended and restated in its entirety as set forth below:

""**Warehouse Facility Pool Servicing Fee**" means a fee payable by the Titling Trust to the Closed-End Servicer <u>with respect to any calendar month</u> in an amount equal to the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the product of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) one-twelfth; multiplied by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the Servicing Fee Rate; multiplied by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the aggregate Lease Balance of the Closed-End Leases (excluding Closed-End Leases that have been allocated to a Reference Pool) determined as of the last day of the calendar month immediately preceding the calendar month <u>with respect to which</u> such fee <u>is payable;</u> **plus**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any late fees and other administration fees or similar charges paid by any Closed-End Obligor pursuant to a Closed-End Lease during the calendar month immediately preceding the calendar month <u>with respect to</u> which such fee <u>is payable</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 Appendix A of the Agreement is hereby amended by deleting the definitions of "LIBOR Successor Rate Conforming Changes", "Scheduled Unavailability Date", "Adjustment" and "LIBOR Successor Rate" in their entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 Appendix A of the Agreement is hereby amended by adding each of the following definitions in its appropriate alphabetical order:

""**<u>Alternate Reference Rate Loans</u>**" has, with respect to any Warehouse Facility, the meaning specified in the related Receivables Financing Agreement."

""**<u>Available Tenor</u>**" means, as of any date of determination and with respect to the then-current Benchmark, as applicable, (x) if the then-current Benchmark is a term rate, any tenor for such Benchmark that is or may be used for determining the length of an Interest Period or (y) otherwise, any payment period for interest calculated with reference to such Benchmark, as applicable, pursuant to this Agreement as of such date."

""**<u>Benchmark</u>**" means, initially, One-Month LIBOR; provided that if a replacement of the Benchmark has occurred pursuant to the definition of "One-Month LIBOR" then "Benchmark" means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced

5 *5<sup>th</sup> Amendment to Fourth Amended and* <br> *Restated Collateral Agency Agreement*

such prior benchmark rate. Any reference to "Benchmark" shall include, as applicable, the published component used in the calculation thereof."

""**<u>Benchmark Replacement</u>**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) For purposes of clause (iv) of the definition of One-Month LIBOR,
the first alternative set forth below that can be determined by the applicable Warehouse Facility Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the sum of: (i) Term SOFR and (ii) 0.11448% (11.448 basis points) for an Available Tenor of
one-month's duration, 0.26161% (26.161 basis points) for an Available Tenor of three-months' duration, 0.42826% (42.826 basis
points) for an Available Tenor of six-months' duration, and 0.71513% (71.513 basis points) for an Available Tenor of twelve-months'
duration, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the sum of: (i) Daily Simple SOFR and (ii) 0.11448% (11.448 basis points);

*<u>provided</u>* that, if initially One-Month LIBOR is replaced with the rate contained in clause (b) above (Daily Simple SOFR plus the applicable spread adjustment) and subsequent to such replacement, such Warehouse Facility Agent determines that Term SOFR has become available and is administratively feasible for such Warehouse Facility Agent in its sole discretion, and such Warehouse Facility Agent notifies the Borrower and each Warehouse Facility Lender of such availability, then from and after the beginning of the Interest Period, relevant interest payment date or payment period for interest calculated, in each case, commencing no less than thirty (30) days after the date of such notice, the Benchmark Replacement shall be as set forth in clause (a) above; and

(2) For purposes of clause (v) of the definition of One-Month LIBOR, the sum of (a) the alternate benchmark rate and (b) an adjustment (which may be a positive or negative value or zero), in each case, that has been selected by the applicable Warehouse Facility Agent and the Borrower as the replacement Benchmark giving due consideration to any evolving or then-prevailing market convention, including any applicable recommendations made by a Relevant Governmental Body, for U.S. dollar-denominated syndicated credit facilities at such time;

<u>provided</u> that, if the Benchmark Replacement as determined pursuant to clause (1) or (2) above would be less than 0.00%, the Benchmark Replacement will be deemed to be 0.00% for the purposes of this Agreement and the other Basic Documents.

Any Benchmark Replacement shall be applied in a manner consistent with market practice; <u>provided</u> that to the extent such market practice is not administratively feasible for the applicable Warehouse Facility Agent, such Benchmark Replacement shall be applied in a manner as otherwise reasonably determined by such Warehouse Facility Agent."

6 *5<sup>th</sup> Amendment to Fourth Amended and* <br> *Restated Collateral Agency Agreement*

""**<u>Benchmark Replacement Conforming Changes</u>**" means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of "Alternate Reference Rate," the definition of "Business Day," the definition of "Interest Period," timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, the applicability and length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that the applicable Warehouse Facility Agent decides in its reasonable discretion may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by such Warehouse Facility Agent in a manner substantially consistent with market practice (or, if such Warehouse Facility Agent decides that adoption of any portion of such market practice is not administratively feasible or if such Warehouse Facility Agent determines that no market practice for the administration of such Benchmark Replacement exists, in such other manner of administration as such Warehouse Facility Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Basic Documents)."

""**<u>Benchmark Transition Event</u>**" means, with respect to any then-current Benchmark other than One-Month LIBOR, the occurrence of a public statement or publication of information by or on behalf of the administrator of the then-current Benchmark or a governmental authority with jurisdiction over such administrator announcing or stating that all Available Tenors are or will no longer be representative, or made available, or used for determining the interest rate of loans, or shall or will otherwise cease, provided that, at the time of such statement or publication, there is no successor administrator that is satisfactory to the applicable Warehouse Facility Agent, that will continue to provide any representative tenors of such Benchmark after such specific date."

""**<u>Daily Simple SOFR</u>**" with respect to any applicable determination date means the secured overnight financing rate ("SOFR") published on such date by the Federal Reserve Bank of New York, as the administrator of the benchmark (or a successor administrator) on the Federal Reserve Bank of New York's website (or any successor source)."

""**<u>Early Opt-in Effective Date</u>**" means, with respect to any Early Opt-in Election, the sixth (6th) Business Day after the date notice of such Early Opt-in Election is provided to the Warehouse Facility Lenders, so long as the applicable Warehouse Facility Agent has not received, by 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Early Opt-in Election is provided to the Warehouse Facility Lenders, written notice of objection to such Early Opt-in Election from any Warehouse Facility Lender."

7 *5<sup>th</sup> Amendment to Fourth Amended and* <br> *Restated Collateral Agency Agreement*

""**<u>Early Opt-in Election</u>**" means the occurrence of:

(1) a determination by the applicable Warehouse Facility Agent, or a notification by the Borrower to such Warehouse Facility Agent that the Borrower has made a determination, that U.S. dollar-denominated syndicated credit facilities currently being executed, or that include language similar to that contained in clauses (iv) through (ix) of the definition of One-Month LIBOR, are being executed or amended (as applicable) to incorporate or adopt a new benchmark interest rate to replace One-Month LIBOR, and

(2) the joint election by the applicable Warehouse Facility Agent and the Borrower to replace One-Month LIBOR with a Benchmark Replacement and the provision by such Warehouse Facility Agent of written notice of such election to the Warehouse Facility Lenders."

""**<u>Other Rate Early Opt-in</u>**" means the applicable Warehouse Facility Agent and the Borrower have elected to replace One-Month LIBOR with a Benchmark Replacement other than a SOFR-based rate pursuant to (1) an Early Opt-in Election and (2) clause (v) of the definition of "One-Month LIBOR" and clause (2) of the definition of "Benchmark Replacement".

""**<u>SOFR Early Opt-in</u>**" means the applicable Warehouse Facility Agent and the Borrower have elected to replace One-Month LIBOR pursuant to (1) an Early Opt-in Election and (2) clause (iv) of the definition of "One-Month LIBOR" and clause (1) of the definition of "Benchmark Replacement".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 The Agreement is hereby amended by adding the following as Section 5.10:

"(a) For the avoidance of doubt, the Closed-End Administrative Agent and the Titling Trust Trustee shall not be under any obligation to (i) monitor, determine or verify the unavailability or cessation of One-Month LIBOR (or other applicable Benchmark), or whether or when there has occurred, or to give notice to any other transaction party of the occurrence of any Benchmark Transition Event or Early Opt-in Effective Date, (ii) select, determine or designate any Benchmark Replacement, or other successor or replacement benchmark index, or whether any conditions to the designation of such a rate have been satisfied, (iii) select, determine or designate any modifier to any replacement or successor index, or (iv) determine whether or what Benchmark Replacement Conforming Changes are necessary or advisable, if any, in connection with any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Closed-End Administrative Agent and the Titling Trust Trustee shall not be liable for any inability, failure or delay on its part to perform

8 *5<sup>th</sup> Amendment to Fourth Amended and* <br> *Restated Collateral Agency Agreement*

any of its duties set forth in this Agreement as a result of the unavailability of One-Month LIBOR (or other applicable Benchmark) and absence of a designated Benchmark Replacement, including as a result of any inability, delay, error or inaccuracy on the part of any other transaction party, including without limitation the Borrower, in providing any direction, instruction, notice or information required or contemplated by the terms of this Agreement and reasonably required for the performance of such duties. The Closed-End Administrative Agent and the Titling Trust Trustee shall not be liable to any Lender for any losses, claims, damages, liabilities, forfeitures, fines, penalties, costs, fees or expenses (including attorneys' fees) sustained by any Lender resulting from the adoption of, a Benchmark Replacement or any related actions taken pursuant to this Agreement. The Closed-End Administrative Agent and the Titling Trust Trustee shall not be obligated to obtain One-Month LIBOR or determine the interest rate on any Advances after a Benchmark Replacement has taken effect in accordance with this Agreement."

SECTION 3. <u>Miscellaneous</u>. The Agreement, as amended hereby, remains in full force and effect. Any reference to the Agreement from and after the date hereof shall be deemed to refer to the Agreement as amended hereby, unless otherwise expressly stated. This Amendment shall be governed by, and construed in accordance with, the internal laws of the State of New York without regard to otherwise applicable principles of conflicts of law (other than Section 5-1401 of the New York General Obligations Law). This Amendment may be executed in any number of counterparts, and by the different parties hereto on separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. The various headings of this Amendment are inserted for convenience only and shall not affect the meaning or interpretation of this Amendment or the Agreement or any provision hereof or thereof.

SECTION 4. <u>Effective Date of this Amendment</u>. This Amendment shall become effective on the date that the Deal Agent shall have received the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) counterparts of this Amendment (including facsimile copies) duly executed by all of the parties hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an Officer's Certificate of the Borrower to the Closed-End Administrative Agent to the effect that this Amendment will not materially adversely affect the interests of any Exchange Noteholder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a tax opinion, as required pursuant to Section 9.5 of the Agreement.

[SIGNATURE PAGES FOLLOW]

9 *5<sup>th</sup> Amendment to Fourth Amended and* <br> *Restated Collateral Agency Agreement*

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective duly authorized officers as of the date first above written.

---

| | |
|:---|:---|
| WORLD OMNI LT., | WORLD OMNI LT., |
| as Borrower | as Borrower |
| By: | VT INC., as trustee |
| By: | /s/ Edwin J. Janis |
| Name: | Edwin J. Janis |
| Its: | Vice President & Secretary |
| AUTO LEASE FINANCE LLC, | AUTO LEASE FINANCE LLC, |
| as Initial Beneficiary | as Initial Beneficiary |
| By: | /s/ Ronald Virtue |
| Name: | Ronald Virtue |
| Its: | Assistant Treasurer |

---

S-1 *5<sup>th</sup> Amendment to Fourth Amended and* <br> *Restated Collateral Agency Agreement*

---

| | |
|:---|:---|
| AL HOLDING CORP.<br> as Closed-End Collateral Agent | AL HOLDING CORP.<br> as Closed-End Collateral Agent |
| By: | /s/ Albert J. Fioravanti |
| Name: | Albert J. Fioravanti |
| Title: | Managing Director |

---

S-2 *5<sup>th</sup> Amendment to Fourth Amended and* <br> *Restated Collateral Agency Agreement*

---

| | |
|:---|:---|
| BANK OF AMERICA, N.A., | BANK OF AMERICA, N.A., |
| as Deal Agent, Group Agent and as an Alternate Lender | as Deal Agent, Group Agent and as an Alternate Lender |
| By: | /s/ Christopher Jonas |
| Name: | Christopher Jonas |
| Title: | Director |

---

S-3 *5<sup>th</sup> Amendment to Fourth Amended and* <br> *Restated Collateral Agency Agreement*

---

| | |
|:---|:---|
| U.S. BANK NATIONAL ASSOCIATION, | U.S. BANK NATIONAL ASSOCIATION, |
| as Closed-End Administrative Agent | as Closed-End Administrative Agent |
| By: | /s/ Edwin J. Janis |
| Name: | Edwin J. Janis |
| Title: | Vice President |

---

S-4 *5<sup>th</sup> Amendment to Fourth Amended and* <br> *Restated Collateral Agency Agreement*

---

| | |
|:---|:---|
| GOTHAM FUNDING CORPORATION, as a Conduit Lender | GOTHAM FUNDING CORPORATION, as a Conduit Lender |
| By: | /s/ Kevin J. Corrigan |
| Name: | Kevin J. Corrigan |
| Title: | Vice President |
| MUFG BANK, LTD., as a Group Agent | MUFG BANK, LTD., as a Group Agent |
| By: | /s/ Christopher Pohl |
| Name: | Christopher Pohl |
| Title: | Managing Director |
| MUFG BANK, LTD., as an Alternate Lender | MUFG BANK, LTD., as an Alternate Lender |
| By: | /s/ Christopher Pohl |
| Name: | Christopher Pohl |
| Title: | Managing Director |

---

S-5 *5<sup>th</sup> Amendment to Fourth Amended and* <br> *Restated Collateral Agency Agreement*

---

| | |
|:---|:---|
| TD SECURITIES INC., as a Group Agent | TD SECURITIES INC., as a Group Agent |
| By: | /s/ Brad Purkis |
| Name: | Brad Purkis |
| Title: | Managing Director |
| THE TORONTO-DOMINION BANK, | THE TORONTO-DOMINION BANK, |
| as an Alternate Lender | as an Alternate Lender |
| By: | /s/ Brad Purkis |
| Name: | Brad Purkis |
| Title: | Managing Director |

---

S-6 *5<sup>th</sup> Amendment to Fourth Amended and* <br> *Restated Collateral Agency Agreement*

---

| | |
|:---|:---|
| WELLS FARGO BANK, N.A., as a Group Agent and as an Alternate Lender | WELLS FARGO BANK, N.A., as a Group Agent and as an Alternate Lender |
| By: | /s/ Charlie Hinkle |
| Name: | Charlie Hinkle |
| Title: | Vice President |

---

S-7 *5<sup>th</sup> Amendment to Fourth Amended and* <br> *Restated Collateral Agency Agreement*

---

| | |
|:---|:---|
| ACKNOWLEDGED AND AGREED: | ACKNOWLEDGED AND AGREED: |
| WORLD OMNI LEASE FINANCE LLC | WORLD OMNI LEASE FINANCE LLC |
| By: | /s/ Ronald Virtue |
| Name: | Ronald Virtue |
| Title: | Assistant Treasurer |

---

S-8 *5<sup>th</sup> Amendment to Fourth Amended and* <br> *Restated Collateral Agency Agreement*

## Exhibit 10.14

**EXHIBIT 10.14**

<u>SIXTH AMENDMENT TO FOURTH AMENDED AND RESTATED</u>

<u>COLLATERAL AGENCY AGREEMENT</u>

THIS SIXTH AMENDMENT to FOURTH AMENDED AND RESTATED COLLATERAL AGENCY AGREEMENT, dated as of October 21, 2022 (this "<u>Amendment</u>"), is among WORLD OMNI LT, a Delaware statutory trust (the "<u>Borrower</u>"), WORLD OMNI LEASE FINANCE LLC, a Delaware limited liability company ("<u>WOLF LLC</u>"), AUTO LEASE FINANCE LLC, a Delaware limited liability company (the "<u>Initial Beneficiary</u>"), AL HOLDING CORP., a Delaware corporation ("<u>ALHC</u>"), as Closed-End Collateral Agent, BANK OF AMERICA, N.A. (the "<u>Deal Agent</u>"), U.S. BANK NATIONAL ASSOCIATION ("<u>U.S. Bank</u>"), as Closed-End Administrative Agent and the lenders party hereto (the "<u>Required Warehouse Lenders</u>").

<u>Background</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Borrower, the Initial Beneficiary, ALHC, the Deal Agent, U.S. Bank and certain secured parties from time to time have entered into that certain Fourth Amended and Restated Collateral Agency Agreement, dated as of December 15, 2009, as amended by the First Amendment to Fourth Amended and Restated Collateral Agency Agreement, dated as of October 30, 2015, the Second Amendment to Fourth Amended and Restated Collateral Agency Agreement, dated as of October 27, 2017, the Third Amendment to Fourth Amended and Restated Collateral Agency Agreement, dated as of October 26, 2018, the Fourth Amendment to Fourth Amended and Restated Collateral Agency Agreement, dated as of October 25, 2019 and the Fifth Amendment to Fourth Amended and Restated Collateral Agency Agreement, dated as of October 22, 2021 each among the Borrower, WOLF LLC, the Initial Beneficiary, ALHC, the Deal Agent, U.S. Bank and certain secured parties (as further amended, supplemented or otherwise modified through the date hereof, the "<u>Agreement</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The parties hereto desire to amend the Agreement in certain respects as set forth herein.

NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows.

SECTION 1. <u>Definitions</u>. Capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings assigned thereto in the Agreement.

SECTION 2. <u>Amendments to the Agreement</u>. The Agreement is hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Appendix A of the Agreement is hereby amended by deleting the definitions of "Alternate Reference Rate Loans", "Available Tenor", "Benchmark", "Benchmark Replacement", "Benchmark Replacement Conforming Changes", "Benchmark Transition Event", "Daily Simple SOFR", "Early Opt-in Effective Date", "Early Opt-in Election", "One-Month LIBOR", "Other Rate Early Opt-in", "Relevant Governmental Body", "SOFR", "SOFR-Based Rate", "SOFR Early Opt-in" and "Term SOFR" in their entirety.

1 *6<sup>th</sup> Amendment to Fourth Amended and* <br> *Restated Collateral Agency Agreement*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Appendix A of the Agreement is hereby amended by adding each of the following definitions in its appropriate alphabetical order:

""**Communication**" means this Collateral Agency Agreement, any Basic Document and any document, amendment, approval, consent, information, notice, certificate, request, statement, disclosure or authorization related to any Basic Document."

""**Electronic Record**" and "**Electronic Signature**" shall have the meanings assigned to them, respectively, by 15 USC §7006, as it may be amended from time to time."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 The Agreement is hereby amended by deleting Section 5.10 in its entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 The Agreement is hereby amended by adding the following as Section 5.10 and Section 5.11:

**<u>"Section 5.10. Electronic Execution; Electronic Records; Counterparts.</u>**

This Collateral Agency Agreement, any Basic Document and any other Communication, including Communications required to be in writing, may be in the form of an Electronic Record and may be executed using Electronic Signatures. Each of the parties hereto agrees that any Electronic Signature on or associated with any Communication shall be valid and binding on such Person to the same extent as a manual, original signature, and that any Communication entered into by Electronic Signature, will constitute the legal, valid and binding obligation of such Person enforceable against such Person in accordance with the terms thereof to the same extent as if a manually executed original signature was delivered. Any Communication may be executed in as many counterparts as necessary or convenient, including both paper and electronic counterparts, but all such counterparts are one and the same Communication. For the avoidance of doubt, the authorization under this paragraph may include, without limitation, use or acceptance of a manually signed paper Communication which has been converted into electronic form (such as scanned into PDF format), or an electronically signed Communication converted into another format, for transmission, delivery and/or retention. The Deal Agent and each of the Warehouse Facility Secured Parties may, at its option, create one or more copies of any Communication in the form of an imaged Electronic Record ("**<u>Electronic Copy</u>**"), which shall be deemed created in the ordinary course of such Person's business, and destroy the original paper document. All Communications in the form of an Electronic Record, including an Electronic Copy, shall be considered an original for all purposes, and shall have the same legal effect, validity and enforceability as a paper record. Notwithstanding anything contained herein to the contrary, the Deal Agent is not under any obligation to accept an Electronic Signature in any form or in any format unless expressly agreed to by the Deal Agent pursuant to procedures approved by it; provided, further, without limiting the foregoing, (a) to the extent the Deal Agent has agreed to accept such Electronic Signature, the Deal Agent and each of the Warehouse Facility Secured Parties shall be entitled to rely on any such Electronic Signature purportedly given by or on behalf of any party hereto without

2 *6<sup>th</sup> Amendment to Fourth Amended and* <br> *Restated Collateral Agency Agreement*

further verification and regardless of the appearance or form of such Electronic Signature, and (b) upon the request of the Deal Agent or any Warehouse Facility Secured Party, any Communication executed using an Electronic Signature shall be promptly followed by a manually executed counterpart.

Neither the Deal Agent nor the Closed-End Administrative Agent shall be responsible for or have any duty to ascertain or inquire into the sufficiency, validity, enforceability, effectiveness or genuineness of any Basic Document or any other agreement, instrument or document (including, for the avoidance of doubt, in connection with the Deal Agent's or the Closed-End Administrative Agent's reliance on any Electronic Signature transmitted by telecopy, emailed .pdf or any other electronic means). Each of the Deal Agent and the Closed-End Administrative Agent shall be entitled to rely on, and shall incur no liability under or in respect of this Collateral Agency Agreement or any other Basic Document by acting upon, any Communication or any statement made to it orally or by telephone (which oral or telephonic statement is confirmed in writing, including by email) and reasonably believed by it to be genuine and signed or sent or otherwise authenticated (whether or not such Person in fact meets the requirements set forth in the Basic Documents for being the maker thereof).

Each of the parties hereto hereby waives (i) any argument, defense or right to contest the legal effect, validity or enforceability of this Collateral Agency Agreement and/or any other Basic Document based solely on the lack of paper original copies of this Collateral Agency Agreement and/or such other Basic Document, and (ii) waives any claim against the Closed-End Administrative Agent, the Deal Agent and each Warehouse Facility Secured Party for any liabilities arising solely from the Deal Agent's and/or any Warehouse Facility Secured Party's reliance on or use of Electronic Signatures, including any liabilities arising as a result of the failure of any Relevant Entity to use any available security measures in connection with the execution, delivery or transmission of any Electronic Signature."

**<u>"Section 5.11. Corporate Capacity.</u>**

Each of the parties represents and warrants to the other parties that it has the corporate capacity and authority to execute this Collateral Agency Agreement and any other Communication through electronic means and there are no restrictions on doing so in that party's constitutive documents."

SECTION 3. <u>Miscellaneous</u>. The Agreement, as amended hereby, remains in full force and effect. Any reference to the Agreement from and after the date hereof shall be deemed to refer to the Agreement as amended hereby, unless otherwise expressly stated. This Amendment shall be governed by, and construed in accordance with, the internal laws of the State of New York without regard to otherwise applicable principles of conflicts of law (other than Section 5-1401 of the New York General Obligations Law). This Amendment may, if agreed by the Deal Agent, be in the form of an Electronic Record and be executed using Electronic Signatures (including, without limitation, facsimile and .pdf) and shall be considered an original, and shall have the same legal effect, validity and enforceability as a paper record. This Amendment may be executed in as

3 *6<sup>th</sup> Amendment to Fourth Amended and* <br> *Restated Collateral Agency Agreement*

many counterparts as necessary or convenient, including both paper and electronic counterparts, but all such counterparts are one and the same Amendment. For the avoidance of doubt, the authorization under this paragraph may include, without limitation, use or acceptance by the Deal Agent of a manually signed paper Communication which has been converted into electronic form (such as scanned into PDF format), or an electronically signed Communication converted into another format, for transmission, delivery and/or retention. Notwithstanding anything contained herein to the contrary, the Deal Agent is under no obligation to accept an Electronic Signature in any form or in any format unless expressly agreed to by the Deal Agent pursuant to procedures approved by it; provided, further, without limiting the foregoing, (a) to the extent the Deal Agent has agreed to accept such Electronic Signature, the Deal Agent and the Closed-End Administrative Agent shall be entitled to rely on any such Electronic Signature without further verification and (b) upon the request of the Deal Agent any Electronic Signature shall be promptly followed by a manually executed, original counterpart. For purposes hereof, "Electronic Record" and "Electronic Signature" shall have the meanings assigned to them, respectively, by 15 USC §7006, as it may be amended from time to time.

SECTION 4. <u>Effective Date of this Amendment</u>. This Amendment shall become effective on the date that the Deal Agent shall have received the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) counterparts of this Amendment (including facsimile copies) duly executed by all of the parties hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an Officer's Certificate of the Borrower to the Closed-End Administrative Agent to the effect that this Amendment will not materially adversely affect the interests of any Exchange Noteholder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a tax opinion, as required pursuant to Section 9.5 of the Agreement.

[SIGNATURE PAGES FOLLOW]

4 *6<sup>th</sup> Amendment to Fourth Amended and* <br> *Restated Collateral Agency Agreement*

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective duly authorized officers as of the date first above written.

---

| | |
|:---|:---|
| WORLD OMNI LT., | WORLD OMNI LT., |
| as Borrower | as Borrower |
| By: | VT INC., as trustee |
| By: | /s/ Christopher J. Nuxoll |
| Name: | Christopher J. Nuxoll |
| Its: | Vice President |

---

---

| | |
|:---|:---|
| AUTO LEASE FINANCE LLC, | AUTO LEASE FINANCE LLC, |
| as Initial Beneficiary | as Initial Beneficiary |
| By: | /s/ Ronald J. Virtue |
| Name: | Ronald J. Virtue |
| Its: | Assistant Treasurer |

---

S-1 *6<sup>th</sup> Amendment to Fourth Amended and* <br> *Restated Collateral Agency Agreement*

---

| | |
|:---|:---|
| AL HOLDING CORP. | AL HOLDING CORP. |
| as Closed-End Collateral Agent | as Closed-End Collateral Agent |
| By: | /s/ Albert J. Fioravanti |
| Name: | Albert J. Fioravanti |
| Title: | President |

---

S-2 *6<sup>th</sup> Amendment to Fourth Amended and* <br> *Restated Collateral Agency Agreement*

---

| | |
|:---|:---|
| BANK OF AMERICA, N.A., | BANK OF AMERICA, N.A., |
| as Deal Agent, Group Agent and as an Alternate Lender | as Deal Agent, Group Agent and as an Alternate Lender |
| By: | /s/ Christopher Jonas |
| Name: | Christopher Jonas |
| Title: | Managing Director |

---

S-3 *6<sup>th</sup> Amendment to Fourth Amended and* <br> *Restated Collateral Agency Agreement*

---

| | |
|:---|:---|
| U.S. BANK NATIONAL ASSOCIATION, | U.S. BANK NATIONAL ASSOCIATION, |
| as Closed-End Administrative Agent | as Closed-End Administrative Agent |
| By: | /s/ Christopher J. Nuxoll |
| Name: | Christopher J. Nuxoll |
| Title: | Vice President |

---

S-4 *6<sup>th</sup> Amendment to Fourth Amended and* <br> *Restated Collateral Agency Agreement*

---

| | |
|:---|:---|
| GOTHAM FUNDING CORPORATION, as a Conduit Lender | GOTHAM FUNDING CORPORATION, as a Conduit Lender |
| By: | /s/ Kevin J. Corrigan |
| Name: | Kevin J. Corrigan |
| Title: | Vice President |

---

---

| | |
|:---|:---|
| MUFG BANK, LTD., as a Group Agent | MUFG BANK, LTD., as a Group Agent |
| By: | /s/ Christopher Pohl |
| Name: | Christopher Pohl |
| Title: | Managing Director |

---

---

| | |
|:---|:---|
| MUFG BANK, LTD., | MUFG BANK, LTD., |
| as an Alternate Lender | as an Alternate Lender |
| By: | /s/ Christopher Pohl |
| Name: | Christopher Pohl |
| Title: | Managing Director |

---

S-5 *6<sup>th</sup> Amendment to Fourth Amended and* <br> *Restated Collateral Agency Agreement*

---

| | |
|:---|:---|
| TD SECURITIES INC., | TD SECURITIES INC., |
| as a Group Agent | as a Group Agent |
| By: | /s/ Peter O'Sullivan |
| Name: | Peter O'Sullivan |
| Title: | Director |

---

---

| | |
|:---|:---|
| THE TORONTO-DOMINION BANK, | THE TORONTO-DOMINION BANK, |
| as an Alternate Lender | as an Alternate Lender |
| By: | /s/ Brad Purkis |
| Name: | Brad Purkis |
| Title: | Managing Director |

---

---

| | |
|:---|:---|
| BANNER TRUST, | BANNER TRUST, |
| as a Conduit Lender | as a Conduit Lender |
| By: | /s/ Peter O'Sullivan |
| Name: | Peter O'Sullivan |
| Title: | Director |

---

S-6 *6<sup>th</sup> Amendment to Fourth Amended and* <br> *Restated Collateral Agency Agreement*

---

| | |
|:---|:---|
| WELLS FARGO BANK, N.A., | WELLS FARGO BANK, N.A., |
| as a Group Agent and as an Alternate Lender | as a Group Agent and as an Alternate Lender |
| By: | /s/ Austin Vanassa |
| Name: | Austin Vanassa |
| Title: | Managing Director |
| By: | /s/ Austin Vanassa |
| Name: | Austin Vanassa |
| Title: | Managing Director |

---

S-7 *6<sup>th</sup> Amendment to Fourth Amended and* <br> *Restated Collateral Agency Agreement*

---

| | |
|:---|:---|
| ACKNOWLEDGED AND AGREED: | ACKNOWLEDGED AND AGREED: |
| WORLD OMNI LEASE FINANCE LLC | WORLD OMNI LEASE FINANCE LLC |
| By: | /s/ Ronald J. Virtue |
| Name: | Ronald J. Virtue |
| Title: | Assistant Treasurer |

---

S-8 *6<sup>th</sup> Amendment to Fourth Amended and* <br> *Restated Collateral Agency Agreement*

## Exhibit 10.15

**EXHIBIT 10.15**

<u>SEVENTH AMENDMENT TO FOURTH AMENDED AND RESTATED</u>

&nbsp;&nbsp;&nbsp;&nbsp;<u>COLLATERAL AGENCY AGREEMENT</u>

THIS SEVENTH AMENDMENT to FOURTH AMENDED AND RESTATED COLLATERAL AGENCY AGREEMENT, dated as of May 5, 2023 (this "<u>Amendment</u>"), is among WORLD OMNI LT, a Delaware statutory trust (the "<u>Borrower</u>"), WORLD OMNI LEASE FINANCE LLC, a Delaware limited liability company ("<u>WOLF LLC</u>"), AUTO LEASE FINANCE LLC, a Delaware limited liability company (the "<u>Initial Beneficiary</u>"), AL HOLDING CORP., a Delaware corporation ("<u>ALHC</u>"), as Closed-End Collateral Agent, BANK OF AMERICA, N.A. (the "<u>Deal Agent</u>"), U.S. BANK NATIONAL ASSOCIATION, a national banking association ("<u>U.S. Bank</u>"), as the existing Closed-End Administrative Agent (the "<u>Retiring Closed-End Administrative Agent</u>") and U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, a national banking association ("<u>U.S. Bank Trust Company</u>"), as the successor Closed-End Administrative Agent (the "<u>Successor Closed-End Administrative Agent</u>").

<u>Background</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Borrower, the Initial Beneficiary, ALHC, the Deal Agent, U.S. Bank and certain secured parties from time to time have entered into that certain Fourth Amended and Restated Collateral Agency Agreement, dated as of December 15, 2009, as amended by the First Amendment to Fourth Amended and Restated Collateral Agency Agreement, dated as of October 30, 2015, the Second Amendment to Fourth Amended and Restated Collateral Agency Agreement, dated as of October 27, 2017, the Third Amendment to Fourth Amended and Restated Collateral Agency Agreement, dated as of October 26, 2018, the Fourth Amendment to Fourth Amended and Restated Collateral Agency Agreement, dated as of October 25, 2019, the Fifth Amendment to Fourth Amended and Restated Collateral Agency Agreement, dated as of October 22, 2021 and the Sixth Amendment to Fourth Amended and Restated Collateral Agency Agreement, dated as of October 21, 2022 each among the Borrower, WOLF LLC, the Initial Beneficiary, ALHC, the Deal Agent, U.S. Bank and certain secured parties (as further amended, supplemented or otherwise modified through the date hereof, the "<u>Agreement</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. U.S. Bank has entered into to that certain Assignment and Assumption Agreement, dated as of January 28, 2022, between U.S. Bank and U.S. Bank Trust Company, a newly formed subsidiary of U.S. Bank, pursuant to which U.S. Bank Trust Company has succeeded to substantially all of U.S. Bank's corporate trust business. U.S. Bank desires to appoint U.S. Bank Trust Company as its successor as Closed-End Administrative Agent and U.S. Bank Trust Company desires to accept such appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The parties hereto desire to amend the Agreement in certain respects as set forth herein in accordance with Section 9.1(a)(iv) and Section 9.1(a)(v) thereof (a) to clarify provisions regarding the circumstances in which an entity will automatically succeed to the Closed-End Administrative Agent under the Agreement and (b) to evidence the acceptance of the appointment of U.S. Bank Trust Company as successor Closed-End Administrative Agent under the Agreement.

NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows.

1 *7<sup>th</sup> Amendment to Fourth Amended and* <br> *Restated Collateral Agency Agreement*

SECTION 1. <u>Definitions</u>. Capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings assigned thereto in the Agreement.

SECTION 2. <u>Amendments to the Agreement</u>. The Agreement is hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Appendix A of the Agreement is hereby amended by deleting the definition of "Closed-End Administrative Agent" in its entirety and replacing it with the following:

"**'Closed-End Administrative Agent'** means U.S. Bank Trust Company, National Association, as Closed-End Administrative Agent under the Collateral Agency Agreement."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 The definition of "Corporate Trust Office" in Appendix A of the Agreement is hereby amended by deleting the address provided for the Closed-End Administrative Agent and replacing it with the following:

U.S. Bank Trust Company, National Association

190 South LaSalle Street

7<sup>th</sup> Floor

Chicago, Illinois 60603

Attention: Chris Nuxoll

Fax: 312-332-7993

Telephone: 312-332-7490

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 Appendix A of the Agreement is hereby amended by adding the following definition of "U.S. Bank Trust Company" immediately following the definition of "U.S. Bank Trust":

"**'<u>U.S. Bank Trust Company</u>'** means U.S. Bank Trust Company, National Association, a national banking association."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 The Agreement is hereby amended by deleting Section 5.9 in its entirety and replacing it with the following:

**"Section 5.9** <u>Merger of the Closed-End Administrative Agent.</u>

&nbsp;&nbsp;&nbsp;&nbsp;Any entity into which the Closed-End Administrative Agent may be merged, with which it may be converted or consolidated, or to which it transfers all or substantially all its corporate trust business or assets, or any entity resulting from any merger, conversion or consolidation to which the Closed-End Administrative Agent shall be a party shall be the Closed-End Administrative Agent under this Collateral Agency Agreement without the execution or filing of any paper or any further act on the part of the parties hereto."

2 *7<sup>th</sup> Amendment to Fourth Amended and* <br> *Restated Collateral Agency Agreement*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 The Agreement is hereby amended by replacing each reference to "U.S. Bank" as Closed-End Administrative Agent with "U.S. Bank Trust Company" and by replacing each reference to "U.S. Bank National Association" as Closed-End Administrative Agent with "U.S. Bank Trust Company, National Association" throughout the Agreement and the exhibits and appendices thereto.

SECTION 3. <u>Miscellaneous</u>. The Agreement, as amended hereby, remains in full force and effect. Any reference to the Agreement from and after the date hereof shall be deemed to refer to the Agreement as amended hereby, unless otherwise expressly stated. This Amendment shall be governed by, and construed in accordance with, the internal laws of the State of New York without regard to otherwise applicable principles of conflicts of law (other than Section 5-1401 of the New York General Obligations Law). This Amendment may, if agreed by the Deal Agent, be in the form of an Electronic Record and be executed using Electronic Signatures (including, without limitation, facsimile and .pdf) and shall be considered an original, and shall have the same legal effect, validity and enforceability as a paper record. This Amendment may be executed in as many counterparts as necessary or convenient, including both paper and electronic counterparts, but all such counterparts are one and the same Amendment. For the avoidance of doubt, the authorization under this paragraph may include, without limitation, use or acceptance by the Deal Agent of a manually signed paper Communication which has been converted into electronic form (such as scanned into PDF format), or an electronically signed Communication converted into another format, for transmission, delivery and/or retention. Notwithstanding anything contained herein to the contrary, the Deal Agent is under no obligation to accept an Electronic Signature in any form or in any format unless expressly agreed to by the Deal Agent pursuant to procedures approved by it; provided, further, without limiting the foregoing, (a) to the extent the Deal Agent has agreed to accept such Electronic Signature, the Deal Agent, the Retiring Closed-End Administrative Agent and the Successor Closed-End Administrative Agent shall be entitled to rely on any such Electronic Signature without further verification and (b) upon the request of the Deal Agent any Electronic Signature shall be promptly followed by a manually executed, original counterpart. For purposes hereof, "Electronic Record" and "Electronic Signature" shall have the meanings assigned to them, respectively, by 15 USC §7006, as it may be amended from time to time.

SECTION 4. <u>Effective Date of this Amendment</u>. This Amendment shall become effective on the date that the Deal Agent shall have received the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) counterparts of this Amendment (including facsimile copies) duly executed by all of the parties hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an Officer's Certificate of the Borrower to the Closed-End Administrative Agent to the effect that this Amendment will not materially adversely affect the interests of any Exchange Noteholder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a tax opinion, as required pursuant to Section 9.5 of the Agreement.

3 *7<sup>th</sup> Amendment to Fourth Amended and* <br> *Restated Collateral Agency Agreement*

[SIGNATURE PAGES FOLLOW]

4 *7<sup>th</sup> Amendment to Fourth Amended and* <br> *Restated Collateral Agency Agreement*

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective duly authorized officers as of the date first above written.

---

| | |
|:---|:---|
| WORLD OMNI LT., | WORLD OMNI LT., |
| as Borrower | as Borrower |
| By: | VT INC., as trustee |

---

---

| | |
|:---|:---|
| By: | /s/ Christopher J. Nuxoll |
| Name: Christopher J. Nuxoll | Name: Christopher J. Nuxoll |
| Its: Vice President | Its: Vice President |

---

AUTO LEASE FINANCE LLC, <br> as Initial Beneficiary

---

| | |
|:---|:---|
| By: | /s/ Ronald J. Virtue |
| Name: Ronald J. Virtue | Name: Ronald J. Virtue |
| Its: Assistant Treasurer | Its: Assistant Treasurer |

---

S-1 *7<sup>th</sup> Amendment to Fourth Amended and* <br> *Restated Collateral Agency Agreement*

AL HOLDING CORP. <br> as Closed-End Collateral Agent

---

| | |
|:---|:---|
| By: | /s/ Albert J. Fioravanti |
| Name: Albert J. Fioravanti | Name: Albert J. Fioravanti |
| Title: President | Title: President |

---

S-2 *7<sup>th</sup> Amendment to Fourth Amended and* <br> *Restated Collateral Agency Agreement*

BANK OF AMERICA, N.A., <br> as Deal Agent

---

| | |
|:---|:---|
| By: | /s/ Cole Mackenzie |
| Name: Cole Mackenzie | Name: Cole Mackenzie |
| Title: Director | Title: Director |

---

S-3 *7<sup>th</sup> Amendment to Fourth Amended and* <br> *Restated Collateral Agency Agreement*

U.S. BANK NATIONAL ASSOCIATION, <br> as Retiring Closed-End Administrative Agent

---

| | |
|:---|:---|
| By: | /s/ Christopher J. Nuxoll |
| Name: Christopher J. Nuxoll | Name: Christopher J. Nuxoll |
| Title: Vice President | Title: Vice President |

---

S-4 *7<sup>th</sup> Amendment to Fourth Amended and* <br> *Restated Collateral Agency Agreement*

U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, <br> as Successor Closed-End Administrative Agent

---

| | |
|:---|:---|
| By: | /s/ Christopher J. Nuxoll |
| Name: Christopher J. Nuxoll | Name: Christopher J. Nuxoll |
| Title: Vice President | Title: Vice President |

---

S-5 *7<sup>th</sup> Amendment to Fourth Amended and* <br> *Restated Collateral Agency Agreement*

ACKNOWLEDGED AND AGREED: <br>WORLD OMNI LEASE FINANCE LLC

---

| | |
|:---|:---|
| By: | /s/ Ronald J. Virtue |
| Name: Ronald J. Virtue | Name: Ronald J. Virtue |
| Title: Assistant Treasurer | Title: Assistant Treasurer |

---

S-6 *7<sup>th</sup> Amendment to Fourth Amended and* <br> *Restated Collateral Agency Agreement*

## Exhibit 10.16

**EXHIBIT 10.16**

**THIRD AMENDED AND RESTATED PLEDGE<br> AND SECURITY AGREEMENT**

Dated as of July 16, 2008

between

**WORLD OMNI LT**,<br> as Borrower,

and

**AL HOLDING CORP.**,<br> as Closed-End Collateral Agent

***Security Agreement***

**Table of Contents**

**Page**

---

| | | |
|:---|:---|:---|
| ARTICLE I. | ARTICLE I. | ARTICLE I. |
| USAGE DEFINITIONS AND INCORPORATION BY REFERENCE | USAGE DEFINITIONS AND INCORPORATION BY REFERENCE | USAGE DEFINITIONS AND INCORPORATION BY REFERENCE |
| Section 1.1 | Usage Definitions and Incorporation By Reference | 2 |
| ARTICLE II. | ARTICLE II. | ARTICLE II. |
| COLLATERAL | COLLATERAL | COLLATERAL |
| Section 2.1 | Grant of Security Interest | 2 |
| Section 2.2 | Security for Secured Obligations | 3 |
| Section 2.3 | Agreement to Perform | 4 |
| Section 2.4 | Authorization to File | 4 |
| Section 2.5 | Continuing Security Interest; Transfer of Notes | 4 |
| Section 2.6 | Transfer of Secured Party Rights | 5 |
| Section 2.7 | Security Interest Absolute | 5 |
| ARTICLE III. | ARTICLE III. | ARTICLE III. |
| REPRESENTATIONS AND WARRANTIES | REPRESENTATIONS AND WARRANTIES | REPRESENTATIONS AND WARRANTIES |
| Section 3.1 | Basic Representations and Warranties of the Borrower | 6 |
| ARTICLE IV. | ARTICLE IV. | ARTICLE IV. |
| COVENANTS | COVENANTS | COVENANTS |
| Section 4.1 | Protect Collateral; Further Assurances, etc. | 7 |
| Section 4.2 | Continuous Pledge | 7 |
| ARTICLE V. | ARTICLE V. | ARTICLE V. |
| REMEDIES | REMEDIES | REMEDIES |
| Section 5.1 | Certain Remedies | 7 |
| Section 5.2 | Application of Proceeds | 9 |
| Section 5.3 | Indemnity and Expenses | 9 |
| ARTICLE VI. | ARTICLE VI. | ARTICLE VI. |
| RELEASE OF COLLATERAL | RELEASE OF COLLATERAL | RELEASE OF COLLATERAL |
| Section 6.1 | Generally | 9 |
| Section 6.2 | Release Upon Disposition of Hedge Contract | 10 |
| Section 6.3 | Release of Security Interest in Closed-End Vehicles Upon Disposition | 10 |
| Section 6.4 | Release Following Discharge of Secured Obligations | 11 |

---

*Security Agreement*

**TABLE OF CONTENTS**

(continued)

**Page**

---

| | | |
|:---|:---|:---|
| Section 6.5 | Further Assurances | 11 |
| Section 6.6 | Funds Held in Trust | 11 |
| ARTICLE VII. | ARTICLE VII. | ARTICLE VII. |
| LIMITATIONS ON CLAIMS | LIMITATIONS ON CLAIMS | LIMITATIONS ON CLAIMS |
| Section 7.1 | No Petition | 11 |
| Section 7.2 | Incorporation of Certain Terms of the Collateral Agency Agreement | 12 |
| ARTICLE VIII. | ARTICLE VIII. | ARTICLE VIII. |
| MISCELLANEOUS PROVISIONS | MISCELLANEOUS PROVISIONS | MISCELLANEOUS PROVISIONS |
| Section 8.1 | Collateral Agency Agreement | 12 |
| Section 8.2 | Amendments, etc. | 12 |
| Section 8.3 | Protection of Collateral | 12 |
| Section 8.4 | Notices | 12 |
| Section 8.5 | Section Captions | 13 |
| Section 8.6 | Severability | 13 |
| Section 8.7 | Governing Law; Submission to Jurisdiction | 13 |
| Section 8.8 | Entire Agreement | 13 |
| Section 8.9 | Limitation of Recourse to Titling Trustee | 13 |

---

-ii-

**THIRD AMENDED AND RESTATED PLEDGE AND SECURITY AGREEMENT**

**THIRD AMENDED AND RESTATED PLEDGE AND SECURITY AGREEMENT**, dated as of July 16, 2008 (this "**<u>Security Agreement</u>**"), between:

(A) **WORLD OMNI LT**, a Delaware statutory trust ("  **<u>WOLT</u>** "), as Borrower;

(B) **AL HOLDING CORP.**, a Delaware corporation ("  **<u>ALHC</u>** "), as Closed-End Collateral Agent on behalf of each
of the Secured Parties; and

(C) **THE OTHER SECURITY AGREEMENT CONSENTING PARTIES** identified as such on the signature pages to this Security Agreement (each,
a "  **<u>Security Agreement Consenting Party</u>**" and, collectively, the "  **<u>Security Agreement Consenting Parties</u>** ").

**BACKGROUND**

1. World Omni LT, an Alabama trust (the "  **<u>Alabama Trust</u>** "), and certain of the Security Agreement Consenting Parties
have entered into (1) the Existing Back-Up Security Agreement and (2) the Existing Security Agreement (each as defined in the
Collateral Agency Agreement (as defined below)).

2. Under the Existing Back-Up Security Agreement, the Alabama Trust pledged certain of its assets to secure (subject to the limitations
and conditions set forth therein) the obligations of Auto Lease Finance L.P., a Delaware limited partnership ("  **<u>ALF LP</u>** ")
under the Existing Warehouse Facilities (as defined in the Collateral Agency Agreement).

3. As of the date of this Security Agreement, the Alabama Trust merged with and into WOLT, with WOLT surviving, pursuant to which WOLT,
by operation of law (1) assumed all of the obligations of the Alabama Trust under the Existing Back-Up Security Agreement and the
Existing Security Agreement and (2) acquired all of the assets of the Alabama Trust subject, to the extent provided by applicable
law, to the security interest granted by the Alabama Trust under the Existing Back-Up Security Agreement.

4. WOLT, as successor to the Alabama Trust, and the other parties to the Existing Back-Up Security Agreement and the Existing Security
Agreement, now wish to amend and restate each such agreement, such amendments and restatements to be incorporated into a single document,
this Amended and Restated Security Agreement, as set forth herein.

5. Pursuant to the Borrower Novation Agreement (as defined in a Collateral Agency Agreement), effective as of the date of this Security
Agreement, ALF LP has transferred to WOLT, by novation, all of ALF LP's rights and obligations, as the "  **<u>Borrower</u>** "
and otherwise, under and in connection with the Existing Warehouse Facilities (as defined in the Collateral Agency Agreement).

6. The parties now wish to provide that WOLT will grant a security interest in certain of its assets to secure its obligations under
the Existing Warehouse Facilities (as such facilities are to be amended and restated as of the date of this Security Agreement).

The Existing Back-Up Security Agreement and the Existing Security Agreement are now amended and restated in their entirety to read, collectively, as follows:

*Security Agreement*

**ARTICLE I.**

**USAGE DEFINITIONS AND INCORPORATION BY REFERENCE**

**Section 1.1 <u>Usage Definitions and Incorporation By Reference.</u>**

Capitalized terms used but not otherwise defined in this Security Agreement have the meanings assigned to such terms under **<u>Appendix A</u>** to the Collateral Agency Agreement, dated as of July 16, 2008 (the "**<u>Collateral Agency Agreement</u>**"), among WOLT, as Borrower (the "**<u>Borrower</u>**"), ALHC, as 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. **<u>Appendix A</u>** to the Collateral Agency Agreement is hereby incorporated by reference into, and made applicable to, this Security Agreement. **<u>Appendix A</u>** to the Collateral Agency Agreement also contains rules of usage that are applicable to this Security Agreement.

**ARTICLE II.**

**COLLATERAL**

**Section 2.1 <u>Grant of Security Interest.</u>**

Effective as of the Closing Date, the Borrower (and, to the extent it is deemed to hold any interest in the Collateral, VT Inc.) hereby Grants to ALHC, for itself and as Closed-End Collateral Agent for the benefit of the Secured Parties, all of its rights, title and interest in, to and under the following property (in each case whether now owned or existing or hereafter acquired or arising) (collectively, the "**<u>Collateral</u>**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all Closed-End Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all Closed-End Collections on the Closed-End Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all Insurance Policies, to the extent covering or otherwise relating to the Closed-End Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all amounts received on any Closed-End Lease in respect of any Dealer Recourse Right;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Lease Funding Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Exchange Note Accounts;

2 *Security Agreement*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Company Account (and, together with the Lease Funding Account, and the Exchange Note Accounts, the "**<u>Borrower Accounts</u>**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) all funds from time to time on deposit in the Borrower Accounts, together with all certificates and instruments, if any, from time to time evidencing such accounts, and funds on deposit and all investments made with such funds, all claims thereunder or in connection therewith, and all interest, dividends, moneys, instruments, securities and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all Hedge Contracts (if any); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) all proceeds of the foregoing

; **<u>provided</u>**, **<u>however</u>**, **<u>that</u>**, "Collateral" shall not include any RV Adjustment Funds or Relinquished Vehicle Proceeds. Notwithstanding the foregoing proviso, however, the security interest granted pursuant to this **<u>Section 2.1</u>**, and the definition of "Collateral," shall include any Relinquished Vehicle Proceeds deposited into the Lease Funding Account, the Company Account or any Exchange Note Account, in each case in accordance with the terms of the Master Exchange Agreement.

Such security interest in the Collateral includes all of the rights, powers and options (but none of the obligations) of the Borrower and VT Inc., in, to and under the Collateral, including the immediate and continuing right to claim for, collect, receive and give receipt for payments in respect of the Collateral and all other monies payable under the Collateral, to give and receive options, to bring Proceedings in the name of the Borrower or otherwise, and generally to do and receive anything that the Borrower is or may be entitled to do or receive under the Collateral or with respect to the Collateral.

The security interest granted by each of WOLT and VT Inc. pursuant to this **<u>Section 2.1</u>** shall be deemed to constitute both (1) an initial grant of a security interest in the Collateral and (2) an amendment and restatement of (and a continuation of) the security interest granted by such Person pursuant to the Existing Back-Up Security Agreement.

**Section 2.2 <u>Security for Secured Obligations.</u>**

The Grant pursuant to **<u>Section 2.1</u>** is made to secure the following obligations of the Borrower (collectively, the "**<u>Secured Obligations</u>**" and each a "**<u>Secured Obligation</u>**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the payment of principal of, and interest on, (x) the Advances made from time to time pursuant to the Warehouse Facilities and
(y) any Closed-End Exchange Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all indebtedness, obligations and liabilities, in each case of the Borrower, of every kind or nature, whether now or hereafter existing,
for principal, interest, fees, expenses or otherwise, to any Person under or in connection with any Warehouse Facility or Closed-End Exchange
Note (in each case to the extent not specified in  **<u>clause (i)</u>** of this  **<u>Section 2.2</u>**);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all amounts payable to any Closed-End EN Secured Party in accordance with the applicable Exchange Note Supplement (to the extent not
specified in  **<u>clause (i)</u>** of this  **<u>Section 2.2</u>**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all obligations of the Borrower to the Closed-End Collateral Agent, the Closed-End Administrative Agent and the Deal Agent under this
Security Agreement, any other Collateral Document or the Collateral Agency Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) all obligations of the Borrower to the Closed-End Servicer under the Closed-End Servicing Agreement.

**Section 2.3 <u>Agreement to Perform.</u>**

The Closed-End Collateral Agent acknowledges such grant and agrees to perform the duties of the Closed-End Collateral Agent as are set forth in this Security Agreement and the Collateral Agency Agreement so that the interests of the Secured Parties may be adequately and effectively protected.

**Section 2.4 <u>Authorization to File.</u>**

Each of the Borrower and VT Inc. authorizes the Closed-End Collateral Agent and any law firm or other agent designated by the Closed-End Collateral Agent to file any Record or Records (as such term is defined in the applicable UCC), including financing statements or continuation statements, and amendments thereto, in all jurisdictions and with all filing offices as are necessary or advisable to perfect, and continue the perfection of, the security interest granted to the Closed-End Collateral Agent by it under this Security Agreement. Such financing statements may describe the Collateral in any manner as the Closed-End Collateral Agent may determine is necessary, advisable or prudent to ensure the perfection of the security interest granted to the Closed-End Collateral Agent under this Security Agreement (including as "all personal property and assets now owned or hereafter acquired and wherever located" or words to similar effect).

**Section 2.5 <u>Continuing Security Interest; Transfer of Notes.</u>**

This Security Agreement shall create a continuing security interest in the Collateral and shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) remain in full force and effect until the later to occur of (i) the payment in full of all Secured Obligations and (ii) the termination of all Commitments (such later date, the "**<u>Final Release Date</u>**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be binding upon the Borrower and its successors, transferees and assigns, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) inure, together with the rights and remedies of the Closed-End Collateral Agent under this Security Agreement, to the benefit of the Closed-End Collateral Agent and each other Secured Party.

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**Section 2.6 <u>Transfer of Secured Party Rights.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Without limiting **<u>Section 2.5(c)</u>**, but subject to **<u>Section 2.6(b)</u>**, below, any Warehouse Facility Lender may assign or otherwise transfer (each, a "**<u>Warehouse Facility Lender Transfer</u>**") all or a portion of any Warehouse Facility Note or Advance held by it (any of the foregoing, a "**<u>WFL Transferred Interest</u>**") to any other Person (any such other Person, a "**<u>Warehouse Facility Lender Transferee</u>**"). Upon the effectiveness of any such Warehouse Facility Lender Transfer, such Warehouse Facility Lender Transferee shall become vested with all the rights and benefits of the transferring Warehouse Facility Lender under the applicable Warehouse Facility and under the Collateral Document(s) (including this Security Agreement) that, in each case, may be associated with the applicable WFL Transferred Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The rights of the Warehouse Facility Lenders and any Warehouse Facility Lender Transferees pursuant to **<u>Section 2.6(a)</u>** shall be subject to any provisions in the related Receivables Financing Agreement or any other Basic Document, or which otherwise are applicable to such Warehouse Facility or the applicable Warehouse Facility Lender, that have the effect of restricting or prohibiting the transfer or assignment of the applicable WFL Transferred Interest(s) in the manner contemplated under such Warehouse Facility Lender Transfer.

**Section 2.7 <u>Security Interest Absolute.</u>**

All rights of the Closed-End Collateral Agent and the security interests granted to the Closed-End Collateral Agent under this Security Agreement, and all obligations of the Borrower under this Security Agreement, shall be absolute and unconditional, irrespective of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any lack of validity or enforceability of any Warehouse Facility, any Warehouse Facility Note, any Closed-End Exchange Note or any other Basic Document or Collateral Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the failure of any Secured Party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to assert any claim or demand or to enforce any right or remedy against the Borrower or any other Person under provisions of the relevant Warehouse Facility, any Warehouse Facility Note, any Closed-End Exchange Note, any other Basic Document or otherwise, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to exercise any right or remedy against any other guarantor of, or collateral securing, any Secured Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any change in the time, manner or place of payment of, or in any other term of, all or any of the Secured Obligations or any other extension, compromise or renewal of any Secured Obligation;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any reduction, limitation, impairment or termination of any Secured Obligations for any reason, including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to (and the Borrower hereby waives any right to or claim of) any defense or setoff, counterclaim, recoupment or termination whatsoever by reason of the invalidity, illegality, nongenuineness, irregularity, compromise, unenforceability of, or any other event or occurrence affecting, any Secured Obligations or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any amendment to, rescission, waiver, or other modification of, or any consent to departure from, any of the terms of any Warehouse Facility, any Servicing Supplement, any Exchange Note Supplement, any Warehouse Facility Note, any Closed-End Exchange Note or any other Basic Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any addition, exchange, release, surrender or non-perfection of any collateral (including the Collateral), or any amendment to or waiver or release of or addition to or consent to departure from any guaranty, for any of the Secured Obligations, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any other circumstances that might otherwise constitute a defense available to, or a legal or equitable discharge of, the Borrower, any surety or any guarantor.

**ARTICLE III.**

**REPRESENTATIONS AND WARRANTIES**

**Section 3.1 <u>Basic Representations and Warranties of the Borrower.</u>**

The Borrower represents and warrants to each Secured Party as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **<u>Ownership, No Liens, etc</u>.** The Borrower is the legal and beneficial owner of, and has good and marketable title to (and has full right and authority to pledge and assign) the Collateral free and clear of all liens, security interests, options, or other charges or encumbrances, except any lien or security interest granted pursuant hereto in favor of the Closed-End Collateral Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **<u>Valid Security Interest</u>.** The (i) filing of a financing statement reflecting the Borrower as debtor, and the Closed-End Collateral Agent as secured party, is effective to create a valid, perfected, first priority security interest in the Closed-End Leases, the other Filing Collateral and all proceeds thereof, and (ii) reflecting of the lien of the Closed-End Collateral Agent on the Certificate of Title for each Closed-End Vehicle, in compliance with the Applicable Law of the relevant State, is effective to create a first priority perfected security interest in the Closed-End Vehicles, in each case in favor of the Closed-End Collateral Agent to secure the Secured Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **<u>Authorization, Approval, etc</u>.** No authorization, approval, or other action by, and no notice to or filing with, any governmental authority, regulatory body or any other Person is required for (i) the pledge by the Borrower of any Collateral pursuant to this Security Agreement, (ii) the execution, delivery, and performance of this Security Agreement or the other Collateral Documents by the

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Borrower or (iii) the exercise by the Closed-End Collateral Agent of any rights provided for in this Security Agreement.

**ARTICLE IV.**

**COVENANTS**

**Section 4.1 <u>Protect Collateral; Further Assurances, etc.</u>**

The Borrower will not sell, assign, transfer, pledge, or encumber in any other manner the Collateral (except in favor of the Closed-End Collateral Agent under this Security Agreement). The Borrower will warrant and defend the right and title herein granted to the Closed-End Collateral Agent in and to the Collateral (and all right, title, and interest represented by the Collateral) against the claims and demands of all Persons whomsoever. The Borrower agrees that at any time, and from time to time, at the expense of the Borrower, the Borrower will promptly execute and deliver all further instruments, and take all further action, that may be necessary or desirable, or that the Closed-End Collateral Agent may reasonably request, in order to perfect and protect any security interest granted or purported to be granted hereby or to enable the Closed-End Collateral Agent to exercise and enforce its rights and remedies hereunder with respect to any Collateral.

**Section 4.2 <u>Continuous Pledge.</u>**

Subject to **<u>ARTICLE VI</u>**, the Borrower will, at all times, keep the Collateral pledged to the Closed-End Collateral Agent pursuant to this Security Agreement.

**ARTICLE V.**

**REMEDIES**

**Section 5.1 <u>Certain Remedies.</u>**

If any Warehouse Facility Termination Event or Facility Default shall have occurred and be continuing then, subject to the applicable terms of the Intercreditor Agreement and the Collateral Agency Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Closed-End Collateral Agent may exercise in respect of the Collateral, in addition to other rights and remedies provided for herein or otherwise available to it, all the rights and remedies of a secured party on default under the UCC (whether or not the UCC applies to the affected Collateral) and also may, without notice except as specified below, sell the Collateral or any part thereof at public or private sale, at any of the Closed-End Collateral Agent's offices or elsewhere, for cash, on credit or for future delivery, and upon such other terms as the Closed-End Collateral Agent may deem commercially reasonable. The Borrower agrees that, to the extent notice of sale shall be required by law, at least twenty days' prior notice to the Borrower of the time and place of any public sale or the time after which any private sale is to be made shall constitute reasonable notification. The Closed-End Collateral Agent shall not be obligated to make any sale of Collateral regardless of notice of sale having been given. The Closed-End Collateral Agent may adjourn any public or private sale from time to time by

7 *Security Agreement*

announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Closed-End Collateral Agent may (and shall, at the direction of the Deal Agent, given in accordance with the Collateral Agency Agreement):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) transfer all or any part of the Collateral into the name of the Closed-End Collateral Agent or its nominee, with or without disclosing that such Collateral is subject to the lien and security interest hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) enforce collection of any of the Collateral by suit or otherwise, and surrender, release or exchange all or any part thereof, or compromise or extend or renew for any period (whether or not longer than the original period) any obligations of any nature of any party with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) endorse any checks, drafts, or other writings in the Borrower's name to allow collection of the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) take control of any proceeds of the Collateral; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) execute (in the name, place and stead of the Borrower) endorsements, assignments and other instruments of conveyance or transfer with respect to all or any of the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Closed-End Collateral Agent shall give notice to (1) the Company Account Bank (with copies to the Borrower and the Closed-End Servicer), as provided in the Company Account Agreement, of the exercise by the Closed-End Collateral Agent (for the benefit of the Secured Parties) of exclusive dominion and control over the Company Account or (2) the Lease Funding Account Bank (with copies to the Borrower and the Closed-End Servicer), as provided in the Lease Funding Account Agreement, of the exercise by the Closed-End Collateral Agent (for the benefit of the Secured Parties) of exclusive dominion and control over the Company Account. Following its receipt of a notice of the type described in the immediately preceding sentence with respect to the Company Account or the Lease Funding Account, the Borrower shall comply with the terms of the Company Account Agreement or the Lease Funding Account Agreement, as the case may be, applicable under such circumstances, and shall take any further action that the Closed-End Collateral Agent, the Closed-End Administrative Agent or the Deal Agent may reasonably request to enable the Closed-End Collateral Agent to exercise control over such account in the manner provided in the Company Account Agreement or the Lease Funding Account Agreement, as the case may be. The Borrower shall not terminate the Company Account Bank or the Lease Funding Account Bank, make any change in its instructions regarding payments to be made by the Company Account Bank or the Lease Funding Account Bank, unless the Closed-End Collateral Agent and the Deal Agent shall have received duly executed counterparts of a new Company Account Agreement or the Lease Funding Account Agreement, as the case may be, and copies of such instructions and previously shall have consented in writing to such termination or change (which, in the case of any

8 *Security Agreement*

such termination, shall not be unreasonably withheld, conditioned or delayed by the Closed-End Collateral Agent) or the Deal Agent.

**Section 5.2 <u>Application of Proceeds.</u>**

All cash proceeds received by the Closed-End Collateral Agent in respect of any sale of, collection from, or other realization upon, all or any part of the Collateral following and during the continuation of a Warehouse Facility Termination Event or an Exchange Note Default shall be applied by the Administrative Agent in the manner set forth in **<u>Article X</u>**, and in the other applicable provisions, of the Collateral Agency Agreement. Closed-End Collateral Agent against, all or any part of the Secured Obligations in the order of priority set forth therein.

**Section 5.3 <u>Indemnity and Expenses.</u>**

The Borrower hereby indemnifies and holds harmless the Closed-End Collateral Agent from and against any and all claims, losses, and liabilities arising out of or resulting from this Security Agreement (including enforcement of this Security Agreement), except claims, losses, or liabilities resulting from the Closed-End Collateral Agent's gross negligence or willful misconduct. Upon demand, the Borrower will pay to the Closed-End Collateral Agent the amount of any and all reasonable expenses, including the reasonable fees and disbursements of its counsel and of any experts and agents, that the Closed-End Collateral Agent may incur in connection with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the administration of this Security Agreement and each other Collateral Document (if any);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the custody, preservation, use, or operation of, or the sale of, collection from, or other realization upon, any of the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the exercise or enforcement of any of the rights of the Closed-End Collateral Agent under this Security Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the failure by the Borrower to perform or observe any of the provisions of this Security Agreement.

**ARTICLE VI.**

**RELEASE OF COLLATERAL**

**Section 6.1 <u>Generally.</u>**

When required by this Security Agreement or the Collateral Agency Agreement, the Closed-End Collateral Agent will execute instruments to release property from the security interest granted pursuant to **<u>Section 2.1</u>**, or convey the Closed-End Collateral Agent's interest in the same, in a

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manner and under circumstances provided in this Security Agreement or in the Collateral Agency Agreement. The Closed-End Collateral Agent will release property from the security interest granted pursuant to **<u>Section 2.1</u>** only pursuant to and in accordance with this Security Agreement, the Collateral Agency Agreement, any other Collateral Documents and the other Basic Documents.

**Section 6.2 <u>Release Upon Disposition of Hedge Contract.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) From time to time, the Borrower may request the release of the Closed-End Collateral Agent's security interest in any Hedge Contract by delivering to the Closed-End Collateral Agent and each Secured Party a notice (each, a "**<u>Notice of Hedge Agreement Release</u>**"), which Notice of Hedge Agreement Release shall state that the Borrower plans to sell or otherwise dispose of such Hedge Contract and that no Warehouse Facility Termination Event, Unmatured Warehouse Facility Termination Event or Facility Default shall have occurred and be continuing or result from such sale or disposition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) When the release of any Hedge Contract is effective in accordance with **<u>Section 6.2(b)</u>**, all right, title and interest of the Closed-End Collateral Agent in, to and under such Hedge Contract shall terminate and shall revert to the Borrower, its successors and assigns, and the right, title and interest of the Closed-End Collateral Agent therein shall thereupon cease, terminate and become void; and, upon the request of, at the expense of, the Borrower, the Closed-End Collateral Agent shall assign and transfer, or cause to be assigned and transferred, and shall deliver or cause to be delivered to the Borrower or its designee, all property, including all moneys, instruments and securities, of the Borrower then held by the Closed-End Collateral Agent with respect to such Hedge Contract.

**Section 6.3 <u>Release of Security Interest in Closed-End Vehicles Upon Disposition.</u>**

Notwithstanding **<u>Section 2.1</u>** or any other provision of this Security Agreement to the contrary, with respect to each Closed-End Vehicle that constitutes a Relinquished Vehicle, the Closed-End Collateral Agent hereby releases, effective on the Effective Date (as defined in the Master Exchange Agreement), if any, with respect to such Closed-End Vehicle, any and all liens, security interests and/or other rights and interests it possesses or may possess from time to time in (x) the proceeds of such Relinquished Vehicle and (y) any Disposition Contracts relating to such Relinquished Vehicle (the "**<u>Released Collateral</u>**" with respect to any Closed-End Vehicle). If the Effective Date is also the date of the sale of the related Closed-End Vehicle by the Titling Trust, then the foregoing release shall be deemed to occur simultaneously with such sale. The foregoing release shall cease to apply at such time as any such Relinquished Vehicle Proceeds have been deposited into the Lease Funding Account, the Company

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Account or any Exchange Note Account, in each case in accordance with the Master Exchange Agreement.

**Section 6.4 <u>Release Following Discharge of Secured Obligations.</u>**

On the Final Release Date, (i) the security interest granted under this Security Agreement shall terminate and all rights in, to and under the Collateral shall revert to the Borrower and (ii) the Closed-End Collateral Agent shall release to the Borrower or any other Person entitled thereto all funds on deposit in any Exchange Note Collection Account.

**Section 6.5 <u>Further Assurances.</u>**

Upon the request of the Borrower in connection with any release of Collateral, or termination of all or part of the security interest granted pursuant to this Security Agreement, in each case pursuant to this **<u>ARTICLE VI</u>**, the Closed-End Collateral Agent shall authorize, execute (to the extent applicable) and deliver to the Borrower (i) any termination statements for filing under the provisions of the UCC of any applicable jurisdiction, (ii) any certificates or instruments held by the Closed-End Collateral Agent and representing the Collateral and (iii) such documents as the Borrower shall reasonably request to evidence such release or termination, in each case without any representation or warranty of any kind to the Borrower.

**Section 6.6 <u>Funds Held in Trust.</u>**

The Closed-End Collateral Agent agrees that any monies received by it in respect of the Released Collateral in its capacity as Closed-End Collateral Agent shall be held in trust for and promptly paid to or at the direction of the Qualified Intermediary. In the event that the Qualified Intermediary is removed or replaced in such capacity under the Master Exchange Agreement, World Omni and ALF LLC shall provide prompt written notice to the Closed-End Collateral Agent and the Deal Agent.

**ARTICLE VII.**

**LIMITATIONS ON CLAIMS**

**Section 7.1 <u>No Petition.</u>**

The Closed-End Collateral Agent, by entering into this Security Agreement, the Deal Agent, each Warehouse Facility Agent, each Warehouse Facility Lender, each Liquidity Agent, by accepting (directly or indirectly) the benefits of this Security Agreement, and each Exchange Noteholder, by taking delivery of a Closed-End Exchange Note, covenants and agrees that for a period of one year and one day (or, if longer, any applicable preference period) after payment in full of all Secured Obligations and all other Trust-Related Obligations (as defined in the Titling Trust Agreement), it will not institute against the Borrower or the Initial Beneficiary, or join in any institution against the Borrower or the Initial Beneficiary of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any federal or State bankruptcy or similar law in connection with any Secured Obligations, or any other obligations relating to this Security Agreement, the Collateral Agency Agreement or any other Basic Document.

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**Section 7.2 <u>Incorporation of Certain Terms of the Collateral Agency Agreement.</u>**

It is acknowledged, for avoidance of doubt, that **<u>Article IV</u>** and **<u>Section 10.7</u>** of the Collateral Agency Agreement are applicable to this Security Agreement. Such provisions (i) are hereby incorporated by reference into this Security Agreement to the extent that such provisions by their terms apply to the rights and duties of the parties set forth in, and/or the other matters addressed in, this Security Agreement and (ii) to such extent, shall apply to this Security Agreement in the same manner as though set forth herein. Without limiting the immediately preceding sentence, it is acknowledged and agreed that the Closed-End Collateral Agent has the benefit of **<u>Section 4.3</u>**, **<u>Section 4.4</u>** and **<u>Section 4.5</u>**, in each case of the Collateral Agency Agreement, with respect to the rights and duties of the Closed-End Collateral Agent under this Security Agreement).

**ARTICLE VIII.**

**MISCELLANEOUS PROVISIONS**

**Section 8.1 <u>Collateral Agency Agreement.</u>**

This Security Agreement shall be construed, administered and applied in accordance with the terms and provisions of the Collateral Agency Agreement. To the extent of any inconsistency between the Collateral Agency Agreement and this Security Agreement, the provisions of the Collateral Agency Agreement shall prevail.

**Section 8.2 <u>Amendments, etc.</u>**

No amendment to or waiver of any provision of this Security Agreement nor consent to any departure by the Borrower herefrom shall in any event be effective unless the same shall be in writing and signed by the Closed-End Collateral Agent, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which it is given. The Closed-End Collateral Agent shall not agree to any such amendment, or grant any such waiver or consent, except in accordance with the Collateral Agency Agreement.

**Section 8.3 <u>Protection of Collateral.</u>**

The Closed-End Collateral Agent may from time to time, at its option, perform any act that the Borrower agrees hereunder to perform and that the Borrower shall fail to perform after being requested in writing, after five Business Days' notice, to so perform (it being understood that no such request need be given after the occurrence and during the continuance of Warehouse Facility Termination Event or a Facility Default), and the Closed-End Collateral Agent may from time to time take any other action that the Closed-End Collateral Agent reasonably deems necessary for the maintenance, preservation or protection of any of the Collateral or of its security interest therein.

**Section 8.4 <u>Notices.</u>**

Any and all notices and other communications provided for under this Security Agreement shall, unless otherwise stated herein, be delivered in accordance with, and shall be deemed

12 *Security Agreement*

delivered in accordance with, the Notice Requirements, which are hereby incorporated into this Security Agreement.

**Section 8.5 <u>Section Captions.</u>**

Section captions used in this Security Agreement are for convenience of reference only, and shall not affect the construction of this Security Agreement.

**Section 8.6 <u>Severability.</u>**

Wherever possible each provision of this Security Agreement shall be interpreted in such manner as to be effective and valid under Applicable Law, but if any provision of this Security Agreement shall be prohibited by or invalid under such law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Security Agreement.

**Section 8.7 <u>Governing Law; Submission to Jurisdiction.</u>**

**THIS SECURITY AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.**

**ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS SECURITY AGREEMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR OF THE UNITED STATES FEDERAL COURT SITTING IN THE SOUTHERN DISTRICT OF NEW YORK, AND BY EXECUTION AND DELIVERY OF THIS SECURITY AGREEMENT, EACH OF THE PARTIES HERETO HEREBY CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THOSE COURTS. EACH PARTY HEREBY IRREVOCABLY WAIVES, TO THE MAXIMUM EXTENT PERMITTED BY LAW, ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF THIS SECURITY AGREEMENT OR ANY DOCUMENT RELATED HERETO.**

**Section 8.8 <u>Entire Agreement.</u>**

This Security Agreement, taken together with Collateral Agency Agreement, the other Collateral Document(s) (if any) and the other Basic Documents constitute the entire understanding among the parties hereto with respect to the subject matter hereof and supersede any prior agreements, written or oral, with respect thereto.

**Section 8.9 <u>Limitation of Recourse to Titling Trustee.</u>**

It is expressly understood and agreed by the parties to this Security Agreement that (a) this Security 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

13 *Security Agreement*

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 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 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 Security Agreement, any other Basic Document or any other related document.

**[SIGNATURE PAGES FOLLOW]**

14 *Security Agreement*

**IN WITNESS WHEREOF**, the parties hereto have caused this Security Agreement to be duly executed and delivered by their respective officers thereunto duly authorized as of the day and year first above written.

---

| | |
|:---|:---|
| **WORLD OMNI LT,** | **WORLD OMNI LT,** |
| as the Borrower | as the Borrower |
| By: | **VT Inc.,** solely in its capacity as Titling Trustee |
| By: | /s/ Patricia M. Child |
|  | Name: Patricia M. Child |
|  | Title: President |

---

[Signature Pages to Security Agreement—Page 1 of 20] *Security Agreement*

---

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

---

[Signature Pages to Security Agreement—Page 2 of 20] *Security Agreement*

**EACH OF THE FOLLOWING PERSONS AS A**

**SECURITY AGREEMENT CONSENTING PARTY:**

---

| | |
|:---|:---|
| WORLD OMNI FINANCIAL CORP. | WORLD OMNI FINANCIAL CORP. |
| By: | /s/ Ben Miller |
|  | Name: Ben Miller |
|  | Title: Assistant Treasurer |

---

[Signature Pages to Security Agreement—Page 3 of 20] *Security Agreement*

---

| | |
|:---|:---|
| AUTO LEASE FINANCE LLC | AUTO LEASE FINANCE LLC |
| By: | /s/ Ben Miller |
|  | Name: Ben Miller |
|  | Title: Assistant Treasurer |

---

[Signature Pages to Security Agreement—Page 4 of 20] *Security Agreement*

[Reserved]

[Signature Pages to Security Agreement—Page 5 of 20] *Security Agreement*

---

| | |
|:---|:---|
| BANK OF AMERICA, N.A. | BANK OF AMERICA, N.A. |
| By: | /s/ Willem Van Beek |
|  | Name: Willem Van Beek |
|  | Title: Principal |

---

[Signature Pages to Security Agreement—Page 6 of 20] *Security Agreement*

---

| | |
|:---|:---|
| LIBERTY STREET FUNDING LLC | LIBERTY STREET FUNDING LLC |
| By: | /s/ Jill A. Gordon |
|  | Name: Jill A. Gordon |
|  | Title: Vice President |

---

[Signature Pages to Security Agreement—Page 7 of 20] *Security Agreement*

---

| | |
|:---|:---|
| THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., | THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., |
| NEW YORK BRANCH | NEW YORK BRANCH |
| By: | /s/ Ichinari Matsui |
|  | Name: Ichinari Matsui |
|  | Title: SVP & Group Head |

---

[Signature Pages to Security Agreement—Page 8 of 20] *Security Agreement*

---

| | |
|:---|:---|
| GOTHAM FUNDING CORPORATION | GOTHAM FUNDING CORPORATION |
| By: | /s/ R. Douglas Donaldson |
|  | Name: R. Douglas Donaldson |
|  | Title: Treasurer |

---

[Signature Pages to Security Agreement—Page 9 of 20] *Security Agreement*

---

| | |
|:---|:---|
| THE BANK OF NOVA SCOTIA | THE BANK OF NOVA SCOTIA |
| By: | /s/ Norman Last |
|  | Name: Norman Last |
|  | Title: Managing Director |

---

[Signature Pages to Security Agreement—Page 10 of 20] *Security Agreement*

---

| | |
|:---|:---|
| CREDIT SUISSE, NEW YORK BRANCH | CREDIT SUISSE, NEW YORK BRANCH |
| By: | /s/ Alex Smith |
|  | Name: Alex Smith |
|  | Title: Vice President |
| By: | /s/ Mark Golombeck |
|  | Name: Mark Golombeck |
|  | Title: Director |

---

[Signature Pages to Security Agreement—Page 11 of 20] *Security Agreement*

---

| | |
|:---|:---|
| SUNTRUST BANK | SUNTRUST BANK |
| By: | /s/ Robert Maddox |
|  | Name: Robert Maddox |
|  | Title: Director |

---

[Signature Pages to Security Agreement—Page 12 of 20] *Security Agreement*

---

| | |
|:---|:---|
| SUNTRUST ROBINSON HUMPHREY, INC. | SUNTRUST ROBINSON HUMPHREY, INC. |
| By: | /s/ Michael G. Maza |
|  | Name: Michael G. Maza |
|  | Title: Managing Director |

---

[Signature Pages to Security Agreement—Page 13 of 20] *Security Agreement*

---

| | |
|:---|:---|
| RANGER FUNDING COMPANY LLC | RANGER FUNDING COMPANY LLC |
| By: | /s/ Doris J. Hearn |
|  | Name: Doris J. Hearn |
|  | Title: Vice President |

---

[Signature Pages to Security Agreement—Page 14 of 20] *Security Agreement*

---

| | |
|:---|:---|
| ENTERPRISE FUNDING COMPANY LLC | ENTERPRISE FUNDING COMPANY LLC |
| By: | /s/ Kevin P. Burns |
|  | Name: Kevin P. Burns |
|  | Title: Vice President |

---

[Signature Pages to Security Agreement—Page 15 of 20] *Security Agreement*

---

| | |
|:---|:---|
| ALPINE SECURITIZATION CORP. | ALPINE SECURITIZATION CORP. |
| By: | /s/ Mark Lengel |
|  | Name: Mark Lengel |
|  | Title: Attorney-In-Fact |
| By: | /s/ Joseph Soave |
|  | Name: Joseph Soave |
|  | Title: Attorney-In-Fact |

---

[Signature Pages to Security Agreement—Page 16 of 20] *Security Agreement*

---

| | |
|:---|:---|
| THREE PILLARS FUNDING LLC | THREE PILLARS FUNDING LLC |
| By: | /s/ Doris J. Hearn |
|  | Name: Doris J. Hearn |
|  | Title: Vice President |

---

[Signature Pages to Security Agreement—Page 17 of 20] *Security Agreement*

---

| | |
|:---|:---|
| WACHOVIA CAPITAL MARKETS, LLC | WACHOVIA CAPITAL MARKETS, LLC |
| By: | /s/ Andrew W. Riebe |
|  | Name: Andrew W. Riebe |
|  | Title: Director |

---

[Signature Pages to Security Agreement—Page 18 of 20] *Security Agreement*

---

| | |
|:---|:---|
| WACHOVIA BANK, NATIONAL ASSOCIATION | WACHOVIA BANK, NATIONAL ASSOCIATION |
| By: | /s/ Leah W. Miller |
|  | Name: Leah W. Miller |
|  | Title: Managing Director |

---

[Signature Pages to Security Agreement—Page 19 of 20] *Security Agreement*

---

| | |
|:---|:---|
| VARIABLE FUNDING CAPITAL COMPANY LLC | VARIABLE FUNDING CAPITAL COMPANY LLC |
| By: | WACHOVIA CAPITAL MARKETS, LLC <br> as Attorney In Fact |
| By: | /s/ Douglas R. Wilson, Sr. |
|  | Name: Douglas R. Wilson, Sr. |
|  | Title: Director |

---

[Signature Pages to Security Agreement—Page 20 of 20] *Security Agreement*

## Exhibit 23.2

**EXHIBIT 23.2**

<u>CONSENT OF COUNSEL</u>

We hereby consent to the reference to our firm in the preliminary prospectus included in the registration statement, filed July 31, 2025, under the captions "*Additional Legal Aspects of the Titling Trust and the Exchange Notes—Insolvency Related Matters*" and "*Legal Matters*." In giving this consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the rules and regulations of the Securities and Exchange Commission thereunder.

---

| |
|:---|
| <u>/s/ Mayer Brown LLP</u> |
| Mayer Brown LLP |
| New York, New York |
| July 31, 2025 |

---

## Exhibit 23.3

**EXHIBIT 23.3**

<u>CONSENT OF COUNSEL</u>

We hereby consent to the reference to our firm in the preliminary prospectus included in the registration statement, filed July 31, 2025, under the captions *"State and Local Tax Consequences"* and *"Legal Matters."* In giving this consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the rules and regulations of the Securities and Exchange Commission thereunder.

---

| |
|:---|
| /s/ Bilzin Sumberg Baena Price & Axelrod LLP |
| Bilzin Sumberg Baena Price & Axelrod LLP |
| Miami, Florida |
| July 31, 2025 |

---

## Exhibit 24.1

**EXHIBIT 24.1**

World Omni Auto Leasing LLC

250 Jim Moran Boulevard

Deerfield Beach, Florida 33442

July 31, 2025

I, Paula Pescaru am the Assistant Secretary of World Omni Auto Leasing LLC (the "<u>Company</u>") and do certify that the attached resolutions were duly adopted by unanimous written consent of the Board of Directors of the Company on July 28, 2025, and such resolutions have not been amended, rescinded or otherwise modified.

---

| | |
|:---|:---|
| By: | /s/ Paula Pescaru |
| Name: Paula Pescaru | Name: Paula Pescaru |
| Title: Assistant Secretary | Title: Assistant Secretary |

---

The undersigned does hereby certify that (i) he is a duly elected, qualified and acting General Counsel and Secretary of the Company, and (ii) Paula Pescaru is the duly elected, qualified and acting Assistant Secretary of the Company, and has set forth her true and customary signature above.

EXECUTED as of July 31, 2025

---

| | |
|:---|:---|
| By: | /s/ Noam Silverman |
| Name: Noam Silverman | Name: Noam Silverman |
| Title: General Counsel and Secretary | Title: General Counsel and Secretary |

---

**BE IT FURTHER RESOLVED**, that the Board of Directors authorizes WOAL LLC and the Titling Trust to file a Registration Statement with the Commission, under the Act, together with such exhibits thereto and other documents as may be necessary or advisable, for the purpose of registering the Securities for sale to the public; and that the Chief Executive Officer and/or President (or any other individual or individuals constituting the principal executive officer(s)), on the one hand, and one or more of the Chief Financial Officer and/or the Treasurer (or any other individual or individuals constituting the principal financial officer, and controller or principal accounting officer) of WOAL LLC, on the other hand, be, and each hereby is, authorized and directed to execute and file the Registration Statement in the name and on behalf of WOAL LLC with the Commission, such Registration Statement to be in such form and accompanied by such exhibits and other documents as such Chief Executive Officer and/or President (or any other individual or individuals constituting the principal executive officer(s)), Chief Financial Officer and/or Treasurer (or any other individual or individuals constituting the principal financial officer, and controller or principal accounting officer) executing the same may determine necessary or advisable in order to accomplish the registration of the Securities, with his or her execution thereof to be conclusive evidence of such determination and of his or her authority hereunder; and

\* \* \* \* \*

**BE IT FURTHER RESOLVED**, that the Chief Executive Officer, President, Chief Financial Officer or Treasurer of WOAL LLC be, and each hereby is, further authorized and directed, in the name and on behalf of WOAL LLC, to execute and file with the Commission such amendments and supplements to the Registration Statement, including additional registration statements under Rule 462 under the Act (also a "Registration Statement") and all amendments (including post-effective amendments), to make such changes in the Registration Statements and exhibits, to take such other action, including, without limitation, increasing the aggregate amount of Securities to be registered and requesting acceleration of the effectiveness of the Registration Statements, and to execute such other documents as may seem to him or her necessary or advisable to carry out the purposes of these resolutions, with his or her execution thereof to be conclusive evidence of such determination and of his or her authority hereunder; and

\* \* \* \* \*

**BE IT FURTHER RESOLVED**, each officer and director who may be required to execute the Registration Statements or any amendments thereto (whether on behalf of WOAL LLC or as an officer or director thereof or by attesting the seal of WOAL LLC or otherwise) be, and hereby is authorized to execute a power of attorney appointing each or any of the Chief Executive Officer, President, Chief Financial Officer or Treasurer of WOAL LLC, his or her true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities (until revoked in writing) to sign any and all amendments (including post-effectiveness amendments and Rule 462 registration statements) to the Registration Statements and to file the same, with all exhibits thereto and other documents in connection therewith, with the Commission, granting unto said attorneys-in-fact and agents, and each of them, and every act and thing requisite and necessary fully to all intents and purposes as he or she might or could do in person thereby ratifying and confirming all that said attorneys-in-

fact and agents or any of them, or their or his or her substitute or substitutes, may lawfully do or cause to be done by virtue thereof; and

\* \* \* \* \*

## Exhibit 24.2

**EXHIBIT 24.2**

Auto Lease Finance LLC

250 Jim Moran Boulevard

Deerfield Beach, Florida 33442

July 31, 2025

I, Paula Pescaru am Assistant Secretary of Auto Lease Finance LLC (the "<u>Company</u>") and do certify that the attached resolutions were duly adopted by unanimous written consent of the Board of Directors of the Company on July 28, 2025, and such resolutions have not been amended, rescinded or otherwise modified.

---

| | |
|:---|:---|
| By: | /s/ Paula Pescaru |
| Name: Paula Pescaru | Name: Paula Pescaru |
| Title: Assistant Secretary | Title: Assistant Secretary |

---

The undersigned does hereby certify that (i) he is a duly elected, qualified and acting General Counsel and Secretary of the Company, and (ii) Paula Pescaru is the duly elected, qualified and acting Assistant Secretary of the Company, and has set forth her true and customary signature above.

EXECUTED as of July 31, 2025

---

| | |
|:---|:---|
| By: | /s/ Noam Silverman |
| Name: Noam Silverman | Name: Noam Silverman |
| Title: General Counsel and Secretary | Title: General Counsel and Secretary |

---

**BE IT FURTHER RESOLVED**, that the Board of Directors authorizes WOAL LLC and the Titling Trust to file a Registration Statement with the Commission, under the Act, together with such exhibits thereto and other documents as may be necessary or advisable, for the purpose of registering the Securities for sale to the public; and that the Chief Executive Officer and/or President (or any other individual or individuals constituting the principal executive officer(s)), on the one hand, and one or more of the Chief Financial Officer and/or the Treasurer (or any other individual or individuals constituting the principal financial officer, and controller or principal accounting officer), in each case, of WOAL LLC and of ALF LLC (in its capacity as the initial beneficiary of the Titling Trust), as applicable, on the other hand, be, and each hereby is, authorized and directed to execute and file the Registration Statement in the name and on behalf of WOAL LLC and the Titling Trust with the Commission, such Registration Statement to be in such form and accompanied by such exhibits and other documents as such Chief Executive Officer and/or President (or any other individual or individuals constituting the principal executive officer(s)), Chief Financial Officer and/or Treasurer (or any other individual or individuals constituting the principal financial officer, and controller or principal accounting officer) of WOAL LLC or ALF LLC, as applicable, executing the same may determine necessary or advisable in order to accomplish the registration of the Securities, with his or her execution thereof to be conclusive evidence of such determination and of his or her authority hereunder; and

\* \* \* \* \*

**BE IT FURTHER RESOLVED**, that the Chief Executive Officer, President, Chief Financial Officer or Treasurer of WOAL LLC and of ALF LLC (in its capacity as the initial beneficiary of the Titling Trust), as applicable, be, and each hereby is, further authorized and directed, in the name and on behalf of WOAL LLC and the Titling Trust, to execute and file with the Commission such amendments and supplements to the Registration Statement, including additional registration statements under Rule 462 under the Act (also a "Registration Statement") and all amendments (including post-effective amendments), to make such changes in the Registration Statements and exhibits, to take such other action, including, without limitation, increasing the aggregate amount of Securities to be registered and requesting acceleration of the effectiveness of the Registration Statements, and to execute such other documents as may seem to him or her necessary or advisable to carry out the purposes of these resolutions, with his or her execution thereof to be conclusive evidence of such determination and of his or her authority hereunder; and

\* \* \* \* \*

**BE IT FURTHER RESOLVED**, each officer and director who may be required to execute the Registration Statement or any amendments thereto (whether on behalf of WOAL LLC or of ALF LLC (in its capacity as the initial beneficiary of the Titling Trust), as applicable, or as an officer or director thereof or by attesting the seal of WOAL LLC or ALF LLC or otherwise) be, and hereby is authorized to execute a power of attorney appointing each or any of the Chief Executive Officer, President, Chief Financial Officer or Treasurer of WOAL LLC or ALF LLC, as applicable, as his or her true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities (until revoked in writing) to sign any and all amendments (including post-effectiveness amendments and Rule 462 registration statements) to the Registration Statements and to file the same, with all exhibits thereto

and other documents in connection therewith, with the Commission, granting unto said attorneys-in-fact and agents, and each of them, and every act and thing requisite and necessary fully to all intents and purposes as he or she might or could do in person thereby ratifying and confirming all that said attorneys-in-fact and agents or any of them, or their or his or her substitute or substitutes, may lawfully do or cause to be done by virtue thereof; and

\* \* \* \* \*

## Exhibit 36.1

**EXHIBIT 36.1**

**<u>[FORM OF] CERTIFICATION</u>**

I [identify the certifying individual] certify as of [the date of the final prospectus under 230.424] that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed the prospectus relating to [title of all securities, the offer and sale of which are registered] of World Omni Automobile Lease Securitization Trust 20[ ]-[ ] (the "securities") and am familiar with, in all material respects, the following: the characteristics of the securitized assets underlying the offering (the "securitized assets"), the structure of the securitization, and all material underlying transaction agreements as described in the prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, the prospectus does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the prospectus and other information included in the registration statement of which it is a part fairly present, in all material respects, the characteristics of the securitized assets, the structure of the securitization and the risks of ownership of the securities, including the risks relating to the securitized assets that would affect the cash flows available to service payments or distributions on the securities in accordance with their terms; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Based on my knowledge, taking into account all material aspects of the characteristics of the securitized assets, the structure of the securitization, and the related risks as described in the prospectus, there is a reasonable basis to conclude that the securitization is structured to produce, but is not guaranteed by this certification to produce, expected cash flows at times and in amounts to service scheduled payments of interest and the ultimate repayment of principal on the securities (or other scheduled or required distributions on the securities, however denominated) in accordance with their terms as described in the prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The foregoing certifications are given subject to any and all defenses available to me under the federal securities laws, including any and all defenses available to an executive officer that signed the registration statement of which the prospectus referred to in this certification is part.

Date: [ ], 20[ ]

---

| |
|:---|
| [Signature] |
| [Name] |
| (Chief Executive Officer) of |
| World Omni Auto Leasing LLC |

---

## Exhibit 99.1

**EXHIBIT 99.1**

------

**TRUST AGREEMENT**

**between**

**WORLD OMNI AUTO LEASING LLC,<br> as Depositor, and**

**[●],<br> as Owner Trustee**

**Dated [●], 20[●]**

**TABLE OF CONTENTS**

<u>Page</u>

---

| | | |
|:---|:---|:---|
| ARTICLE I Definitions | ARTICLE I Definitions | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.01 | Capitalized Terms | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.02 | Other Interpretive Provisions | 1 |
| ARTICLE II Organization | ARTICLE II Organization | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.01 | Name | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.02 | Office | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.03 | Purposes and Powers | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.04 | Appointment of Owner Trustee | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.05 | Organizational Expenses | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.06 | Declaration of Trust | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.07 | Organizational Expenses; Liabilities of the Holders | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.08 | Title to Trust Property | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.09 | Situs of Trust | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.10 | Representations and Warranties of the Depositor | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.11 | Financing Statements | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.12 | Amended and Restated Trust Agreement | 5 |
| ARTICLE III Trust Certificates and Transfer of Interests | ARTICLE III Trust Certificates and Transfer of Interests | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.01 | The Trust Certificates | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.02 | Authentication of Trust Certificates | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.03 | Registration of Transfer and Exchange of Trust Certificates | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.04 | Mutilated, Destroyed, Lost or Stolen Trust Certificates | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.05 | Persons Deemed Owners | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.06 | Access to List of Certificateholders' Names and Addresses | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.07 | Maintenance of Office or Agency | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.08 | Appointment of Paying Agent | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.09 | Code Section 385 Restrictions | 11 |
| ARTICLE IV Actions by Owner Trustee | ARTICLE IV Actions by Owner Trustee | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.01 | Prior Notice to Certificateholders with Respect to Certain Matters | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.02 | Action by Certificateholders with Respect to Certain Matters | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.03 | Action by Certificateholders with Respect to Bankruptcy | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.04 | Restrictions on Certificateholders' Power | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.05 | Majority Control | 14 |
| ARTICLE V Application of Trust Funds; Certain Duties | ARTICLE V Application of Trust Funds; Certain Duties | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.01 | Application of Trust Funds | 14 |

---

i

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.02 | Method of Payment | 15.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.03 | No Segregation of Monies; No Interest | 15.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.04 | Accounting and Reports to the Certificateholders, the Internal Revenue Service and Others | 15.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.05 | Signature on Returns | 17.0 |
| ARTICLE VI Authority and Duties of Owner Trustee | ARTICLE VI Authority and Duties of Owner Trustee | 17.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.01 | General Authority | 17.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.02 | General Duties | 17.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.03 | Action upon Instruction | 17.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.04 | No Duties Except as Specified in this Agreement or in Instructions | 18.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.05 | No Action Except Under Specified Documents or Instructions | 19.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.06 | Restrictions | 19.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.07 | Issuance of Notes | 19.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.08 | Doing Business in Other Jurisdictions | 19.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.09 | Communications Regarding Demands to Repurchase Transaction Units | 20.0 |
| ARTICLE VII Concerning the Owner Trustee | ARTICLE VII Concerning the Owner Trustee | 21.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.01 | Acceptance of Trusts and Duties | 21.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.02 | Furnishing of Documents | 24.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.03 | Representations and Warranties of the Owner Trustee | 25.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.04 | Reliance; Advice of Counsel | 25.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.05 | Not Acting in Individual Capacity | 26.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.06 | Owner Trustee Not Liable for Certificates | 27.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.07 | Owner Trustee May Own Trust Certificates and Notes | 27.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.08 | Legal Proceedings | 27.0 |
| ARTICLE VIII Compensation of Owner Trustee | ARTICLE VIII Compensation of Owner Trustee | 28.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.01 | Owner Trustee's Fees and Expenses | 28.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.02 | Indemnification | 28.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.03 | Payments to the Owner Trustee | 28.0 |
| ARTICLE IX Termination of Trust Agreement | ARTICLE IX Termination of Trust Agreement | 29.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.01 | Termination of Trust Agreement | 29.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.02 | Dissolution of the Trust | 30.0 |
| ARTICLE X Successor Owner Trustees and Additional Owner Trustees | ARTICLE X Successor Owner Trustees and Additional Owner Trustees | 30.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.01 | Eligibility Requirements for Owner Trustee | 30.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.02 | Resignation or Removal of Owner Trustee | 30.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.03 | Successor Owner Trustee | 31.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.04 | Merger or Consolidation of the Owner Trustee | 32.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.05 | Appointment of Co-Trustee or Separate Trustee | 32.0 |

---

ii

---

| | | |
|:---|:---|:---|
| ARTICLE XI Miscellaneous | ARTICLE XI Miscellaneous | 34.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.01 | Supplements and Amendments | 34.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.02 | No Legal Title to Trust Estate in Certificateholders | 35.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.03 | Limitations on Rights of Others | 35.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.04 | Notices | 35.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.05 | Severability | 36.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.06 | Separate Counterparts; Electronic Signatures | 36.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.07 | Successors and Assigns | 37.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.08 | No Petition | 37.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.09 | No Recourse | 37.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.10 | Headings | 38.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.11 | GOVERNING LAW | 38.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.12 | Waiver of Jury Trial; Submission to Jurisdiction | 38.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.13 | Information Requests | 39.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.14 | Compliance with Applicable Anti-Terrorism and Anti-Money Laundering Regulations | 39.0 |
| ARTICLE XII COMPLIANCE WITH REGULATION AB | ARTICLE XII COMPLIANCE WITH REGULATION AB | 40.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 12.01 | Intent of the Parties; Reasonableness | 40.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 12.02 | Information to Be Provided by the Owner Trustee | 40.0 |

---

---

| | |
|:---|:---|
| EXHIBIT A | Form of Trust Certificate |
| EXHIBIT B | Form of Certificate of Trust |
| EXHIBIT C | Form of Transferor Certificate |
| EXHIBIT D | Form of Investment Letter |

---

iii

**TRUST AGREEMENT**

This TRUST AGREEMENT is dated [●], 20[●] between WORLD OMNI AUTO LEASING LLC, a Delaware limited liability company, as depositor (the "<u>Depositor</u>"), and [●], as owner trustee (not in its individual capacity, but solely as owner trustee, the "<u>Owner Trustee</u>").

**ARTICLE I**

**Definitions**

SECTION 1.01 <u>Capitalized Terms</u>. Unless otherwise indicated, capitalized terms used in this Agreement are defined in <u>Appendix A</u> to the Indenture, dated as of the date hereof (as the same may be amended, modified or supplemented from time to time, the "<u>Indenture</u>"), among the Trust, [●], as indenture trustee (the "<u>Indenture Trustee</u>"), and [●], as Account Bank, or, if not defined therein, in Appendix A to the Collateral Agency Agreement. All references herein to "<u>the Agreement</u>" or "<u>this Agreement</u>" are to this Trust Agreement as it may be amended and supplemented from time to time, the Exhibits hereto and the capitalized terms used herein which are defined in <u>Appendix A</u> to the Indenture or Collateral Agency Agreement, as applicable, and all references herein to Articles, Sections and subsections are to Articles, Sections and subsections of this Agreement unless otherwise specified.

SECTION 1.02 <u>Other Interpretive Provisions</u>. All terms defined in this Agreement shall have the defined meanings when used in any certificate or other document delivered pursuant hereto unless otherwise defined therein. For purposes of this Agreement and all such certificates and other documents, unless the context otherwise requires: (a) accounting terms not otherwise defined in this Agreement, and accounting terms partly defined in this Agreement to the extent not defined, shall have the respective meanings given to them under generally accepted accounting principles; (b) terms defined in Article 9 of the UCC as in effect in the State of Delaware and not otherwise defined in this Agreement are used as defined in that Article; (c) the words "hereof," "herein" and "hereunder" and words of similar import refer to this Agreement as a whole and not to any particular provision of this Agreement; (d) references to any Article, Section, Schedule or Exhibit are references to Articles, Sections, Schedules and Exhibits in or to this Agreement, and references to any paragraph, subsection, clause or other subdivision within any Section or definition refer to such paragraph, subsection, clause or other subdivision of such Section or definition; (e) the term "including" means "including without limitation"; (f) references to any law or regulation refer to that law or regulation as amended from time to time and include any successor law or regulation; (g) references to any Person include that Person's successors and assigns; and (h) headings are for purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision hereof.

**ARTICLE II**

**<u>Organization</u>**

SECTION 2.01 <u>Name</u>. The Trust shall be known as "World Omni Automobile Lease Securitization Trust 20[●]-[●]" (the "<u>Trust</u>"), in which name the Owner Trustee may conduct the business of the Trust, make and execute contracts and other instruments on behalf of the Trust and sue and be sued.

SECTION 2.02 <u>Office</u>. The office of the Trust shall be in care of the Owner Trustee at the Corporate Trust Office or at such other address as the Owner Trustee may designate by written notice to the Certificateholders and the Depositor.

SECTION 2.03 <u>Purposes and Powers</u>. (a) The purpose of the Trust is to enter into contracts with others or delegate herein the right to perform the following activities and the Trust shall have the power and authority, and the Owner Trustee in the name and on behalf of the Trust is hereby authorized and empowered without further trust action:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to execute, issue, deliver and cause to be authenticated the Notes pursuant to the Indenture and the Certificates pursuant to this Agreement and to transfer the Notes and the Trust Certificates to the Depositor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with the proceeds of the sale of the Notes, to purchase the Exchange Notes, to make deposits into and withdrawals from the [Risk Retention] Reserve Account, and to pay the organizational, start-up and transactional expenses of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to assign, grant, transfer, pledge, mortgage and convey the Trust Estate pursuant to the Indenture (including the filing of financing statements in connection therewith) and to hold, manage and distribute to the Certificateholders any portion of the Trust Estate released from the Lien of, and remitted to the Trust pursuant to, the Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to enter into, execute, deliver and perform, or cause to be performed, its obligations under the Transaction Documents [and Interest Rate Swap Agreements] to which it is to be a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) subject to the Transaction Documents, to enter into such other agreements to engage others as may be required in connection with conservation of the Trust Estate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to enter into agreements with others to carry out those activities, including entering into agreements and executing and delivering documents and instruments, that are necessary, suitable or convenient to accomplish the foregoing or are incidental thereto or connected therewith,

including entering into interest rate swaps and caps and other derivative instruments.

The Trust is hereby authorized to engage in the foregoing activities. The Trust shall not engage in any activity other than in connection with the foregoing or other than as required or authorized by the terms of this Agreement or the Transaction Documents.

SECTION 2.04 <u>Appointment of Owner Trustee</u>. The Depositor hereby appoints the Owner Trustee as trustee of the Trust effective as of the date hereof, to have all the rights, powers and duties set forth herein and under the Statutory Trust Act.

SECTION 2.05 <u>Organizational Expenses</u>. The Depositor shall pay organizational expenses of the Trust as they may arise or shall, upon the request of the Owner Trustee, promptly reimburse the Owner Trustee for any such expenses paid by the Owner Trustee.

SECTION 2.06 <u>Declaration of Trust</u>. The Owner Trustee hereby declares that it will hold the Trust Estate in trust upon and subject to the conditions set forth herein for the use and benefit of the Certificateholders, subject to the obligations of the Trust under the Transaction Documents. It is the intention of the parties hereto that the Trust constitute a statutory trust under the Statutory Trust Act and that this Agreement constitute the governing instrument of such statutory trust. The Trust is not intended to be a business trust within the meaning of Section 101(9)(A)(v) of the Bankruptcy Code. It is also the intention of the parties hereto (other than the Owner Trustee, and the Owner Trustee acknowledges such intention) that, solely for U.S. federal, state and local income and franchise tax purposes, on and after the Closing Date, (a) so long as the Trust has only one Certificateholder, the Trust shall be disregarded as a separate entity and (b) at such time as the Trust has more than one Certificateholder, the Trust will be treated as a partnership, with the assets of the partnership being the Exchange Note and other assets held by the Trust, the partners of the partnership being the Certificateholders, and the Notes being non-recourse debt of the partnership. The Depositor (and any future Certificateholder by the purchase of a Trust Certificate will be deemed to have agreed) agrees to take all actions consistent with such tax treatment, and the Depositor (and any future Certificateholder by the purchase of a Trust Certificate will be deemed to have agreed) and the Owner Trustee agree to take no action inconsistent with such tax treatment. Without limiting the generality of the foregoing, the Trust shall not elect to be treated as an association under Treasury Regulations Section 301.7701-3(a), and the parties agree that, unless otherwise required by appropriate tax authorities, the sole Certificateholder or the Trust, as applicable, will file or cause to be filed annual or other necessary returns, reports and other forms consistent with the foregoing characterization of the Trust for such tax purposes. Effective as of the date hereof, the Owner Trustee shall have all rights, powers, authority and duties set forth herein and in the Statutory Trust Act with respect to accomplishing the purposes of the Trust. Any action taken on behalf of the Trust prior to the date hereof with respect to the filing of financing statements, the Certificate of Trust of the Trust, or a qualification to do business in the States of Alabama and Delaware is hereby ratified.

SECTION 2.07 <u>Organizational Expenses; Liabilities of the Holders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Administrator shall pay organizational expenses of the Issuing Entity as they may arise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Certificateholder, other than to the extent set forth in paragraph (a), shall have any personal liability for any liability or obligation of the Trust.

SECTION 2.08 <u>Title to Trust Property</u>. Legal title to all the Trust Estate shall be vested at all times in the Trust as a separate legal entity except where applicable law in any jurisdiction requires title to any part of the Trust Estate to be vested in a trustee or trustees, in which case title shall be deemed to be vested in the Owner Trustee, a co-trustee and/or a separate trustee, as the case may be.

SECTION 2.09 <u>Situs of Trust</u>. The Trust will be located in the State of Delaware and administered in the State of [Delaware][Illinois]. All bank accounts maintained on behalf of the Trust shall be located in the State[s] of Delaware [, Illinois, New York or Minnesota,] or such other States as directed by the Depositor. The Trust shall not have any employees in any state other than Delaware; <u>provided</u>, <u>however</u>, that nothing herein shall restrict or prohibit the Owner Trustee from having employees within or without the State of Delaware. Payments will be received by the Trust only in Delaware [, Illinois, New York or Minnesota,] or such other States as directed by the Depositor, and payments will be made by the Trust only from Delaware [or New York,] or such other States as directed by the Depositor. The only office of the Trust shall be the principal corporate trust office of the Owner Trustee located at its Corporate Trust Office.

SECTION 2.10 <u>Representations and Warranties of the Depositor</u>. The Depositor hereby represents and warrants to the Owner Trustee that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Depositor is duly organized and validly existing as a limited liability company in good standing under the laws of the State of Delaware, with power and authority to own its properties and to conduct its business as such properties are currently owned and such business is presently conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Depositor is duly qualified to do business as a foreign limited liability company in good standing, and has obtained all necessary material licenses and approvals, in all jurisdictions in which the ownership or lease of property or the conduct of its business shall require such qualifications, except where the failure to be so qualified or to have obtained such licenses or approvals would not have a material adverse effect on the Depositor's earnings, business affairs or business prospects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Depositor has the power and authority to execute and deliver this Agreement and to carry out its terms; the Depositor has full power and authority to sell and assign the property to be sold and assigned to and deposited with the Trust and the Depositor has duly authorized such sale and assignment and deposit to the Trust by all necessary action; and

the execution, delivery and performance of this Agreement have been duly authorized by the Depositor by all necessary action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The consummation of the transactions contemplated by this Agreement and the fulfillment of the terms hereof, do 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) a default under, the limited liability company agreement or bylaws of the Depositor; (ii) breach, conflict with or violate any of the material terms or provisions of, or constitute (with or without notice or lapse of time) a default under, any indenture, agreement or other instrument to which the Depositor is a party or by which it is bound; (iii) result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement or other instrument (other than pursuant to the Transaction Documents); or (iv) violate any law or, to the best of the Depositor's knowledge, any order, rule or regulation applicable to the Depositor of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Depositor or its properties, except, in the case of clauses (ii), (iii) and (iv), for such breaches, defaults, conflicts, liens or violations that would not have a material adverse effect on the Depositor's earnings, business affairs or business prospects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To the Depositor's best knowledge, there are no proceedings or investigations pending or threatened before any court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Depositor or its properties: (i) asserting the invalidity of this Agreement or any of the other Transaction Documents, (ii) seeking to prevent the issuance of the Trust Certificates or the consummation of any of the transactions contemplated by this Agreement or any of the other Transaction Documents, (iii) seeking any determination or ruling that could reasonably be expected to materially and adversely affect the performance by the Depositor of its obligations under, or the validity or enforceability of, this Agreement or any of the other Transaction Documents or (iv) involving the Depositor and which reasonably might be expected to materially and adversely affect the U.S. federal income tax or other U.S. federal, state or local tax attributes of the Trust Certificates.

SECTION 2.11 <u>Financing Statements</u>. The Trust hereby authorizes the filing of financing statements in connection with the grant of a security interest to the Indenture Trustee pursuant to the granting clause of the Indenture. In addition, the Trust hereby ratifies any such financing statements filed prior to the date hereof.

SECTION 2.12 <u>Amended and Restated Trust Agreement</u>. This Trust Agreement is the amended and restated trust agreement contemplated by the Trust Agreement, dated as of [●], 20[●] (the "<u>Initial Trust Agreement</u>"), between the Depositor and the Owner Trustee. This Trust Agreement amends and restates in its entirety the Initial Trust Agreement.

ARTICLE III

**Trust Certificates and Transfer of Interests**

SECTION 3.01 <u>The Trust Certificates</u>. The trust certificates (each evidencing the beneficial interest of the Certificateholder in the Issuing Entity and substantially in the form of Exhibit A hereto, a "<u>Trust Certificate</u>") shall in the aggregate represent a 100% Percentage Interest in the Trust. On the date hereof, the Depositor or its designee shall be the sole Certificateholder of each of the Trust Certificates and each of the Trust Certificates shall be registered, upon initial issuance, in the name of the Depositor or its designee. The Trust Certificates shall be executed on behalf of the Trust by manual or facsimile signature of an Authorized Officer of the Owner Trustee. Trust Certificates bearing the manual or facsimile signatures of individuals who were, at the time when such signatures shall have been affixed, authorized to sign on behalf of the Owner Trustee, shall be validly issued and entitled to the benefit of this Agreement, notwithstanding that such individuals or any of them shall have ceased to be so authorized prior to the authentication and delivery of such Trust Certificates or did not hold such offices at the date of authentication and delivery of such Trust Certificates.

A transferee of a Trust Certificate shall become a Certificateholder and shall be entitled to the rights and subject to the obligations of a Certificateholder hereunder upon such transferee's acceptance of a Trust Certificate duly registered in such transferee's name pursuant to <u>Section 3.03</u>.

SECTION 3.02 <u>Authentication of Trust Certificates</u>. On the Closing Date, the Owner Trustee shall cause the Trust Certificates to be executed on behalf of the Trust, authenticated and delivered to or upon the written order of the Depositor signed by the Depositor's president, any vice president, secretary, treasurer or any assistant treasurer, without further company action by the Depositor. No Trust Certificate shall entitle a Certificateholder to any benefit under this Agreement or be valid for any purpose unless there shall appear on such Trust Certificate a certificate of authentication substantially in the form set forth in <u>Exhibit A</u>, executed by the Owner Trustee or the Certificate Registrar, by manual signature; such authentication shall constitute conclusive evidence that such Trust Certificate shall have been duly authenticated and delivered hereunder. All Trust Certificates shall be dated the date of their authentication.

SECTION 3.03 <u>Registration of Transfer and Exchange of Trust Certificates</u>. The certificate registrar (the "<u>Certificate Registrar</u>") shall keep or cause to be kept, at the office or agency maintained pursuant to <u>Section 3.07</u>, a certificate register (the "<u>Certificate Register</u>") in which, subject to such reasonable regulations as it may prescribe, the Owner Trustee shall provide for the registration of Trust Certificates and of transfers and exchanges of Trust Certificates as herein provided. [The Owner Trustee shall be the initial Certificate Registrar].

The Trust Certificates have not been and will not be registered under the Securities Act and will not be listed on any exchange. No transfer of a Trust Certificate shall be made unless such transfer is made pursuant to an effective registration statement under the Securities Act and any applicable state securities laws or is exempt from the registration requirements under the Securities Act and such state securities laws. In the event that a transfer

is to be made in reliance upon an exemption from the Securities Act and state securities laws, in order to assure compliance with the Securities Act and such laws, the Certificateholder desiring to effect such transfer and such Holder's prospective transferee shall each certify to the Owner Trustee, the Certificate Registrar and the Depositor in writing the facts surrounding the transfer in substantially the forms set forth in <u>Exhibit C</u> (the "<u>Transferor Certificate</u>") and <u>Exhibit D</u> (the "<u>Investment Letter</u>"). Except in the case of a transfer as to which the proposed transferee has provided an Investment Letter with respect to a Rule 144A transaction, there shall also be delivered to the Owner Trustee, the Certificate Registrar and the Depositor an opinion of counsel that such transfer may be made pursuant to an exemption from the Securities Act and state securities laws, which opinion of counsel shall not be an expense of the Trust, the Owner Trustee, the Certificate Registrar or the Indenture Trustee (unless it is the transferee from whom such opinion is to be obtained) or of the Depositor or World Omni; <u>provided</u> that such opinion of counsel in respect of the applicable state securities laws may be a memorandum of law rather than an opinion if such counsel is not licensed in the applicable jurisdiction. The Depositor shall provide to any Certificateholder and any prospective transferee designated by any such Certificateholder information regarding the Certificates and the Transaction Units and such other information as shall be necessary to satisfy the condition to eligibility set forth in Rule 144A(d)(4) for transfer of any such Certificate without registration thereof under the Securities Act pursuant to the registration exemption provided by Rule 144A. Each Certificateholder desiring to effect such a transfer shall, and does hereby agree to, indemnify the Issuing Entity, the Owner Trustee and the Certificate Registrar, the Indenture Trustee, the Depositor and World Omni (in any capacity) against any liability that may result if the transfer is not so exempt or is not made in accordance with federal and state securities laws.

No transfer of a Trust Certificate shall be made to any Person unless the Certificate Registrar has received a certificate in the form of paragraph 3 to the Investment Letter attached hereto as <u>Exhibit D</u> from such Person to the effect that such Person is not acquiring and will not hold the Trust Certificate (or any interest therein) with the assets of (i) an "employee benefit plan" as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended ("<u>ERISA</u>") that is subject to Title I of ERISA, (ii) a "plan" as defined in Section 4975(e)(1) of the Code that is subject to Section 4975 of the Code, (iii) any entity or account deemed to hold "plan assets" of the foregoing or (iv) any governmental, non-U.S., or church plan or any other employee benefit plan or arrangement that is subject to any federal, state, local or other law that is substantially similar to Title I of ERISA or Section 4975 of the Code. The preparation and delivery of the certificate referred to above with respect to a proposed transfer shall not be an expense of the Issuing Entity, the Owner Trustee, the Certificate Registrar, the Indenture Trustee, World Omni (in any capacity) or the Depositor. Any attempted or purported transfer in violation of these transfer restrictions will be null and void and will vest no rights in any purported transferee.

No transfer of a Trust Certificate shall be made to any Person unless (i) the Certificate Registrar, the Owner Trustee and the Depositor have received an opinion of independent counsel that such action will not cause the Trust to be treated as an association (or publicly traded partnership), in either case, taxable as a corporation for U.S. federal income tax purposes, (ii) such transferee or assignee agrees to take positions for tax purposes consistent with the tax positions agreed to be taken by the Certificateholder, (iii) such Person is a "United States person" (within the meaning of Section 7701(a)(30) of the Code) and has delivered to the Certificate Registrar a valid and duly executed certificate to that effect and (iv) the Certificate Registrar, the Owner Trustee and the Depositor have received on or prior to the date such person becomes a Certificateholder under this Agreement (and from time to time thereafter upon the reasonable request of the Certificate Registrar, the Owner Trustee or the Depositor), valid and duly

executed originals of Internal Revenue Service Form W-9 certifying that such Certificateholder is exempt from U.S. federal backup withholding tax. For the avoidance of doubt, any transfer of a Trust Certificate by a Certificateholder other than the initial Certificateholder must comply with the forgoing provision. No Trust Certificate (other than the Trust Certificates issued to and held by the Depositor or its Affiliates) may be subdivided upon transfer or exchange in a manner such that any resulting Trust Certificate(s) or beneficial ownership of a Trust Certificate held through a party considered a nominee for U.S. federal income tax purposes represent(s) less than a [2.00]% fractional undivided interest in the Trust (or such other amount as the Depositor may determine in its sole discretion in order to prevent the Trust from being treated as a "publicly traded partnership" under Section 7704 of the Code, but in no event less than a [1.00]% fractional undivided interest in the Trust).

The Certificate Registrar shall cause each Certificate to contain a legend stating that transfer of the Certificates is subject to certain restrictions and referring prospective purchasers of the Certificates to the terms of this Agreement with respect to such restrictions.

Upon surrender for registration of transfer of any Trust Certificate at the office or agency maintained pursuant to <u>Section 3.07</u>, the Owner Trustee shall execute, on behalf of the Trust, and the Owner Trustee or the Certificate Registrar shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Trust Certificates in authorized denominations of a like aggregate amount dated the date of authentication by the Owner Trustee or the Certificate Registrar. At the option of a Certificateholder, Trust Certificates may be exchanged for other Trust Certificates of authorized denominations of a like aggregate amount upon surrender of the Trust Certificates to be exchanged at the office or agency maintained pursuant to <u>Section 3.07</u>. No Certificate (other than the Certificates issued to and held by the Depositor or its Affiliates) may be subdivided upon transfer or exchange in a manner such that the resulting Certificate represents less than [2.00]% fractional undivided interest in the Trust (or such other amount as the Depositor may determine in order to prevent the Trust from being treated as a "publicly traded partnership" under Section 7704 of the Code, but in no event less than a [1.00]% fractional undivided interest in the Trust).

Every Trust Certificate presented or surrendered for registration of transfer or exchange shall be accompanied by a written instrument of transfer in form satisfactory to the Owner Trustee and the Certificate Registrar duly executed by the Certificateholder or such Certificateholder's attorney duly authorized in writing. Each Trust Certificate surrendered for registration of transfer or exchange shall be cancelled and subsequently disposed of by the Certificate Registrar in accordance with its customary practice.

No service charge shall be made for any registration of transfer or exchange of Trust Certificates, but the Owner Trustee or the Certificate Registrar may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer or exchange of Trust Certificates.

The preceding provisions of this Section notwithstanding, the Owner Trustee shall not make, and the Certificate Registrar shall not register transfers or exchanges of, Trust Certificates for a period of [15] days preceding the due date for any payment with respect to the Trust Certificates.

Notwithstanding any other provision herein or elsewhere, other than to determine that any Transferor Certificate, Investment Letter, opinion of counsel, certificate, written instrument of transfer or other document or instrument delivered to the Certificate Registrar or Owner Trustee pursuant to this <u>Section 3.03</u> substantially complies on its face with the requirements set forth in this <u>Section 3.03</u> and subject to <u>Section 7.01</u>, neither the Owner Trustee nor the Certificate Registrar shall have any obligation to determine whether or not any transfer or exchange or proposed or purported transfer of a Certificate complies with applicable law or is permitted under or in accordance with this Agreement, and neither the Owner Trustee nor the Certificate Registrar shall have any personal liability to any Person in connection with any transfer or exchange or proposed or purported transfer or exchange (and/or registration thereof) that is not permitted under or in accordance with this Agreement.

During the period described in 17 CFR Part 246.12(f)(1), no Certificateholder may sell, transfer, assign, participate, pledge or otherwise dispose of any Certificate until the expiration of such period; <u>provided</u>, that, during such period, such Certificateholder may sell, transfer, assign, participate, pledge or otherwise dispose of any Certificate to World Omni or any "majority-owned affiliate" (as such term is defined in the Credit Risk Retention Rules) of World Omni in accordance with the restrictions contained in the Credit Risk Retention Rules. Any purported transfer of a Certificate not in accordance with this paragraph of <u>Section 3.03</u> shall be null and void and shall not be given effect for any purpose whatsoever. In no event shall the Owner Trustee, the Paying Agent or the Certificate Registrar have any responsibility to monitor compliance with or be charged with knowledge of the Credit Risk Retention Rules, nor shall either of them be liable to any investor, Holder, party or any other Person whatsoever for violation of such rules or requirements or such similar provisions now or hereafter in effect.

SECTION 3.04 <u>Mutilated, Destroyed, Lost or Stolen Trust Certificates</u>. If (a) any mutilated Trust Certificate shall be surrendered to the Certificate Registrar, or if the Certificate Registrar shall receive evidence to its satisfaction of the destruction, loss or theft of any Trust Certificate and (b) there shall be delivered to the Certificate Registrar and the Owner Trustee such security or indemnity as may be required by them to save each of them harmless, then in the absence of notice that such Trust Certificate has been acquired by a protected purchaser, the Owner Trustee on behalf of the Trust shall execute and the Owner Trustee or the Certificate Registrar shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Trust Certificate, a new Trust Certificate of like tenor and

denomination. In connection with the issuance of any new Trust Certificate under this Section, the Owner Trustee or the Certificate Registrar may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. Any duplicate Trust Certificate issued pursuant to this Section shall constitute conclusive evidence of ownership in the Trust, as if originally issued, whether or not the lost, stolen or destroyed Trust Certificate shall be found at any time.

SECTION 3.05 <u>Persons Deemed Owners</u>. Prior to due presentation of a Trust Certificate for registration of transfer, the Owner Trustee, the Certificate Registrar or any Paying Agent may treat the Person in whose name any Trust Certificate is registered in the Certificate Register as the owner of such Trust Certificate for the purpose of receiving distributions pursuant to <u>Section 5.02</u> and for all other purposes whatsoever, and none of the Owner Trustee, the Certificate Registrar or any Paying Agent shall be bound by any notice to the contrary.

SECTION 3.06 <u>Access to List of Certificateholders' Names and Addresses</u>. The Certificate Registrar shall furnish or cause to be furnished to the Servicer and the Depositor, within 15 days after receipt by the Certificate Registrar of a written request therefor from the Servicer or the Depositor, a list, in such form as the Servicer or the Depositor may reasonably require, of the names and addresses of the Certificateholders as of the most recent Record Date. If three or more Certificateholders or one or more Certificateholders of Trust Certificates evidencing not less than a 25% Percentage Interest of the Certificates apply in writing to the Certificate Registrar, and such application states that the applicants desire to communicate with other Certificateholders with respect to their rights under this Agreement or under the Trust Certificates and such application is accompanied by a copy of the communication that such applicants propose to transmit, then the Certificate Registrar shall, within five Business Days after the receipt of such application, afford such applicants access during normal business hours to the current list of Certificateholders. Each Certificateholder, by receiving and holding a Trust Certificate, shall be deemed to have agreed not to hold any of the Depositor, the Certificate Registrar or the Owner Trustee accountable by reason of the disclosure of its name and address, regardless of the source from which such information was derived.

SECTION 3.07 <u>Maintenance of Office or Agency</u>. The Certificate Registrar shall maintain an office or offices or agency or agencies where Trust Certificates may be surrendered to the Certificate Registrar for registration of transfer or exchange and where notices and demands to or upon the Certificate Registrar in respect of the Trust Certificates may be served. The Certificate Registrar initially designates the Corporate Trust Office of the Owner Trustee for such purposes. The Owner Trustee shall maintain an office or offices or agency or agencies where notices and demands to or upon the Owner Trustee in respect of the Transaction Documents may be served. The Owner Trustee initially designates its Corporate Trust Office as its office for such purposes. The Certificate Registrar or the Owner Trustee shall give prompt written notice to the Depositor and to the Certificateholders of any change in the location of the Certificate Register or any such office or agency.

SECTION 3.08 <u>Appointment of Paying Agent</u>. The Paying Agent shall make distributions to Certificateholders pursuant to <u>Section 5.02</u> and shall report the amounts of such distributions to the Owner Trustee. Any Paying Agent shall have the revocable power to withdraw funds from the Trust Collection Account for the purpose of making the distributions referred to above. The Owner Trustee may revoke such power and remove the Paying Agent if the Owner Trustee determines in its sole discretion that the Paying Agent shall have failed to perform its obligations under this Agreement in any material respect. The Indenture Trustee will be the initial Paying Agent. In the event that the Indenture Trustee shall no longer be the Paying Agent, then the Depositor shall appoint a successor to act as Paying Agent (which shall be a bank or trust company). The Depositor shall cause such successor Paying Agent or any additional Paying Agent appointed by the Depositor to execute and deliver to the Owner Trustee an instrument in which such successor Paying Agent or additional Paying Agent shall agree with the Owner Trustee that, as Paying Agent, such successor Paying Agent or additional Paying Agent will hold all sums, if any, held by it for payment to the Certificateholders in trust for the benefit of the Certificateholders entitled thereto until such sums shall be paid to such Certificateholders. The Paying Agent shall return all unclaimed funds to the Owner Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Owner Trustee. Any reference in this Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise.

SECTION 3.09 <u>Code Section 385 Restrictions</u>. Unless the Trust has received an Opinion of Counsel that the restriction on the proposed acquisition of the Certificate (or interest therein) described by this paragraph is no longer necessary to conclude that any such acquisition (and subsequent resale of the applicable Notes described below) will not cause the Treasury Regulations under Section 385 of the Code to apply to the applicable Notes described below in a manner that could cause an adverse effect on the Trust (including for the applicable Notes to be treated as equity for U.S. federal income tax purposes) or the Trust to be treated as an association (or a publicly traded partnership), in either case, taxable as a corporation, (A) a Section 385 Certificateholder cannot acquire a Certificate (or interest therein) if (i) a member of any "expanded group" (as defined in Treasury Regulation Section 1.385-1(c)(4)) that includes the Section 385 Certificateholder owns any Notes (other than Retained Notes) or (ii) a Section 385 Controlled Partnership of such expanded group owns any Notes (other than Retained Notes) and (B) a Section 385 Certificateholder cannot hold the Certificate (or interest therein) if (i) a member of any "expanded group" (as defined in Treasury Regulation Section 1.385-1(c)(4)) that includes the Section 385 Certificateholder acquires any Notes (other than Retained Notes) from the Trust, any Affiliate, or through the marketplace or (ii) a Section 385 Controlled Partnership of such expanded group acquires any Notes (other than Retained Notes) from the Trust, any Affiliate, or through the marketplace. The preceding sentence shall not apply if the holder or potential holder of the applicable Notes is (y) a U.S. corporate member of the same U.S. corporate affiliated group (as defined in Section 1504 of the Code) filing a consolidated federal income tax return that includes each of any applicable related Section 385 Certificateholders (including in the case of a partnership, the relevant "expanded group partner" (as defined in Treasury Regulation Section 1.385-3(g)(12))) or (z) a partnership all the partners of which are either such U.S. corporate members as described in clause (y) or partnerships all of the partners

of which are such U.S. corporate members as described in clause (y). If a Certificateholder fails to comply with the requirements of this paragraph, the Administrator is authorized, in the Administrator's discretion, to compel such Certificateholder to sell its Certificate (or interest therein) to a Person whose acquisition or holding thereof does not result in a failure to comply with this paragraph. In no event shall the Owner Trustee or Certificate Registrar be held liable for any default or nonperformance by the Administrator, and neither the Owner Trustee nor the Certificate Registrar shall have any responsibility to monitor compliance with or be charged with knowledge of the foregoing restrictions, nor shall either of them be liable to any investor, Holder, party or any other Person whatsoever for violation of such restrictions.

For the purposes of this section, "Section 385 Certificateholder" means a holder of a Certificate (or interest therein), including such person who would become a Section 385 Certificateholder upon the transfer of a Certificate (or interest therein) to such person, that is (1) an entity (foreign or domestic) that is treated as a corporation for U.S. federal income tax purposes, (2) an entity (foreign or domestic) that (i) is treated as a partnership for U.S. federal income tax purposes and 80 percent or more of its ownership interests are controlled, directly or indirectly, by an "expanded group," within the meaning of Treasury Regulation Section 1.385-1(c)(4) and (ii) has an expanded group partner (as defined in Treasury Regulation Section 1.385-3(g)(12)) that is an entity (foreign or domestic) that is treated as a corporation for U.S. federal income tax purposes or (3) a disregarded entity or grantor trust of an entity described in clause (1) or (2). For purposes of this section, "Section 385 Controlled Partnership" has the meaning set forth in Treasury Regulation Section 1.385-1(c)(1) for a "controlled partnership."

**ARTICLE IV**

**<u>Actions by Owner Trustee</u>**

SECTION 4.01 <u>Prior Notice to Certificateholders with Respect to Certain Matters</u>. With respect to the following matters, the Owner Trustee shall not take action unless, at least 30 days before the taking of such action, the Owner Trustee shall have notified the Certificateholders in writing of the proposed action and the Certificateholders prior to the 30th day after such notice is given shall not have notified the Owner Trustee in writing that such Certificateholders have withheld consent or provided alternative direction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the election by the Trust to file an amendment to the Certificate of Trust, a form of which is attached hereto as <u>Exhibit B</u> (unless such amendment is required to be filed under the Statutory Trust Act);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the amendment of the Indenture by a supplemental indenture in circumstances where the consent of any Noteholder is required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the amendment of the Indenture by a supplemental indenture in circumstances where the consent of any Noteholder is not required and such amendment would materially adversely affect the interests of the Certificateholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the amendment, change or modification of the Administration Agreement, except to cure any ambiguity or to amend or supplement any provision in a manner or add any provision that would not materially adversely affect the interests of the Certificateholders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the appointment pursuant to the Indenture of a successor Note Registrar, Paying Agent or Indenture Trustee or pursuant to this Agreement of a successor Certificate Registrar, or the consent to the assignment by the Note Registrar, Paying Agent or Indenture Trustee or Certificate Registrar of its obligations under the Indenture or this Agreement, as applicable.

SECTION 4.02 <u>Action by Certificateholders with Respect to Certain Matters</u>. The Owner Trustee shall not have the power, except upon the written direction of the Certificateholders, to (a) remove the Administrator under the Administration Agreement pursuant to <u>Section 8</u> thereof, (b) appoint a successor Administrator under the Administration Agreement pursuant to <u>Section 8</u> thereof, or (c) remove the Servicer under the Exchange Note Servicing Supplement pursuant to <u>Section 14.1</u>. The Owner Trustee shall take the actions referred to in the preceding sentence only upon written instructions signed by the Certificateholders.

SECTION 4.03 <u>Action by Certificateholders with Respect to Bankruptcy</u>. To the fullest extent permitted by applicable law, the Owner Trustee shall not have any power to, and shall not, (i) institute proceedings to have the Trust declared or adjudicated bankrupt or insolvent, (ii) consent to the institution of bankruptcy or insolvency proceedings against the Trust, (iii) file a petition or consent to a petition seeking reorganization or relief on behalf of the Trust under any applicable federal or state law relating to bankruptcy, (iv) consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or any similar official) of the Trust or a substantial portion of the assets of the Trust, (v) make any assignment for the benefit of the Trust's creditors, (vi) cause the Trust to admit in writing its inability to pay its debts generally as they become due, or (vii) take any action, or cause the Trust to take any action, in furtherance of any of the foregoing (any of the above, a "<u>Bankruptcy Action</u>"). To the fullest extent permitted by applicable law, so long as the Indenture remains in effect, no Certificateholder shall have the power to take, and shall not take, any Bankruptcy Action with respect to the Trust or direct the Owner Trustee to take any Bankruptcy Action with respect to the Trust; provided that nothing herein shall prevent the Owner Trustee from filing a proof of claim in any such proceeding.

SECTION 4.04 <u>Restrictions on Certificateholders' Power</u>. The Certificateholders shall not direct the Owner Trustee to take or to refrain from taking any action if such action or inaction would be contrary to any obligation of the Trust or the Owner Trustee under this Agreement or any of the Transaction Documents or would be contrary to <u>Section 2.03</u> or contrary to applicable law, nor shall the Owner Trustee be obligated to follow any such direction, if given.

SECTION 4.05 <u>Majority Control</u>. To the extent that there is more than one Certificateholder, except as expressly provided herein, any action that may be taken by the Certificateholders under this Agreement may be taken by the Certificateholders of Trust Certificates evidencing in the aggregate greater than a 50% Percentage Interest. Except as expressly provided herein, any written notice of the Certificateholders delivered pursuant to this Agreement shall be effective if signed by Certificateholders of Trust Certificates evidencing in the aggregate greater than a 50% Percentage Interest at the time of the delivery of such notice.

**ARTICLE V**

**Application of Trust Funds; Certain Duties**

SECTION 5.01 <u>Application of Trust Funds.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Distributions on the Certificates shall be made by the Paying Agent in accordance with the provisions of the Indenture. Subject to the lien of the Indenture, the Paying Agent shall promptly distribute to the Certificateholder all other amounts (if any) received by the Trust or the Paying Agent in respect of the Trust Estate. After the Indenture has been discharged with respect to the Collateral, the Paying Agent shall distribute the amounts received (if any) by the Trust and the Paying Agent in respect of the Trust Estate at the direction of the Certificateholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Certificateholders of 100% Percentage Interest of the Certificates will have the right, but not the obligation, in their sole discretion, to instruct the Indenture Trustee in writing to retain in the Trust Collection Account all or a portion of distributions otherwise payable to them pursuant to <u>Section 8.5(a),</u> or <u>Section 8.5(c)</u> of the Indenture. If the Certificateholders make this election, these amounts will be treated as collections during the then-current Collection Period and the Certificateholders will have no claim to such amounts (unless distributed on a subsequent Payment Date pursuant to <u>Section 8.5</u> of the Indenture).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) On each Payment Date, the Paying Agent shall make available (including, but not limited to, posting on the Paying Agent's website at [●]) the Servicer Certificate prepared by the Servicer pursuant to <u>Section 8.3</u> of the Indenture to each Person that was a Certificateholder as of the close of business on the related Record Date. Certificate Owners may obtain copies of such reports upon a request in writing to the Paying Agent at the Corporate Trust Office of the Indenture Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If any withholding tax is imposed on distributions of the Trust Estate (or allocations of income) to a Certificateholder, such tax shall reduce the amount otherwise distributable to the Certificateholder in accordance with this <u>Section 5.01</u>. The Paying Agent is hereby authorized and directed to retain from amounts otherwise distributable to each Certificateholder sufficient funds for the payment of any withholding tax that is legally owed by the Trust in respect of any distribution (but such authorization shall not prevent the Owner

Trustee from contesting any such tax in appropriate proceedings and withholding payment of such tax, if permitted by law, pending the outcome of such proceedings). The amount of any withholding tax imposed with respect to a Certificateholder shall be treated as cash distributed to such Certificateholder at the time it is withheld by the Trust and remitted to the appropriate taxing authority. If there is a reasonable possibility that withholding tax is payable under applicable law with respect to a distribution (such as a distribution to a Certificateholder that is not a "United States person" (within the meaning of Section 7701(a)(30) of the Code)), the Paying Agent or the Owner Trustee, as the case may be, may in its good faith reasonable discretion withhold such amounts in accordance with this <u>Section 5.01(d)</u>. If a Certificateholder wishes to apply for a refund of any such withholding tax, the Owner Trustee and the Paying Agent shall reasonably cooperate with such Certificateholder in making such claim so long as such Certificateholder agrees to reimburse the Trust, the Owner Trustee and the Paying Agent for any out-of-pocket expenses incurred. The Depositor, as initial Certificateholder, agrees to provide to the Paying Agent (and from time to time thereafter, so long as it is a Certificateholder, upon the reasonable request of the Paying Agent), valid and duly executed originals of Internal Revenue Service Form W-9 certifying that the Depositor is exempt from U.S. federal backup withholding tax.

SECTION 5.02 <u>Method of Payment</u>. Subject to <u>Section 9.01(c)</u> and the Indenture, distributions required to be made to Certificateholders on any Payment Date and all amounts received by the Trust or the Owner Trustee on any other date that are payable to the Certificateholder pursuant to this Agreement or any other Transaction Document to which the Trust is a party, shall be made to each Certificateholder of record on the preceding Record Date either (x) by wire transfer, in immediately available funds, to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor, if such Certificateholder shall have provided to the Certificate Registrar appropriate written instructions no later than the Record Date prior to such Payment Date, or (y) if such Certificateholder does not qualify under clause (x), by check mailed to such Certificateholder at the address of such holder appearing in the Certificate Register.

SECTION 5.03 <u>No Segregation of Monies; No Interest</u>. Monies received by the Paying Agent hereunder need not be segregated in any manner except to the extent required by law and may be deposited under such general conditions as may be prescribed by law, and the Paying Agent shall not be liable for any interest thereon.

SECTION 5.04 <u>Accounting and Reports to the Certificateholders, the Internal Revenue Service and Others</u>. The Administrator shall timely deliver to each Certificateholder, as may be required by the Code and applicable Treasury Regulations, or as may be requested by such Certificateholder, such information, reports or statements as may be necessary to enable each Certificateholder to prepare its U.S. federal and state income tax returns. Consistent with the Trust's characterization for U.S. federal income tax purposes as a disregarded entity so long as the Depositor or any other Person is the sole Certificateholder, no separate U.S. federal income tax return shall be filed on behalf of the Trust unless either (i) the Owner Trustee shall be provided with an Opinion of Counsel that, based on a change in

applicable law occurring after the date hereof, or as a result of a transfer permitted by <u>Section 3.03</u>, the Code requires such a filing or (ii) the Internal Revenue Service shall determine that the Trust is required to file such a return. In the event that there shall be two or more beneficial owners of the Trust, the Administrator shall inform the Indenture Trustee in writing of such event, (x) the Administrator shall prepare or shall cause to be prepared U.S. federal and, if applicable, state or local partnership tax returns, with all such necessary information provided to it, required to be filed by the Trust and shall remit such returns to the Depositor (or if the Depositor no longer owns any Certificates, the Certificateholder designated for such purpose by the Depositor to the Owner Trustee in writing (<u>provided</u> that if no such designation is made, such returns shall be remitted to the Certificateholder that holds the Certificate representing the "eligible horizontal residual interest" (as such term is defined in the Credit Risk Retention Rules))) at least (5) days before such returns are due to be filed, and (y) capital accounts shall be maintained by the Administrator for each Certificateholder in accordance with the Treasury Regulations under Section 704(b) of the Code reflecting each such Certificateholder's share of the income, gains, deductions, and losses of the Trust and/or guaranteed payments made by the Trust and contributions to, and distributions from, the Trust. The Administrator shall prepare any such return with all elections the Administrator deems appropriate but only to the extent permitted by applicable law, except that no election shall be made to treat the Trust as an association (or publicly traded partnership), in either case, taxable as a corporation. The Depositor (or such designee Certificateholder, as applicable) shall promptly sign such returns and deliver such returns after signature to the Administrator and such returns shall be filed by the Administrator with the appropriate tax authorities. In the event that a "partnership representative" within the meaning of the "Partnership Tax Audit Rules" (Sections 6221 through 6241 of the Code, together with any guidance issued thereunder or successor provisions and any similar provision of state or local tax laws) is required to be appointed with respect to the Trust, the Depositor or its designee is hereby designated as partnership representative or, if the Depositor is not a Certificateholder, the Certificateholder selected by a majority of the Certificateholders (by Percentage Interest) shall be designated as partnership representative; <u>provided</u> that if no such selection is made, the Certificateholder that holds the Certificate representing the "eligible horizontal residual interest" (as such term is defined in the Credit Risk Retention Rules) shall be designated as the partnership representative. The partnership representative shall have the power to appoint the "designated individual" as set forth under the Partnership Tax Audit Rules, and the designated individual shall have the same responsibilities and powers as the partnership representative, as set forth below; <u>provided</u>, however, for the avoidance of doubt, that the partnership representative shall not appoint the Owner Trustee (as such or in its individual capacity) or any of its officers, directors, employees, agents or affiliated individuals. If the Trust is classified as a partnership for U.S. federal income tax purposes, the partnership representative shall represent the Trust in connection with all examinations of the Trust's affairs by tax authorities, including resulting judicial and administrative proceedings. The Trust will make the election described in Section 6226 of the Code. If the Trust is obligated to pay any amount to a governmental agency or body or to any other Person (or otherwise makes a payment) because of a Certificateholder's status or otherwise specifically attributable to a Certificateholder (including any taxes arising under the Partnership Tax Audit Rules), then such

Certificateholder shall, at the Trust's sole election, either (i) pay the entire amount (including any interest, penalties and expenses associated with such payment) the Trust is obligated to pay because of such Certificateholder's status or attributable to such Certificateholder to the Trust at least five days prior to the due date for such payment by the Trust, or (ii) promptly reimburse the Trust in full for the entire amount any and all such amounts paid by or on behalf of the Trust (including any interest, penalties and expenses associated with such payment).

SECTION 5.05 <u>Signature on Returns</u>. The Depositor (or, if the Depositor no longer owns any of the Certificates, the Certificateholder designated for such purpose pursuant to <u>Section 5.04</u>) or the Administrator (if permitted by law) shall sign the tax returns of the Trust on behalf of the Trust, unless applicable law requires the Owner Trustee to sign such documents, in which case such documents shall be presented to the Owner Trustee along with a written direction from the Depositor that such documents are to be signed by the Owner Trustee, as required by applicable law.

**ARTICLE VI**

**<u>Authority and Duties of Owner Trustee</u>**

SECTION 6.01 <u>General Authority</u>. The Owner Trustee is authorized and directed to execute and deliver the Transaction Documents to which the Trust is to be a party, the Notes and each certificate or other document attached as an exhibit to or contemplated by the Transaction Documents to which the Trust is to be a party, and any amendment or supplement thereto, and, in each case, in such form as the Depositor shall approve, as evidenced conclusively by the presentation of such documents for execution to the Owner Trustee by or on behalf of the Depositor or its counsel. In addition to the foregoing, the Owner Trustee is authorized, but shall not be obligated, to take all actions required of the Trust pursuant to the Transaction Documents. The Owner Trustee is further authorized from time to time to take such action as the Administrator recommends with respect to the Transaction Documents.

SECTION 6.02 <u>General Duties</u>. It shall be the duty of the Owner Trustee to discharge (or cause to be discharged) all of its responsibilities pursuant to the terms of this Agreement and to administer such responsibilities in respect of the Trust in the interest of the Certificateholders, subject to the Transaction Documents to which the Trust is a party and in accordance with the provisions of this Agreement. Notwithstanding the foregoing, the Owner Trustee shall be deemed to have discharged its duties and responsibilities hereunder and under the Transaction Documents to the extent the Administrator has agreed in the Administration Agreement to perform any act or to discharge any duty of the Owner Trustee or the Trust hereunder or under any Transaction Document, and the Owner Trustee shall not be responsible for monitoring, supervising or performing the duties and obligations of the Administrator nor shall the Owner Trustee be held liable for the default or failure of the Administrator to carry out its obligations under the Administration Agreement.

SECTION 6.03 <u>Action upon Instruction</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to <u>Article IV</u> and in accordance with the terms of the Transaction Documents to which the Trust is a party, the Certificateholders may by written instruction direct the Owner Trustee in the management of the Trust. Such direction may be exercised at any time by written instruction of the Certificateholders pursuant to <u>Article IV</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Owner Trustee shall not be required to take any action hereunder or under any Transaction Document to which the Trust is a party if the Owner Trustee shall have reasonably determined, or shall have been advised by counsel, that such action is likely to result in liability on the part of the Owner Trustee or is contrary to the terms hereof or of any Transaction Document to which the Trust is a party or is otherwise contrary to law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Whenever the Owner Trustee is unable to decide between alternative courses of action permitted or required by the terms of this Agreement or under any Transaction Document to which the Trust is a party, the Owner Trustee shall promptly give notice (in such form as shall be appropriate under the circumstances) to the Certificateholders requesting instruction as to the course of action to be adopted, and to the extent the Owner Trustee acts in good faith in accordance with any written instruction of the Certificateholders received, the Owner Trustee shall not be personally liable on account of such action or inaction to any Person. If the Owner Trustee shall not have received appropriate instruction within 10 days of such notice (or within such shorter period of time as reasonably may be specified in such notice or may be necessary under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action not inconsistent with this Agreement or the Transaction Documents to which the Trust is a party, as it shall deem necessary, and shall have no liability to any Person for such action or inaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event that the Owner Trustee is unsure as to the application of any provision of this Agreement or any Transaction Document to which the Trust is a party or any such provision is ambiguous as to its application, or is, or appears to be, in conflict with any other applicable provision, or in the event that this Agreement permits any determination by the Owner Trustee or is silent or is incomplete as to the course of action that the Owner Trustee is required to take with respect to a particular set of facts, the Owner Trustee may give notice (in such form as shall be appropriate under the circumstances) to the Certificateholders requesting instruction and, to the extent that the Owner Trustee acts or refrains from acting in good faith in accordance with any such instruction received, the Owner Trustee shall not be personally liable, on account of such action or inaction, to any Person. If the Owner Trustee shall not have received appropriate instruction within 10 days of such notice (or within such shorter period of time as reasonably may be specified in such notice or may be necessary under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action not inconsistent with this Agreement or the Transaction Documents to which the Trust is a party, as it shall deem necessary, and shall have no liability to any Person for such action or inaction.

SECTION 6.04 <u>No Duties Except as Specified in this Agreement or in Instructions</u>. The Owner Trustee shall not have any duty or obligation to manage, make any payment with respect to, register, record, sell, dispose of, or otherwise deal with the Trust Estate,

or to otherwise take or refrain from taking any action under, or in connection with, this Agreement or any document contemplated hereby to which the Trust is a party, except as expressly provided by the terms of this Agreement or in any document or written instruction received by the Owner Trustee pursuant to <u>Section 6.03</u>; and no implied duties (including fiduciary duties) or obligations shall be read into this Agreement or any Transaction Document against the Owner Trustee, and no authority or authorization of the Owner Trustee shall be construed as a duty. The Owner Trustee shall have no responsibility for filing any financing or continuation statement in any public office at any time or to otherwise perfect or maintain the perfection of any security interest or lien granted to it hereunder or to prepare or file any filing, including any Securities and Exchange Commission filing for the Trust or to record this Agreement or any Transaction Document. The Owner Trustee nevertheless agrees that it will promptly take all action as may be necessary to discharge any liens on any part of the Trust Estate that result from actions by, or claims against, the Owner Trustee in its individual capacity that are not related to the ownership or the administration of the Trust Estate.

SECTION 6.05 <u>No Action Except Under Specified Documents or Instructions</u>. The Owner Trustee shall not manage, control, use, sell, dispose of or otherwise deal with any part of the Trust Estate except (i) in accordance with the powers granted to and the authority conferred upon the Owner Trustee pursuant to this Agreement, (ii) in accordance with the Transaction Documents to which the Trust is a party, or (iii) in accordance with any document or instruction delivered to the Owner Trustee pursuant to <u>Section 6.03</u>.

SECTION 6.06 <u>Restrictions</u>. The Owner Trustee shall not take any action (a) that is inconsistent with the purposes of the Trust set forth in <u>Section 2.03</u> or (b) that, to the actual knowledge of a Responsible Officer of the Owner Trustee, would (i) affect the treatment of the Notes as indebtedness for U.S. federal income, state and local income and franchise tax purposes, (ii) be deemed to cause a taxable exchange of the Notes for U.S. federal income or state income or franchise tax purposes or (iii) cause the Trust or any portion thereof to be treated as an association (or publicly traded partnership), in either case, taxable as a corporation for U.S. federal income, state and local income or franchise tax purposes. The Certificateholders shall not direct the Owner Trustee to take action that would violate the provisions of this <u>Section 6.06</u>.

SECTION 6.07 <u>Issuance of Notes</u>. The Owner Trustee is hereby authorized and directed on behalf of the Trust to execute, issue and deliver the Notes pursuant to the Indenture.

SECTION 6.08 <u>Doing Business in Other Jurisdictions</u>. Notwithstanding anything contained herein or in any other Transaction Document to the contrary, the Owner Trustee shall not be required to take any action in any jurisdiction other than any state in which it is qualified to do business (any such state, a "<u>State of Qualification</u>") if the taking of such action may (i) require the consent, approval, authorization or order of, or the giving of notice to, or the registration with, or the taking of any other action in respect of, any state or other governmental authority or agency of any jurisdiction other than a State of Qualification; (ii) result in any fee, tax or other governmental charge under the laws of any jurisdiction or any political subdivisions

thereof in existence on the date hereof, other than a State of Qualification, becoming payable by the Owner Trustee; or (iii) subject the Owner Trustee to personal jurisdiction in any jurisdiction other than a State of Qualification for causes of action arising from acts unrelated to the consummation of the transactions by the Owner Trustee, as the case may be, contemplated hereby or in any other Transaction Document. In the event that the Owner Trustee does not take any action because such action may result in the consequences described in the preceding sentence, it will appoint an additional trustee pursuant to <u>Section 10.05</u> to proceed with such action.

SECTION 6.09 <u>Communications Regarding Demands to Repurchase Transaction Units</u>. The Owner Trustee shall provide notice to World Omni and the Depositor as soon as practicable of all demands communicated to a Responsible Officer of the Owner Trustee for the repurchase or replacement of any Transaction Unit for breach of the representations and warranties concerning such Transaction Unit. Subject to this <u>Section 6.09</u>, the Owner Trustee shall have no obligation to take any other action with respect to a demand. However, the Owner Trustee shall, upon written request of either World Omni or the Depositor, provide notification to World Omni and the Depositor with respect to any actions taken by the Owner Trustee with respect to any such demand communicated to a Responsible Officer of the Owner Trustee in respect of any Transaction Units, such notifications to be provided by the Owner Trustee as soon as practicable and in any event within five Business Days of such request or such other time frame as may be mutually agreed to by the Owner Trustee and World Omni or the Depositor, as applicable. Such notices shall be provided to World Omni and the Depositor at: (a) in the case of World Omni, World Omni Financial Corp., 250 Jim Moran Boulevard, Deerfield Beach, Florida 33442, Telecopy: [●], Attention: [●], and (b) in the case of the Depositor, to World Omni Auto Leasing LLC, 250 Jim Moran Boulevard, Deerfield Beach, Florida 33442, Telecopy: [●], Attention: [●], or at such other address or by such other means of communication as may be specified by World Omni or the Depositor to the Owner Trustee from time to time. The Owner Trustee acknowledges and agrees that the purpose of this <u>Section 6.09</u> is to facilitate compliance by World Omni and the Depositor with the Repurchase Rules and Regulations. The Owner Trustee acknowledges that interpretations of the requirements of the Repurchase Rules and Regulations may change over time, whether due to interpretive guidance provided by the Commission or its staff, consensus among participants in the asset-backed securities markets, advice of counsel, or otherwise, and agrees to comply with reasonable requests made by World Omni and the Depositor in good faith for delivery of information under these provisions on the basis of evolving interpretations of the Repurchase Rules and Regulations. The Owner Trustee shall cooperate fully with World Omni and the Depositor to deliver any and all records and any other information in its actual possession that are reasonably requested in writing by World Omni or the Depositor and necessary in the good faith determination of World Omni and the Depositor to permit them to comply with the provisions of Repurchase Rules and Regulations. In no event shall the Owner Trustee have (i) any responsibility or liability in connection with any filing required to be made by a securitizer under the Exchange Act or Regulation AB or (ii) any duty or obligation to undertake any investigation or inquiry related to repurchase activity or otherwise to assume any additional duties or responsibilities except as expressly set forth in this <u>Section 6.09</u>. The obligations of the Owner

Trustee under the first two sentences of this <u>Section 6.09</u> to notify the Depositor and World Omni of any such demand made in non-written form shall not be applicable during such time as the interpretations of the requirements of the Repurchase Rules and Regulations explicitly require reporting by World Omni and the Depositor solely with respect to demands in written form.

**ARTICLE VII**

**<u>Concerning the Owner Trustee</u>**

SECTION 7.01 <u>Acceptance of Trusts and Duties</u>. The Owner Trustee accepts the trusts hereby created and agrees to perform its duties hereunder with respect to such trusts, but only upon the terms of this Agreement. The Owner Trustee also agrees to disburse all monies actually received by it constituting part of the Trust Estate upon the terms of this Agreement. The Owner Trustee shall not be answerable or accountable hereunder or under any Transaction Document under any circumstances, except (i) for its own willful misconduct or gross negligence (as determined by a court of competent jurisdiction) (including where such willful misconduct or negligence (as determined by a court of competent jurisdiction) results in non-compliance with any covenant or agreement of the Owner Trustee herein), (ii) for liabilities arising from the failure by the Owner Trustee to perform obligations expressly undertaken by it in the last sentence of <u>Section 6.04</u> hereof, (iii) in the case of the inaccuracy of any representation or warranty contained in <u>Section 7.03</u> expressly made by the Owner Trustee or (iv) for U.S. federal or state taxes, fees or other charges, based on or measured by any fees, commissions or compensation received by the Owner Trustee in connection with any of the transactions contemplated by this Agreement or any of the Transaction Documents. In particular, but not by way of limitation (and subject to the exceptions set forth in the preceding sentence):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Owner Trustee shall not be liable for any error of judgment made by the Owner Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Owner Trustee shall not be liable with respect to any action taken or omitted to be taken by it in accordance with the instructions of the Administrator or any Certificateholder (provided that the instructions have been given by the requisite Percentage Interest of the Certificates pursuant to this Agreement or one of the Transaction Documents, as applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No provision of this Agreement or any Transaction Document shall require the Owner Trustee to expend or risk funds or otherwise incur any financial liability in the performance of any of their rights or powers hereunder or under any Transaction Document if the Owner Trustee shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured or provided to them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Under no circumstances shall the Owner Trustee be liable for indebtedness evidenced by or arising under any of the Transaction Documents, including the principal of and interest on the Notes and distributions on the Trust Certificates, or for any representation, warranty, covenant or obligation of the Trust under the Transaction Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Owner Trustee shall not be responsible for or in respect of the validity or sufficiency of this Agreement or for the due execution hereof by the Depositor or for the form, character, genuineness, sufficiency, value or validity of the Trust Estate, or for or in respect of the validity or sufficiency of the Transaction Documents, other than the certificate of authentication on the Trust Certificates, and the Owner Trustee shall not in any event assume or incur any liability, duty or obligation to any Noteholder or to any Certificateholder, other than as expressly provided for herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Owner Trustee shall not be liable for the default or misconduct of the Administrator, the Depositor, the Indenture Trustee or the Servicer under any of the Transaction Documents or otherwise, and the Owner Trustee shall not have any obligation or liability to perform the obligations of the Trust under this Agreement or the Transaction Documents including those that are required to be performed by the Administrator under the Administration Agreement, the Indenture Trustee under the Indenture, the Servicer under the Exchange Note Servicing Supplement and the Depositor under the Exchange Note Sale Agreement and the Exchange Note Transfer Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Owner Trustee shall not be under any obligation to exercise any of the rights or powers vested in it by this Agreement, or to institute, conduct or defend any litigation under this Agreement or otherwise or in relation to this Agreement or any Transaction Document, at the request, order or direction of any of the Certificateholders, unless such Certificateholders have offered to it (as such and in its individual capacity) reasonable security or indemnity satisfactory to the Owner Trustee against the costs, expenses and liabilities that may be incurred by it therein or thereby. The right of the Owner Trustee to perform any discretionary act enumerated in this Agreement or in any Transaction Document shall not be construed as a duty, and the Owner Trustee shall not be answerable for other than its own gross negligence or willful misconduct (as determined by a court of competent jurisdiction) in the performance of any such act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Owner Trustee shall not be liable for any losses due to forces beyond the control of the Owner Trustee, including without limitation strikes, work stoppages, lockouts, riots, acts of war or terrorism, civil or military disturbances, government order or regulation, epidemics or pandemics or other similar events, insurrection, revolution, nuclear or natural disasters, catastrophes, acts of nature or acts of God and interruptions, loss or malfunctions of utilities or communications or computer (including software and hardware) services provided to the Owner Trustee by third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In no event shall the Owner Trustee be personally liable (i) for special, consequential, indirect or punitive damages (including lost profits), (ii) for the acts or omissions

of its nominees, correspondents, clearing agencies or securities depositories and (iii) for the acts or omissions of brokers or dealers. The Owner Trustee shall have no responsibility for the accuracy of any information provided to the Certificateholders or any other Person that has been obtained from, or provided to the Owner Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Notwithstanding anything to the contrary herein or any Transaction Document, the Owner Trustee shall not be required to execute, deliver or certify on behalf of the Trust or any other Person, any filings, certificates, affidavits or other instruments required under the Sarbanes-Oxley Act of 2002;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Owner Trustee has not provided and will not provide in the future, any advice, counsel or opinion regarding the tax, financial or investment implications and consequences of the formation, funding and ongoing administration of the Trust. The Owner Trustee has no duties to the Depositor, any Certificateholder, the Trust or any other Person with respect to these matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Owner Trustee will not have any responsibility on behalf of the Issuing Entity to make any determination with respect to, or monitor or enforce the satisfaction of, any risk retention or other regulatory requirement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Owner Trustee shall not be under any duty to succeed to, assume or otherwise perform any of the duties of the Administrator, Depositor or Servicer, or to appoint a successor or replacement thereof in the event of their resignation or removal, or to remove and replace the Administrator, Depositor or Servicer in the event of a default, breach or failure of performance on the part of such persons with respect to any of their duties and obligations under the terms of the Transaction Documents. The Owner Trustee shall not be responsible or liable for the actions or omissions of the Issuing Entity or the Administrator or any other Person, or any failure or delay in the performance of their duties or obligations, nor shall it be under any obligation to oversee or monitor their performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The Owner Trustee shall be under no obligation to (i) monitor, determine or verify the unavailability or cessation of the SOFR Rate (or the then-current Benchmark), or whether or when there has occurred, or to give notice to any other transaction party of the occurrence of, any Benchmark Transition Event or Benchmark Replacement Date, (ii) select, determine or designate any Benchmark Replacement, or other successor or replacement benchmark index, or whether any conditions to the designation of such a rate have been satisfied, (iii) select, determine or designate any Benchmark Replacement Adjustment, or other modifier to any replacement or successor index, or (iv) determine whether or what Benchmark Replacement Conforming Changes are necessary or advisable, if any, in connection with any of the foregoing. The foregoing obligations will be performed by the Administrator, on behalf of the Issuing Entity, pursuant to the Administration Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The Owner Trustee shall not be liable for any inability, failure or delay on its part to perform any of its duties set forth in this Agreement as a result of the unavailability of the

SOFR Rate (or the then-current Benchmark) and absence of a designated replacement Benchmark, including as a result of any inability, delay, error or inaccuracy on the part of any other transaction party, including without limitation the Issuing Entity, in providing any direction, instruction, notice or information required or contemplated by the terms of this Agreement and reasonably required for the performance of such duties. The Owner Trustee shall be entitled to rely conclusively upon any determination made, and any instruction, notice, Officer's Certificate or other instrument or information provided by the Administrator, Servicer or Depositor without independent verification, investigation or inquiry of any kind by the Owner Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) The Owner Trustee shall not be liable for any interest rate published by any publication that is the source of determining the interest rates of the Notes, including but not limited to the FRBNY's Website (or any successor source), for any rates compiled by the FRBNY or any successor thereto, or for any rates published on any publicly available source, or in any of the foregoing cases for any delay, error or inaccuracy in the publication of any such rates, or for any subsequent correction or adjustment thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) The Owner Trustee shall not be liable for the failure to perform its duties hereunder which failure is a direct result of any of the Depositor, the Administrator, the Indenture Trustee or the Servicer failing to perform their respective duties under the Transaction Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) The Owner Trustee shall not be responsible for the monitoring, preparation, filing, correctness or accuracy of any financing statement, continuation statement or recording of any document (including this Agreement) or instrument in any public office at any time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) The Depositor expressly acknowledges and consents to [●] and its Affiliates acting in multiple capacities under the Transaction Documents. [●] and its Affiliates may, in such multiple capacities, discharge its separate functions fully, without hindrance or regard to conflict of interest principles, duty of loyalty principles or other breach of fiduciary duties to the extent that any such conflict or breach arises from compliance with and performance by [●] and its Affiliates of their express duties set forth in this Agreement or any other Transaction Document in such multiple capacities, all of which defenses, claims or assertions are hereby waived by the Depositor, except in the case of willful misconduct, bad faith or gross negligence by [●] and its Affiliates in the performance of such multiple capacities.

SECTION 7.02 <u>Furnishing of Documents</u>. The Owner Trustee shall furnish to the Certificateholders promptly upon receipt of a written request therefore, duplicates or copies of all reports, notices, requests, demands, certificates, financial statements and any other instruments furnished to the Owner Trustee under the Transaction Documents. The Owner Trustee shall have no responsibility for the accuracy of any information provided to the Certificateholders or any other Person that has been obtained from, or provided to the Owner Trustee.

SECTION 7.03 <u>Representations and Warranties of the Owner Trustee</u>. The Owner Trustee hereby represents and warrants to the Depositor, for the benefit of the Certificateholders, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is a [●] duly formed and validly existing under the laws of [the State of Delaware][the United States of America]. It has all requisite corporate power and authority to execute, deliver and perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It has taken all corporate action necessary to authorize the execution and delivery by it of this Agreement, and this Agreement will be executed and delivered by one of its officers who is duly authorized to execute and deliver this Agreement on its behalf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Neither the execution nor the delivery by it of this Agreement, nor the consummation by it of the transactions contemplated hereby nor compliance by it with any of the terms or provisions hereof will (i) contravene any federal or Delaware law, governmental rule or regulation governing the banking or trust powers of the Owner Trustee or any judgment or order binding on it, (ii) constitute any default under its charter documents or bylaws, (iii) constitute any default under any indenture, mortgage, contract, agreement or instrument to which it is a party or by which any of its properties may be bound or (iv) result in the creation or imposition of any lien, charge or encumbrance on the Trust Estate resulting from actions by or claims against the Owner Trustee which are unrelated to this Agreement or the other Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It has the power and authority to execute and deliver this Agreement and, on behalf of the Trust, the other Transaction Documents to which the Trust is a party and to carry out their respective terms; and the execution, delivery, and performance of this Agreement by it and the other Transaction Documents to which the Trust is a party have been duly authorized by all necessary corporate action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Agreement constitutes the legal, valid, and binding obligation of the Owner Trustee, enforceable in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, or other similar laws affecting the enforcement of creditors' rights in general and by general principles of equity, regardless of whether such enforceability shall be considered in a proceeding in equity or at law.

SECTION 7.04 <u>Reliance; Advice of Counsel</u>. (a) The Owner Trustee shall incur no liability to anyone in acting upon any signature, instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond, or other document or paper (whether in its original or facsimile form) believed by it to be genuine and believed by it to be signed by the proper party or parties. The Owner Trustee may accept a certified copy of a resolution of the board of directors or other governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and effect. As to any fact or matter the method of determination of which is not specifically prescribed herein, the Owner Trustee may for all purposes hereof require and rely on a certificate, signed by

president or any vice president or by the treasurer or other authorized officer of an appropriate Person, as to such fact or matter, and such certificate shall constitute full protection to the Owner Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the exercise or administration of the trusts hereunder and in the performance of its duties and obligations under this Agreement or the Transaction Documents, the Owner Trustee (i) may act directly or through its agents or attorneys pursuant to agreements entered into with it, and the Owner Trustee shall not be personally liable for the conduct or misconduct of such agents or attorneys if such agents or attorneys shall have been selected by the Owner Trustee with reasonable care, and (ii) may consult with counsel, accountants and other skilled Persons to be selected with reasonable care and employed by it. The Owner Trustee shall not be personally liable for anything done, suffered or omitted in good faith which it believes to be authorized or within its rights or powers, in accordance with the opinion or advice of any such counsel, accountants or other such Persons and which is not to the actual knowledge of a Responsible Officer of the Owner Trustee contrary to this Agreement or any Transaction Document. The Owner Trustee has the right to request, and in the absence of bad faith, rely on and act in accordance with certificates or opinions of legal counsel, and shall incur no liability in acting in accordance with such certificates or opinions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Owner Trustee shall not be charged with any knowledge held by or imputed to any other Person, including [●] or its Affiliates in any other capacity. The Owner Trustee shall not be deemed to have knowledge of, or be required to act, based on any event unless a Responsible Officer receives written notice or has actual knowledge of such event. The delivery or availability of reports or other documents (including news or other publicly available reports or documents, or any reports or documents delivered to the Owner Trustee pursuant to this Agreement or related agreements or documents) to the Owner Trustee shall not constitute actual or constructive knowledge or notice of information contained in or determinable from those reports or documents, except for such information that this Agreement specifically requires the Owner Trustee to examine in such report or document and to take an action with respect thereto.

SECTION 7.05 <u>Not Acting in Individual Capacity</u>. Except as expressly provided in this <u>Article VII</u>, in accepting the trusts hereby created, [●] acts solely as Owner Trustee hereunder and not in its individual capacity, and all Persons having any claim against the Owner Trustee by reason of the transactions contemplated by this Agreement or any Transaction Document shall look only to the Trust Estate for payment or satisfaction thereof. Without limiting the generality of the foregoing, and notwithstanding any other provision, all rights, benefits, protections, privileges, immunities, and indemnities of the Owner Trustee under this Agreement or any other Transaction Document shall survive the resignation or removal of the Owner Trustee and the termination of this Agreement and shall apply to the Trustee as such, in its individual capacity, and in each other capacity in which it acts hereunder (including, without limitation, as Certificate Registrar).

SECTION 7.06 <u>Owner Trustee Not Liable for Certificates</u>. The Owner Trustee makes no representations as to the validity or sufficiency of this Agreement, of any Transaction Document or of the Certificates (other than the signature and authentication of the Owner Trustee on the Certificates) or the Notes, or of the Exchange Note or related documents. The Owner Trustee shall not at any time have any responsibility or personal liability for or with respect to the legality, validity and enforceability of the Exchange Note, or the perfection and priority of any security interest in the Exchange Note or the maintenance of any such perfection and priority, or for or with respect to the sufficiency of the Trust Estate or its ability to generate the payments to be distributed to Certificateholders under this Agreement or the Noteholders under the Indenture, including, without limitation: the existence, condition and ownership of the Exchange Note; the existence and enforceability of any insurance thereon; the existence and contents of the Exchange Note on any computer or other record thereof; the validity of the assignment of the Exchange Note to the Trust or of any intervening assignment; the completeness of the Exchange Note; the performance or enforcement of the Exchange Note; the compliance by the Trust, the Depositor or the Servicer with any warranty or representation made under any Transaction Document or in any related document or the accuracy of any such warranty or representation, or any action of the Administrator, the Indenture Trustee or the Servicer or any subservicer taken in the name of the Owner Trustee or the Trust.

SECTION 7.07 <u>Owner Trustee May Own Trust Certificates and Notes</u>. The Owner Trustee in its individual or any other capacity may become the owner or pledgee of Trust Certificates or Notes and may deal with the Depositor, the Administrator, the Indenture Trustee and the Servicer in banking transactions with the same rights as it would have if it were not Owner Trustee.

SECTION 7.08 <u>Legal Proceedings</u>. As required by Regulation AB, the Owner Trustee will promptly as practicable notify the Servicer, the Depositor and the Issuing Entity of the commencement or, if applicable, the termination of any and all legal proceedings of which any property of the Owner Trustee is the subject, that is material to the Noteholders and any such proceedings known to be contemplated by governmental authorities. In addition, the Owner Trustee will furnish to the Servicer, the Depositor and the Issuing Entity, in writing, the necessary disclosure describing such proceedings required to be disclosed under Item 1117 of Regulation AB, for inclusion in reports filed pursuant to the Exchange Act.

**ARTICLE VIII**

**<u>Compensation of Owner Trustee</u>**

SECTION 8.01 <u>Owner Trustee's Fees and Expenses</u>. The Owner Trustee shall receive from the Administrator (unless otherwise paid pursuant to <u>Section 5.4(b)(i)</u> of the Indenture) as compensation for its services hereunder during the term of this Agreement such fees as have been separately agreed upon in writing before the date hereof between the Administrator and the Owner Trustee, and the Owner Trustee shall be entitled to be reimbursed by the Administrator pursuant to the Administration Agreement (unless otherwise paid pursuant to <u>Section 5.4(b)(i)</u> of the Indenture) for its other reasonable and documented expenses hereunder, including the reasonable and documented compensation, expenses and disbursements of such agents, representatives, experts and counsel as the Owner Trustee may employ in connection with the exercise and performance of its rights and its duties hereunder. The provisions of this <u>Section 8.01</u> shall survive the resignation or removal of the Owner Trustee and the termination of this Agreement.

SECTION 8.02 <u>Indemnification</u>. Pursuant to the Administration Agreement (unless otherwise paid pursuant to <u>Section 5.4(b)(i)</u> of the Indenture), the Administrator shall be liable as primary obligor for, and shall indemnify the Owner Trustee and its officers, directors, stockholders, employees, successors, assigns, agents and servants (collectively, the "<u>Indemnified Parties</u>") from and against, any and all liabilities, obligations, losses, damages, taxes, claims, actions, mediations, arbitrations and suits, and any and all reasonable and documented costs, expenses and disbursements (including reasonable and documented legal and attorney's fees and expenses, including those related to the enforcement of such indemnity) of any kind and nature whatsoever (collectively, "<u>Expenses</u>") which may at any time be imposed on, incurred by or asserted against any Indemnified Party in any way relating to or arising out of the Trust, this Agreement, the Transaction Documents (including in connection with the Administrator's failure to perform any of its obligations under the Transaction Documents to which the Owner Trustee is a party), the Trust Estate, the administration of the Trust Estate or the action or inaction of any Indemnified Party hereunder, except only that the Administrator shall not be liable for or required to indemnify an Indemnified Party from and against Expenses arising or resulting from any of the matters described in clauses (i), (ii), (iii) or (iv) of the third sentence of <u>Section 7.01</u>. The provisions of this <u>Section 8.02</u> shall survive the resignation or removal of the Owner Trustee and the termination of this Agreement.

SECTION 8.03 <u>Payments to the Owner Trustee</u>. Any amounts paid to the Owner Trustee pursuant to this <u>Article VIII</u> shall be deemed not to be a part of the Trust Estate simultaneously with such payment.

**ARTICLE IX**

**<u>Termination of Trust Agreement</u>**

SECTION 9.01 <u>Termination of Trust Agreement</u>. (a) This Agreement (other than <u>Article VIII</u>) and the Trust shall terminate and be of no further force or effect upon the completion of winding up the Trust after its dissolution, which dissolution shall occur immediately prior to the final distribution by the Owner Trustee or Paying Agent of all monies or other property or proceeds of the Trust Estate in accordance with the terms of the Indenture, the Exchange Note Transfer Agreement, [the Interest Rate Swap Agreements] and <u>Article V</u>, and the Administrator shall wind up the affairs of the Trust in the manner contemplated by Section 3808 of the Statutory Trust Act. The bankruptcy, liquidation, dissolution, death or incapacity of any Certificateholder shall not (x) operate to terminate this Agreement or the Trust or (y) entitle such Certificateholder's legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of all or any part of the Trust or Trust Estate or (z) otherwise affect the rights, obligations and liabilities of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as provided in <u>Section 9.01(a)</u>, neither the Depositor nor any Certificateholder shall be entitled to dissolve, revoke or terminate the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notice of any dissolution of the Trust, specifying the Payment Date upon which Certificateholders shall surrender their Trust Certificates to the Paying Agent for payment of the final distribution and cancellation, shall be given by the Paying Agent by letter to Certificateholders transmitted within five Business Days of receipt of actual notice of such termination from the Servicer given pursuant to <u>Section 15.1(b)</u> of the Exchange Note Servicing Supplement, stating (i) the Payment Date upon or with respect to which final payment of the Trust Certificates shall be made upon presentation and surrender of the Trust Certificates at the office of the Paying Agent therein designated, (ii) the amount of any such final payment and (iii) that the Record Date otherwise applicable to such Payment Date is not applicable, and, as a result, payments will be made only upon presentation and surrender of the Trust Certificates by Certificateholders at the office of the Paying Agent therein specified. The Paying Agent shall give such notice to the Certificate Registrar (if other than the Owner Trustee) and the Owner Trustee at the time such notice is given to Certificateholders. Upon presentation and surrender of the Trust Certificates, the Paying Agent shall cause to be distributed to Certificateholders amounts distributable on such Payment Date pursuant to <u>Section 5.02</u>.

In the event that all of the Certificateholders shall not surrender their Trust Certificates for cancellation within six months after the date specified in the above-mentioned written notice, the Paying Agent shall give a second written notice to the remaining Certificateholders to surrender their Trust Certificates for cancellation and receive the final distribution with respect thereto. If within one year after the second notice all the Trust Certificates shall not have been surrendered for cancellation, the Owner Trustee or Paying Agent may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Trust Certificates, and the cost thereof

shall be paid out of the funds and other assets that shall remain subject to this Agreement. Any funds remaining in the Trust Estate after exhaustion of such remedies shall be distributed by the Owner Trustee to the Depositor subject to applicable escheat laws.

SECTION 9.02 <u>Dissolution of the Trust</u>. Upon dissolution of the Trust, the Administrator shall wind up the business and affairs of the Trust as required by Section 3808 of the Statutory Trust Act. Upon the satisfaction and discharge of the Indenture, and receipt of a certificate from the Indenture Trustee stating that all Noteholders have been paid in full and that the Indenture Trustee does not have actual knowledge of any claims remaining against the Trust in respect of the Indenture and the Notes, the Administrator, in the absence of actual knowledge of any other claim against the Trust, shall be deemed to have made reasonable provision to pay all claims and obligations (including conditional, contingent or unmatured obligations) for purposes of Section 3808(e) of the Statutory Trust Act and upon the written direction and at the expense of the Certificateholder the Owner Trustee shall cause the Certificate of Trust to be cancelled by filing a certificate of cancellation with the Delaware Secretary of State in accordance with the provisions of Section 3810 of the Statutory Trust Act, at which time the Trust shall terminate and this Agreement (other than Article VIII) shall be of no further force or effect.

**ARTICLE X**

**<u>Successor Owner Trustees and Additional Owner Trustees</u>**

SECTION 10.01 <u>Eligibility Requirements for Owner Trustee</u>. The Owner Trustee shall at all times be an entity satisfying the provisions of Section 3807(a) of the Statutory Trust Act and it shall at all times be authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000, subject to supervision or examination by federal or state authorities and having (or having a parent which has) a long-term rating in any generic rating category which signifies investment grade by each Rating Agency or a rating otherwise acceptable to each Rating Agency. If such entity shall publish reports of condition at least annually pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of such entity shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign promptly in the manner and with the effect specified in <u>Section 10.02</u>.

appointed and have accepted appointment within [30] days after the giving of such notice of resignation, the resigning Owner Trustee, as applicable, may petition (at the expense of the Depositor) any court of competent jurisdiction for the appointment of a successor Owner Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to paragraph (c) of this Section, if at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of <u>Section 10.01</u> and shall fail to resign after written request therefor by the Administrator, or if at any time the Owner Trustee shall be legally unable to act, or shall be adjudged bankrupt or insolvent, or a receiver of the Owner Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Owner Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Administrator may remove the Owner Trustee. If the Administrator or the Depositor shall remove the Owner Trustee under the authority of the immediately preceding sentences, the Administrator shall promptly appoint a successor Owner Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the outgoing Owner Trustee so removed and one copy to the successor Owner Trustee, and shall pay all fees owed to the outgoing Owner Trustee and one copy to the Depositor, together with the basis for removal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any resignation or removal of the Owner Trustee and appointment of a successor Owner Trustee pursuant to any of the provisions of this Section shall not become effective until acceptance of appointment by the successor Owner Trustee pursuant to <u>Section 10.03</u> and in the case of removal payment of all fees and expenses owed to the outgoing Owner Trustee. The Administrator shall provide notice of such resignation or removal of the Owner Trustee to each Rating Agency. Any costs associated with the removal of the Owner Trustee shall be paid by the Administrator.

SECTION 10.03 <u>Successor Owner Trustee</u>. Any successor Owner Trustee appointed pursuant to <u>Section 10.02</u> shall execute, acknowledge and deliver to the Administrator and to its predecessor Owner Trustee an instrument accepting such appointment under this Agreement, and thereupon the resignation or removal of the predecessor Owner Trustee shall become effective, and such successor Owner Trustee, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor under this Agreement, with like effect as if originally named as Owner Trustee. The predecessor Owner Trustee shall upon payment of its fees and expenses deliver to the successor Owner Trustee all documents and statements and monies held by it under this Agreement, and the Administrator and the predecessor Owner Trustee shall execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting and confirming in the successor Owner Trustee all such rights, powers, duties and obligations.

No successor Owner Trustee shall accept appointment as provided in this Section unless at the time of such acceptance such successor Owner Trustee shall be eligible pursuant to <u>Section 10.01</u>.

Upon written acceptance of appointment by a successor Owner Trustee pursuant to this Section, the Administrator shall mail notice thereof to all Certificateholders, the Indenture Trustee, the Noteholders[, the Swap Counterparty] and the Rating Agencies. If the Administrator shall fail to mail such notice within 10 Business Days after acceptance of such appointment by the successor Owner Trustee, the successor Owner Trustee shall cause such notice to be mailed at the expense of the Administrator.

Any successor Owner Trustee appointed hereunder shall promptly file an amendment to the Certificate of Trust with the Secretary of State of the State of Delaware as required by the Statutory Trust Act.

SECTION 10.04 <u>Merger or Consolidation of the Owner Trustee</u>. Any corporation or other entity into which the Owner Trustee may be merged or converted or with which it may be consolidated, or any corporation or other entity resulting from any merger, conversion or consolidation to which the Owner Trustee shall be a party, or any corporation or other entity succeeding to all or substantially all of the corporate trust business of the Owner Trustee, shall be the successor to and assume all obligations of the Owner Trustee, without the execution or filing of any assignment or other instrument or any further act on the part of such other entity or any of the parties hereto, anything herein to the contrary notwithstanding; provided*,* that such corporation shall be eligible pursuant to <u>Section 10.01</u> and, <u>provided</u>*,* <u>further</u>*,* that the Owner Trustee shall provide prior written notice of such merger or consolidation to the Depositor (<u>provided</u>, that if the Owner Trustee shall be a public company or a wholly-owned subsidiary of a public company, no earlier than at such time as the Owner Trustee or such Affiliate is required to make such information public), who shall promptly deliver such notice to each Rating Agency. Additionally, the Owner Trustee shall provide the Depositor with written notice of the consummation of such transaction no later than one (1) Business Day after the effective date of such event, together with the information reasonably requested by the Depositor in order to comply with its reporting obligations under the Exchange Act with respect to a successor Owner Trustee.

SECTION 10.05 <u>Appointment of Co-Trustee or Separate Trustee</u>. Notwithstanding any other provisions of this Agreement, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any part of the Trust Estate or any Closed-End Vehicle may at the time be located, the Administrator and the Owner Trustee acting jointly shall have the power and shall execute and deliver all instruments to appoint one or more Persons approved by the Administrator and Owner Trustee to act as co-trustee, jointly with the Owner Trustee, or as separate trustee or separate trustees, of all or any part of the Trust Estate, and to vest in such Person, in such capacity, such title to the Trust or any part thereof and, subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the Administrator and the Owner Trustee may consider necessary or desirable. If the Administrator shall not have joined in such appointment within 15 days after the receipt by it of a request so to do, the Owner Trustee alone shall have the power to make such appointment. No co-trustee or separate trustee under this Agreement shall be required to meet the terms of eligibility as a

successor Owner Trustee pursuant to <u>Section 10.01</u> and no notice of the appointment of any co-trustee or separate trustee shall be required pursuant to <u>Section 10.03</u>.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No trustee under this Agreement shall be personally liable by reason of any act or omission of any other trustee under this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Administrator and the Owner Trustee acting jointly may at any time accept the resignation of or remove any separate trustee or co-trustee without notice to any Rating Agency or any other Person.

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

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

**ARTICLE XI**

**<u>Miscellaneous</u>**

SECTION 11.01 <u>Supplements and Amendments</u>. This Agreement may be amended by the Depositor and the Owner Trustee, without the consent of any of the Noteholders or the Certificateholders, to cure any ambiguity, to correct or supplement any provision in this Agreement (including to further prevent or help avoid the application to the Notes of the Treasury Regulations (or other interpretive guidance) issued under Section 385 of the Code) or for the purpose of adding any provision to or changing in any manner or eliminating any of the provisions in this Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholders. Such amendments require: (i) satisfaction of the Rating Agency Condition and (ii) an Officer's Certificate of the Depositor stating that the amendment will not materially and adversely affect the interest of any Noteholder or Certificateholder.

This Agreement may also be amended from time to time by the Depositor and the Owner Trustee, with the consent of holders of greater than 50% of the Outstanding Amount of the Controlling Securities (unless (i) the interests of the Noteholders are not affected materially and adversely, (ii) an Officer's Certificate to that effect is delivered to the Indenture Trustee by the Depositor and (iii) satisfaction of the Rating Agency Condition) and the consent of the Certificateholders evidencing greater than a 50% Percentage Interest of the Trust Certificates (unless (i) the interests of the Certificateholders are not affected materially and adversely, (ii) an Officer's Certificate to that effect is delivered to the Owner Trustee by the Depositor), for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholders; <u>provided</u>*,* <u>however</u>*,* that no such amendment shall (a) increase or reduce in any manner the amount of, or accelerate or delay the timing of, collections of payments on Transaction Units or distributions that shall be required to be made for the benefit of the Noteholders or the Certificateholders or (b) reduce the aforesaid percentage of the Outstanding Amount of the Controlling Securities and the Percentage Interest in the Trust Certificates required to consent to any such amendment, without the consent of the holders of all the Outstanding Notes and Certificates affected thereby.

Promptly after the execution of any such amendment or consent, the Owner Trustee shall furnish written notification of the substance of such amendment or consent to the Administrator and the Administrator shall furnish such notice to each Certificateholder, the Indenture Trustee and each Rating Agency.

It shall not be necessary for the consent of Certificateholders, Noteholders or the Indenture Trustee pursuant to this Section to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof. The Indenture Trustee as Paying Agent may, but shall not be obligated to, enter into any such amendment which adversely affects the Paying Agent's own rights, duties, benefits, protections, privileges, indemnities or immunities under this Agreement. The manner of

obtaining such consents (and any other consents of Certificateholders provided for in this Agreement or in any other Transaction Document) and of evidencing the authorization of the execution thereof by Certificateholders shall be subject to such reasonable requirements as the Owner Trustee may prescribe.

Promptly after the execution of any amendment to the Certificate of Trust, the Owner Trustee shall cause the filing of such amendment with the Secretary of State of the State of Delaware.

Prior to the execution of any amendment to this Agreement or the Certificate of Trust, the Owner Trustee shall be entitled to receive and conclusively rely upon an Opinion of Counsel to the effect that the execution of such amendment is authorized or permitted by this Agreement. The Owner Trustee may, but shall not be obligated to, enter into, and unless the Owner Trustee shall consent thereto shall not be bound by, any such amendment or any amendment to any Transaction Document that affects the Owner Trustee's own rights, duties, benefits, protection, privileges, indemnities or immunities under this Agreement or otherwise.

In connection with the execution of any amendment to this Agreement or any amendment of any other agreement to which the Issuing Entity is a party, the Owner Trustee shall be entitled to receive and conclusively rely upon an Opinion of Counsel or certificate of the Administrator to the effect that such amendment is authorized or permitted by the Transaction Documents and that all conditions precedent in the Transaction Documents for the execution and delivery thereof by the Issuing Entity or the Owner Trustee, as the case may be, have been satisfied.

SECTION 11.02 <u>No Legal Title to Trust Estate in Certificateholders</u>. The Certificateholders shall not have legal title to any part of the Trust Estate. The Certificateholders shall be entitled to receive distributions with respect to their undivided beneficial ownership interest therein only in accordance with <u>Articles V</u> and <u>IX</u>. No transfer, by operation of law or otherwise, of any right, title or interest of the Certificateholders to and in their ownership interest in the Trust Estate shall operate to terminate this Agreement or the trusts hereunder or entitle any transferee to an accounting or to the transfer to it of legal title to any part of the Trust Estate.

SECTION 11.03 <u>Limitations on Rights of Others</u>. The provisions of this Agreement are solely for the benefit of the Owner Trustee, the Depositor, the Certificateholders, the Administrator, the Servicer and, to the extent expressly provided herein, the Indenture Trustee, the Noteholders and the Indemnified Parties, and nothing in this Agreement, whether express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim in the Trust Estate or under or in respect of this Agreement or any covenants, conditions or provisions contained herein.

SECTION 11.04 <u>Notices</u>. (a) Unless otherwise expressly specified or permitted by the terms hereof, all notices shall be in writing and shall be deemed given upon receipt by the intended recipient or on the next Business Day after delivery if delivered by a

recognized overnight courier or upon receipt of written confirmation of receipt of facsimile, if delivered by facsimile (except that notice to the Owner Trustee shall be deemed given only upon actual receipt by the Owner Trustee) or upon receipt by electronic mail, if to the Owner Trustee, addressed to the Corporate Trust Office; if to the Depositor, addressed to World Omni Auto Leasing LLC, 250 Jim Moran Boulevard, Deerfield Beach, Florida 33442, telephone: [●], facsimile: [●], Attention: [●]; or, as to each party, at such other address or electronic mail address as shall be designated by such party in a written notice to each other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any notice required or permitted to be given to a Certificateholder shall be given by first-class mail, postage prepaid, at the address of such Certificateholder as shown in the Certificate Register. Any notice so mailed within the time prescribed in this Agreement shall be conclusively presumed to have been duly given, whether or not the Certificateholder receives such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding any of the foregoing, with the consent of the appropriate party to this Agreement, the obligations of World Omni and any Affiliate of World Omni to deliver or provide any demand, delivery, notice, communication or instruction to such party other than a Noteholder shall be satisfied by World Omni or such Affiliate, as the case may be, making such demand, delivery, notice, communication or instruction available at [●], or such other website or distribution service or provider as World Omni or such Affiliate, as applicable, shall designate by written notice to the other parties hereto.

SECTION 11.05 <u>Severability</u>. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

SECTION 11.06 <u>Separate Counterparts; Electronic Signatures</u>. This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument. Each of the parties agree that this Agreement and any other documents to be delivered in connection herewith may be electronically signed, that any digital or electronic signatures (including pdf, facsimile or electronically imaged signatures provided by DocuSign or any other digital signature provider) appearing on this Agreement or such other documents are the same as handwritten signatures for the purposes of validity, enforceability and admissibility, and that delivery of any such electronic signature to, or a signed copy of, this Agreement and such other documents may be made by facsimile, email or other electronic transmission; <u>provided</u>, <u>however</u>, that any documentation with respect to transfer of the Certificates or other securities presented to the Certificate Registrar, the Indenture Trustee or any transfer agent must contain original documents with manually executed signatures; provided further, that upon the request of the Indenture Trustee, any electronic signature delivered pursuant to this Section 11.06 shall be followed with a manually executed, original counterpart within a reasonable period of time following such request, to the extent such manually executed,

original counterpart shall be required by applicable law or a regulatory body having supervisory authority over the Indenture Trustee. The Indenture Trustee and Owner Trustee shall not be liable for, and shall be indemnified and held harmless under the applicable Transaction Document against any loss, liability or expense arising out of the use of electronic or digital signatures and electronic methods of submission with respect to this Agreement, the Transaction Documents and any documents or notices delivered to the Indenture Trustee or Owner Trustee pursuant to this Agreement or the related documents, including the risk of the Indenture Trustee or Owner Trustee acting on any unauthorized instructions and the risk of interception and misuse by third parties.

SECTION 11.07 <u>Successors and Assigns</u>. All covenants and agreements contained herein shall be binding upon, and inure to the benefit of, each of the Depositor and its permitted assignees, the Owner Trustee and its successors, and each Certificateholder and its successors and permitted assigns, all as herein provided. Any request, notice, direction, consent, waiver or other instrument or action by a Certificateholder shall bind the successors and assigns of such Certificateholder.

SECTION 11.08 <u>No Petition</u>. To the fullest extent permitted by applicable law, the Owner Trustee, by entering into this Agreement, each Certificateholder, by accepting a Trust Certificate, and the Indenture Trustee and each Noteholder, by accepting the benefits of this Agreement, hereby covenant and agree that they will not at any time institute against the Depositor or the Trust, or join in any institution against the Depositor or the Trust of, any involuntary 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 the Trust Certificates, the Notes, this Agreement or any of the Transaction Documents.

SECTION 11.09 <u>No Recourse</u>. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the Depositor, the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Trust Certificates or the Transaction Documents to which such parties are a party.

In the event that a Certificateholder (other than the Depositor) is deemed, under applicable law by any court or other authority of competent jurisdiction, to have an interest in any assets of the Depositor or any Affiliate of the Depositor other than the beneficial interest in the Trust ("<u>other assets</u>"), the parties to this Agreement and the Certificateholders acknowledge and agree that: (i) such Certificateholder's Certificate represents an undivided beneficial interest in the assets of the Trust and the Trust Estate only, (ii) any such Certificateholder's claim against any other assets shall be, and hereby is, subject and subordinate in all respects to the rights of other Persons to whom rights in the other assets have been expressly granted ("<u>entitled Persons</u>"), including to the payment in full of all amounts owing to such entitled Persons, and

(iii) the covenant set forth in the preceding clause (ii) constitutes a "subordination agreement" within the meaning of, and subject to, Section 510(a) of the Bankruptcy Code.

SECTION 11.10 <u>Headings</u>. The headings of the various Articles and Sections herein are for convenience of reference only and shall not define or limit any of the terms or provisions hereof.

SECTION 11.11 <u>GOVERNING LAW</u>. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO ANY OTHERWISE APPLICABLE CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS; <u>provided</u>, <u>however</u>, that, to the maximum extent permitted by applicable law, there shall not be applicable to the parties hereunder or this Trust Agreement any provision of the laws (common or statutory) of the State of Delaware (other than the Statutory Trust Act) pertaining to trusts that relate to or regulate, in a manner inconsistent with the terms hereof, (a) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (b) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (c) the necessity for obtaining court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (d) fees or other sums payable to trustees, officers, agents or employees of a trust, (e) the allocation of receipts and expenditures to income or principal, (f) the existence of rights or interests (beneficial or otherwise) in trust assets, (g) the ability of beneficial owners or other Persons to terminate or dissolve a trust, (h) restrictions or limitations on the permissible nature, amount, or concentration of trust investments or requirements relating to the titling, storage, or other manner of holding or investing the trust assets, or (i) the establishment of fiduciary or other standards of responsibility or limitations on the acts or powers of trustees that are inconsistent with the limitations or authorities and powers of the Owner Trustee hereunder as set forth or referenced in this Trust Agreement; <u>provided</u>*,* <u>further</u>*,* that no provision contained herein shall be construed to eliminate the implied covenant of good faith and fair dealing. Sections 3540 and 3561 of Title 12 of the Delaware Code shall not apply to the Trust.

SECTION 11.12 <u>Waiver of Jury Trial; Submission to Jurisdiction.</u> To the extent permitted by applicable law, each party hereto, and each Certificateholder, by its acceptance of a Trust Certificate, irrevocably waives all right of trial by jury in any action, proceeding or counterclaim based on, or arising out of, under or in connection with this Agreement, any other Transaction Document, or any matter arising hereunder or thereunder whether sounding in contract, tort or otherwise. Each party hereto submits for itself and its property to the non-exclusive general jurisdiction of the courts of the State of Delaware, the federal courts of the United States of America for the District of Delaware and appellate courts from any thereof with respect to any suit, action or proceeding arising out of or in connection with this Agreement or the transactions contemplated hereby, and each of the parties hereby irrevocably

waives any objection which it may now or hereafter have to the laying of the venue of any suit, action or proceeding in any of those courts. Each of the parties hereto unconditionally agrees that, to the extent such party is not otherwise subject to service of process in the State of Delaware, to appoint and maintain an agent in the State of Delaware as such party's agent for acceptance of legal process**.**

SECTION 11.13 <u>Information Requests</u>. The parties hereto shall provide any information reasonably requested by the Servicer, the Trust, the Depositor or any of their Affiliates at the expense of the Servicer, the Trust, the Depositor or any of their Affiliates, as applicable, in order to comply with or obtain more favorable treatment under any current or future law, rule, regulation, accounting rule or principle.

SECTION 11.14 <u>Compliance with Applicable Anti-Terrorism and Anti-Money Laundering Regulations</u>. Applicable Anti-Money Laundering Law may require the Trust to file reports with FinCEN after the date of this Agreement. It shall be the Depositor's or the Administrator's duty to cause the Trust to make such filings and to cause the Trust to comply with its obligations under the Corporate Transparency Act, if any. For the avoidance of doubt, the Owner Trustee, [●] and its Affiliates, the Indenture Trustee, the Note Registrar, the Paying Agent, or any other party (including in any of their respective capacities under the Transaction Documents) shall have no duty or responsibility to cause the Trust to comply with its obligations under the Corporate Transparency Act, if any, and such Persons shall have no duty or responsibility to monitor the Trust's compliance therewith. The parties hereto agree that for purposes of Applicable Anti-Money Laundering Law, the Depositor is and shall be deemed to be the sole direct beneficial owner of the Trust, acknowledge that the Owner Trustee acts solely as a directed trustee at the direction of the Depositor hereunder and that the Depositor (and not of the Owner Trustee) is and shall deemed to be the party with the power and authority to exercise substantial control over the Trust. Further, in order to comply with Applicable Anti-Money Laundering Law, the Owner Trustee is required to obtain from time to time documentation to verify and record information that identifies each Person who opens an account. For a non-individual Person, the Owner Trustee will reasonably request documentation necessary to verify its formation and existence as a legal entity, financial statements, licenses, tax identification documents, and identification and authorization documents from individuals claiming authority to represent the entity and other necessary and relevant documentation and information (including beneficial owners of such entities). The Owner Trustee may, to the fullest extent permitted by applicable law, including Applicable Anti-Money Laundering Law, in the absence of bad faith on the part of such party, conclusively rely on, and shall be fully protected and indemnified in relying on, any information received, and failure to provide such information may result in an inability of the Owner Trustee to perform its obligations hereunder which, at the sole option of the Owner Trustee, after consultation with the Depositor, may result in the resignation of the Owner Trustee, subject in all respects to the resignation and removal provisions and terms herein and any other provision applicable to such party under the other Transaction Documents**.**

**ARTICLE XII**

**COMPLIANCE WITH REGULATION AB**

SECTION 12.01 <u>Intent of the Parties; Reasonableness</u>. The Depositor and the Owner Trustee acknowledge and agree that the purpose of this Article XII is to facilitate compliance by the Depositor with the provisions of Regulation AB and the related rules and regulations of the Commission. The Depositor shall not exercise its right to request delivery of information or other performance under these provisions other than in good faith, or for purposes other than the Depositor's compliance with the Securities Act, the Exchange Act and the rules and regulations of the Commission thereunder (or the provision in a private offering of disclosure comparable to that required under the Securities Act). The Owner Trustee agrees to cooperate in good faith with the Depositor and shall deliver (and cause each of its Reporting Subcontractors, if any, to deliver) to the Depositor any information reasonably requested by the Depositor regarding the Owner Trustee which is required in order to enable the Depositor to comply with the provisions of Items 1109(a), 1109(b), 1117 and 1119 of Regulation AB or any of its other Exchange Act reporting obligations as it relates to the Owner Trustee or to the Owner Trustee's obligations under this Agreement (including with respect to any of its successors or predecessors; <u>provided</u>, <u>however</u>, that this parenthetical shall apply only to the successors or predecessors of the Owner Trustee contemplated by <u>Section 10.04</u> hereof). The obligations of the Owner Trustee to provide such information shall survive the removal or resignation of the Owner Trustee hereunder.

SECTION 12.02 <u>Information to Be Provided by the Owner Trustee</u>. The Owner Trustee shall (i) on or before the fifth Business Day following a written request of the Depositor, provide to the Depositor, in writing, such information regarding the Owner Trustee as is requested for the purpose of compliance with Item 1117 of Regulation AB, and (ii) as promptly as practicable following notice to or discovery by the Owner Trustee of any changes to such information, provide to the Depositor, in writing, updated information necessary for compliance with Item 1117 of Regulation AB.

The Owner Trustee shall (i) on or before the fifth Business Day following a written request of the Depositor in connection with the preparation of any required quarterly or annual report, provide to the Depositor such information regarding the Owner Trustee as is requested for the purpose of compliance with Items 1109(a), 1109(b) and 1119 of Regulation AB, and (ii) as promptly as practicable following notice to or discovery by the Owner Trustee of any changes to such information, provide to the Depositor, in writing, updated information. Such information shall include, at a minimum:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Owner Trustee's name and form of organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a description of the extent to which the Owner Trustee has had prior experience serving as a trustee for asset-backed securities transactions involving assets of the same type as the Exchange Note and related assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a description of any affiliation between the Owner Trustee and any of the following parties to a Securitization Transaction, as such parties are identified to the Owner Trustee by the Depositor in writing in advance of such Securitization Transaction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the sponsor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any depositor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the issuing entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any servicer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any originator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any significant obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any enhancement or support provider, including any swap or cap counterparty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any asset representations reviewer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) any other material transaction party.

In connection with the above-listed parties, a description of whether there is, and if so the general character of, any business relationship, agreement, arrangement, transaction or understanding that is entered into outside the ordinary course of business or is on terms other than would be obtained in an arm's length transaction with an unrelated third party, apart from the asset-backed securities transaction, that currently exists or that existed during the past two years and that is material to an investor's understanding of the asset-backed securities.

\* \* \* \* \* \*

IN WITNESS WHEREOF, the parties hereto have caused this Trust Agreement to be duly executed by their respective officers hereunto duly authorized, as of the day and year first above written.

By: 

 Name:

 Title:

 [●], as Owner Trustee ,

By: 

 Name:

 Title:

[●] acknowledges and accepts, as of the date first above written, its appointment as Paying Agent in accordance with the terms of this Agreement and agrees to be bound by the terms of this Agreement applicable to the [Indenture Trustee and] Paying Agent.

By:   <br> Name: <br> Title:

EXHIBIT A

<u>FORM OF TRUST CERTIFICATE</u>

THIS CERTIFICATE IS SUBORDINATED TO THE NOTES, AS AND TO THE EXTENT SET FORTH IN THE TRANSACTION DOCUMENTS.

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "<u>1933 ACT</u>"), OR UNDER THE SECURITIES OR BLUE SKY LAWS OF ANY STATE IN THE UNITED STATES OR ANY FOREIGN SECURITIES LAWS. BY ITS ACCEPTANCE OF THIS CERTIFICATE THE HOLDER HEREOF IS DEEMED TO REPRESENT TO THE DEPOSITOR AND THE OWNER TRUSTEE (i) THAT IT IS AN "ACCREDITED INVESTOR" AS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D PROMULGATED UNDER THE 1933 ACT (AN "<u>ACCREDITED INVESTOR</u>") AND THAT IT IS ACQUIRING THIS CERTIFICATE FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE ACCREDITED INVESTORS UNLESS THE HOLDER IS A BANK ACTING IN ITS FIDUCIARY CAPACITY) FOR INVESTMENT AND NOT WITH A VIEW TO, OR FOR OFFER OR SALE IN CONNECTION WITH, THE PUBLIC DISTRIBUTION HEREOF, (ii) THAT IT IS A "QUALIFIED INSTITUTIONAL BUYER" AS DEFINED IN RULE 144A UNDER THE 1933 ACT (A "<u>QUALIFIED INSTITUTIONAL BUYER</u>") AND IS ACQUIRING SUCH CERTIFICATE FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE QUALIFIED INSTITUTIONAL BUYERS) OR (iii) THAT IT IS AN INVESTOR THAT IS OTHERWISE PERMITTED TO ACQUIRE THIS CERTIFICATE UNDER THE TRUST AGREEMENT.

TRANSFER OF THE CERTIFICATES IS SUBJECT TO CERTAIN RESTRICTIONS. PROSPECTIVE PURCHASERS OF THE CERTIFICATES ARE REFERRED TO THE TERMS OF THE TRUST AGREEMENT (AS HEREINAFTER DEFINED) WITH RESPECT TO SUCH RESTRICTIONS. IN THE EVENT OF ANY INCONSISTENCY BETWEEN THE TERMS OF THIS CERTIFICATE AND THE TERMS OF THE TRUST AGREEMENT, THE TRUST AGREEMENT SHALL GOVERN.

NO SALE, PLEDGE OR OTHER TRANSFER OF THIS CERTIFICATE MAY BE MADE BY ANY PERSON UNLESS EITHER (i) SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO THE DEPOSITOR, (ii) SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO AN ACCREDITED INVESTOR THAT EXECUTES A CERTIFICATE, SUBSTANTIALLY IN THE FORM SPECIFIED IN THE TRUST AGREEMENT, TO THE EFFECT THAT IT IS AN ACCREDITED INVESTOR ACTING FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE ACCREDITED INVESTORS UNLESS THE

Ex. A-1

HOLDER IS A BANK ACTING IN ITS FIDUCIARY CAPACITY), (iii) SO LONG AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE 1933 ACT, SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO A PERSON WHO THE PROSPECTIVE TRANSFEROR REASONABLY BELIEVES AFTER DUE INQUIRY IS A QUALIFIED INSTITUTIONAL BUYER, ACTING FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE QUALIFIED INSTITUTIONAL BUYERS) TO WHOM NOTICE IS GIVEN THAT THE SALE, PLEDGE OR TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, OR (iv) SUCH SALE, PLEDGE OR OTHER TRANSFER IS OTHERWISE MADE IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE 1933 ACT, IN WHICH CASE THE OWNER TRUSTEE SHALL REQUIRE THAT BOTH THE PROSPECTIVE TRANSFEROR AND THE PROSPECTIVE TRANSFEREE CERTIFY TO THE OWNER TRUSTEE AND THE DEPOSITOR IN WRITING THE FACTS SURROUNDING SUCH TRANSFER, WHICH CERTIFICATION SHALL BE IN FORM AND SUBSTANCE SATISFACTORY TO THE OWNER TRUSTEE AND THE DEPOSITOR. EXCEPT IN THE CASE OF A TRANSFER DESCRIBED IN CLAUSES (i) OR (iii) ABOVE, THE OWNER TRUSTEE SHALL REQUIRE A WRITTEN OPINION OF COUNSEL (WHICH SHALL NOT BE AT THE EXPENSE OF THE DEPOSITOR, ANY AFFILIATE OF THE DEPOSITOR OR THE OWNER TRUSTEE) SATISFACTORY TO THE DEPOSITOR AND THE OWNER TRUSTEE TO THE EFFECT THAT SUCH TRANSFER WILL NOT VIOLATE THE 1933 ACT.

EACH SECURITYHOLDER, BY ITS ACCEPTANCE OF THIS SECURITY, COVENANTS AND AGREES THAT SUCH SECURITYHOLDER, SHALL NOT, PRIOR TO THE DATE THAT IS ONE YEAR AND ONE DAY AFTER THE TERMINATION OF THE TRUST AGREEMENT, ACQUIESCE, PETITION OR OTHERWISE INVOKE OR CAUSE THE TRUST OR THE DEPOSITOR TO INVOKE THE PROCESS OF ANY COURT OR GOVERNMENTAL AUTHORITY FOR THE PURPOSE OF COMMENCING OR SUSTAINING AN INVOLUNTARY CASE AGAINST THE TRUST OR THE DEPOSITOR UNDER ANY FEDERAL OR STATE BANKRUPTCY, INSOLVENCY, REORGANIZATION OR SIMILAR LAW, OR APPOINTING A RECEIVER, LIQUIDATOR, ASSIGNEE, TRUSTEE, CUSTODIAN, SEQUESTRATOR OR OTHER SIMILAR OFFICIAL OF THE TRUST OR THE DEPOSITOR OR ANY SUBSTANTIAL PART OF ITS PROPERTY, OR ORDERING THE WINDING UP OR LIQUIDATION OF THE AFFAIRS OF THE TRUST OR THE DEPOSITOR.

No transfer of this Certificate shall be made to any Person unless the Certificate Registrar has received a certificate in the form of paragraph 3 to the Investment Letter attached to the trust agreement as <u>Exhibit D</u> from such Person to the effect that such Person is not ACQUIRING AND WILL NOT HOLD THIS CERTIFICATE (OR ANY INTEREST HEREIN) WITH THE ASSETS OF (i) an "employee benefit plan" as defined in section 3(3) of the Employee Retirement Income Security Act of 1974, as amended ("<u>ERISA</u>") that is subject to Title I of ERISA, (ii) a "plan" AS DEFINED in section 4975(e)(1) of the internal revenue Code of

Ex. A-2

1986, as amended (the "<u>Code</u>") that is subject to Section 4975 of the code, (iii) any entity OR ACCOUNT deemed to hold "plan assets" of the foregoing or (iv) any GOVERNMENTAL, NON-U.S. OR CHURCH PLAN OR ANY OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT that is subject to any federal, state, local OR OTHER law that is substantially similar to tITLE i of ERISA or Section 4975 of the Code. The preparation and delivery of the certificate referred to above with respect to a proposed transfer shall not be an expense of the Issuing Entity, the Owner Trustee, the Certificate Registrar, the Indenture Trustee, World Omni (in any capacity) or the Depositor. Any attempted or purported transfer in violation of these transfer restrictions will be null and void and will vest no rights in any purported transferee.

Ex. A-3

NO.: [●]

WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST 20[●]-[●]<br> CERTIFICATE

Evidencing a fractional undivided interest in the Trust, as defined below, the property which consists of the Exchange Note (transferred to the Trust on the Closing Date), all monies received after the applicable Cut-Off Date; the Accounts; and certain other rights under the Trust Agreement and Exchange Note Transfer Agreement and all proceeds of the foregoing (but excluding the Notes and Trust Certificates).

THIS TRUST CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF AUTO LEASE FINANCE LLC, WORLD OMNI AUTO LEASING LLC, WORLD OMNI FINANCIAL CORP. OR ANY OF THEIR RESPECTIVE AFFILIATES.

THIS CERTIFIES THAT ________________ is the registered owner of ___% nonassessable, fully-paid, fractional undivided interest in World Omni Automobile Lease Securitization Trust 20[●]-[●] (the "<u>Trust</u>"), formed by World Omni Auto Leasing LLC, a Delaware limited liability company (the "<u>Depositor</u>").

OWNER TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Trust Certificates referred to in the within-mentioned Trust Agreement.

 as Authenticating Agent

By:   By: <br> Authorized Officer Authorized Officer

Ex. A-4

The Trust was created pursuant to a Trust Agreement dated [●], 20[●] (as amended and restated as of [●], 20[●] and as may be further amended, restated or supplemented from time to time, the "<u>Trust Agreement</u>"), between the Depositor and [●], as owner trustee (the "<u>Owner Trustee</u>"), a summary of certain of the pertinent provisions of which is set forth below. To the extent not otherwise defined herein, the capitalized terms used herein have the meanings assigned to them in the Trust Agreement or the Indenture, dated as of [●], 20[●] (as amended and supplemented from time to time, the "<u>Indenture</u>"), among the Trust, [●], as indenture trustee, and [●], as Account Bank, as applicable.

This Certificate is one of the duly authorized Certificates designated as "Trust Certificates" (herein called the "<u>Trust Certificates</u>"). Also issued under an Indenture are the Notes designated as "Asset-Backed Notes" (the "<u>Notes</u>"). This Trust Certificate is issued under and is subject to the terms, provisions and conditions of the Trust Agreement, to which Trust Agreement the Certificateholder of this Trust Certificate by virtue of its acceptance hereof assents and by which such Certificateholder is bound. The property of the Trust consists of the Exchange Notes transferred to the Trust on the Closing Date, all monies received after the applicable Cut-Off Date; the Accounts; and certain other rights under the Trust Agreement and Exchange Note Transfer Agreement, dated as of [●], 20[●] (as amended and supplemented from time to time, the "<u>Exchange Note Transfer Agreement</u>"), between the Trust and the Depositor, and all proceeds of the foregoing (but excluding the Notes and Trust Certificates). The rights of the Certificateholders are subordinated to the rights of the Noteholders, as and to the extent set forth in the Transaction Documents.

Under the Trust Agreement, there will be distributed on the 15th of each month of each year or, if such day is not a Business Day, the immediately following Business Day (each, a "<u>Payment Date</u>"), commencing on [●], 20[●], to the Person in whose name this Trust Certificate is registered at the close of business on the Business Day immediately preceding such Payment Date (the "<u>Record Date</u>"), such Certificateholder's fractional undivided interest in the amount to be distributed to Certificateholders on such Payment Date as is provided in the Transaction Documents.

The Certificateholder of this Trust Certificate acknowledges and agrees that its rights to receive distributions in respect of this Trust Certificate are subordinated to the rights of the Noteholders as described in the Transaction Documents.

It is the intention of the Depositor, the Servicer, the Administrator and the Certificateholders that, solely for U.S. federal, state and local income and franchise tax purposes, (a) so long as the Trust has only one Certificateholder, the Trust will be disregarded as a separate entity and (b) at such time as the Trust has more than one Certificateholder, the Trust will be treated as a partnership. The Servicer, the Administrator and the Depositor or any Certificateholder will take all actions consistent with the foregoing, and neither the Servicer, the Administrator nor the Depositor or any Certificateholder will take any action to the contrary.

Ex. A-5

Each Certificateholder, by its acceptance of a Trust Certificate, covenants and agrees that such Certificateholder will not at any time institute against the Depositor, or join in any institution against the Depositor of, any involuntary 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 the Trust Certificates, the Notes, the Trust Agreement or any of the Transaction Documents.

Distributions on this Trust Certificate will be made as provided in the Trust Agreement by the Paying Agent by wire transfer or check mailed to the Certificateholder without the presentation or surrender of this Trust Certificate or the making of any notation hereon. Except as otherwise provided in the Trust Agreement and notwithstanding the above, the final distribution on this Trust Certificate will be made after due notice by the Owner Trustee or Paying Agent of the pendency of such distribution and only upon presentation and surrender of this Trust Certificate at the office or agency maintained for that purpose by the Owner Trustee.

Reference is hereby made to the further provisions of this Trust Certificate set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place.

Unless the certificate of authentication hereon shall have been executed by an Authorized Officer of the Owner Trustee, by manual signature, this Trust Certificate shall not entitle the Certificateholder hereof to any benefit under the Trust Agreement or the Exchange Note Transfer Agreement or be valid for any purpose.

**THIS TRUST CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO ANY OTHERWISE APPLICABLE CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.**

Ex. A-6

IN WITNESS WHEREOF, the Owner Trustee, on behalf of the Trust and not in its individual capacity, has caused this Trust Certificate to be duly executed.

By: [●], not in its individual capacity but solely as Owner Trustee

Dated:   By:   <br> Authorized Signatory

Ex. A-7

[REVERSE OF TRUST CERTIFICATE]

The Trust Certificates do not represent an obligation of, or an interest in, the Depositor, the Servicer, the Owner Trustee, or any affiliates of any of them and no recourse may be had against such parties or their assets, except as expressly set forth or contemplated herein or in the Trust Agreement or the Transaction Documents. In addition, this Trust Certificate is not guaranteed by any governmental agency or instrumentality and is limited in right of payment to certain collections and recoveries with respect to the Exchange Notes (and certain other amounts), all as more specifically set forth herein and in the Exchange Note Transfer Agreement. A copy of each of the Exchange Note Transfer Agreement and the Trust Agreement may be examined by any Certificateholder upon written request during normal business hours at the principal office of the Depositor and at such other places, if any, designated by the Depositor.

The Trust Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor and the rights of the Certificateholders under the Trust Agreement at any time by the Depositor and the Owner Trustee with the consent of the Certificateholders of not less than a 50.1% Percentage Interest in the Trust Certificates and holders of not less than 50.1% of the Outstanding Amount of the Controlling Securities. Any such consent by the Certificateholder of this Trust Certificate shall be conclusive and binding on such Certificateholder and on all future Certificateholders of this Trust Certificate and of any Trust Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent is made upon this Trust Certificate. The Trust Agreement also permits the amendment thereof, in certain limited circumstances, without the consent of the Certificateholders of any of the Trust Certificates.

As provided in the Trust Agreement and subject to certain limitations therein set forth, the transfer of this Trust Certificate is registerable in the Certificate Register upon surrender of this Trust Certificate for registration of transfer at the offices or agencies of the Certificate Registrar maintained by the Owner Trustee, accompanied by (i) a written instrument of transfer in form satisfactory to the Owner Trustee and the Certificate Registrar duly executed by the Certificateholder hereof or such Certificateholder's attorney duly authorized in writing and (ii) certain opinions required by <u>Section 3.03</u> of the Trust Agreement, and thereupon one or more new Trust Certificates of authorized denominations evidencing the same aggregate interest in the Trust will be issued to the designated transferee. The initial Certificate Registrar appointed under the Trust Agreement is [●].

Except as provided in the Trust Agreement, the Trust Certificates shall be issued in a 100% Percentage Interest. As provided in the Trust Agreement and subject to certain limitations therein set forth, Trust Certificates are exchangeable for new Trust Certificates of authorized denominations evidencing the same aggregate denomination, as requested by the Certificateholder surrendering the same. No service charge will be made for any such registration of transfer or exchange, but the Owner Trustee or the Certificate Registrar may

Ex. A-8

require payment of a sum sufficient to cover any tax or governmental charge payable in connection therewith.

The Owner Trustee, the Certificate Registrar and any agent of the Owner Trustee or the Certificate Registrar may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Owner Trustee, the Certificate Registrar or any such agent shall be affected by any notice to the contrary.

Ex. A-9

ASSIGNMENT

FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto

PLEASE INSERT SOCIAL SECURITY OR

OTHER IDENTIFYING NUMBER OF ASSIGNEE

(Please print or type name and address, including postal zip code, of assignee)

the within Trust Certificate, and all rights thereunder, and hereby irrevocably constitutes and appoints ________________________, attorney, to transfer said Trust Certificate on the books of the Certificate Registrar, with full power of substitution in the premises.

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| | | |
|:---|:---|:---|
| Dated: | | |
|  | | \*/ |
|  | Signature Guaranteed: | Signature Guaranteed: |

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  <u>\*/</u>

<u>\*</u>/ NOTICE: The signature to this assignment must correspond with the name as it appears upon the face of the within Trust Certificate in every particular, without alteration, enlargement or any change whatever. Such signature must be guaranteed by a member firm of the New York Stock Exchange or a commercial bank or trust company.

Ex. A-10

EXHIBIT B

CERTIFICATE OF TRUST OF<br> <u>WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST 20[●]-[●]</u>

This Certificate of Trust of WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST 20[●]-[●] (the "<u>Trust</u>"), is being duly executed and filed by the undersigned, not in its individual capacity but solely as trustee, to form a statutory trust under the Delaware Statutory Trust Act (12 <u>Del. C.</u> § 3801 <u>et seq</u>.) (the "Act").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Name</u>. The name of the statutory trust formed hereby is World Omni Automobile Lease Securitization Trust 20[●]-[●].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Delaware Trustee</u>. The name and business address of the trustee of the Trust in the State of Delaware are [●], [address].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Effective Date</u>. This Certificate of Trust shall be effective upon filing.

\* \* \* \* \*

Ex. B-1

IN WITNESS WHEREOF, the undersigned, being the sole trustee of the Trust, has executed this Certificate of Trust in accordance with Section 3811(a) of the Act.

By: 

 Name:

 Title:

Ex. B-2

EXHIBIT C

FORM OF TRANSFEROR CERTIFICATE

[DATE]

World Omni Auto Leasing LLC<br> 250 Jim Moran Boulevard<br> Deerfield Beach, FL 33442

[●],<br> as Owner Trustee of<br> World Omni Automobile Lease Securitization Trust 20[●]-[●]

[●],<br> as Certificate Registrar of<br> World Omni Automobile Lease Securitization Trust 20[●]-[●]

Re: World Omni Automobile Lease Securitization Trust 20[●]-[●]<br> <u>Trust Certificates</u> 

Ladies and Gentlemen:

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

Very truly yours,

[NAME OF TRANSFEROR]

Ex. C

By:   <br> Authorized Officer

Ex. C

EXHIBIT D

FORM OF INVESTMENT LETTER

World Omni Auto Leasing LLC<br> 250 Jim Moran Boulevard<br> Deerfield Beach, FL 33442

[●], as Owner Trustee of<br> World Omni Automobile Lease Securitization Trust 20[●]-[●]

[●], as Certificate Registrar of<br> World Omni Automobile Lease Securitization Trust 20[●]-[●]

Ladies and Gentlemen:

In connection with our proposed purchase of Trust Certificates (the "<u>Certificates</u>") of World Omni Automobile Lease Securitization Trust 20[●]-[●] (the "<u>Issuing Entity</u>"), we confirm that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. We understand that the Certificates have not been registered under the Securities Act of 1933, as amended (the "<u>1933 Act</u>"), and may not be sold except as permitted in the following sentence. We understand and agree, on our own behalf and on behalf of any accounts for which we are acting as hereinafter stated, (x) that such Certificates are being offered only in a transaction not involving any public offering within the meaning of the 1933 Act and (y) that such Certificates may be resold, pledged or transferred only (i) to the Depositor, (ii) to an "accredited investor" as defined in Rule 501(a)(1),(2),(3) or (7) of Regulation D under the 1933 Act (an "<u>Accredited Investor</u>") acting for its own account (and not for the account of others) or as a fiduciary or agent for others (which others also are Accredited Investors unless the holder is a bank acting in its fiduciary capacity) that executes a certificate substantially in the form hereof, (iii) so long as such Certificate is eligible for resale pursuant to Rule 144A under the 1933 Act ("<u>Rule 144A</u>"), to a person whom we reasonably believe after due inquiry is a "qualified institutional buyer" as defined in Rule 144A, acting for its own account (and not for the account of others) or as a fiduciary or agent for others (which others also are "qualified institutional buyers") to whom notice is given that the resale, pledge or transfer is being

Ex. D-1

made in reliance on Rule 144A or (iv) in a sale, pledge or other transfer made in a transaction otherwise exempt from the registration requirements of the 1933 Act, in which case the Owner Trustee shall require that both the prospective transferor and the prospective transferee certify to the Owner Trustee, the Certificate Registrar and the Depositor in writing the facts surrounding such transfer, which certification shall be in form and substance satisfactory to the Owner Trustee and the Depositor. Except in the case of a transfer described in clauses (i) or (iii) above, the Owner Trustee shall require that a written opinion of counsel (which will not be at the expense of the Depositor, any affiliate of the Depositor or the Owner Trustee) satisfactory to the Depositor and the Owner Trustee be delivered to the Depositor, the Certificate Registrar and the Owner Trustee to the effect that such transfer will not violate the 1933 Act, and will be effected in accordance with any applicable securities laws of each state of the United States. We will notify any purchaser of the Certificates from us of the above resale restrictions, if then applicable. We further understand that in connection with any transfer of the Certificates by us that the Depositor, the Certificate Registrar and the Owner Trustee may request, and if so requested we will furnish, such certificates and other information as they may reasonably require to confirm that any such transfer complies with the foregoing restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. [CHECK ONE]

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| | |
|:---|:---|
| ◻ | (a) We are an Accredited Investor acting for our own account (and not for the account of others) or as a fiduciary or agent for others (which others also are Accredited Investors unless we are a bank acting in its fiduciary capacity). We have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of our investment in the Certificates, and we and any accounts for which we are acting are each able to bear the economic risk of our or their investment for an indefinite period of time. We are acquiring the Certificates for investment and not with a view to, or for offer and sale in connection with, a public distribution. |
| ◻ | (b) We are a "qualified institutional buyer" as defined under Rule 144A under the 1933 Act and are acquiring the Certificates for our own account (and not for the account of others) or as a fiduciary or agent for others (which others also are "qualified institutional buyers"). We are familiar with Rule 144A under the 1933 Act and are aware that the seller of the Certificates and other parties intend to rely on the statements made herein and the exemption from the registration requirements of the 1933 Act provided by Rule 144A. |

---

Ex. D-2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. We are not acquiring and will not hold the Certificate (or any interest therein) with the assets of (i) an "employee benefit plan" as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended ("<u>ERISA</u>") that is subject to Title I of ERISA, (ii) a "plan" defined in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>") that is subject to Section 4975 of the Code, (iii) any entity or account deemed to hold "plan assets" of the foregoing or (iv) any governmental, non-U.S. or church plan or any other employee benefit plan or arrangement that is subject to any federal, state, local or other law that is substantially similar to Title I of ERISA or Section 4975 of the Code. We hereby acknowledge that no transfer of any Certificate shall be permitted to be made to any person unless the Owner Trustee has received a certificate from such transferee to the effect of the preceding sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. We are a "United States person" (within the meaning of Section 7701(a)(30) of the Internal Revenue Code) and agree to provide the Certificate Registrar, the Owner Trustee and the Depositor on or prior to the date hereof (and from time to time thereafter upon the reasonable request of the Certificate Registrar, the Owner Trustee or the Depositor), executed originals of Internal Revenue Service Form W-9 certifying that we are exempt from U.S. federal backup withholding tax.

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

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

Very truly yours, <br>[NAME OF PURCHASER]

Ex. D-3

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| | |
|:---|:---|
| By: |  |
|  | Name: |
|  | Title: |
| Date: |  |

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Ex. D-4

## Exhibit 99.2

**EXHIBIT 99.2**

**ADMINISTRATION AGREEMENT**

**AMONG**

**WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST 20[●]-[●], AS ISSUING ENTITY**

**WORLD OMNI FINANCIAL CORP., AS ADMINISTRATOR**

**AND**

**[●], AS INDENTURE TRUSTEE**

**DATED AS OF [●], 20[●]**

**Table of Contents**

**<u>Page</u>**

1. Duties of the Administrator 2

2. Records 4

3. Compensation; Payment of Fees and Expenses 4

4. Independence of the Administrator 5

5. No Joint Venture 5

6. Other Activities of the Administrator 6

7. Representations and Warranties of the Administrator 6

8. Administrator Replacement Events; Termination of the Administrator 7

9. Action upon Termination or Removal 9

10. Liens 9

11. Notices 9

12. Amendments 10

13. Governing Law; Submission to Jurisdiction 11

14. Headings 12

15. Counterparts; Electronic Signatures 12

16. Severability of Provisions 13

17. Not Applicable to World Omni in Other Capacities 13

18. Benefits of the Administration Agreement 13

19. Assignment 13

20. Nonpetition Covenant 13

21. Limitation of Liability 14

22. Each Exchange Note Separate; Assignees of Exchange Note 14

i

THIS ADMINISTRATION AGREEMENT (this "<u>Agreement</u>") dated as of [●], 20[●], is between WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST 20[●]-[●], a Delaware statutory trust (the "<u>Issuing Entity</u>"), WORLD OMNI FINANCIAL CORP., a Florida corporation, as administrator ("<u>World Omni</u>" or in its capacity as administrator, the "<u>Administrator</u>"), and [●], a [national banking association], as indenture trustee (the "<u>Indenture Trustee</u>"). Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned such terms in <u>Appendix A</u> to the Indenture, dated as of the date hereof (the "<u>Indenture</u>"), by and among the Issuing Entity, the Indenture Trustee, and [●], as Account Bank.

WITNESSETH:

WHEREAS, the Issuing Entity has issued the Notes pursuant to the Indenture and the Certificates pursuant to the Trust Agreement and has entered into or is subject to certain agreements in connection therewith, including, (i) the Exchange Note Transfer Agreement, (ii) the Indenture, (iii) the Depository Agreement, (iv) the Trust Agreement [and] (v) the Asset Representations Review Agreement, [(vi)] [the interest rate swap agreements, in effect on the date hereof, between the Issuing Entity and the Swap Counterparty (as may be amended, supplemented or otherwise modified and in effect from time to time, the "<u>Interest Rate Swaps</u>"), and (vii) the swap counterparty rights agreement, dated as of the date hereof, among the Issuing Entity, the Swap Counterparty, the Depositor and World Omni (as may be amended, supplemented or otherwise modified and in effect from time to time, the "<u>Swap Counterparty Rights Agreement</u>")] [and (viii) the interest rate cap agreements, in effect on the date hereof, between the Issuing Entity and the Cap Counterparty (as may be amended, supplemented or otherwise modified and in effect from time to time, the "<u>Interest Rate Caps</u>")] (each of the agreements referred to in <u>clauses (i)</u> through <u>([viii])</u> are referred to herein collectively as the "<u>Issuing Entity Documents</u>");

WHEREAS, to secure payment of the Notes, the Issuing Entity has pledged the Collateral to the Indenture Trustee pursuant to the Indenture;

WHEREAS, pursuant to the Issuing Entity Documents, the Issuing Entity is required to perform certain duties;

WHEREAS, the Issuing Entity desires to have the Administrator perform certain of the duties of the Issuing Entity, and to provide such additional services consistent with this Agreement and the Issuing Entity Documents as the Issuing Entity may from time to time request;

WHEREAS, the Administrator has the capacity to provide the services required hereby and is willing to perform such services for the Issuing Entity on the terms set forth herein;

NOW, THEREFORE, in consideration of the mutual terms and covenants contained herein, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Duties of the Administrator.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Duties with Respect to the Issuing Entity Documents</u>. The Administrator shall perform all of its duties as Administrator under this Agreement and the Issuing Entity Documents and the duties and obligations of the Issuing Entity and the Owner Trustee (in its capacity as owner trustee) under the Issuing Entity Documents; <u>provided</u>, <u>however</u>, except as otherwise provided in the Issuing Entity Documents, that the Administrator shall have no obligation to make any payment required to be made by the Issuing Entity under any Issuing Entity Document. In addition, the Administrator shall consult with the Issuing Entity and the Owner Trustee regarding its duties and obligations under the Issuing Entity Documents. The Administrator shall monitor the performance of the Issuing Entity and the Owner Trustee and shall advise the Issuing Entity and the Owner Trustee when action is necessary to comply with the Issuing Entity's and the Owner Trustee's duties and obligations under the Issuing Entity Documents. [Further, on behalf of the Issuing Entity, the Administrator shall perform the duties and obligations related to a transition from the then-current Benchmark, including but not limited to the determination of a Benchmark Transition Event and its related Benchmark Replacement Date and any Benchmark Replacement Conforming Changes or SOFR Adjustment Conforming Changes pursuant to the terms of the Indenture.] The Administrator shall perform such calculations [(including any calculations related to a transition from the then-current Benchmark pursuant to the terms of the Indenture)] as it shall be the duty of the Issuing Entity or the Owner Trustee (in its capacity as owner trustee) to prepare or deliver pursuant to the Issuing Entity Documents, and shall prepare for execution by the Issuing Entity or the Owner Trustee or shall cause the preparation by other appropriate persons of all such documents, reports, filings, instruments, certificates and opinions as it shall be the duty of the Issuing Entity or the Owner Trustee (in its capacity as owner trustee) to prepare, file or deliver pursuant to the Issuing Entity Documents. In furtherance of the foregoing, the Administrator shall take all appropriate action that is the duty of the Issuing Entity or the Owner Trustee (in its capacity as owner trustee) to take pursuant to the Issuing Entity Documents, and shall prepare and execute on behalf of the Issuing Entity or the Owner Trustee all such documents, reports, filings, instruments, certificates and opinions as it shall be the duty of the Issuing Entity or the Owner Trustee to prepare, file or deliver pursuant to the Issuing Entity Documents or otherwise by applicable law. To the extent a Reallocation Request received from a Noteholder or Note Owner has not been resolved, the alleged breach has not otherwise been cured or the

related Transaction Unit has not otherwise been reallocated, paid-off or otherwise satisfied, within 180 days of the receipt of notice of the Reallocation Request by the Seller, the Administrator shall direct the Indenture Trustee to notify such Requesting Party that the Reallocation Request remains unresolved in connection with Section 2.3(d) of the Exchange Note Sale Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>No Action by Administrator</u>. Notwithstanding anything to the contrary in the Agreement, the Administrator shall not be obligated to, and shall not, take any action that the Issuing Entity directs the Administrator not to take or which would result in a violation or breach of the Issuing Entity's covenants, agreements or obligations under any of the Issuing Entity Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Non-Ministerial Matters; Exceptions to Administrator Duties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Notwithstanding anything to the contrary in this Agreement, with respect to matters that in the reasonable judgment of the Administrator are non-ministerial, the Administrator shall not take any action unless, within a reasonable time before the taking of such action, the Administrator shall have notified the Issuing Entity of the proposed action and the Issuing Entity shall not have withheld consent or provided an alternative direction. For the purpose of the preceding sentence, "non-ministerial matters" shall include, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the initiation of any claim or lawsuit by the Issuing Entity and the compromise of any action, claim or lawsuit brought by or against the Issuing Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the appointment of successor Note Registrars, successor Paying Agents, successor Indenture Trustees, successor Administrators or successor Servicers, or the consent to the assignment by the Note Registrar, the Paying Agent or the Indenture Trustee of its obligations under the Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the removal of the Indenture Trustee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the removal of the Asset Representations Reviewer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Notwithstanding anything to the contrary in this Agreement, the Administrator shall not be obligated to, and shall not, (x) make any payments to the Noteholders under the Transaction Documents, (y) except as provided in the

Transaction Documents, sell the Trust Estate or (z) take any other action that the Issuing Entity directs the Administrator not to take on its behalf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Records.</u> The Administrator shall maintain appropriate books of account and records relating to services performed hereunder, which books of account and records shall be accessible for inspection upon reasonable written request by the Issuing Entity, the Depositor and the Indenture Trustee at any time during normal business hours.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Compensation; Payment of Fees and Expenses.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Administration Fee</u>. As compensation for the performance of the Administrator's obligations under this Agreement and as reimbursement for its expenses related thereto, the Administrator shall be entitled to receive the Administration Fee in accordance with <u>Section 8.5</u> of the Indenture. The Administrator shall pay all expenses incurred by it in connection with its activities hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Compensation and Indemnification under the Transaction Documents</u>. The Administrator shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) unless otherwise paid pursuant to <u>Section 5.4(b)(i)</u> of the Indenture, pay to the Indenture Trustee and any separate trustee or co-trustee appointed pursuant to the terms of the Indenture (a "<u>Separate Trustee</u>") from time to time such compensation as the Issuing Entity, the Administrator and the Indenture Trustee shall from time to time agree in writing for services rendered under the Indenture (which compensation shall not be limited by any law on compensation of a trustee of an express trust);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) unless otherwise paid pursuant to <u>Section 5.4(b)(i)</u> of the Indenture, and except as otherwise expressly provided in the Indenture, reimburse the Indenture Trustee and any Separate Trustee for all reasonable expenses, disbursements and advances reasonably incurred in connection with the performance of their duties under the Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) unless otherwise paid pursuant to <u>Section 5.4(b)(i)</u> of the Indenture, indemnify the Indenture Trustee and any Separate Trustee, in their respective individual capacities and as trustees, and their successors, assigns, directors, officers, employees and agents in accordance with <u>Section 6.7</u> of the Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) defend any claim for which the Indenture Trustee or any Separate Trustee seeks indemnity and pay the fees and expenses of separate counsel of the Indenture Trustee or any Separate Trustee related to such defense;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) unless otherwise paid pursuant to <u>Section 5.4(b)(i)</u> of the Indenture, pay to the Owner Trustee from time to time compensation for all services rendered by the Owner Trustee under the Trust Agreement in accordance with a fee letter between the Administrator and the Owner Trustee (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) unless otherwise paid pursuant to <u>Section 5.4(b)(i)</u> of the Indenture, reimburse the Owner Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by the Owner Trustee in accordance with any provision of the Trust Agreement (including the reasonable compensation, expenses and disbursements of such agents and counsel as the Owner Trustee may employ in connection with the exercise and performance of its rights and authority and its duties under the Trust Agreement), except any such expense that may be attributable to the Owner Trustee's willful misconduct, gross negligence or bad faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) unless otherwise paid pursuant to <u>Section 5.4(b)(i)</u> of the Indenture, indemnify the Owner Trustee in its individual capacity and as trustee and its successors, assigns, directors, officers, employees and agents in accordance with <u>Section 8.02</u> of the Trust Agreement;

<u>provided</u> that, notwithstanding anything to the contrary contained herein or in any other Transaction Document, <u>clauses (i)</u> through <u>(vii</u>) above shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Independence of the Administrator.</u> For all purposes of this Agreement, the Administrator shall be an independent contractor and shall not be subject to the supervision of the Issuing Entity or the Owner Trustee with respect to the manner in which it accomplishes the performance of its obligations hereunder. Unless expressly authorized by the Issuing Entity or the Transaction Documents, the Administrator shall have no authority to act for or to represent the Issuing Entity in any way (other than as permitted hereunder) and shall not otherwise be deemed an agent of the Issuing Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>No Joint Venture.</u> Nothing contained in this Agreement (i) shall constitute the Administrator and the Issuing Entity as members of any partnership, joint venture, association,

syndicate, unincorporated business or other separate entity, (ii) shall be construed to impose any liability as such on any of them or (iii) shall be deemed to confer on any of them any express, implied or apparent authority to incur any obligation or liability on behalf of the others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Other Activities of the Administrator.</u> Nothing herein shall prevent the Administrator or its Affiliates from engaging in other businesses or, in its sole discretion, from acting in a similar capacity as an Administrator for any other Person even though such Person may engage in business activities similar to those of the Issuing Entity, the Owner Trustee or the Indenture Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Representations and Warranties of the Administrator.</u> The Administrator represents and warrants to the Issuing Entity and the Indenture Trustee as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Existence and Power</u>. The Administrator is a corporation validly existing and in good standing under the laws of its state of organization and has, in all material respects, all power and authority to carry on its business as now conducted. The Administrator has obtained all necessary licenses and approvals in each jurisdiction where the failure to do so would materially and adversely affect the ability of the Administrator to perform its obligations under the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Authorization and No Contravention</u>. The execution, delivery and performance by the Administrator of the Transaction Documents to which it is a party (i) have been duly authorized by all necessary action on the part of the Administrator and (ii) do not contravene or constitute a default under (A) any applicable law, rule or regulation, (B) its organizational documents or (C) any material agreement, contract, order or other instrument to which it is a party or its property is subject, other than violations which do not affect the legality, validity or enforceability of any of such agreements and which, individually or in the aggregate, would not materially and adversely affect the transactions contemplated by, or the Administrator's ability to perform its obligations under, the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>No Consent Required</u>. No approval or authorization by, or filing with, any Governmental Authority is required in connection with the execution, delivery and performance by the Administrator of any Transaction Document other than (i) UCC filings, (ii) approvals and authorizations that have previously been obtained and filings that have previously been made and (iii) approvals, authorizations or filings which, if not obtained or made, would not materially and adversely affect the ability of the Administrator to perform its obligations under the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Binding Effect</u>. Each Transaction Document to which the Administrator is a party constitutes the legal, valid and binding obligation of the Administrator enforceable against the Administrator in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, receivership, conservatorship or other similar laws affecting the enforcement of creditors' rights generally and, if applicable, the rights of creditors of limited liability companies from time to time in effect or by general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Administrator Replacement Events; Termination of the Administrator.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to <u>clauses (d)</u> and <u>(e)</u> below, the Administrator may resign its duties hereunder by providing the Issuing Entity with at least sixty (60) days' prior written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to <u>clauses (d)</u> and <u>(e)</u> below, the Issuing Entity may remove the Administrator without cause by providing the Administrator with at least sixty (60) days' prior written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The occurrence of any one of the following events (each, an "<u>Administrator Replacement Event</u>") shall also entitle the Issuing Entity, subject to <u>Section 19</u> hereof, to terminate and replace the Administrator:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any failure by the Administrator to deliver or cause to be delivered any required payment to the Indenture Trustee for distribution to the Noteholders, which failure continues unremedied for ten business days after discovery thereof by a Responsible Officer of the Administrator or receipt by the Administrator of written notice thereof from the Indenture Trustee or Noteholders evidencing at least a majority of the aggregate principal amount of the Outstanding Notes, voting together as a single class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any failure by the Administrator to duly observe or perform in any material respect any other of its covenants or agreements in this Agreement, which failure materially and adversely affects the rights of the Issuing Entity or the Noteholders, and which continues unremedied for 90 days after discovery thereof by a Responsible Officer of the Administrator or receipt by the Administrator of written notice thereof from the Indenture Trustee or Noteholders evidencing at least a majority of the aggregate principal amount of the Outstanding Notes, voting together as a single class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any representation or warranty of the Administrator made in any Transaction Document to which the Administrator is a party or by which it is bound or any certificate delivered pursuant to this Agreement proves to have been incorrect in any material respect when made, which failure materially and adversely affects the rights of the Issuing Entity or the Noteholders, and which failure continues unremedied for 90 days after discovery thereof by a Responsible Officer of the Administrator or receipt by the Administrator of written notice thereof from the Indenture Trustee or Noteholders evidencing at least a majority of the aggregate principal amount of the Outstanding Notes, voting together as a single class (it being understood that any reallocation of a Transaction Unit from the Reference Pool to the Warehouse Facility Pool or any Unencumbered Reference Pool by ALF LLC pursuant to <u>Section 2.3</u> of the Exchange Note Sale Agreement shall be deemed to remedy any incorrect representation or warranty with respect to such Transaction Unit); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Administrator suffers a Bankruptcy Event.

<u>provided</u>, <u>however</u>, that a delay in or failure of performance referred to under <u>clauses (i)</u>, <u>(ii)</u> or <u>(iii)</u> above for a period of not more than 150 days will not constitute an Administrator Replacement Event if such delay or failure was caused by force majeure or other similar occurrence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If an Administrator Replacement Event shall have occurred, the Issuing Entity may, subject to <u>Section 19</u> hereof, by notice given to the Administrator and the Owner Trustee, terminate all or a portion of the rights and powers of the Administrator under this Agreement, including the rights of the Administrator to receive the annual fee for services hereunder for all periods following such termination; <u>provided</u>, <u>however</u>, that such termination shall not become effective until such time as the Issuing Entity, subject to <u>Section 19</u> hereof, shall have appointed a successor Administrator in the manner set forth below. Upon any such termination, all rights, powers, duties and responsibilities of the Administrator under this Agreement shall vest in and be assumed by any successor Administrator appointed by the Issuing Entity, subject to <u>Section 19</u> hereof, pursuant to a management agreement between the Issuing Entity and such successor Administrator, containing substantially the same provisions as this Agreement (including with respect to the compensation of such successor Administrator), and the successor Administrator is hereby irrevocably authorized and empowered to execute and deliver, on behalf of the Administrator, as attorney-in-fact or otherwise, all documents and other instruments, and to do or accomplish all other acts or things necessary or appropriate to effect such vesting and assumption. Further, in such event, the Administrator shall use its commercially

reasonable efforts to effect the orderly and efficient transfer of the administration of the Issuing Entity to the new Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Issuing Entity, subject to <u>Section 19</u> hereof, may waive in writing any Administrator Replacement Event by the Administrator in the performance of its obligations hereunder and its consequences. Upon any such waiver of a past Administrator Replacement Event, such Administrator Replacement Event shall cease to exist, and any Administrator Replacement Event arising therefrom shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other Administrator Replacement Event or impair any right consequent thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Action upon Termination or Removal.</u> Promptly upon the effective date of termination of this Agreement pursuant to <u>Section 8</u>, or the removal of the Administrator pursuant to <u>Section 8</u>, the Administrator shall be entitled to be paid all fees and reimbursable expenses accruing to it to the date of such termination or removal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Liens.</u> The Administrator will not directly or indirectly create, allow or suffer to exist any Lien on the Collateral other than Permitted Liens.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Notices.</u> Any notice, report or other communication given hereunder shall be in writing and addressed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if to the Administrator, to:

World Omni Financial Corp.<br> 250 Jim Moran Blvd.<br> Deerfield Beach, Florida 33442<br> Attention: [●]<br> Telephone: [●]<br> Facsimile: [●]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if to the Issuing Entity, to the Owner Trustee's Corporate Trust Office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if to the Owner Trustee, to its Corporate Trust Office; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if to the Indenture Trustee, to its Corporate Trust Office

or to such other address or electronic mail address as any party shall have provided to the other parties in writing. Any notice required to be in writing hereunder shall be deemed given if such notice is mailed by certified mail, postage prepaid or hand-delivered to the address of such party

as provided above or received by electronic mail. Notwithstanding the foregoing, with the consent of the appropriate party to this Agreement, the obligations of World Omni and any Affiliate of World Omni to deliver or provide any demand, delivery, notice, communication or instruction to such party other than a Noteholder shall be satisfied by World Omni or such Affiliate, as the case may be, making such demand, delivery, notice, communication or instruction available at [●], or such other website or distribution service or provider as World Omni or such Affiliate, as applicable, shall designate by written notice to the other parties hereto.

If World Omni is no longer the Administrator, the successor Administrator shall provide any required Rating Agency notices under this Agreement to the Depositor, who shall promptly provide such notices to the Rating Agencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Amendments.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any term or provision of this Agreement may be amended by the Administrator without the consent of the Indenture Trustee, any Noteholder or the Issuing Entity; <u>provided</u> that (i) any amendment that materially and adversely affects the interests of the Noteholders shall require the consent of Noteholders evidencing not less than a majority of the aggregate outstanding principal amount of the Outstanding Notes, voting as a single class, and (ii) any amendment that materially and adversely affects the interests of the Certificateholders, the Indenture Trustee or the Owner Trustee shall require the prior written consent of the Persons whose interests are materially and adversely affected. An amendment shall be deemed not to materially and adversely affect the interests of the Noteholders if the Rating Agency Condition is satisfied with respect to such amendment. The consent of the Certificateholders or the Issuing Entity shall be deemed to have been given if the Closed-End Servicer does not receive a written objection from such Person within 10 Business Days after a written request for such consent shall have been given.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Prior to the execution of any amendment to this Agreement, the Issuing Entity, the Owner Trustee and the Indenture Trustee shall be provided with and may conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and that all conditions precedent to the execution and delivery of such amendment have been satisfied. The Owner Trustee and the Indenture Trustee may, but shall not be obligated to, enter into any such amendment which adversely affects the Owner Trustee's or the Indenture Trustee's, as applicable, own rights, duties, benefits, protections, privileges, indemnities or immunities under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) [Notwithstanding any other provision of this Agreement, if the consent of the Swap Counterparty is required pursuant to the Swap Counterparty Rights Agreement to amend this Agreement, any such purported amendment shall be null and void ab initio unless the Swap Counterparty consents in writing to such amendment.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Governing Law; Submission to Jurisdiction.</u>

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the parties hereto hereby irrevocably and unconditionally:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Person at its address determined in accordance with <u>Section 11</u> of this Agreement; and

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Headings.</u> The section headings hereof have been inserted for convenience of reference only and shall not be construed to affect the meaning, construction or effect of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Counterparts; Electronic Signatures.</u> This Agreement may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument. Each of the parties agree that this Agreement and any other documents to be delivered in connection herewith may be electronically signed, that any digital or electronic signatures (including pdf, facsimile or electronically imaged signatures provided by DocuSign or any other digital signature provider) appearing on this Agreement or such other documents are the same as handwritten signatures for the purposes of validity, enforceability and admissibility, and that delivery of any such electronic signature to, or a signed copy of, this Agreement and such other documents may be made by facsimile, email or other electronic transmission; provided, however, that upon the request of the Indenture Trustee, any electronic signature delivered pursuant to this Section 15 shall be followed with a manually executed, original counterpart within a reasonable period of time following such request, to the extent such manually executed, original counterpart shall be required by applicable law or a regulatory body having supervisory authority over the Indenture Trustee. The Indenture Trustee and Owner Trustee shall not be liable for, and shall be indemnified and held harmless under the applicable Transaction Document against any loss, liability or expense arising out of the use of electronic or digital signatures and electronic methods of submission with respect to this Agreement, the Transaction Documents and any documents or notices delivered to the Indenture Trustee or Owner Trustee pursuant to this Agreement or the related documents, including the risk of the Indenture Trustee or Owner

Trustee acting on any unauthorized instructions and the risk of interception and misuse by third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Severability of Provisions.</u> If any one or more of the covenants, agreements, provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Not Applicable to World Omni in Other Capacities.</u> Nothing in this Agreement shall affect any obligation World Omni may have in any other capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Benefits of the Administration Agreement.</u> Nothing in this Agreement, expressed or implied, shall give to any Person other than the parties hereto and their successors hereunder, the Owner Trustee, any separate trustee or co-trustee appointed under the Indenture and the Noteholders, any benefit or any legal or equitable right, remedy or claim under this Agreement. For the avoidance of doubt, the Owner Trustee is a third-party beneficiary of this Agreement and is entitled to the rights and benefits hereunder and may enforce the provisions hereof as if it were a party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Assignment.</u> Each party hereto hereby acknowledges and consents to the mortgage, pledge, assignment and grant of a security interest by the Issuing Entity to the Indenture Trustee pursuant to the Indenture for the benefit of the Noteholders of all of the Issuing Entity's rights under this Agreement. In addition, the Administrator hereby acknowledges and agrees that for so long as any Notes are outstanding, the Indenture Trustee may, or at the direction of Noteholders holding not less than 66 2/3% of the Outstanding Note Amount and subject to the rights, protections and immunities set forth in the Indenture, shall exercise all waivers and consents, rights, remedies, powers, privileges and claims of the Issuing Entity under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Nonpetition Covenant.</u> With respect to each Bankruptcy Remote Party, each party hereto agrees that, prior to the date which is one year and one day after payment in full of all obligations under each Financing (i) no party hereto shall authorize such Bankruptcy Remote Party to commence a voluntary winding-up or other voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in any jurisdiction or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other proceeding commenced against

such Bankruptcy Remote Party, or to make a general assignment for the benefit of any party hereto or any other creditor of such Bankruptcy Remote Party, and (ii) none of the parties hereto shall commence or join with any other Person in commencing any proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction. Each of the parties hereto agrees that, prior to the date which is one year and one day after the payment in full of all obligations under each Financing, it will not institute against, or join any other Person in instituting against, any Bankruptcy Remote Party an action in bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or similar proceeding under the laws of the United States or any State of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Limitation of Liability.</u> It is expressly understood and agreed by the parties hereto that (a) this Agreement is executed and delivered by **[●]**, not individually or personally but solely as Owner Trustee of the Issuing Entity, in the exercise of the powers and authority conferred and vested in it, (b) each of the representations, undertakings and agreements herein made on the part of the Issuing Entity is made and intended not as personal representations, undertakings and agreements by **[●]** but is made and intended for the purpose of binding only the Issuing Entity, (c) nothing herein contained shall be construed as creating any liability on **[●]**, individually or personally, to perform any covenant either expressed or implied contained herein of the Issuing Entity, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto, (d) **[●]** has not verified and made no investigation as to the accuracy or completeness of any representations and warranties made by the Issuing Entity in this Agreement and (e) under no circumstances shall **[●]** be personally liable for the payment of any indebtedness or expenses of the Issuing Entity or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuing Entity under this Agreement or any other related documents.

In connection with its execution and acting hereunder, the Indenture Trustee shall be entitled to all rights, privileges, protections, immunities, benefits and indemnities provided to it under the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Each Exchange Note Separate; Assignees of Exchange Note.</u> Each party hereto acknowledges and agrees (and each holder or pledgee of the Exchange Note, by virtue of its acceptance of such Exchange Note or pledge thereof acknowledges and agrees) that (a) the Closed-End Collateral Specified Interest is a separate series of the Titling Trust as provided in Section 3806(b)(2) of Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code Section 3801 et seq., (b) the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to (i) the Exchange Note or the related 20[●]-[●] Reference Pool shall be enforceable against such Reference Pool only and not against any Other Reference Pool or the

Warehouse Facility Pool or any Unencumbered Reference Pool and (ii) any Other Exchange Note, any Other Reference Pool, the Warehouse Facility Pool or any Unencumbered Reference Pool shall be enforceable against such Other Exchange Note, Other Reference Pools, the Warehouse Facility Pool or Unencumbered Reference Pool only, as applicable, and not against the Exchange Note or any Closed-End Units included in the 20[●]-[●] Reference Pool, (c) except to the extent required by law, the Closed-End Units included in the Warehouse Facility Pool, Closed-End Units included in any Unencumbered Reference Pool or Closed-End Units included in any Other Reference Pool with respect to any Other Exchange Note (other than the Exchange Note transferred hereunder which is related to the 20[●]-[●] Reference Pool) shall not be subject to the claims, debts, liabilities, expenses or obligations arising from or with respect to the Exchange Note in respect of such claim, (d) no creditor or holder of a claim relating to (i) the Exchange Note or the related 20[●]-[●] Reference Pool shall be entitled to maintain any action against or recover any assets allocated to any Other Reference Pool, the Warehouse Facility Pool, any Unencumbered Reference Pool or any Other Exchange Note or the assets allocated thereto, and (ii) any Other Reference Pool, the Warehouse Facility Pool, any Unencumbered Reference Pool or any Other Exchange Note other than the Exchange Note related to the 20[●]-[●] Reference Pool shall be entitled to maintain any action against or recover any assets allocated to the 20[●]-[●] Reference Pool, and (e) any purchaser, assignee or pledgee of an interest in the 20[●]-[●] Reference Pool or, the Exchange Note, must, prior to or contemporaneously with the grant of any such assignment, pledge or security interest, (i) give to the Titling Trust a non-petition covenant substantially similar to that set forth in <u>Section 11.10</u> of the Titling Trust Agreement, and (ii) execute an agreement for the benefit of each holder, assignee or pledgee from time to time of any Other Exchange Note to release all claims to the assets of the Titling Trust allocated to the Warehouse Facility Pool, any Unencumbered Reference Pool and each Other Reference Pool and, in the event that such release is not given effect, to fully subordinate all claims it may be deemed to have against the assets of the Titling Trust allocated to the Warehouse Facility Pool, any Unencumbered Reference Pool and each Other Reference Pool. Pursuant to <u>Section 3.1(a)</u> of the Intercreditor Agreement, on the date hereof, each party hereto shall enter into a Joinder Agreement to the Intercreditor Agreement as a new Interest Holder, and shall deliver an executed copy of such Joinder Agreement to each party to the Intercreditor Agreement.

[SIGNATURES ON NEXT PAGE]

IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered as of the day and year first above written.

By: [●], <br> not in its individual capacity but solely as Owner Trustee

By:

S - 1

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| | |
|:---|:---|
| WORLD OMNI FINANCIAL CORP., as Administrator | WORLD OMNI FINANCIAL CORP., as Administrator |
| By: |  |
|  | Name: |
|  | Title: |

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S - 2

By:

S - 3

## Exhibit 99.3

**EXHIBIT 99.3**

ASSET REPRESENTATIONS REVIEW AGREEMENT

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

as Issuing Entity,

and

WORLD OMNI FINANCIAL CORP.,

as Servicer and Administrator,

and

[●],

as Asset Representations Reviewer

Dated as of [●], 20[●]

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| **ARTICLE I. USAGE AND DEFINITIONS** | **ARTICLE I. USAGE AND DEFINITIONS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| Section 1.01 | Usage and Definitions | 3 |
| Section 1.02 | Definitions | 3 |
| **ARTICLE II. ENGAGEMENT; ACCEPTANCE** | **ARTICLE II. ENGAGEMENT; ACCEPTANCE** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| Section 2.01 | Engagement; Acceptance | 4 |
| Section 2.02 | Confirmation of Status | 4 |
| Section 2.03 | Consent to Filing | 4 |
| **ARTICLE III. ASSET REPRESENTATIONS REVIEW PROCESS** | **ARTICLE III. ASSET REPRESENTATIONS REVIEW PROCESS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| Section 3.01 | Review Notices and Identification of Review Transaction Leases | 5 |
| Section 3.02 | Review Materials | 5 |
| Section 3.03 | Performance of Reviews | 6 |
| Section 3.04 | Review Report | 7 |
| Section 3.05 | Review Representatives | 7 |
| Section 3.06 | Dispute Resolution | 7 |
| Section 3.07 | Limitations on Review Obligations | 8 |
| **ARTICLE IV. ASSET REPRESENTATIONS REVIEWER** | **ARTICLE IV. ASSET REPRESENTATIONS REVIEWER** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| Section 4.01 | Representations and Warranties of the Asset Representations Reviewer | 8 |
| Section 4.02 | Fees and Expenses | 9 |
| Section 4.03 | Limitation on Liability | 10 |
| Section 4.04 | Indemnification by Asset Representations Reviewer | 11 |
| Section 4.05 | Indemnification of Asset Representations Reviewer | 11 |
| Section 4.06 | Inspections of Asset Representations Reviewer | 12 |
| Section 4.07 | Delegation of Obligations | 12 |
| Section 4.08 | Confidential Information | 12 |
| Section 4.09 | Personally Identifiable Information | 14 |
| **ARTICLE V. REMOVAL, RESIGNATION** | **ARTICLE V. REMOVAL, RESIGNATION** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
| Section 5.01 | Eligibility of the Asset Representations Reviewer | 16 |
| Section 5.02 | Resignation and Removal of Asset Representations Reviewer | 17 |
| Section 5.03 | Successor Asset Representations Reviewer | 17 |
| Section 5.04 | Merger, Consolidation or Succession | 18 |
| **ARTICLE VI. OTHER AGREEMENTS** | **ARTICLE VI. OTHER AGREEMENTS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
| Section 6.01 | Independence of the Asset Representations Reviewer; No Joint Venture | 18 |
| Section 6.02 | No Petition | 18 |
| Section 6.03 | Limitation of Liability of Owner Trustee | 19 |
| Section 6.04 | Termination of Agreement | 19 |
| **ARTICLE VII. MISCELLANEOUS PROVISIONS** | **ARTICLE VII. MISCELLANEOUS PROVISIONS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |
| Section 7.01 | Amendments. | 19 |
| Section 7.02 | Assignment; Benefit of Agreement; Third-Party Beneficiaries | 20 |
| Section 7.03 | Notices | 20 |

---

---

| | | |
|:---|:---|:---|
| Section 7.04 | **GOVERNING LAW** | 21 |
| Section 7.05 | Submission to Jurisdiction; Waiver of Jury Trial | 21 |
| Section 7.06 | No Waiver; Remedies | 21 |
| Section 7.07 | Severability | 22 |
| Section 7.08 | Headings | 22 |
| Section 7.09 | Counterparts; Electronic Signatures | 22 |

---

Schedule A – Review Materials

Schedule B – Representations, Warranties and Tests

This ASSET REPRESENTATIONS REVIEW AGREEMENT (this "<u>Agreement</u>"), dated as of [●], 20[●], by and among WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST 20[●]-[●], a Delaware statutory trust (the "<u>Issuing Entity</u>"), WORLD OMNI FINANCIAL CORP., a Florida corporation, as servicer (the "<u>Servicer</u>") and as administrator (the "<u>Administrator</u>"), and [●], a [●] (the "<u>Asset Representations Reviewer"</u>).

WHEREAS, the Issuing Entity will engage the Asset Representations Reviewer to perform reviews of certain Transaction Leases for compliance with certain representations and warranties made with respect thereto; and

WHEREAS, the Asset Representations Reviewer desires to perform such reviews of Transaction Leases in accordance with the terms of this Agreement.

NOW, THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:

**ARTICLE I.**

**USAGE AND DEFINITIONS**

Section 1.01 <u>Usage and Definitions</u>.

Capitalized terms used but not defined in this Agreement shall have the meanings ascribed to such terms in Appendix A to the Indenture, dated as of the date hereof (the "<u>Indenture</u>"), among [●], as indenture trustee (the "<u>Indenture Trustee</u>"), the Issuing Entity and [●], as Account Bank, or if not defined therein, in the 20[●]-[●] Exchange Note Supplement to Collateral Agency Agreement, dated as of the date hereof, among World Omni LT, as borrower, Auto Lease Finance LLC, as initial beneficiary, AL Holding Corp., as closed-end collateral agent, and U.S. Bank Trust Company, National Association, as closed-end administrative agent.

Section 1.02 <u>Definitions</u>.

Whenever used in this Agreement, the following words and phrases shall have the following meanings:

"<u>Annual Fee</u>" has the meaning stated in Section 4.02(a).

"<u>Confidential Information</u>" has the meaning stated in Section 4.08(b).

"<u>Eligible Representations</u>" shall mean those representations identified within the "Tests" included in <u>Schedule B</u>.

"<u>Information Recipients</u>" has the meaning stated in Section 4.08(a).

"<u>Indemnified Person</u>" has the meaning stated in Section 4.05(a).

"<u>Issuing Entity PII</u>" has the meaning stated in Section 4.09(a).

"<u>Personally Identifiable Information</u>" or "<u>PII</u>" has the meaning stated in Section 4.09(a).

"<u>Review Fee</u>" has the meaning stated in Section 4.02(b).

"<u>Review Materials</u>" means the documents, data, and other information required for each "Test" in <u>Schedule A</u>.

"<u>Review Transaction Lease</u>" means those Transaction Leases that have been Delinquent Units for 60 days or more as of the last day of the preceding Collection Period identified by the Servicer as requiring a Review by the Asset Representations Reviewer following receipt of a Review Notice according to Section 3.01.

"<u>Review Report</u>" has the meaning stated in Section 3.04.

"<u>Tests</u>" mean the procedures listed in <u>Schedule B</u> as applied to the process described in Section 3.03.

"<u>Test Complete</u>" has the meeting stated in Section 3.03(c).

"<u>Test Fail</u>" has the meaning stated in Section 3.03(a).

"<u>Test Pass</u>" has the meaning stated in Section 3.03(a).

**ARTICLE II.**

**ENGAGEMENT; ACCEPTANCE**

Section 2.01 <u>Engagement; Acceptance.</u>

The Issuing Entity hereby engages [●] to act as the Asset Representations Reviewer for the Issuing Entity. [●] accepts the engagement and agrees to perform the obligations of the Asset Representations Reviewer on the terms stated in this Agreement.

Section 2.02 <u>Confirmation of Status.</u>

The parties confirm that the Asset Representations Reviewer is not responsible for (a) reviewing the Transaction Leases for compliance with the representations and warranties under the Transaction Documents, except as described in this Agreement, or (b) determining whether noncompliance with the representations or warranties constitutes a breach of the Transaction Documents.

Section 2.03 <u>Consent to Filing.</u>

The Asset Representations Reviewer hereby consents to the filing of this Agreement, including the schedules hereto, with the Commission.

**ARTICLE III.**

**ASSET REPRESENTATIONS REVIEW PROCESS**

Section 3.01 <u>Review Notices and Identification of Review Transaction Leases</u>.

On receipt of a Review Notice from the [Indenture Trustee] according to Section 7.5(c) of the Indenture, the Asset Representations Reviewer will start a Review. The Servicer will provide the list of Review Transaction Leases to the Asset Representations Reviewer promptly upon receipt of the Review Notice.

The Asset Representations Reviewer will not be obligated to start, and will not start, a Review until a Review Notice and the related list of Review Transaction Leases is received. The Asset Representations Reviewer is not obligated to verify (i) whether the conditions to the initiation of the Review and the issuance of a Review Notice described in Section 7.5 of the Indenture were satisfied or (ii) the accuracy or completeness of the list of Review Transaction Leases provided by the Servicer.

Section 3.02 <u>Review Materials</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Access to Review Materials</u>. Within [60] days of receipt of a Review Notice, the Servicer will provide the Asset Representations Reviewer with access to the Review Materials for all Review Transaction Leases in one or more of the following ways, at its option: (i) by providing access to the Servicer's systems, either remotely or at an office of the Servicer, (ii) by electronic posting to a password-protected website to which the Asset Representations Reviewer has access, (iii) by providing originals or photocopies at an office of the Servicer or (iv) in another manner agreed by the Servicer and the Asset Representations Reviewer. The Servicer may redact or remove Personally Identifiable Information from the Review Materials without changing the meaning or usefulness of the Review Materials. The Asset Representations Reviewer shall be entitled to rely in good faith, without independent investigation or verification, that the Review Materials are accurate and complete in all material respects, and not misleading in any material respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Missing or Insufficient Review Materials</u>. Upon receipt of the Review Materials, the Asset Representations Reviewer will review the Review Materials to determine if any Review Materials are missing or insufficient for the Asset Representations Reviewer to perform any Test. If the Asset Representations Reviewer determines any missing or insufficient Review Materials, the Asset Representations Reviewer will notify the Servicer promptly, and in any event no less than [●] [Business Day][days] before completing the Review. The Servicer will have [●] [Business Day][days] to give the Asset Representations Reviewer access to the missing Review Materials or other documents or information to correct the insufficiency. If the missing Review Materials or other documents have not been provided by the Servicer within [●] [Business Day][days], the related Review Report will report a Test Fail for each Test that requires use of the missing or insufficient Review Materials.

Section 3.03 <u>Performance of Reviews</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Test Procedures</u>. For a Review, the Asset Representations Reviewer will perform, for each Review Transaction Lease, the Tests for each Eligible Representation. In the course of its review, the Asset Representations Reviewer will use the Review Materials listed in <u>Schedule A</u> as specified in the description of each Test under <u>Schedule B</u>. For each Test and Review Transaction Lease, the Asset Representations Reviewer will determine if the Test has been satisfied (a "<u>Test Pass</u>") or if the Test has not been satisfied (a "<u>Test Fail</u>"). During the course of its review, the Asset Representations Reviewer will provide the Issuing Entity and the Servicer with a preliminary list of any Test Fail and the issues identified and, at that time, the Servicer has the option of electing to provide additional Review Materials or information which the Asset Representations Reviewer will analyze and consider in preparing the Review Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Review Period</u>. The Asset Representations Reviewer will complete the Review within [60] days of receiving access to the Review Materials. However, if missing or additional Review Materials are provided to the Asset Representations Reviewer as described in Sections 3.02(b) or 3.03(a), the Review period will be extended for an additional [30] days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Completion of Review for Certain Review Transaction Leases</u>. Following the delivery of the list of the Review Transaction Leases and before the delivery of the Review Report by the Asset Representations Reviewer, the Servicer may notify the Asset Representations Reviewer if all amounts owing under a Review Transaction Lease are paid in connection with the scheduled expiration or early termination of such Review Transaction Lease or otherwise satisfied or reallocated from the 20[●]-[●] Reference Pool in accordance with Section 2.3(c) of the Exchange Note Sale Agreement or Section 13.12 of the Exchange Note Servicing Supplement. On receipt of such notice, the Asset Representations Reviewer will immediately terminate all Tests of the related Review Transaction Lease, and the Review of such Review Transaction Leases will be considered complete (a "<u>Test Complete</u>"). In this case, the related Review Report will indicate a Test Complete for such Review Transaction Lease and the related reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Previously Reviewed Transaction Leases; Duplicative Tests</u>. If any Review Transaction Lease was included in a prior Review, the Asset Representations Reviewer will not conduct additional Tests on such Review Transaction Lease, but will include the previously reported Test results in the Review Report for the current Review. If the same Test is required for more than one Eligible Representation, the Asset Representations Reviewer will only perform the Test once for each Review Transaction Lease, but will report the results of the Test for each applicable Eligible Representation on the Review Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Termination of Review</u>. If a Review is in process and the Notes will be paid in full on the next [Payment Date], the Servicer or the Administrator will notify the Asset Representations Reviewer no less than [●] days before that [Payment Date]. On receipt of such notice, the Asset Representations Reviewer will terminate the Review immediately and will not be obligated to deliver a Review Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Review Systems; Personnel</u>. The Asset Representations Reviewer will maintain business process management and/or other systems necessary to ensure that it can perform each Test and, on execution of this Agreement, will load each Test into these systems. The Asset

Representations Reviewer will ensure that these systems allow for each Review Transaction Lease and the related Review Materials to be individually tracked and stored as contemplated by this Agreement. The Asset Representations Reviewer will maintain adequate staff that is properly trained to conduct Reviews as required by this Agreement.

Section 3.04 <u>Review Report</u>.

Within 5 days after the end of the applicable Review period under Section 3.03(b), the Asset Representations Reviewer will deliver to the Administrator on behalf of the Issuing Entity, the Servicer, and the Indenture Trustee a review report (the "<u>Review Report</u>") indicating for each Review Transaction Lease whether there was a Test Pass, Test Fail or Test Complete for each related Test. For each Test Fail or Test Complete, the Review Report will indicate the related reason, including (for example) whether the Review Transaction Lease was a Test Fail as a result of missing or incomplete Review Materials. The Review Report will contain a summary of the Review results to be included in the Issuing Entity's Form 10-D report for the Collection Period in which the Review Report is received. The Asset Representations Reviewer will ensure that the Review Report does not contain any PII. On reasonable request of the Servicer, the Asset Representations Reviewer will provide additional details on the Test results.

Section 3.05 <u>Review Representatives</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Servicer Representative</u>. The Servicer will designate one or more representatives who will be available to assist the Asset Representations Reviewer in performing the Review, including responding to requests and answering questions from the Asset Representations Reviewer about access to Review Materials on the Servicer's or World Omni's originations, lease or other systems, obtaining missing or insufficient Review Materials and/or providing clarification of any Review Materials or Tests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Asset Representations Review Representative</u>. The Asset Representations Reviewer will designate one or more representatives who will be available to the Issuing Entity and the Servicer during the performance of a Review.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Questions About Review</u>. The Asset Representations Reviewer will make appropriate personnel available to respond in writing to written questions or requests for clarification of any Review Report from the Indenture Trustee or the Servicer until the earlier of (i) the payment in full of the Notes and (ii) one year after the delivery of the Review Report. The Asset Representations Reviewer will not be obligated to respond to questions or requests for clarification from Noteholders or any other Person and will direct such Persons to submit written questions or requests to the Indenture Trustee.

Section 3.06 <u>Dispute Resolution</u>.

If a Review Transaction Lease that was the subject of a Review becomes the subject of a dispute resolution proceeding under Section 2.3(d) of the Exchange Note Sale Agreement, the Asset Representations Reviewer will participate in the dispute resolution proceeding on request of a party to the proceeding. The reasonable out-of-pocket expenses of the Asset Representations Reviewer for its participation in any dispute resolution proceeding will be considered expenses of the requesting party for the dispute resolution and, for any mediation proceeding, will be paid by

a party to the dispute resolution as determined by the mutual agreement of such parties and, for any binding arbitration, will be paid by a party to the dispute resolution as determined by the arbitrator for the dispute resolution according to Section 2.3(d) of the Exchange Note Sale Agreement. If not paid by a party to the dispute resolution, the expenses will be reimbursed in accordance with Section 4.02(d) of this Agreement.

Section 3.07 <u>Limitations on Review Obligations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Review Process Limitations</u>. The Asset Representations Reviewer will have no obligation (i) to determine whether the Delinquency Trigger has been met or exceeded or whether the required percentage of Noteholders has voted to direct a Review under the Indenture, (ii) to determine which Transaction Leases are subject to a Review, (iii) to obtain or confirm the validity of the Review Materials, (iv) to obtain missing or insufficient Review Materials except as specifically described herein, (v) to take any action or cause any other party to take any action under any of the Transaction Documents to enforce any remedies for breaches of representations or warranties about the Eligible Representations, (vi) to determine the reason for the delinquency of any Review Transaction Lease, the creditworthiness of any Closed-End Obligor, the overall quality of any Review Transaction Lease or the compliance by the Servicer with its covenants with respect to the servicing of such Review Transaction Lease, or (vii) to establish cause, materiality or recourse for any failed Test as described in Section 3.03.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Testing Procedure Limitations</u>. The Asset Representations Reviewer will only be required to perform the Tests, and will not be obligated to perform additional procedures on any Review Transaction Lease or to provide any information other than a Review Report. However, the Asset Representations Reviewer may provide additional information in a Review Report about any Review Transaction Lease that it determines in good faith to be material to the Review.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Maintenance of Review Materials</u>. It will maintain copies of any Review Materials, Review Reports and other documents relating to a Review, including internal correspondence and work papers, until the earlier of (i) payment in full of the Notes and (ii) one year after the delivery of any Review Report. At the expiration of such period, the Asset Representations Reviewer shall return Review Materials to the Servicer.

**ARTICLE IV.**

**ASSET REPRESENTATIONS REVIEWER**

Section 4.01 <u>Representations and Warranties of the Asset Representations Reviewer</u>.

The Asset Representations Reviewer hereby makes the following representations and warranties as of the Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Organization and Qualification</u>. The Asset Representations Reviewer is duly organized and validly existing as a [●] in good standing under the laws of the State of [●]. The Asset Representations Reviewer is qualified as a foreign [●] in good standing and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of its properties or the conduct of its activities requires the qualification, license or approval, unless the

failure to obtain the qualifications, licenses or approvals would not reasonably be expected to have a material adverse effect on the Asset Representations Reviewer's ability to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Power, Authority and Enforceability</u>. The Asset Representations Reviewer has the power and authority to execute, deliver and perform its obligations under this Agreement. The Asset Representations Reviewer has authorized the execution, delivery and performance of this Agreement. This Agreement is the legal, valid and binding obligation of the Asset Representations Reviewer enforceable against the Asset Representations Reviewer, except as may be limited by insolvency, bankruptcy, reorganization or other laws relating to the enforcement of creditors' rights or by general equitable principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>No Conflicts and No Violation</u>. The completion of the transactions contemplated by this Agreement and the performance of the Asset Representations Reviewer's obligations under this Agreement will not (i) conflict with, or be a breach or default under, any indenture, loan agreement, guarantee or similar document under which the Asset Representations Reviewer is a debtor or guarantor, (ii) result in the creation or imposition of a Lien on the properties or assets of the Asset Representations Reviewer under the terms of any indenture, loan agreement, guarantee or similar document, (iii) violate the organizational documents of the Asset Representations Reviewer or (iv) violate a law or, to the Asset Representations Reviewer's knowledge, an order, rule or regulation of a federal or State court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Asset Representations Reviewer or its property that applies to the Asset Representations Reviewer, which, in each case, would reasonably be expected to have a material adverse effect on the Asset Representations Reviewer's ability to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>No Proceedings</u>. To the Asset Representations Reviewer's knowledge, there are no proceedings or investigations pending or threatened in writing before a federal or State court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Asset Representations Reviewer or its properties (i) asserting the invalidity of this Agreement, (ii) seeking to prevent the completion of the transactions contemplated by this Agreement or (iii) seeking any determination or ruling that would reasonably be expected to have a material adverse effect on the Asset Representations Reviewer's ability to perform its obligations under, or the validity or enforceability of, this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Eligibility</u>. The Asset Representations Reviewer meets the eligibility requirements in Section 5.01, and will notify the Issuing Entity and the Servicer promptly if it no longer meets, or reasonably expects that it will no longer meet, the eligibility requirements in Section 5.01.

Section 4.02 <u>Fees and Expenses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Annual Fee</u>. As compensation for its activities hereunder, the Asset Representations Reviewer shall be entitled to receive an annual fee (the "<u>Annual Fee</u>") with respect to each annual period prior to the termination of the Issuing Entity, in an amount equal to $[●]; <u>provided</u>, that the Asset Representations Reviewer will return to [the Servicer or the Issuing Entity, as applicable], the pro rata portion of the Annual Fee to the extent the Issuing Entity is terminated prior to the end of an annual period for which an Annual Fee has been paid. The Annual Fee will

be paid by [the Servicer] on the Closing Date and on each anniversary of the Closing Date until this Agreement is terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Review Fee</u>. Following the completion of a Review and the delivery of the related Review Report pursuant to Section 3.04, or the termination of a Review according to Section 3.03(e), and the delivery to the Issuing Entity and the Servicer of a detailed invoice, the Asset Representations Reviewer will be entitled to a fee of $[●] for each Review Transaction Lease for which the Review was started (the "<u>Review Fee</u>") to be paid by [the Servicer] within [30] days upon receipt of such invoice. However, no Review Fee will be charged for any Review Transaction Lease (i) which was included in a prior Review, (ii) for which no Tests were completed prior to the Asset Representations Reviewer being notified of a termination of the Review according to Section 3.03(e), (iii) for which no Tests were completed prior to the Asset Representations Reviewer being notified of all amounts owing under the Review Transaction Lease have been paid in connection with the scheduled expiration or early termination of such Review Transaction Lease, otherwise satisfied or reallocated from the 20[●]-[●] Reference Pool as described in Section 3.03(c), or (iv) due to missing or insufficient Review Materials under Section 3.02(b). However, if a Review is terminated according to Section 3.03(e), the Asset Representations Reviewer must submit its invoice to the Issuing Entity and the Servicer for the Review Fee for the terminated Review no later than ten (10) Business Days before the final Payment Date to be reimbursed on such final Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Reimbursement of Travel Expenses</u>. If the Servicer provides access to the Review Materials at one of its properties, [the Servicer] will reimburse the Asset Representations Reviewer for its reasonable out-of-pocket travel expenses incurred in connection with the Review promptly following receipt of a detailed invoice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Dispute Resolution Expenses</u>. If the Asset Representations Reviewer participates in a dispute resolution proceeding under Section 3.06 of this Agreement and its reasonable out-of-pocket expenses for participating in the proceeding are not paid by a party to the dispute resolution within ninety (90) days after the end of the proceeding, [the Servicer] will reimburse the Asset Representations Reviewer for such expenses promptly following receipt of a detailed invoice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>[Payment of Invoices</u>. When applicable pursuant to this Section 4.02 and 4.05, the Asset Representations Reviewer will invoice the Servicer at the notices address set forth in Section 16.3 of the Exchange Note Servicing Supplement, and all such invoices are payable within thirty (30) days of receipt. In the event fees and expenses of the Asset Representations Reviewer are not paid by [the Servicer] within [sixty (60)] days, the Asset Representations Reviewer will issue invoices to the Issuing Entity (with a copy to the Depositor) at the notices address set forth in Section 11.4 of the Indenture and the Issuing Entity shall pay all invoices submitted by the Asset Representations Reviewer according to the priority of payments in Sections 5.4(b) and 8.5(a) of the Indenture on the Payment Date following the month in which the invoice was received by the Issuing Entity.]

Section 4.03 <u>Limitation on Liability</u>.

The Asset Representations Reviewer will not be liable to any Person for any action taken, or not taken, in good faith under this Agreement or for errors in judgment. However, the Asset

Representations Reviewer will be liable for its willful misconduct, bad faith or negligence in performing its obligations under this Agreement. In no event will the Asset Representations Reviewer be liable for special, punitive, indirect or consequential losses or damages (including lost profit), even if the Asset Representations Reviewer has been advised of the likelihood of the loss or damage and regardless of the form of action.

Section 4.04 <u>Indemnification by Asset Representations Reviewer.</u>

The Asset Representations Reviewer will indemnify each of the Titling Trust, the Titling Trustee, the Titling Trustee Agent, the Closed-End Collateral Agent, the Issuing Entity, World Omni, the Depositor, the Servicer, the Administrator, the Owner Trustee and the Indenture Trustee and their respective directors, officers, employees and agents for all fees, expenses, losses, damages and liabilities, including without limitation, reasonable attorney's fees and expenses relating to the enforcement of such indemnity, resulting from (a) the willful misconduct, bad faith or negligence of the Asset Representations Reviewer in performing its obligations under this Agreement, (b) the Asset Representations Reviewer's breach of any of its representations or warranties in this Agreement or (c) the Asset Representation Reviewer's breach of any of its obligations in Sections 4.08 and 4.09 of this Agreement. The Asset Representations Reviewer's obligations under this Section 4.04 will survive the termination of this Agreement, the termination of the Issuing Entity and the resignation or removal of the Asset Representations Reviewer.

Section 4.05 <u>Indemnification of Asset Representations Reviewer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Indemnification</u>. The [Issuing Entity will, or will cause the Servicer to,] indemnify the Asset Representations Reviewer and its officers, directors, employees and agents (each, an "<u>Indemnified Person</u>"), for all costs, expenses, losses, damages and liabilities resulting from the performance of the Asset Representations Reviewer's obligations under this Agreement (including the reasonable out-of-pocket attorneys' fees and other fees and expenses of defending itself against any loss, damage or liability), but excluding any cost, expense, loss, damage or liability resulting from (i) the Asset Representations Reviewer's willful misconduct, bad faith or negligence, (ii) the Asset Representations Reviewer's breach of any of its representations or warranties in this Agreement or (iii) the Asset Representation Reviewer's breach of any of its obligations in Sections 4.08 and 4.09 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Proceedings</u>. Promptly on receipt by an Indemnified Person of notice of a Proceeding against it, the Indemnified Person will, if a claim is to be made under Section 4.05(a), notify the Issuing Entity and the Servicer of the Proceeding. The Issuing Entity or the Servicer may participate in and assume the defense and settlement of a Proceeding at its expense. If the Issuing Entity or the Servicer notifies the Indemnified Person of its intention to assume the defense of the Proceeding with counsel reasonably satisfactory to the Indemnified Person, and so long as the Issuing Entity or the Servicer assumes the defense of the Proceeding in a manner reasonably satisfactory to the Indemnified Person, the Issuing Entity and the Servicer will not be liable for fees and expenses of counsel to the Indemnified Person unless there is a conflict between the interests of the Issuing Entity or the Servicer, as applicable, and an Indemnified Person. If there is a conflict, the Issuing Entity or the Servicer will pay for the reasonable fees and expenses of separate counsel to the Indemnified Person. No settlement of a Proceeding may be made without

the approval of the Issuing Entity and the Servicer and the Indemnified Person, which approval will not be unreasonably withheld, conditioned or delayed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Survival of Obligations</u>. The Issuing Entity's and the Servicer's obligations under this Section 4.05 will survive the resignation or removal of the Asset Representations Reviewer and the termination of this Agreement. For the avoidance of doubt, indemnities, fees and expenses payable to the Asset Representations Reviewer pursuant to Sections 4.02 and 4.05 of this Agreement are not limited to the annual maximum amount set forth in the prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Repayment</u>. If the Issuing Entity or the Servicer makes any payment under this Section 4.05 and the Indemnified Parties later collects any of the amounts for which the payments were made to it from others, the Indemnified Person will promptly repay the amount to the Issuing Entity or the Servicer, as applicable.

Section 4.06 <u>Inspections of Asset Representations Reviewer</u>.

The Asset Representations Reviewer agrees that, with reasonable advance notice not more than once during any year, it will permit authorized representatives of the Issuing Entity, the Servicer or the Administrator, during the Asset Representations Reviewer's normal business hours, to examine and review the books of account, records, reports and other documents and materials of the Asset Representations Reviewer relating to (a) the performance of the Asset Representations Reviewer's obligations under this Agreement, (b) payments of fees and expenses of the Asset Representations Reviewer for its performance and (c) a claim made by the Asset Representations Reviewer under this Agreement. In addition, the Asset Representations Reviewer will permit the Issuing Entity's, the Servicer's or the Administrator's representatives to make copies and extracts of any of those documents and to discuss them with the Asset Representations Reviewer's officers and employees. Each of the Issuing Entity, the Servicer and the Administrator will, and will cause its authorized representatives to, hold in confidence the information except if disclosure may be required by law or if the Issuing Entity, the Servicer or the Administrator reasonably determines that it is required to make the disclosure under this Agreement or the other Transaction Documents. The Asset Representations Reviewer will maintain all relevant books, records, reports and other documents and materials for a period of at least two years after the termination of its obligations under this Agreement.

Section 4.07 <u>Delegation of Obligations</u>. The Asset Representations Reviewer may not delegate or subcontract its obligations under this Agreement to any Person without the consent of the Issuing Entity and the Servicer, which consent will not be unreasonably withheld or delayed.

Section 4.08 <u>Confidential Information</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Treatment</u>. The Asset Representations Reviewer agrees to hold and treat Confidential Information given to it under this Agreement in confidence and under the terms and conditions of this Section 4.08, and will implement and maintain safeguards to further assure the confidentiality of the Confidential Information. The Confidential Information will not, without the prior consent of the Issuing Entity and the Servicer, be disclosed or used by the Asset Representations Reviewer, or its officers, directors, employees, agents, representatives or affiliates, including legal counsel (collectively, the "<u>Information Recipients</u>") other than for the

purposes of performing Reviews of Review Transaction Leases or performing its obligations under this Agreement. The Asset Representations Reviewer agrees that it will not, and will cause its Affiliates to not (i) purchase or sell securities issued by the Depositor or its Affiliates or special purpose entities on the basis of Confidential Information or (ii) use the Confidential Information for the preparation of research reports, newsletters or other publications or similar communications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Definition</u>. "<u>Confidential Information</u>" means oral, written and electronic materials (irrespective of its source or form of communication) furnished to or obtained by the Asset Representations Reviewer before, on or after the date of this Agreement, including without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) lists of Review Transaction Leases and any related Review Materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) origination and servicing guidelines, policies and procedures, and form leases;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) notes, analyses, compilations, studies or other documents or records prepared by the Servicer, which contain information supplied by or on behalf of the Servicer or its representatives; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all Issuing Entity PII.

However, except for Issuing Entity PII (which shall always be deemed to be Confidential Information), Confidential Information will not include information that (A) is or becomes generally available to the public other than as a result of disclosure by the Information Recipients, (B) was available to, or becomes available to, the Information Recipients on a non-confidential basis from a Person or entity other than the Issuing Entity or the Servicer before its disclosure to the Information Recipients who, to the knowledge of the Information Recipient is not bound by a confidentiality agreement with the Issuing Entity or the Servicer and is not prohibited from transmitting the information to the Information Recipients, (C) is independently developed by the Information Recipients without the use of the Confidential Information, as shown by the Information Recipients' files and records or other evidence in the Information Recipients' possession or (D) the Issuing Entity or the Servicer provides permission to the applicable Information Recipients to release.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Protection</u>. The Asset Representations Reviewer will protect the secrecy of and avoid disclosure and unauthorized use of Confidential Information, and shall use at least the same standard of care that it uses to protect its own confidential information and not less than a reasonable standard of care. The Asset Representations Reviewer acknowledges that Personally Identifiable Information is also subject to the additional requirements in Section 4.09.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Disclosure</u>. If the Asset Representations Reviewer is required by applicable law, regulation, rule or order issued by an administrative, governmental, regulatory or judicial authority to disclose part of the Confidential Information, it may disclose the Confidential Information. However, before a required disclosure, the Asset Representations Reviewer, if permitted by law, regulation, rule or order, will use its reasonable efforts to provide the Issuing Entity and the Servicer with notice of the requirement and will cooperate, at the Servicer's expense, in the Issuing

Entity's and the Servicer's pursuit of a proper protective order or other relief for the disclosure of the Confidential Information. If the Issuing Entity or the Servicer is unable to obtain a protective order or other proper remedy by the date that the information is required to be disclosed, the Asset Representations Reviewer will disclose only that part of the Confidential Information that it is advised by its legal counsel it is legally required to disclose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Responsibility for Information Recipients</u>. The Asset Representations Reviewer will be responsible for a breach of this Section 4.08 by its Information Recipients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Violation</u>. The Asset Representations Reviewer agrees that a violation of this Agreement may cause irreparable injury to the Issuing Entity and the Servicer and the Issuing Entity and the Servicer may seek injunctive relief in addition to legal remedies. If an action is initiated by the Issuing Entity or the Servicer to enforce this Section 4.08, the prevailing party will be reimbursed for its fees and expenses, including reasonable attorney's fees, incurred for the enforcement.

Section 4.09 <u>Personally Identifiable Information</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Definitions</u>. "<u>Personally Identifiable Information</u>" or "<u>PII</u>" means information in any format about an identifiable individual, including, name, address, phone number, e-mail address, account number(s), identification number(s), any other actual or assigned attribute associated with or identifiable to an individual and any information that when used separately or in combination with other information could identify an individual. "<u>Issuing Entity PII</u>" means PII furnished by the Issuing Entity, the Servicer or their Affiliates to the Asset Representations Reviewer and PII developed or otherwise collected or acquired by the Asset Representations Reviewer in performing its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Use of Issuing Entity PII</u>. The Issuing Entity does not grant the Asset Representations Reviewer any rights to Issuing Entity PII except as provided in this Agreement. The Asset Representations Reviewer will use Issuing Entity PII only to perform its obligations under this Agreement or as specifically directed in writing by the Issuing Entity and will only reproduce Issuing Entity PII to the extent necessary for these purposes. The Asset Representations Reviewer must comply with all laws, rules, regulations and orders (including without limitation § 501(b) of the Gramm-Leach-Bliley Act and the Interagency Guidelines Establishing Standards for Safeguarding Customer Information (12 C.F.R. Section 208, Appendix D-2)) applicable to PII, Issuing Entity PII or the Asset Representations Reviewer's business, including any legally required codes of conduct, including those relating to privacy, security and data protection (collectively, "<u>Privacy Laws</u>"). The Asset Representations Reviewer will protect and secure Issuing Entity PII and prevent the improper use or disclosure thereof. The Asset Representations Reviewer will implement privacy or data protection policies and procedures that comply with applicable law and this Agreement. The Asset Representations Reviewer will implement and maintain reasonable and appropriate practices, procedures and systems, including administrative, technical and physical safeguards to (i) protect the security, confidentiality and integrity of Issuing Entity PII, (ii) ensure against anticipated threats or hazards to the security or integrity of Issuing Entity PII, (iii) protect against unauthorized access to or use of Issuing Entity PII and (iv) otherwise comply with its obligations under this Agreement. These safeguards include a written data security plan, employee training, information access controls, restricted disclosures, systems protections (e.g.,

intrusion protection, data storage protection and data transmission protection) and physical security measures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Additional Requirements and Limitations</u>. In addition to the use and protection requirements described in Section 4.09(b), the Asset Representations Reviewer's disclosure of Issuing Entity PII is also subject to the following requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Asset Representations Reviewer will not disclose Issuing Entity PII to its personnel or allow its personnel access to Issuing Entity PII except (A) for the Asset Representations Reviewer personnel who require Issuing Entity PII to perform a Review, (B) with the prior written consent of the Issuing Entity and the Servicer or (C) as required by applicable law. When permitted, the disclosure of or access to Issuing Entity PII will be limited to the specific information necessary for the individual to complete the assigned task. The Asset Representations Reviewer will inform personnel with access to Issuing Entity PII of the confidentiality requirements in this Agreement and train its personnel with access to Issuing Entity PII on the proper use and protection of Issuing Entity PII.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Asset Representations Reviewer will not sell, disclose, provide or exchange Issuing Entity PII with or to any third party without the prior written consent of the Issuing Entity and the Servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Asset Representations Reviewer agrees, represents and warrants that the Asset Representations Reviewer has, and will continue to have, adequate administrative, technical, and physical safeguards designed to: (a) to ensure the security and confidentiality of all PII; (b) to protect against any anticipated threats or hazards to the security or integrity of PII; and (c) to protect against unauthorized acquisition of, access to or use of PII which could result in a "breach" as that terms is defined under applicable Privacy Laws, or substantial harm to Issuing Entity or Servicer or any individual about whom Issuing Entity or Servicer has or collects financial and other information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Asset Representations Reviewer agrees to provide Issuing Entity and Servicer with information regarding its and its representatives' privacy and information security systems, policies and procedures as Issuing Entity or Servicer may reasonably request relating to its compliance with this Agreement and applicable Privacy Laws. The Asset Representations Reviewer agrees to provide training in the Privacy Laws and Asset Representations Reviewer's information security policies to all Asset Representations Reviewer personnel whose duties pursuant to this Agreement could bring them in contact with PII. The Asset Representations Reviewer shall comply at all times with Servicer's information security policies and procedures in connection with any access to or use of Servicer's network or systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Notice of Breach</u>. The Asset Representations Reviewer will notify the Issuing Entity and the Servicer promptly in the event of an actual or reasonably suspected security breach, unauthorized access, misappropriation or other compromise of the security, confidentiality or integrity of Issuing Entity PII and, where applicable, immediately take action to prevent any further breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Return or Disposal of Issuing Entity PII</u>. Except where return or disposal is prohibited by applicable law, promptly on the earlier of the completion of the Review or the request of the Issuing Entity or the Servicer, all Issuing Entity PII in any medium in the Asset Representations Reviewer's possession or under its control will be (i) destroyed in a manner that prevents its recovery or restoration or (ii) if so directed by the Issuing Entity or the Servicer, returned to the Issuing Entity or the Servicer, as applicable, without the Asset Representations Reviewer retaining any actual or recoverable copies, in both cases, without charge to the Issuing Entity or the Servicer. Where the Asset Representations Reviewer retains Issuing Entity PII, the Asset Representations Reviewer will limit the Asset Representations Reviewer's further use or disclosure of Issuing Entity PII to that required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Compliance; Modification</u>. The Asset Representations Reviewer will cooperate with and provide information to the Issuing Entity regarding the Asset Representations Reviewer's compliance with this Section 4.09. The Asset Representations Reviewer, the Servicer and the Issuing Entity agree to modify this Section 4.09 as necessary for any of the parties to comply with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Audit of Asset Representations Reviewer</u>. The Asset Representations Reviewer will permit the Issuing Entity and the Servicer and each of their authorized representatives to audit the Asset Representations Reviewer's compliance with this Section 4.09 during the Asset Representations Reviewer's normal business hours on reasonable advance notice to the Asset Representations Reviewer, and not more than once during any year unless circumstances necessitate additional audits. Each of the Issuing Entity and the Servicer agrees to make reasonable efforts to schedule any audit described in this Section 4.09 with the inspections described in Section 4.06. The Asset Representations Reviewer will also permit the Issuing Entity and the Servicer during normal business hours on reasonable advance notice to audit any service providers used by the Asset Representations Reviewer to fulfill the Asset Representations Reviewer's obligations under this Agreement and the Asset Representations Reviewer shall make commercially reasonable efforts to cause such service providers to permit the Issuing Entity and the Servicer to conduct such audit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Affiliates and Third Parties</u>. If the Asset Representations Reviewer processes the PII of the Issuing Entity's Affiliates or a third party when performing a Review, and if such Affiliate or third party is identified to the Asset Representations Reviewer, such Affiliate or third party is an intended third-party beneficiary of this Section 4.09, and this Agreement is intended to benefit the Affiliate or third party. The Affiliate or third party may enforce the PII related terms of this Section 4.09 against the Asset Representations Reviewer as if each were a signatory to this Agreement.

**ARTICLE V.**

**REMOVAL, RESIGNATION**

Section 5.01 <u>Eligibility of the Asset Representations Reviewer.</u>

The Asset Representations Reviewer must be a Person who (a) is not Affiliated with World Omni, the Depositor, the Servicer, the Indenture Trustee, the Owner Trustee or any of their

Affiliates and (b) was not, and is not Affiliated with a Person that was, engaged by World Omni or any underwriter to perform any due diligence on the Transaction Leases prior to the Closing Date.

Section 5.02 <u>Resignation and Removal of Asset Representations Reviewer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>No Resignation</u>. The Asset Representations Reviewer will not resign as Asset Representations Reviewer unless it determines it is legally unable to perform its obligations under this Agreement and there is no reasonable action that it could take to make the performance of its obligations under this Agreement permitted under applicable law. In such event, the Asset Representations Reviewer will deliver a notice of its resignation to the Issuing Entity and the Servicer, together with an opinion of counsel supporting its determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Removal</u>. If any of the following events occur, the Issuing Entity, by notice to the Asset Representations Reviewer, may remove the Asset Representations Reviewer and terminate its rights and obligations under this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Asset Representations Reviewer no longer meets the eligibility requirements in Section 5.01;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Asset Representations Reviewer breaches of any of its representations, warranties, covenants or obligations in this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) an Insolvency Event of the Asset Representations Reviewer occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Notice of Resignation or Removal</u>. The Issuing Entity will notify the Servicer, the Owner Trustee and the Indenture Trustee of any resignation or removal of the Asset Representations Reviewer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Continue to Perform After Resignation or Removal.</u> No resignation or removal of the Asset Representations Reviewer will be effective, and the Asset Representations Reviewer will continue to perform its obligations under this Agreement, until a successor Asset Representations Reviewer has accepted its engagement according to Section 5.03(b).

Section 5.03 <u>Successor Asset Representations Reviewer</u> .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Engagement of Successor Asset Representations Reviewer</u>. Following the resignation or removal of the Asset Representations Reviewer, the Issuing Entity will engage a successor Asset Representations Reviewer who meets the eligibility requirements of Section 5.01.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Effectiveness of Resignation or Removal</u>. No resignation or removal of the Asset Representations Reviewer will be effective until the successor Asset Representations Reviewer has executed and delivered to the Issuing Entity and the Servicer an agreement accepting its engagement and agreeing to perform the obligations of the Asset Representations Reviewer under this Agreement or entering into a new agreement with the Issuing Entity on substantially the same terms as this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Transition and Expenses</u>. If the Asset Representations Reviewer resigns or is removed, the Asset Representations Reviewer will cooperate with the Issuing Entity and the Servicer and take all actions reasonably requested to assist the Issuing Entity in making an orderly transition of the Asset Representations Reviewer's rights and obligations under this Agreement to the successor Asset Representations Reviewer. The outgoing Asset Representations Reviewer will pay the reasonable expenses of transitioning the Asset Representations Reviewer's obligations under this Agreement and preparing the successor Asset Representations Reviewer to take on the obligations on receipt of an invoice with reasonable detail of the expenses from the Issuing Entity and the Servicer or the successor Asset Representations Reviewer.

Section 5.04 <u>Merger, Consolidation or Succession</u>. Any Person (a) into which the Asset Representations Reviewer is merged or consolidated, (b) resulting from any merger or consolidation to which the Asset Representations Reviewer is a party or (c) succeeding to the business of the Asset Representations Reviewer, if that Person meets the eligibility requirements in Section 5.01, will be the successor to the Asset Representations Reviewer under this Agreement. Such Person will execute and deliver to the Issuing Entity, the Servicer and the Administrator an agreement to assume the Asset Representations Reviewer's obligations under this Agreement (unless the assumption happens by operation of law).

**ARTICLE VI.**

**OTHER AGREEMENTS**

Section 6.01 <u>Independence of the Asset Representations Reviewer; No Joint Venture.</u>

For all purposes of this Agreement, the Asset Representations Reviewer shall be an independent contractor and shall not be subject to the supervision of the Issuing Entity or the Owner Trustee for the manner in which it accomplishes the performance of its obligations under this Agreement. Unless expressly authorized by the Transaction Documents or the Issuing Entity, the Asset Representations Reviewer shall have no authority to act for or to represent the Issuing Entity in any way (other than as permitted hereunder) and shall not otherwise be deemed an agent of the Issuing Entity. Nothing contained in this Agreement (i) shall constitute the Asset Representations Reviewer and the Issuing Entity as members of any partnership, joint venture, association, syndicate, unincorporated business or other separate entity, (ii) shall be construed to impose any liability as such on any of them or (iii) shall be deemed to confer on any of them any express, implied or apparent authority to incur any obligation or liability on behalf of the others.

Section 6.02 <u>No Petition</u>.

Each of the parties agrees that, before the date that is one year and one day (or, if longer, any applicable preference period) after payment in full of all securities or Trust-Related Obligations issued by the Depositor, the Issuing Entity or by a trust for which the Depositor was a depositor or the Titling Trust, as applicable, it will not start or pursue against, or join any other Person in starting or pursuing against the Depositor, the Issuing Entity or the Titling Trust, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any bankruptcy or similar law. This Section 6.02 will survive the termination of this Agreement.

Section 6.03 <u>Limitation of Liability of Owner Trustee</u> .

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

Section 6.04 <u>Termination of Agreement</u>.

This Agreement will terminate, except for the obligations under Section 4.04 and the other obligations of the Issuing Entity, the Servicer and the Asset Representations Reviewer specified as surviving the termination of this Agreement, on the earlier of (a) the payment in full of all outstanding Notes and the satisfaction and discharge of the Indenture, (b) the date the Issuing Entity is terminated under the Trust Agreement and (c) the removal or resignation of the Asset Representations Reviewer in accordance with the terms of this Agreement.

**ARTICLE VII.**

**MISCELLANEOUS PROVISIONS**

Section 7.01 <u>Amendments.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement may be amended by the Issuing Entity, the Servicer and the Asset Representations Reviewer, without the consent of any of the Noteholders or the Certificateholders or any other Person, to cure any ambiguity or to correct or supplement any provisions in this Agreement or for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholders; <u>provided</u> that such amendments require: (i) satisfaction of the Rating Agency Condition or (ii) an Officer's Certificate of the Servicer stating that the amendment will not materially and adversely affect the interest of any Noteholder or Certificateholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement may also be amended from time to time by the Issuing Entity, the Servicer and the Asset Representations Reviewer, with the consent of Holders of Notes evidencing not less than 50% of the Outstanding Amount of the Controlling Securities (unless (i) the interests of the Noteholders are not affected materially and adversely, (ii) an Officer's Certificate of the Servicer to that effect is delivered to the Indenture Trustee by the Depositor and (iii) satisfaction

of the Rating Agency Condition) and the consent of the Holders (as defined in the Trust Agreement) of Certificates evidencing not less than 50% of the percentage interest of the Certificates (unless (i) the interests of the Certificateholders are not affected materially and adversely and (ii) an Officer's Certificate of the Servicer to that effect is delivered to the Owner Trustee by the Depositor) for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholders; provided, however, that no such amendment shall (a) change the date of payment of any installment of principal of or interest on any Note, or reduce the principal amount thereof, (b) change the provisions of this Agreement relating to the application of collections on, or the proceeds of the sale of, the Trust Estate to payment of principal of or interest on the Notes or (c) reduce the consent percentages in this sentence, without the consent of the Holders of all outstanding Notes and the Holders (as defined in the Trust Agreement) of all the outstanding Certificates affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Promptly after the execution of any such amendment or consent, the Servicer shall furnish written notification of the substance of such amendment or consent to the Indenture Trustee and each of the Rating Agencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It shall not be necessary for the consent of Certificateholders or Noteholders pursuant to this Section to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof.

Section 7.02 <u>Assignment; Benefit of Agreement; Third-Party Beneficiaries</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Assignment</u>. Except as stated in Section 5.04, this Agreement may not be assigned by the Asset Representations Reviewer without the consent of the Issuing Entity and the Servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Benefit of Agreement; Third-Party Beneficiaries</u>. This Agreement is for the benefit of and will be binding on the parties and their permitted successors and assigns. The Owner Trustee and the Indenture Trustee, for the benefit of the Noteholders, will be third-party beneficiaries of this Agreement and may enforce this Agreement against the Asset Representations Reviewer and the Servicer. No other Person will have any right or obligation under this Agreement.

Section 7.03 <u>Notices</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Notices to Parties</u>. All notices, requests, demands, consents, waivers or other communications to or from the parties must be in writing and will be considered given:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) for overnight mail, on delivery or, for registered first class mail, postage prepaid, three (3) days after deposit in the mail;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) for a fax, when receipt is confirmed by telephone, reply email or reply fax from the recipient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) for an email, when receipt is confirmed by telephone or reply email from the recipient; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) for an electronic posting to a password-protected website to which the recipient has access, on delivery of an email (without the requirement of confirmation of receipt) stating that the electronic posting has occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Notice Addresses</u>. Any notice, request, demand, consent, waiver or other communication will be addressed as follows: (a) in the case of the Servicer, World Omni Financial Corp., 250 Jim Moran Boulevard, Deerfield Beach, Florida 33442, Telecopy: [●], Attention: [●], (b) in the case of the Issuing Entity or the Owner Trustee, at its Corporate Trust Office, Telecopy: [●] with a copy to Telecopy: [●], Email: [●], and (c) in the case of the Asset Representations Reviewer, [●], or, in each case, to another address as a party may give by notice to the other parties.

Section 7.04 **<u>GOVERNING LAW</u>. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.**

Section 7.05 <u>Submission to Jurisdiction; Waiver of Jury Trial</u>. Each of the parties hereto hereby irrevocably and unconditionally:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Person at its address determined in accordance with <u>Section 7.03(b)</u> of this Agreement;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to the extent permitted by applicable law, waives all right of trial by jury in any action, proceeding or counterclaim based on, or arising out of, under or in connection with this Agreement**.**

Section 7.06 <u>No Waiver; Remedies</u>. No party's failure or delay in exercising a power, right or remedy under this Agreement will operate as a waiver. No single or partial exercise of a power, right or remedy will preclude any other or further exercise of the power, right or remedy or the exercise of any other power, right or remedy. The powers, rights and remedies under this Agreement are in addition to any powers, rights and remedies under law.

Section 7.07 <u>Severability</u>. If a part of this Agreement is held invalid, illegal or unenforceable, then it will be deemed severable from the remaining Agreement and will not affect the validity, legality or enforceability of the remaining Agreement.

Section 7.08 <u>Headings</u>. The headings in this Agreement are included for convenience and will not affect the meaning or interpretation of this Agreement.

Section 7.09 <u>Counterparts; Electronic Signatures</u>. This Agreement may be executed in multiple counterparts. Each counterpart will be an original and all counterparts will together be one document. Each of the parties agree that this Agreement and any other documents to be delivered in connection herewith may be electronically signed, that any digital or electronic signatures (including pdf, facsimile or electronically imaged signatures provided by DocuSign or any other digital signature provider) appearing on this Agreement or such other documents are the same as handwritten signatures for the purposes of validity, enforceability and admissibility, and that delivery of any such electronic signature to, or a signed copy of, this Agreement and such other documents may be made by facsimile, email or other electronic transmission.

[Remainder of Page Left Blank]

IN WITNESS WHEREOF, the Issuing Entity, the Servicer, the Administrator and the Asset Representations Reviewer have caused their names to be signed hereto by their respective officers thereunto duly authorized as of the date first above written.

By: [●], not in its individual capacity, but solely as Owner Trustee

By: <br> Name: <br> Title:

By: 

 Name:

 Title:

By: 

 Name:

 Title:

Schedule A

Review Materials

[List of Review Material to be provided for each transaction]

Schedule B

Representations and Warranties and Tests

[List of representations and warranties and tests to be provided for each transaction]

## Ex-Filing

**EXHIBIT 107**

**Calculation of Filing Fee Tables**

**SF-3**<br> (Form Type)

**World Omni Auto Leasing LLC**<br> (Exact Name of Registrant as Specified in its Charter)

**World Omni LT**<br> (Exact Name of Registrant as Specified in its Charter)

**N/A**

(Translation of Registrant's Name into English)

**Table 1: Newly Registered and Carry Forward Securities**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Security Type** | **Security<br> Class<br> Title** | **Fee<br> Calculation<br> or Carry<br> Forward Rule** | **Amount<br> Registered<sup>(1)</sup>** | **Proposed<br> Maximum<br> Offering Price<br> Per Unit<sup>(2)</sup>** | **Maximum<br> Aggregate<br> Offering Price<sup>(2)</sup>** | **Fee Rate** | **Amount of<br> Registration Fee<sup>(3)</sup>** | **Carry<br> Forward<br> Form Type** | **Carry<br> Forward<br> File Number** | **Carry<br> Forward<br> Initial<br> effective date** | **Filing Fee<br> Previously Paid<br> In Connection<br> with Unsold<br> Securities<br> to be Carried<br> Forward** |
| **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** |
| Fees to Be Paid | Asset-Backed Securities | Class A[-1] Asset-Backed Notes, Series 20[ ]-[ ] | 457(s) | $[ ] | 100% | $[ ] | [ ] | $[ ] |  |  |  |  |
|  | [Asset-Backed Securities | Class A-2 Asset-Backed Notes, Series 20[ ]-[ ] | 457(s) | $[ ] | 100% | $[ ] | [ ] | $[ ]] |  |  |  |  |
|  | [Asset-Backed Securities | Class A-3 Asset-Backed Notes, Series 20[ ]-[ ] | 457(s) | $[ ] | 100% | $[ ] | [ ] | $[ ]] |  |  |  |  |
|  | [Asset-Backed Securities | Class A-4 Asset-Backed Notes, Series 20[ ]-[ ] | 457(s) | $[ ] | 100% | $[ ] | [ ] | $[ ]] |  |  |  |  |
|  | [Asset-Backed Securities | Class B Asset-Backed Notes, Series 20[ ]-[ ] | 457(s) | $[ ] | 100% | $[ ] | [ ] | $[ ]] |  |  |  |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | [Asset-Backed Securities | [Class C Asset-Backed Notes, Series 20[ ]-[ ] | 457(s) | $[ ] | 100% | $[ ] | [ ] | $[ ]] |
| | [Asset-Backed Securities | Class D Asset-Backed Notes, Series 20[ ]-[ ] | 457(s) | $[ ] | 100% | $[ ] | [ ] | $[ ]] |
| | [Asset-Backed Securities | Class E Asset-Backed Notes, Series 20[ ]-[ ] | 457(s) | $[ ] | 100% | $[ ] | [ ] | $[ ]] |
| | [Asset-Backed Securities | Class F Asset-Backed Notes, Series 20[ ]-[ ] | 457(s) | $[ ] | 100% | $[ ] | [ ] | $[ ]] |
| | Asset-Backed Securities | Exchange Note<sup>(4)</sup> | 457(s) | (5) | (5) | (5) | (5) | (5) |
| Fees Previously Paid |  |  |  |  |  |  |  |  |
| **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** |
| Carry Forward Securities |  |  |  |  |  |  |  |  |
|  | **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** |  | $[ ] |  | $[ ] |
|  | **Total Fees Previously Paid** | **Total Fees Previously Paid** | **Total Fees Previously Paid** | **Total Fees Previously Paid** |  |  |  | $[ ] |
|  | **Total Fee Offsets** | **Total Fee Offsets** | **Total Fee Offsets** | **Total Fee Offsets** |  |  |  | $[ ] |
|  | **Net Fee Due** | **Net Fee Due** | **Net Fee Due** | **Net Fee Due** |  |  |  | $[ ] |

---

(1) An unspecified amount of securities of each identified class is being registered as may from time to time be offered at unspecified prices.

(2) Estimated solely for purposes of calculating registration fee.

(3) Pursuant to rules 456(c) and 457(s) of the General Rules and Regulations under the Securities Act of 1933, as amended, the registrant is deferring payment of all of the registration fees for any such securities.

(4) The exchange note issued by World Omni LT will be secured by specified assets of World Omni LT, including certain leases and the automobiles and light duty trucks relating to those leases. The exchange note will be transferred to World Omni Auto Leasing LLC and sold by World Omni Auto Leasing LLC to the issuing entity. The exchange note is not being offered to investors under the prospectus or the registration statement.

(5) Not applicable.